Document:

THE STANDARD MANAGEMENT CORPORATION

                DEFERRED COMPENSATION PLAN

	ARTICLE I

	Purpose

	The purpose of the Standard Management Corporation Deferred
Compensation Plan (hereinafter referred to as the "Plan") is to
provide funds for retirement or death for certain executive and
management employees (and their beneficiaries) of Standard
Management Corporation.  It is intended that the Plan will aid in
retaining and attracting employees of exceptional ability by
providing such employees with a means to supplement their standard
of living at retirement.  This Plan is intended to qualify for the
exemptions described in sections 201(2), 301(a)(3), and 401(a)(1)
of the Employee Retirement Income Security Act of 1974, as
amended.

	ARTICLE II

	Definitions

	For the purpose of this Plan, the following words and phrases
shall have the meanings indicated, unless the context clearly
indicates otherwise:

2.1	Beneficiary.  "Beneficiary" means the person, persons, or
entity designated by the Participant, or as provided in
Article VIII, to receive any benefits payable under the Plan.
 Any Participant Beneficiary designation shall be made in a
written instrument filed with the Committee and shall become
effective only when received in writing by the Committee.

2.2	Board.  "Board" means the Board of Directors of  Standard
Management Corporation.

2.3	Committee.  "Committee" means the Deferred Compensation
Committee appointed by the Compensation Committee of the
Board.

2.4	Company.  "Company" means Standard Management Corporation and
its subsidiaries.

2.5 Compensation. "Compensation" or "Total Compensation" means
all regular remuneration for services payable by the Company
to a Participant in cash during a Plan Year, but before
reduction for amounts deferred pursuant to this Plan or any
other Plan of the Company.  The Committee shall determine
whether a particular item of income constitutes Compensation
if a question arises.

2.6	Declared Rate.  "Declared Rate" means the annual percentage
rate (APR) of interest to be credited to the executive's
deferral account.  Such rate is to be set annually by the
Committee.

2.7	Deferral Benefit.  "Deferral Benefit" means the benefit
payable to a Participant or Participant's Beneficiary on
Participant's retirement, death, disability, or termination
of employment as calculated in Article VII hereof.

2.8	Deferred Benefit Account.  "Deferred Benefit Account" means
the accounts maintained on the books of account of the
Company for each Participant pursuant to Article VI.  A
separate Deferred Benefit Account shall be maintained for
each Participant.  A Participant's Deferred Benefit Account
shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to the Participant
pursuant to the Plan.  A Participant's Deferred Benefit
Account shall not constitute or be treated as a trust fund of
any kind.

2.9	Determination Date.  "Determination Date" means the date as
of which the amount of a Participant's Deferred Benefit
Account is determined as provided in Article VI hereof.  The
last day of each calendar month shall be a Determination
Date.

2.10	Disability.  "Disability" or "Disabled Participant" means a
physical or mental condition of a Participant resulting in a
determination of disability for purposes of receiving
benefits under the Participant's employment contract then in
effect with the Company.

2.11	Participant.  "Participant" means any individual who is
deemed eligible by the Committee to participate in this Plan
and who elects to participate by filing a Participation
Agreement as provided in Article IV.

2.12	Participation Agreement.  "Participation Agreement" means the
agreement filed by a Participant prior to the beginning of
the first period for which any of the Participant's
Compensation is to be deferred pursuant to the Plan.  A form
of such Participation Agreement is attached hereto.

2.13 Plan Year.  "Plan Year" means a twelve month period
commencing January 1 and ending the following December 31.
The first Plan Year shall commence on January 1, 2002 and
terminate on December 31, 2002.

2.14 Normal Retirement Date.  "Normal Retirement Date" means the
first day of the month coincidental with or next following a
Participant's actual retirement under the Company's 401(k)
Plan.

2.15	Spouse.  "Spouse" means a Participant's wife or husband who
was lawfully married to the Participant at the time of the
Participant's death or a determination of Participant's
incompetency under paragraph 11.8.

	ARTICLE III

	Administration

3.1	Deferred Compensation Committee Duties.  This plan shall be
administered by the Committee.  Members of the Committee may
be Participants under this Plan.  The Committee shall also
have the authority to make, amend, interpret, and enforce all
appropriate rules and regulations  for the administration of
this Plan and decide or resolve any and all questions,
including interpretation of this Plan, as may arise in
connection with the Plan.

3.2	Binding Effect of Decision.  The decision or action of the
Committee with respect to any question arising out of or in
connection with the administration, interpretation, and
application of the Plan and the rules and regulations
promulgated hereunder shall be final, conclusive, and binding
upon all persons having any interest in the Plan, unless a
written appeal is received by the Committee within sixty days
of the disputed action.  The appeal will be reviewed by the
Committee and the decision of the Committee shall be final,
conclusive, and binding on the Participant and all persons
claiming by, through, or under the Participant.

	ARTICLE IV

	Participation

4.1	Participation.  Participation in the Plan shall be limited to
the class of those key employees selected by the Committee
who elect to participate in the Plan by filing a
Participation Agreement with the Committee.  A Participation
Agreement must be filed prior to December 20 immediately
preceding the Plan Year in which the Participant's
participation under the Agreement will commence.  The
election to participate shall be effective on the first day
of the Plan Year following receipt by the Committee of a
properly completed and executed Participation Agreement.

	With respect to an individual hired or promoted during a Plan
Year who thereby becomes eligible to participate herein, an
initial Participation Agreement may be filed within thirty
days of the Committee's notification to Participant of
eligibility to participate.  Such election to participate
shall be effective on the first day of the month following
the Committee's receipt thereof, except that elections not
received by the Committee on or before the 20th day of any
calendar month shall be effective no earlier than the first
day of the second month following the month of receipt.

4.2	Minimum and Maximum Deferral and Length of Participation.  A
Participant may elect in a Participation Agreement to defer a
portion of Participant's Compensation.  The minimum and
maximum amounts that may be deferred under a Participation
Agreement shall be as follows:

			            Minimum Deferral	  Maximum Deferral
Base Salary		     2% of Compensation	100% of Compensation
Incentive Compensation	2% of Compensation  100% of Compensation

	(a)	With respect to Compensation deferrals, the deferral
percentage elected in a Participation Agreement shall
be applied to the Participant's Compensation as
established for the first pay period of the Plan Year
to which the Participation Agreement applies, and the
resulting dollar amount shall be the amount of
Compensation that will be deferred in each pay period
over the Plan Year.  A Participation Agreement shall
apply to the Participant's Compensation payable over a
deferral period of one Plan Year, and thereafter to
each subsequent deferral period of one Plan Year until
the Participant's termination of Participant's
employment or until the election to defer is amended.

		Deferrals shall commence with the Plan Year immediately
following the Plan Year in which the respective
Participation Agreement is filed; provided, however,
that an initial Participation Agreement which is
effective other than on January 1 of a Plan Year shall
apply to the remainder of the Plan Year and to the
following Plan Years as set forth above.

	(b)	A Participant's election to defer Compensation shall be
irrevocable upon the filing of the respective
Participation Agreement; provided, however, that the
deferral of Compensation under any Participation
Agreement may be suspended or amended as provided in
paragraphs 7.4, 7.8, 9.1, or as further described in
this paragraph.

