<PAGE>
                                                                    Exhibit 4.17

                           CALCULATION AGENT AGREEMENT

         THIS CALCULATION AGENT AGREEMENT dated as of March 6, 2002 between
Weyerhaeuser Company, a Washington corporation (hereinafter called the
"Issuer"), and JPMorgan Chase Bank, a New York banking corporation (hereinafter
sometimes called the "Calculation Agent" which term shall, unless the context
shall otherwise require, include its successors and assigns), having its
principal corporate trust office at 450 West 33rd Street, New York, New York
10001.

Recitals of the Issuer

         The Issuer proposes to issue from time to time debt securities
("Securities") under an Indenture dated as of April 1, 1986, as amended and
supplemented by the First Supplemental Indenture dated as of February 15, 1991,
the Second Supplemental Indenture dated as of February 1, 1993, the Third
Supplemental Indenture dated as of October 22, 2001, and the Fourth Supplemental
Indenture to be dated as of March 12, 2002 (as so amended and supplemented and
as the same may be further amended or supplemented from time to time, the
"Indenture"), between the Issuer and JPMorgan Chase Bank (formerly known as The
Chase Manhattan Bank and Chemical Bank), as Trustee. Capitalized terms used in
this Agreement and not otherwise defined herein are used as defined in the
Indenture. Certain of the Securities may bear interest at one or more floating
rates determined by reference to an interest rate formula (the "Floating Rate
Securities") and the Issuer desires to engage the Calculation Agent to perform
certain services in connection therewith, including in connection with a series
of Floating Rate Securities designated as its "Floating Rate Notes due 2003"
(the "Floating Rate Notes due 2003") that the Issuer proposes to issue.

         NOW IT IS HEREBY AGREED THAT:

                  1. The Issuer hereby appoints JPMorgan Chase Bank as
         Calculation Agent for the Floating Rate Securities, upon the terms and
         subject to the conditions herein mentioned, subject to the Issuer's
         right to designate a different party as Calculation Agent for all or
         any series of Floating Rate Securities, and JPMorgan Chase Bank hereby
         accepts such appointment. This appointment shall apply only to the
         Floating Rate Notes due 2003 and to any other series of Floating Rate
         Securities for which no other Calculation Agent is designated in the
         applicable prospectus, prospectus supplement, offering memorandum or
         other similar offering document relating to the Floating Rate
         Securities of such series and the term "Floating Rate Securities" in
         this Agreement shall mean only the Floating Rate Notes due 2003 and any
         other series of Floating Rate Securities as to which this appointment
         applies. Subject to the foregoing, the Calculation Agent shall act as
         an agent of the Issuer for the purpose of determining the interest rate
         or rates on the Floating Rate Securities.

                  2. The Issuer agrees to deliver to the Calculation Agent,
         prior to the earlier of (a) the date of original issuance of the
         Floating Rate Securities of any series and (b) the first Interest
         Determination Date (as hereinafter defined) with respect to the
         Floating Rate Securities of such series, copies of the proposed form or
         forms, as the case may be, of the Securities of such series, including
         copies of the terms and conditions relating to the
<PAGE>
         determination of the interest rate thereunder. As used in this
         Agreement, the term "Interest Determination Date" shall mean, with
         respect to the Floating Rate Securities of any series, any date as of
         which the interest rate on the Floating Rate Securities is to be
         determined in accordance with the terms of such Floating Rate
         Securities and the Indenture. The Issuer shall not issue any Floating
         Rate Security prior to the receipt of confirmation from the Calculation
         Agent of its acceptance of the proposed form of such Security. The
         Calculation Agent hereby acknowledges that it has received copies of
         the proposed form of the Floating Rate Notes due 2003 and accepts such
         proposed form. The Calculation Agent agrees that it will calculate the
         interest rate on the Floating Rate Notes due 2003 on each Interest
         Determination Date for such notes.