	(c)	A Participant may amend a deferral election with
respect to deferrals in subsequent Plan Years by filing
a new Participation Agreement with the Committee in the
manner provided in paragraph 4.3.  The new agreement
may change the amount of Compensation to be deferred or
discontinue deferrals.

4.3	Additional Participation Agreement.  A Participant may enter
into a new Participation Agreement by filing a Participation
Agreement with the Committee prior to December 20th of any
calendar year, stating the amount that the Participant elects
to have deferred.  The new agreement shall be effective only
as to Compensation paid in Plan Years beginning after the
last day of the Plan Year in which the respective agreement
is filed with the Committee.  A new Participation Agreement
is subject to all of the provisions and requirements set
forth in paragraph 4.2.

ARTICLE V

	Deferred Compensation

5.1	Elective Deferred Compensation.  The amount of Compensation
that a Participant elects to defer in a Participation
Agreement executed by the Participant with respect to each
Plan Year of participation in the Plan shall be credited by
the Company to the Participant's Deferred Benefit Account
throughout each Plan Year as the Participant is paid the non-
deferred portion of Compensation for such Plan Year.  The
amount credited to a Participant's Deferred Benefit Account
shall equal the amount deferred.  To the extent that the
Company is required to withhold any taxes or other amounts
from an employee's deferred wages pursuant to any state,
federal, or local law, such amounts shall be taken out of the
Participant's Compensation which is not deferred under this
Plan.

5.2	Effect on Other Plans.  To the extent to which deferrals by a
Participant under this Plan cause a reduction in matching
contributions made by the Company on behalf of the
Participant under the Company's 401(k) Plan, the Company
shall credit the amount of any such reduction to the
Participant's Deferred Benefit Account under this Plan. Such
amount will be credited as of the December 31 of the year in
which such reduction of contributions occurs, or upon
termination of employment, if earlier.

	The Company may also credit additional amounts from time to
time to a Participant's Deferred Benefit Account based upon
criteria approved by the Committee.

	The Company shall compute life insurance and disability
benefits under any Company plan based on Compensation without
reduction for amounts deferred under this Plan.

5.3	Vesting of Deferred Benefit Account.  A Participant shall be
100% vested in the Participant's Deferred Benefit Account.

	ARTICLE VI

	Deferred Benefit Account

6.1	Determination of Account.  Each Participant's Deferred
Benefit Account as of each Determination Date shall consist
of (1) the balance of the Participant's Deferred Benefit
Account as of the immediately preceding Determination Date,
plus (2) the Participant's elective deferred Compensation
withheld since the immediately preceding Determination Date
pursuant to paragraph 5.1, less (3) the amount of all
distributions, if any, made from such Deferred Benefit
Account since the preceding Determination Date, plus or minus
(4) any interest or earnings adjustment as determined under
paragraph 6.2, plus (5) a credit for any reduced 401(k) plan
matching contributions or other account credits made by the
Company as described under paragraph 5.2

6.2	Crediting of Account.  As of each Determination Date, the
Participant's Deferred Benefit Account shall be adjusted by
the amount of interest or earnings computed since the
preceding Determination Date.  This adjustment shall be based
on the Declared Rate as defined in paragraph 2.6 or as
determined under paragraph 7.5(a)(2) as applicable.  Any such
adjustment shall be credited on the balance of the Deferred
Benefit Account on the Determination Date immediately
preceding the current Determination Date, but after the
Deferred Benefit Account has been adjusted for any
contributions or distributions made during the preceding
month.

6.3	Statement of Accounts.  The Company shall submit to each
Participant, within 90 days after the close of each Plan
Year, a statement in such form as the Company deems
desirable, setting forth the balance to the credit of each
Participant's Deferred Benefit Account as of the last day of
such Plan Year.

	ARTICLE VII

	Benefits

7.1 Benefit for Retirement or Termination of Employment.  Subject
to paragraph 7.6 below, upon a Participant's retirement after
reaching the Retirement Date, or any termination of
employment for reasons other than death or disability, the
Participant shall be entitled to a Deferral Benefit equal to
the amount of Participant's Deferred Benefit Account
determined under paragraphs 6.1 and 6.2 hereof as of the
Determination Date coincidental with or immediately following
such event.

7.2	Death.  Upon the death of a Participant, such Participant's
Beneficiary shall receive a Deferral Benefit equal to the
remaining balance in such Participant's Deferred Benefit
Account.

	The Deferral Benefit shall be payable as provided for in
paragraph 7.5(a).

	The Deferral Benefit provided above shall be in lieu of all
other benefits under this Plan.

7.3	Disability.  In the event of Disability, as defined in
paragraph 2.10, while employed by the Company, payments shall
commence upon attainment of the Participant's Normal
Retirement Date in the form specified in paragraph 7.5(a)(2)
over a period from 2 to 180 months.  Before payments commence
under the preceding sentence, a Disabled Participant may
elect:  (i) to accelerate commencement of the payments to a
date not earlier than 180 days after the onset of Disability,
and/or (ii) to change the form of payment to another form
permitted under paragraph 7.5(a).

7.4	Suspension of Participation/Distribution/Failure to Continue
Participation.  The Committee, in its sole discretion, may
suspend the deferral of a Participant's Compensation during a
Plan Year, and may also authorize a distribution from the
Participant's Deferred Benefit Account, upon the advance
written request of a Participant on account of financial
hardship suffered by that Participant.  A Participant must
file any request for such suspension or distribution on or
before the 15th day preceding the regular pay day on which
the suspension or distribution is to take effect.

	Financial hardship shall mean an unexpected need for cash
resulting from (but not limited to) conditions in the nature
of any of the following:

	(a)	An accident, illness, or disability suffered by a
Participant or a family member or dependent;

	(b)	A casualty or the theft loss suffered by a Participant
or a family member or dependent;

	(c)	The rendering of a judgment against a Participant or a
family member or dependent;

	(d)	A sudden financial reversal or curtailment of income
experienced by a Participant or a family member or
dependent; or,

	(e)	The transfer of a Participant's place of employment.

	The suspension of any deferrals under this paragraph shall
not affect amounts deferred with respect to periods prior to
the effective date of the suspension except as otherwise
permitted by the Committee.

	In the event the Participant ceases to remain a member of the
class of employees who are eligible to participate in the
Plan, the Participant may elect to suspend the amount of any
remaining deferral commitment in the same manner as described
for other suspensions in the paragraph, except that Committee
approval shall not be required.  Continued participation in
the Plan will be allowed only with Committee approval.

7.5	Form of Benefit Payment.

	(a)	Upon retirement, death, or termination of employment,
the Company shall pay to the Participant or
Participant's Beneficiary the balance in the
Participant's Deferred Benefit Account in one of the
following forms, as elected in the Participation
Agreement filed by the Participant:

		(1)	A lump sum payment.

		(2)	A monthly payment which shall amortize the
Deferred Benefit Account balance in equal monthly
payments of principal and interest over a period
from 2 to 180 months.  For purposes of determining
the amount of the monthly payment, the rate of
interest shall be 6%.

	(b)	A Participant may change the form in which benefits
shall be paid by filing a new Participation Agreement
indicating such change any time prior to the date
payments are to commence.  Such new Participation
Agreement may not change the provisions of any previous
Participation Agreement to which it related for
purposes of complying with the provisions of paragraphs
4.2 and 4.3 relating to the minimum and maximum
deferrals and duration of the Participation Agreement.
 No such new Participation Agreement shall change the
amount elected to be deferred in a prior Participation
Agreement.