                  3. The Issuer shall notify the Calculation Agent of the
         original issuance of the Floating Rate Securities of any series prior
         to the date of original issuance thereof and, at the time of such
         original issuance or, if earlier, prior to the first Interest
         Determination Date with respect to the Floating Rate Securities of such
         series, shall deliver to the Calculation Agent the information required
         to be provided by the Issuer for the calculation of the applicable
         interest rate or rates thereunder. The Calculation Agent acknowledges
         that the Issuer has notified the Calculation Agent of the issuance of
         the Floating Rate Notes due 2003 and has delivered to the Calculation
         Agent the information required by the preceding sentence. The
         Calculation Agent shall calculate the applicable interest rates for
         Floating Rate Securities of each series in accordance with the terms of
         such Securities, the Indenture and the provisions of this Agreement
         and, without limitation to the foregoing, the Calculation Agent shall
         calculate such interest rate on the respective "calculation dates" or
         other similar dates, if any, specified by the terms of such Securities
         and the Indenture.

                  4. Upon the determination of an interest rate applicable to a
         Floating Rate Security, the Calculation Agent shall promptly notify the
         Issuer, the Trustee and any paying agent of such interest rate. Upon
         the request of the Holder of a Floating Rate Security, the Calculation
         Agent shall advise such Holder of the interest rate then in effect and,
         if then determined, the interest rate that will become effective as of
         the next succeeding date on which the interest rate on such Floating
         Rate Note is to be reset. The provisions of the immediately preceding
         sentence shall inure to the benefit of the Holders of the Floating Rate
         Securities from time to time, as third party beneficiaries, and may be
         enforced by such Holders.

                  5. The Issuer will pay such compensation as shall be agreed
         upon with the Calculation Agent and the out-of-pocket expenses,
         including reasonable counsel fees, incurred by the Calculation Agent in
         connection with its duties hereunder, upon receipt of such invoices as
         the Issuer shall reasonably require.

                  6. Notwithstanding any satisfaction or discharge of the
         Securities or the Indenture, the Issuer will indemnify the Calculation
         Agent against any losses, liabilities, costs, claims, actions or
         demands which it may incur or sustain or which may be made against it
         in connection with its appointment or the exercise of its powers and
         duties hereunder as well as the reasonable costs, including the
         reasonable expenses and fees of counsel in defending any claim, action
         or demand, except such as may result from the


                                       2
<PAGE>
         gross negligence, willful misconduct or bad faith of the Calculation
         Agent or any of its employees or agents. The Calculation Agent shall
         give the Issuer prompt notice of any such claim, action or demand known
         to it, but failure to do so shall not affect the indemnity provided
         hereby. Except as provided in the preceding sentence, the Calculation
         Agent shall incur no liability and shall be indemnified and held
         harmless by the Issuer for, or in respect of, any actions taken or
         suffered to be taken in good faith by the Calculation Agent in reliance
         upon (i) the written opinion or advice of counsel or (ii) written
         instructions from an officer of the Issuer.

                  7. The Calculation Agent accepts its obligations herein set
         forth upon the terms and conditions hereof, including the following, to
         all of which the Issuer agrees:

                           (i) in acting under this Agreement and in connection
                  with the Floating Rate Securities, the Calculation Agent,
                  acting as agent for the Issuer, does not assume any obligation
                  toward, or any relationship of agency or trust for or with,
                  any of the Holders of such Floating Rate Securities, except as
                  set forth in the last sentence of Section 4 above;

                           (ii) unless herein otherwise specifically provided,
                  any order, certificate, notice, request or communication from
                  the Issuer made or given under any provisions of this
                  Agreement shall be sufficient if signed by any person whom the
                  Calculation Agent reasonably believes to be a duly authorized
                  officer or attorney-in-fact of the Issuer;

                           (iii) the Calculation Agent shall be obligated to
                  perform only such duties as are set forth specifically herein,
                  in the Floating Rate Securities or in the Indenture and any
                  duties necessarily incidental thereto;

                           (iv) the Calculation Agent shall be protected and
                  shall incur no liability for or in respect of any action taken
                  or omitted to be taken or anything suffered by it in reliance
                  upon any provision contained in a Floating Rate Security, the
                  Indenture or any information supplied to it by an officer of
                  the Issuer pursuant to this Agreement, including the
                  information to be supplied pursuant to paragraph 3 above;

                           (v) the Calculation Agent, whether acting for itself
                  or in any other capacity, may become the owner or pledgee of
                  Securities with the same rights as it would have had if it
                  were not acting hereunder as Calculation Agent;

                           (vi) the Calculation Agent shall incur no liability
                  hereunder except for loss sustained by reason of its or its
                  employees' or agents' gross negligence, willful misconduct or
                  bad faith; and

                           (vii) in no event shall the Calculation Agent be
                  liable for special, indirect or consequential loss or damage
                  of any kind whatsoever (including but not limited to lost
                  profits), even if the Calculation Agent has been advised of
                  the likelihood of such loss or damage and regardless of the
                  form of action.


                                       3
<PAGE>
                  8. (a) The Issuer agrees to notify the Calculation Agent at
         least three Business Days prior to the earlier of (i) the original
         issuance of Floating Rate Securities of any series with an interest
         rate to be determined by any formula that would require the Calculation
         Agent to select banks or other financial institutions (the "Reference
         Banks") for purposes of quoting rates and (ii) the first Interest
         Determination Date therefor. Immediately prior to seeking such quotes
         from such Reference Banks, the Calculation Agent will notify the Issuer
         and the Trustee of the names and addresses of such Reference Banks. The
         Calculation Agent shall not be responsible to the Issuer or any third
         party for any failure of the Reference Banks to fulfill their duties or
         meet their obligations as Reference Banks or as a result of the
         Calculation Agent having acted (except in the event of gross
         negligence, wilful misconduct or bad faith) on any quotation or other
         information given by any Reference Bank which subsequently may be found
         to be incorrect.

                  (b) Except as provided below, the Calculation Agent may at any
         time resign as Calculation Agent by giving written notice to the Issuer
         and the Trustee of such intention on its part, specifying the date on
         which its desired resignation shall become effective, provided that
         such notice shall be given not less than 60 days prior to the said
         effective date unless the Issuer agrees in writing. The Calculation
         Agent may be removed by the filing with it and the Trustee of an
         instrument in writing signed by the Issuer specifying such removal and
         the date when it shall become effective. Any resignation or removal of
         the Calculation Agent shall take effect only upon:

                           (i) the appointment by the Issuer as hereinafter
                  provided of a successor Calculation Agent; and

                           (ii) the acceptance of such appointment by such
                  successor Calculation Agent; provided, however, that in the
                  event the Calculation Agent has given not less than 60 days'
                  prior notice of its desired resignation, and during such 60
                  days there has not been acceptance by a successor Calculation
                  Agent of its appointment as successor Calculation Agent, the
                  Calculation Agent so resigning may petition any court of
                  competent jurisdiction for the appointment of a successor
                  Calculation Agent. The Issuer covenants that it shall appoint
                  a successor Calculation Agent as soon as practicable after
                  receipt of any notice of resignation hereunder. Upon its
                  resignation or removal becoming effective, the retiring
                  Calculation Agent shall be entitled to the payment of all
                  compensation and the reimbursement of its expenses (including
                  reasonable counsel fees) incurred by such retiring Calculation
                  Agent, in accordance with paragraph 5 hereof, to the date such
                  resignation or removal becomes effective.