	(c)	In the absence of a Participant's election under
subparagraph 7.5(a), benefits shall be paid in the form
specified in subparagraph 7.5(a)(1).  In the event of a
Disabled Participant, payment shall be in the form
described in paragraph 7.3.

7.6	Withholding:  Payroll Taxes.  To the extent required by the
law in effect at the time payments are made, the Company
shall withhold from payments made hereunder any taxes
required to be withheld from any employee's wages for the
federal or any state or local government.

7.7	Commencement of Payments.  Commencement of payments under
this Plan shall begin as soon as administratively practical
(but in no event more than 90 days) following receipt of
notice by the Committee of any event which entitles a
Participant (or a Beneficiary) to payments under this Plan,
or at such other date as may be determined by the Company.

7.8 Early Distribution of Deferred Account Balance.  A
participant who remains employed by the Company may elect to
receive a distribution of all or any part of the
Participant's Account Balance prior to the date(s) of
distribution specified in the Participant's Participation
Agreement(s).  Each Participant shall be limited to one such
distribution per calendar year.  Such election, however, will
involve a substantial penalty, as each such distribution from
the Participant's Deferred Benefit Account made under this
provision shall be reduced by a penalty equal to six percent
(6%) of the total amount of the distribution.  The amount of
the penalty shall be forfeited by the Participant.  In
addition, the Participant must continue to defer Compensation
subsequent to such withdrawal in accordance with the
Participant's election and will not be permitted to elect to
defer Compensation attributable to the calendar year
subsequent to the calendar year of the distribution.

7.9 Other Pre-Retirement Distributions  The Committee, in its
sole discretion, may authorize certain other pre-retirement
distributions from a Participant's Deferred Benefit Account.
 A Participant must file a request for such distributions by
December 31st of the Plan Year preceding the Plan Year in
which such distributions are requested to be made.  In no
event will such distributions commence before 90 days after
such request has been authorized by the Committee.
ARTICLE VIII

	Beneficiary Designation

8.1	Beneficiary Designation.  Each Participant shall have the
right, at any time, to designate any person or persons as
Beneficiary or Beneficiaries (both principal as well as
contingent) to whom payment under this Plan shall be made in
the event of Participant's death prior to complete
distribution of the benefits due to the Participant under the
Plan.

8.2	Amendments.  Any Beneficiary designation may be changed by a
Participant by the written filing of such change on a form
prescribed by the Committee.  The filing of a new Beneficiary
Designation form will cancel all Beneficiary designations
previously filed.

8.3	No Beneficiary Designation.  If a Participant fails to
designate a Beneficiary as provided above, or if all
designated Beneficiaries predecease the participant, then the
Participant's designated Beneficiary shall be deemed to be
the surviving Spouse.  Otherwise, the value of the
Participant's account shall be paid as a lump sum to the
Participant's personal representative (executor or
administrator).

8.4	Effect of Payment.  The payment to the deemed Beneficiary
shall completely discharge the Company's obligations under
this Plan.

	ARTICLE IX

	Amendment and Termination of Plan

9.1	Amendment.  The Committee may at any time amend the Plan in
whole or in part; provided, however, that no amendment shall
be effective to decrease or restrict any Deferred Benefit
Account at the time of such amendment or reduce any
additional benefits provided under paragraph 5.2.  In the
event the Plan is amended, the Participation Agreement shall
be subject to the provisions of such amendment as if set
forth in full therein, without further action or amendment to
the Participation Agreement.  The parties shall be bound by,
and have the benefit of, each and every provision of the
Plan, as amended from time to time.

9.2	Company's Right to Terminate.  The Committee may at any time
terminate the Plan with respect to new elections to defer if,
in its judgment, the continuance of the Plan, the tax,
accounting, or other effects thereof, or potential payments
thereunder would not be in the best interests of the Company.
 The Committee may also terminate the Plan in its entirety at
any time, and upon any such termination, all Participants
under the Plan shall be paid the balance in their Deferred
Benefit Accounts in a lump sum, or over such period of time
as determined by the Committee.

9.3	Premature Plan Terminations and Premature Distributions.  The
Committee shall have the right (but shall not be obligated)
to require premature Plan termination and premature Plan
distributions to Participants, as outlined in paragraph 9.2,
upon the occurrence of any of the following conditions or
events:

	(a)	If there shall occur an uncured event of default under
the Amended Credit Agreement with Fleet National Bank,
the Subordinated Debt Agreement with Zurich Capital
markets, Inc., the 10.25% Debentures issued by the
Company, which mature on August 9, 2031, or any other
mortgage or debt agreement to which the Company
subsequently becomes obligated thereunder.

(b) If the shareholders of the Company approve the merger
or consolidation of the Company with or into any other
corporation (other than a corporation wholly-owned by
the Company immediately prior to such event) or the
acquisition of substantially all of the business assets
of the Company by any other person or entity (other
than a corporation wholly-owned by the company
immediately prior to such event);

(c) If a change occurs in the Board of Directors of the
Company whereby Directors comprising a majority of the
Board of Directors immediately prior to such change do
not continue to comprise such a majority immediately
after such change, provided that incremental and/or
related changes (including but not limited to
resignations from the Board of Directors) which occur
within a relatively brief period of time shall be
considered to be but a single change for purposes of
this Subparagraph;

(d) If, as a result of any tender offer or otherwise, any
person or entity or affiliated group becomes the
beneficial or record owner of more than 15% of the
outstanding voting securities of the Company;

(e) If, in the Committee's sole judgment and discretion, a
change in circumstances has occurred (including but not
limited to a change in taxation laws or regulations,
securities laws or regulations, accounting requirements
or the events in Subparagraphs (a), (b), (c), and (d)
of this Paragraph 9.3) which causes the Plan to be
undesirable to a significant portion of the
Participants.

ARTICLE X

	Trust for Payment of Benefits

10.1		Trust for Payment of Benefits.  The Company shall create
a
grantor trust for the purpose of facilitating any benefits
payable hereunder, and any assets transferred to such trust
will remain the general assets of the Company.  Such trust
will be funded upon the occurrence of any of the following
events, as soon as administratively practical (but in no
event more than 90 days):

(a) At the retirement or death of  a Plan Participant;

(b) Upon a decision by the Board of Directors that it
was warranted by a change in circumstances;

(c) If the shareholders of the Company approve the
merger or consolidation of the Company with or into
any other corporation (other than a corporation
wholly-owned by the Company immediately prior to
such event) or the acquisition of substantially all
of the business or assets of the Company by any
other person or entity (other than a corporation
wholly-owned by the Company immediately prior to
such event);

(d) If a change occurs in the Board of Directors of the
Company whereby Directors comprising a majority of
the Board of Directors immediately prior to such
change do not continue to comprise such a majority
immediately after such change, provided that
incremental and/or related changes (including but
not limited to resignations from the Board of
Directors) which occur within a relatively brief
period of time shall be considered to be but a
single change for purposes of this Subparagraph;

(e) If, as a result of any tender offer or otherwise,
any person or entity or affiliated group becomes the
beneficial or record owner of more than 15% of the
outstanding voting securities of the Company.

Such funding will be in an amount sufficient for the trustee
to purchase, and the trustee shall purchase, Single Premium
Annuities from qualified U.S. insurance companies (rated at
least A+ by A.M. Best Company, Inc.) to provide the benefits
payable (other than lump sum payments) under this Plan and
Participation Agreement(s).  After the purchase of the
annuities, neither the Company nor the trustee will have any
further obligation to the Participant or the Participant's
beneficiary(ies) for any benefits under this Plan and
Participation Agreement(s).

ARTICLE XI

	Miscellaneous

11.1	Unsecured General Creditor.  Participants and their
Beneficiaries shall have no legal or equitable rights,
interest, or claims in any property or assets of the Company.
The Company's obligation under the Plan shall be merely that
of an unfunded and unsecured promise of the Company to pay
money in the future.

11.2	Non-assignability.  Neither a Participant nor any other
person shall have any right to commute, sell, assign,
transfer, pledge, anticipate, mortgage, or otherwise
encumber, transfer, hypothecate, or convey in advance of
actual receipt the amounts, if any, payable hereunder, or any
part thereof, which are, and all rights to which are,
expressly declared to be unassignable and non-transferable.
No part of the amounts payable shall, prior to actual
payment, be subject to seizure or sequestration for the
payment of any debts, judgments, alimony, or separate
maintenance owed by a Participant or any other person, nor be
transferable by operation of law in the event of a
Participant's or any other person's bankruptcy or insolvency.

11.3	Not a Contract of Employment.  The terms and conditions of
this Plan shall not be deemed to constitute a contract of
employment between the Company and the Participant, and the
Participant (or Participant's Beneficiary) shall have no
rights against the Company except as may otherwise be
specifically provided herein.  Moreover, nothing in this Plan
shall be deemed to give a Participant the right to be
retained in the service of the Company or to interfere with
the right of the Company to discipline or discharge
Participant at any time.

11.4	Protective Provisions.  A Participant will cooperate with the
Company by furnishing any and all information requested by
the Company in order to facilitate the payment of benefits
hereunder.

11.5	Governing Law.  The provisions of this Plan shall be
construed and interpreted according to the laws of the State
of Indiana.

11.6	Successors.  The provisions of this Plan shall bind and inure
to the benefit of the Company and its successors and assigns.

11.7	Effective Date.  This Plan shall become effective as of
December 31, 2001.

11.8	Incompetent.  In the event that it shall be found upon
evidence satisfactory to the Committee that any Participant
or Beneficiary to whom a benefit is payable under this Plan
is unable to care for such Participant's or such
Beneficiary's affairs because of illness or accident, any
payment due (unless prior claim therefor shall have been made
by a duly authorized guardian or other legal representative)
may be paid, upon appropriate indemnification of the Company,
to the Spouse or other person deemed by the Committee to have
incurred any expense for such Participant or a Beneficiary.
Any such payment shall be a payment for the account of the
Participant or a Beneficiary and shall be a complete
discharge of any liability of the Company therefor.

Participant's Signature

Date

Committee Acknowledgement

Date<PAGE>
                                                                     EXHIBIT 4.8

        FOURTH SUPPLEMENTAL INDENTURE (this "FOURTH SUPPLEMENTAL INDENTURE")
dated as of March 12, 2002 between WEYERHAEUSER COMPANY, a Washington
corporation (the "ISSUER"), and JPMORGAN CHASE BANK (formerly known as The Chase
Manhattan Bank and Chemical Bank), a New York banking corporation, as trustee
(the "TRUSTEE").

        WHEREAS the Issuer has executed and delivered to the Trustee an
Indenture dated as of April 1, 1986 (the "ORIGINAL INDENTURE"), as amended and
supplemented by the First Supplemental Indenture dated as of February 15, 1991
(the "FIRST SUPPLEMENTAL INDENTURE"), the Second Supplemental Indenture dated as
of February 1, 1993 (the "SECOND SUPPLEMENTAL INDENTURE") and the Third
Supplemental Indenture dated as of October 22, 2001 (the "THIRD SUPPLEMENTAL
INDENTURE"; the Original Indenture, as amended and supplemented by the First
Supplemental Indenture, the Second Supplemental Indenture and the Third
Supplemental Indenture, is hereinafter called the "Prior Indenture" and the
Prior Indenture, as amended and supplemented by this Fourth Supplemental
Indenture, is hereinafter called, the "INDENTURE"), providing for the issuance
and sale by the Issuer from time to time of its debt securities (the
"SECURITIES");

        WHEREAS, Section 8.1 of the Prior Indenture provides that the Issuer may
enter into a supplemental indenture without the consent of any Holder of the
Securities to, among other things, (i) add to the covenants of the Issuer such
further covenants, restrictions, conditions or provisions as its Board of
Directors and the Trustee shall consider to be for the protection of the Holders
of Securities or Coupons, and to make the occurrence, or the occurrence and
continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default permitting the enforcement of all
or any of the several remedies provided in the Indenture, (ii) establish the
form or terms of Securities of any series or of the Coupons appertaining to such
Securities as permitted by Sections 2.1 and 2.3 of the Prior Indenture, or (iii)
to make any other provisions as the Board of Directors may deem necessary or
desirable, provided that no such action shall adversely affect the interests of
the Holders of the Securities or Coupons. The Issuer has determined that this
Fourth Supplemental Indenture complies with said Section 8.1 and does not
require the consent of any Holders of Securities, and has furnished the Trustee
with an Opinion of Counsel and an Officers' Certificate complying with the
requirements of Section 8.4 of the Prior Indenture.

        WHEREAS the Issuer proposes in and by this Fourth Supplemental Indenture
to supplement and amend the Prior Indenture in certain respects to (i) add to
the covenants of the Issuer certain further covenants, restrictions, conditions
and provisions for the protection of the Holders of Securities and to make the
occurrence of a default in certain of such additional covenants, restrictions,
conditions and provisions an Event of Default permitting the enforcement of the
several remedies provided in the Indenture, and (ii) establish five separate
series of Securities issued pursuant to the Indenture designated as the Floating
Rate Notes due 2003, 5.50% Notes due 2005, 6.125% Notes due 2007, 6.75% Notes
due 2012 and 7.375% Debentures due 2032, respectively; and

        WHEREAS the Issuer has requested that the Trustee execute and deliver
this Fourth Supplemental Indenture and has certified that all requirements
necessary to make this Fourth Supplemental Indenture a valid instrument in
accordance with its terms have been satisfied, and

<PAGE>

that the execution and delivery of this Fourth Supplemental Indenture has been
duly authorized in all respects.

        NOW THEREFORE, the Issuer covenants and agrees with the Trustee for the
equal and proportionate benefit of all Holders of the Offered Securities (as
defined below):

        SECTION 1. Definitions.

        (a) Terms used herein and not defined herein have the meanings ascribed
to such terms in the Prior Indenture.

        (b) Section 1.1 of the Prior Indenture is hereby supplemented to add the
definition of "Fourth Supplemental Indenture" appearing below and is hereby
further supplemented, but solely insofar as it relates to the Offered
Securities, to add the following other definitions, all in the appropriate
alphabetical sequence:

               "144A GLOBAL SECURITIES" has the meaning provided in Section 2.1.

               "ADDITIONAL SECURITIES" means, with respect to the Offered
        Securities of any series, any additional Securities of such series which
        may be issued under the Indenture from time to time pursuant to a
        "re-opening" of such series of Offered Securities, as contemplated by
        Section 2(a) of the Fourth Supplemental Indenture.