                  (c) If at any time the Calculation Agent shall resign or be
         removed, or shall become incapable of acting or shall be adjudged
         bankrupt or insolvent, or liquidated or dissolved, or an order is made
         or an effective resolution is passed to wind up the Calculation Agent,
         or if the Calculation Agent shall file a voluntary petition in
         bankruptcy or make an assignment for the benefit of its creditors, or
         shall consent to the appointment of a receiver, administrator or other
         similar official of all or any substantial part of its property, or
         shall admit in writing its inability to pay or meet its debts as they

                                       4
<PAGE>
         mature, or if a receiver, administrator or other similar official of
         the Calculation Agent or of all or any substantial part of its property
         shall be appointed, or if any order of any court shall be entered
         approving any petition filed by or against the Calculation Agent under
         the provisions of any applicable bankruptcy or insolvency law, or if
         any public officer shall take charge or control of the Calculation
         Agent or its property or affairs for the purpose of rehabilitation,
         conservation or liquidation, then a successor Calculation Agent shall
         be appointed by the Issuer by an instrument in writing filed with the
         predecessor Calculation Agent, the successor Calculation Agent and the
         Trustee. Upon the appointment as aforesaid of a successor Calculation
         Agent and acceptance by the latter of such appointment the former
         Calculation Agent shall cease to be Calculation Agent hereunder.

                  (d) Any successor Calculation Agent appointed hereunder shall
         execute and deliver to its predecessor, the Issuer and the Trustee an
         instrument accepting such appointment hereunder, and thereupon such
         successor Calculation Agent, without any further act, deed or
         conveyance, shall become vested with all the authority, rights, powers,
         immunities, duties and obligations of such predecessor with like effect
         as if originally named as the Calculation Agent hereunder, and such
         predecessor shall thereupon become obliged to transfer and deliver, and
         such successor Calculation Agent shall be entitled to receive, copies
         of any relevant records maintained by such predecessor Calculation
         Agent.

                  (e) Any corporation into which the Calculation Agent may be
         merged or converted or any corporation with which the Calculation Agent
         may be consolidated or any corporation resulting from any merger,
         conversion or consolidation to which the Calculation Agent shall be a
         party shall, to the extent permitted by applicable law, be the
         successor Calculation Agent under this Agreement without the execution
         or filing of any paper or any further act on the part of any of the
         parties hereto. Notice of any such merger, conversion or consolidation
         shall forthwith be given to the Issuer and the Trustee.

                  (f) The provisions of paragraph 6 hereof shall survive any
         resignation or removal hereunder.

                  9. Any notice required to be given hereunder shall be
         delivered in person or by overnight courier, sent by letter or telecopy
         or communicated by telephone (subject, in the case of communication by
         telephone, to confirmation dispatched within two Business Days by
         letter or telecopy), in the case of the Issuer, to it at Weyerhaeuser
         Company, P.O. Box 9777, Federal Way, Washington 98063-9777, Attention:
         Treasurer; in the case of the Calculation Agent, to it at the address
         set forth in the heading of this Agreement, Attention: Institutional
         Trust Services; in the case of the Trustee, to it at 450 West 33rd
         Street, New York, New York 10001, Attention: Institutional Trust
         Services; or, in any case, to any other address of which the party
         receiving notice shall have notified the party giving such notice in
         writing.

                  10. This Agreement may be amended only by a writing duly
         executed and delivered by each of the parties signing below.


                                        5
<PAGE>
                  11. The provisions of this Agreement shall be governed by, and
         construed in accordance with, the laws of the State of New York.

                  12. This Agreement may be executed in counterparts and the
         executed counterparts shall together constitute a single instrument.

                            [SIGNATURE PAGE FOLLOWS]


                                       6
<PAGE>
         IN WITNESS WHEREOF, this Agreement has been executed and delivered as
of the day and year first above written.


                                          WEYERHAEUSER COMPANY



                                          By:  _________________________________
                                               Name:  Jeffrey W. Nitta
                                               Title:  Treasurer



                                          JPMORGAN CHASE BANK



                                          By:  _________________________________
                                               Name:
                                               Title:


                                       7