               "AGENT MEMBERS" means members of, or participants in, the
        Depositary.

               "CALCULATION AGENT" means JPMorgan Chase Bank, as Calculation
        Agent, or its successor in such capacity pursuant to the Calculation
        Agreement.

               "CALCULATION AGREEMENT" means the Calculation Agent Agreement
        dated as of March 6, 2002 between the Issuer and JPMorgan Chase Bank, as
        calculation agent (or any successor thereto), as the same may be amended
        or supplemented from time to time.

               "CLOSING DATE" means March 12, 2002.

               "DTC LEGEND" means, with respect to the Offered Securities of any
        series, a legend substantially in the form of the legends appearing in
        the fourth and fifth paragraphs of Exhibit A-1, A-2, A-3, A-4 or A-5 to
        the Fourth Supplemental Indenture, as the case may be.

               "EXCHANGE SECURITIES" means Securities of any series which are
        issued pursuant to the Indenture in exchange for other Offered
        Securities of such series in an exchange offer pursuant to an effective
        registration statement under the Securities Act, whether pursuant to the
        Registration Rights Agreement or otherwise.

               "FINAL MATURITY DATE," when used with respect to the Tranche 1
        Securities, means September 15, 2003, when used with respect to Tranche
        2

                                       2
<PAGE>

        Securities, means March 15, 2005, when used with respect to the Tranche
        3 Securities, means March 15, 2007, when used with respect to the
        Tranche 4 Securities, means March 15, 2012, and when used with respect
        to the Tranche 5 Securities, means March 15, 2032.

               "FOURTH SUPPLEMENTAL INDENTURE" means the Fourth Supplemental
        Indenture dated as of March 12, 2002 between the Issuer and the Trustee,
        as originally executed and delivered or, if amended or supplemented as
        provided in this Indenture, as so amended or supplemented or both, and
        shall include the form and terms of each series of Offered Securities
        established thereby.

               "GLOBAL OFFERED SECURITIES" has the meaning provided in Section
        2.1. For purposes of clarity, it is hereby confirmed that the Global
        Offered Securities constitute Global Securities (as defined elsewhere in
        this Indenture).

               "INITIAL PURCHASERS" means the initial purchasers named in the
        Purchase Agreement.

               "INSTITUTIONAL ACCREDITED INVESTOR" means an institution that is
        an "accredited investor" as that term is defined in Rule 501(a)(1), (2),
        (3) or (7) under the Securities Act.

               "NON-U.S. PERSON" means a Person who is not a "U.S. person" (as
        defined in Regulation S).

               "OFFERED SECURITIES" means the five series of Securities issued
        pursuant to this Indenture designated as the Floating Rate Notes due
        2003, the 5.50% Notes due 2005, the 6.125% Notes due 2007, the 6.75%
        Notes due 2012, and the 7.375% Debentures due 2032, respectively,
        including, with respect to the Securities of each such series, the
        Securities of such series initially issued on the Closing Date, any
        Exchange Securities of such series issued in exchange for any other
        Offered Securities of such series, and any other Offered Securities of
        such series issued after the Closing Date under this Indenture.

               "OFFSHORE TRANSACTION" has the meaning set forth in Regulation S.

               "PHYSICAL SECURITIES" has the meaning provided in Section 2.1.

               "PRIVATE PLACEMENT LEGEND" means, with respect to the Offered
        Securities of any series, a legend substantially in the form of the
        legends appearing in the first three paragraphs of Exhibit A-1, A-2,
        A-3, A-4 or A-5 to the Fourth Supplemental Indenture, as the case may
        be.

               "PURCHASE AGREEMENT" means the Purchase Agreement dated March 6,
        2002 between the Issuer and Morgan Stanley & Co. Incorporated and J.P.
        Morgan Securities Inc, as representatives of the Initial Purchasers.

               "QIB" means a "qualified institutional buyer" as defined in Rule
        144A.

                                       3
<PAGE>

               "REGISTRATION RIGHTS AGREEMENT" means either (1) the Registration
        Rights Agreement dated March 12, 2002 between the Issuer and Morgan
        Stanley & Co. Incorporated and J.P. Morgan Securities Inc., as
        representatives of the Initial Purchasers, or (2) with respect to any
        subsequent issuance of Additional Securities of any series in a
        transaction exempt from the registration requirements of the Securities
        Act, any other registration rights agreement, if any, entered into by
        the Issuer and the other parties thereto in connection with any such
        issuance, or any or all of the foregoing, as the context shall require.

               "REGULATION S" means Regulation S under the Securities Act or any
        successor thereto.

               "REGULATION S GLOBAL SECURITIES" has the meaning provided in
        Section 2.1.

               "REGULATION S PHYSICAL SECURITIES" has the meaning provided in
        Section 2.1.

               "RULE 144A" means Rule 144A under the Securities Act or any
        successor thereto.

               "RULE 144" means Rule 144 under the Securities Act or any
        successor thereto.

               "SECURITIES ACT" means the Securities Act of 1933, as amended.

               "TRANCHE 1 SECURITIES" means the series of Securities issued
        pursuant to this Indenture designated as the Floating Rate Notes due
        2003, including Tranche 1 Securities initially issued on the Closing
        Date, any Exchange Securities of such series issued in exchange for any
        other Tranche 1 Securities, and any Additional Securities of such series
        issued after the Closing Date under this Indenture. For purposes of this
        Indenture, all Tranche 1 Securities, including, without limitation,
        Exchange Securities of such series and Additional Securities of such
        series, shall constitute a single series of Securities under this
        Indenture.

               "TRANCHE 2 SECURITIES" means the series of Securities issued
        pursuant to this Indenture designated as the 5.50% Notes due 2005,
        including Tranche 2 Securities initially issued on the Closing Date, any
        Exchange Securities of such series issued in exchange for any other
        Tranche 2 Securities, and any Additional Securities of such series
        issued after the Closing Date under this Indenture. For purposes of this
        Indenture, all Tranche 2 Securities, including, without limitation,
        Exchange Securities of such series and Additional Securities of such
        series, shall constitute a single series of Securities under this
        Indenture.

               "TRANCHE 3 SECURITIES" means the series of Securities issued
        pursuant to this Indenture designated as the 6.125% Notes due 2007,
        including Tranche 3 Securities initially issued on the Closing Date, any
        Exchange Securities of such series issued in exchange for any other
        Tranche 3 Securities, and any Additional

                                       4
<PAGE>

        Securities of such series issued after the Closing Date under this
        Indenture. For purposes of this Indenture, all Tranche 3 Securities,
        including, without limitation, Exchange Securities of such series and
        Additional Securities of such series, shall constitute a single series
        of Securities under this Indenture.

               "TRANCHE 4 SECURITIES" means the series of Securities issued
        pursuant to this Indenture designated as the 6.75% Notes due 2012,
        including Tranche 4 Securities initially issued on the Closing Date, any
        Exchange Securities of such series issued in exchange for any other
        Tranche 4 Securities, and any Additional Securities of such series
        issued after the Closing Date under this Indenture. For purposes of this
        Indenture, all Tranche 4 Securities, including, without limitation,
        Exchange Securities of such series and Additional Securities of such
        series, shall constitute a single series of Securities under this
        Indenture.

               "TRANCHE 5 SECURITIES" means the series of Securities issued
        pursuant to this Indenture designated as the 7.375% Debentures due 2032,
        including Tranche 5 Securities initially issued on the Closing Date, any
        Exchange Securities of such series issued in exchange for any other
        Tranche 5 Securities, and any Additional Securities of such series
        issued after the Closing Date under this Indenture. For purposes of this
        Indenture, all Tranche 5 Securities, including, without limitation,
        Exchange Securities of such series and Additional Securities of such
        series, shall constitute a single series of Securities under this
        Indenture.

               "U.S. PHYSICAL SECURITIES" has the meaning provided in Section
        2.1."

        SECTION 2. Creation of the Offered Securities. Pursuant to Section 2.3
of the Indenture, there are hereby created five new series of Securities
designated as the "Floating Rate Notes due 2003," the "5.50% Notes due 2005,"
the "6.125% Notes due 2007," the "6.75% Notes due 2012" and the "7.375%
Debentures due 2032," respectively. The Tranche 1 Securities, Tranche 2
Securities, Tranche 3 Securities, Tranche 4 Securities and Tranche 5 Securities
shall have the following respective terms:

        (a) The aggregate principal amount of Tranche 1 Securities, Tranche 2
Securities, Tranche 3 Securities, Tranche 4 Securities and Tranche 5 Securities
that may be authenticated and delivered under the Indenture is initially limited
to $500,000,000, $1,000,000,000, $1,000,000,000, $1,750,000,000 and
$1,250,000,000, respectively, except, in the case of any such series of Offered
Securities, for Offered Securities of such series authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other
Offered Securities of such series pursuant to Sections 2.2A, 2.8, 2.9, 2.11,
2.12, 2.13, 8.5 or 12.3 of the Indenture and including, without limitation,
Exchange Securities of such series which have been registered under the
Securities Act and issued in exchange for Offered Securities of such series in
an exchange offer pursuant to the Registration Rights Agreement. However, any
such series may be re-opened from time to time by the Issuer for the issuance of
Additional Securities of such series, without the consent of the Holders, so
long as any such Additional Securities of such series have the same form and
terms (other than the date of issuance and, if applicable, the date from which
interest thereon shall begin to accrue, and except that the form of such
Additional Securities may refer to a different Registration Rights Agreement
than the Offered Securities of

                                       5
<PAGE>

such series issued on the Closing Date and such Additional Securities, if issued
pursuant to a registration statement which is effective under the Securities
Act, need not bear the Private Placement Legend and may omit the paragraph
included in Exhibit A-1, A-2, A-3, A-4 or A-5 hereto, as the case may be, which
refers to the Registration Rights Agreement), and carry the same right to
receive accrued and unpaid interest, as the Offered Securities of such series
theretofore issued; provided, however, that, notwithstanding the foregoing, a
series may not be reopened if the Issuer has effected satisfaction and discharge
or defeasance with respect to such series pursuant to Section 10.1(A) or 10.1(B)
of the Indenture; and provided, further, that no Additional Securities of any
series may be issued at a price that would cause such Additional Securities to
have "original issue discount" within the meaning of Section 1273 of the
Internal Revenue Code of 1986, as amended.

        (b) The Offered Securities of each series are to be issuable only as
Registered Securities without Coupons. The Offered Securities of each series may
be issued as either Physical Securities or Global Offered Securities, or both,
the initial Depositary for the Global Offered Securities of each series shall be
The Depository Trust Company and the depositary arrangements with respect to the
Global Offered Securities of each series shall be those employed by whomever
shall be the Depositary with respect to the Global Offered Securities of such
series from time to time.

        (c) The Offered Securities issued on the Closing Date shall be sold by
the Issuer to the Initial Purchasers named in the Purchase Agreement (the form,
terms, execution and delivery of such Purchase Agreement being hereby ratified
and approved in all respects). The initial offering price of the Tranche 1
Securities issued on the Closing Date shall be 100% of the principal amount
thereof plus accrued interest, if any, from March 12, 2002.

        The initial offering price of the Tranche 2 Securities issued on the
Closing Date shall be 99.863% of the principal amount thereof plus accrued
interest, if any, from March 12, 2002.

        The initial offering price of the Tranche 3 Securities issued on the
Closing Date shall be 99.867% of the principal amount thereof plus accrued
interest, if any, from March 12, 2002.

        The initial offering price of the Tranche 4 Securities issued on the
Closing Date shall be 99.354% of the principal amount thereof plus accrued
interest, if any, from March 12, 2002.

        The initial offering price of the Tranche 5 Securities issued on the
Closing Date shall be 98.703% of the principal amount thereof plus accrued
interest, if any, from March 12, 2002.

        (d) The Final Maturity Dates of the Tranche 1 Securities, Tranche 2
Securities, Tranche 3 Securities, Tranche 4 Securities and Tranche 5 Securities
on which the principal thereof is due and payable shall be the respective dates
set forth in the definition of "Final Maturity Date" appearing in Section 1 of
this Fourth Supplemental Indenture.

        (e) The principal of the Tranche 1 Securities will bear interest at a
per annum rate equal to LIBOR (as defined in Exhibit A-1 attached hereto),
adjusted quarterly, plus 1.125% per annum, all in the manner and on the terms
and conditions set forth in Exhibit A-1 attached hereto. Interest on the Tranche
1 Securities will accrue from March 12, 2002 or from the most recent date to
which interest has been paid or duly provided for on the Tranche 1 Securities,

                                       6
<PAGE>

payable quarterly in arrears on each Interest Payment Date (as defined in
Exhibit A-1 hereto), commencing June 15, 2002, and at maturity. Interest payable
on any Interest Payment Date for the Tranche 1 Securities will, subject to
certain exceptions provided in the Indenture, be paid to the Persons in whose
names the Tranche 1 Securities are registered at the close of business on the
15th calendar day (whether or not a Floating Rate Business Day (as defined in
Exhibit A-1 hereto)) next preceding that Interest Payment Date; provided that
interest payable on the Final Maturity Date of the Tranche 1 Securities will be
paid to the Persons to whom principal is paid. Interest on the Tranche 1
Securities will be calculated on the basis of the actual number of days in the
applicable period divided by 360. No additional amounts of the nature referred
to in subparagraph (15) of Section 2.3 of the Indenture shall be payable on the
Tranche 1 Securities.

        The interest rate on the Tranche 1 Securities will in no event be higher
than the maximum rate permitted by New York law as the same may be modified by
United States law of general application.

        The Issuer covenants and agrees that, so long as any of the Tranche 1
Securities remains Outstanding, there shall at all times be a Calculation Agent
for the purpose of the Tranche 1 Securities. In the event of the Calculation
Agent being unable or unwilling to continue to act as the Calculation Agent for
the Tranche 1 Securities or in the case of the Calculation Agent failing duly to
establish the rate of interest on the Tranche 1 Securities for any Interest
Period (as defined in Exhibit A-1 attached hereto), the Issuer shall appoint
another bank of recognized standing in the United States as Calculation Agent.
The Calculation Agent may not resign its duties, nor may the Issuer remove the
Calculation Agent, without a successor having been appointed as aforesaid. The
Calculation Agent shall determine the interest rate on the Tranche 1 Securities
as of each Interest Determination Date (as defined in Exhibit A-1 hereto). The
covenants, agreements and other provisions set forth in this paragraph are
solely for the benefit of the Holders from time to time of the Tranche 1
Securities.

        (f) The principal of the Tranche 2 Securities, Tranche 3 Securities,
Tranche 4 Securities and Tranche 5 Securities shall bear interest at the rate of
5.50% per annum, 6.125% per annum, 6.75% per annum and 7.375% per annum,
respectively, from March 12, 2002 or from the most recent date to which interest
has been paid or duly provided for on the Offered Securities of the applicable
series, payable semiannually in arrears on March 15 and September 15 of each
year, commencing September 15, 2002, which interest shall (subject to certain
exceptions provided in the Indenture) be paid to the Persons in whose names the
Offered Securities of such series are registered at the close of business on the
March 1 or September 1, as the case may be, immediately preceding such interest
payment dates. Interest on the Offered Securities of each series (other than the
Tranche 1 Securities) will be computed on the basis of a 360-day year of twelve
30-day months. No additional amounts of the nature referred to in subparagraph
(15) of Section 2.3 of the Indenture shall be payable on the Tranche 2
Securities, Tranche 3 Securities, Tranche 4 Securities or Tranche 5 Securities.

        (g) The principal of and premium, if any, and interest on the Offered
Securities of each series shall be payable, the Offered Securities of each
series may be surrendered for registration of transfer and exchange, and notices
and demands to or upon the Issuer in respect of the Offered Securities of each
series or the Indenture may be served, at the agency of the Issuer maintained
for such purposes from time to time in the Borough of Manhattan, The City of New

                                       7
<PAGE>

York, and the Issuer hereby appoints the Trustee as trustee, paying agent,
transfer agent and registrar for the Offered Securities of each series and
designates the Corporate Trust Office of the Trustee in the Borough of
Manhattan, The City of New York, as the Issuer's agency for the foregoing
purposes; provided, however, that the Issuer, subject to the applicable
provisions of the Indenture, may, with respect to the Offered Securities of any
series, appoint another Person to be the registrar, transfer agent or paying
agent, and appoint additional registrars, transfer agents and paying agents,
with respect to the Offered Securities of any series so long as the Issuer shall
at all times maintain an agency for the foregoing purposes in the Borough of
Manhattan, The City of New York for the Offered Securities of each series.

        (h) The Tranche 1 Securities will not be subject to redemption at the
option of the Issuer prior to their Final Maturity Date. The Offered Securities
of each other series may be redeemed by the Issuer, in whole or from time to
time in part, at the option of the Issuer on any date upon not less than 30 nor
more than 60 days notice given as provided in the Indenture, at a redemption
price calculated as provided in the respective form of the Offered Securities of
such series attached hereto as Exhibit A-2, Exhibit A-3, Exhibit A-4 or Exhibit
A-5, as the case may be, plus accrued and unpaid interest on the principal
amount of the Offered Securities of such series being redeemed to the applicable
redemption date; provided that payments of interest on the Offered Securities of
such series that are due and payable on a date on or prior to a date fixed for
redemption of the Offered Securities of such series will be payable to the
Holders of the Offered Securities of such series registered as such at the close
of business on the relevant record dates according to their terms and the terms
and provisions of the Indenture.

        Any redemption of Offered Securities of any series shall be made on the
other terms and conditions set forth in the Indenture.

        (i) The Offered Securities of each series shall not be repayable or
redeemable at the option of the Holders prior to the Final Maturity Date of the
Offered Securities of such series (provided that nothing in this Fourth
Supplemental Indenture shall limit the right of the Trustee or the Holders of
the Offered Securities of any series to declare the principal of, and accrued
and unpaid interest on, the Offered Securities of such series to be immediately
due and payable as provided in Article Five of the Indenture) and shall not be
subject to a sinking fund or analogous provision.

        (j) The principal of, premium, if any, and interest on the Offered
Securities of each series shall be payable in such coin or currency of the
United States of America as of the time of payment shall be legal tender for the
payment of public and private debts.

        (k) To the extent that any provision of the Indenture or the Offered
Securities of any series provides for the payment of interest on overdue
principal of, or premium, if any, or interest (including, without limitation,
any additional interest which may be payable pursuant to a Registration Rights
Agreement) on, the Offered Securities of such series, then, to the extent
permitted by law, interest on such overdue principal, premium, if any, and
interest on the Offered Securities of such series shall accrue at the per annum
rate of interest borne by the Offered Securities of such series or, in the case
of the Tranche 1 Securities, at the per annum rate of interest borne by the
Tranche 1 Securities as such interest rate may be adjusted from time to time in
accordance with the terms of the Tranche 1 Securities (and, if additional
interest shall at any

                                       8
<PAGE>

time accrue on the Offered Securities of any series pursuant to a Registration
Rights Agreement, then the per annum interest rate on the Offered Securities of
such series for each day on which such additional interest shall accrue shall,
for purposes of any such provision of the Indenture, be deemed to be equal to
(1) in the case of the Tranche 1 Securities, the sum of LIBOR for such day plus
1.125% per annum plus the per annum rate at which such additional interest shall
accrue on the Tranche 1 Securities for such day, (2) in the case of the Tranche
2 Securities, 5.50% per annum plus the per annum rate at which such additional
interest shall accrue on the Tranche 2 Securities for such day, (3) in the case
of the Tranche 3 Securities, 6.125% per annum plus the per annum rate at which
such additional interest shall accrue on the Tranche 3 Securities for such day,
(4) in the case of the Tranche 4 Securities, 6.75% per annum plus the per annum
rate at which such additional interest shall accrue on the Tranche 4 Securities
for such day and (5) in the case of the Tranche 5 Securities, 7.375% per annum
plus the per annum rate at which such additional interest shall accrue on the
Tranche 5 Securities for such day), and, anything in the Indenture to the
contrary notwithstanding, in the case of any requirement in the Indenture that
the Issuer pay (or that the Trustee distribute) interest on overdue principal
of, or premium, if any, or interest on, the Offered Securities of any series,
such payment or distribution shall only be required to the extent it is
permitted by applicable law.

        (l) As used in the Indenture with respect to the Offered Securities of
any series which are redeemable at the option of the Issuer and in the
certificates evidencing the Offered Securities of such series, all references to
"premium" on the Offered Securities of such series shall mean any amounts (other
than accrued interest) payable upon the redemption of any Offered Security of
such series in excess of 100% of the principal amount of such Offered Security.
In the event that any reference is made in this Fourth Supplemental Indenture to
"premium" in respect of the Tranche 1 Securities (which are not redeemable at
the option of the Issuer prior to their Final Maturity Date), such references to
"premium" shall be disregarded insofar as relates to the Tranche 1 Securities.

        (m) The following additional terms shall be applicable with respect to
the Offered Security of each series:

                      (1) the phrase "due or to become due to such date of
               maturity" appearing in the 36th and 37th lines of Section 10.1(A)
               of the Prior Indenture shall be deleted and replaced with the
               phrase "due or to become due on or prior to such date of maturity
               or redemption, as the case may be,";

                      (2) the Issuer shall not act as its own paying agent for
               purposes of Section 10.2 of the Indenture;

                      (3) all references in the Indenture to the "Secretary" and
               any "Assistant Secretary" of the Issuer shall be deemed to
               include a reference to the Corporate Secretary and any Assistant
               Corporate Secretary, respectively, of the Issuer; and

                      (4) the phrase "acquires by sale or conveyance
               substantially all the assets" appearing in clause (i) of Section
               9.1 of the Prior Indenture shall be

                                       9
<PAGE>

               deleted and replaced with the phrase "acquires by sale or
               conveyance all or substantially all the assets."

        (n) The Tranche 1 Securities, Tranche 2 Securities, Tranche 3
Securities, Tranche 4 Securities and Tranche 5 Securities shall have such
additional terms and provisions as are set forth in the respective forms thereof
attached hereto as Exhibits A-1, A-2, A-3, A-4 and A-5, respectively, which
terms and provisions are hereby incorporated by reference in and made a part of
this Fourth Supplemental Indenture and the Indenture as if set forth in full
herein and therein.

        SECTION 3. Amendments to Article Two.

        (a) Section 2.1 of the Prior Indenture is hereby amended, solely insofar
as relates to the Offered Securities, by replacing it in its entirety with the
following:

               "Section 2.1. Form of Offered Securities. (a) The Tranche 1
        Securities, Tranche 2 Securities, Tranche 3 Securities, Tranche 4
        Securities and Tranche 5 Securities shall be substantially in the
        respective forms annexed to the Fourth Supplemental Indenture as
        Exhibits A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit A-5,
        respectively, which Exhibits are hereby incorporated in and expressly
        made a part of this Indenture, and the Offered Securities of each series
        may have such appropriate insertions, omissions, substitutions and other
        variations as are required or permitted by this Indenture and may have
        imprinted or otherwise reproduced thereon such legend or legends or
        endorsements, not inconsistent with the provisions of this Indenture, as
        may be required to comply with any law or with any rules or regulations
        pursuant thereto, or with any rules of any securities exchange or to
        conform to general usage, all as may be determined by the officers
        executing the Offered Securities of such series; provided that the form
        of any Additional Securities of any series may have such variations as
        are permitted by paragraph (a) of Section 2 of the Fourth Supplemental
        Indenture; and provided, further, that Physical Securities of any series
        may deviate (in form but not in substance) from the form attached as
        Exhibit A-1, A-2, A-3, A-4 or A-5, as the case may be, to the Fourth
        Supplemental Indenture in such respects as any Officer (as defined
        below) of the Issuer may approve as necessary or appropriate to protect
        against fraud or forgery (such approval to be conclusively evidenced by
        the execution of any such Physical Security by any such Officer),
        including without limitation, by changing the form of the Physical
        Securities of such series so that they have a "face" and a "reverse"
        and/or by moving the signatures and/or Trustee's certificate of
        authentication so that they appear on the same page as the principal
        amount of the Physical Securities (and, if the Physical Securities of
        any series shall be issued in a form that deviates from the form
        attached hereto as contemplated by this proviso, then all or any of the
        Global Offered Securities of such series also may be issued in such
        form); and provided, further, that temporary Physical Securities of any
        series may be issued in substantially the respective form annexed as
        Exhibit A-1, A-2, A-3, A-4 or A-5, as the case may be, to the Fourth
        Supplemental Indenture even though the definitive Physical Securities of
        such series are issued in a different form as contemplated by the
        immediately preceding proviso. Each Offered Security shall

                                       10
<PAGE>

        be dated the date of its authentication. As used in this Section 2.1(a),
        the term "OFFICER" means the chairman of the Board of Directors, any
        vice chairman of the Board of Directors, the president, any vice
        president or the treasurer of the Issuer.

               "The terms and provisions contained in the forms of the Offered
        Securities annexed as Exhibits A-1, A-2, A-3, A-4 and A-5 to the Fourth
        Supplemental Indenture shall constitute, and are hereby expressly made,
        a part of this Indenture. To the extent applicable, the Issuer and the
        Trustee, by their execution and delivery of the Fourth Supplemental
        Indenture, expressly agree to such terms and provisions and to be bound
        thereby.

               The Offered Securities of any series initially offered and sold
        in reliance on Rule 144A shall be issued initially in the form of one or
        more permanent Global Securities in registered form ("144A GLOBAL
        SECURITIES"), deposited with the Trustee, as custodian for the
        Depositary, duly executed by the Issuer and authenticated by the Trustee
        as hereinafter provided. The aggregate principal amount of the 144A
        Global Securities of any series may from time to time be increased or
        decreased by adjustments made on the records of the Trustee, as
        custodian for the Depositary or its nominee, as hereinafter provided.

               The Offered Securities of any series initially offered and sold
        in offshore transactions in reliance on Regulation S shall be issued
        initially in the form of one or more permanent Global Securities in
        registered form ("REGULATION S GLOBAL SECURITIES") deposited with the
        Trustee, as custodian for the Depositary, duly executed by the Issuer
        and authenticated by the Trustee as hereinafter provided. The aggregate
        principal amount of the Regulation S Global Securities of any series may
        from time to time be increased or decreased by adjustments made on the
        records of the Trustee, as custodian for the Depositary or its nominee,
        as hereinafter provided.

               The Offered Securities of each series initially offered and sold
        to Institutional Accredited Investors that are not QIBs shall be issued
        in the form of certificated Offered Securities of such series in
        registered form ("U.S. PHYSICAL SECURITIES"). The Offered Securities of
        any series issued pursuant to the second sentence of Section 2.12(b) of
        this Indenture in exchange for interests in the Regulation S Global
        Securities of such series shall be issued in the form of certificated
        Offered Securities of such series in registered form ("REGULATION S
        PHYSICAL SECURITIES"). The Regulation S Physical Securities and the U.S.
        Physical Securities are sometimes collectively referred to herein as the
        "PHYSICAL SECURITIES." The 144A Global Securities and the Regulation S
        Global Securities are sometimes collectively referred to as the "GLOBAL
        OFFERED SECURITIES".

               "The definitive Offered Securities of each series shall be typed,
        printed, lithographed or engraved or produced by any combination of
        these methods or may be produced in any other manner permitted by the
        rules of any securities exchange on which the Offered Securities of such
        series may be listed, or as

                                       11
<PAGE>

        determined by the officers of the Issuer executing the Offered
        Securities of such series, as evidenced by their execution of the
        Offered Securities of such series.

               "(b) Restrictive Legends. (i) Unless and until an Offered
        Security of any series is exchanged for an Exchange Security of the same
        series in an exchange offer pursuant to a registration statement which
        is effective under the Securities Act (whether pursuant to the
        Registration Rights Agreement or otherwise) or sold or otherwise
        transferred pursuant to a registration statement which is effective
        under the Securities Act (whether pursuant to the Registration Rights
        Agreement or otherwise) or pursuant to Rule 144 under the Securities Act
        (if available), (A) each 144A Global Security of such series and each
        U.S. Physical Security of such series shall bear the Private Placement
        Legend and (B) each Regulation S Physical Security of such series and
        each Regulation S Global Security of such series shall bear the Private
        Placement Legend until at least the 41st day after the Closing Date and
        receipt by the Issuer and the Trustee of a certificate substantially in
        the form of Exhibit B to the Fourth Supplemental Indenture (and after
        such 41st day and, upon receipt of such certificate, the Private
        Placement Legend may be removed from the Regulation S Physical Security
        of such series or the Regulation S Global Security of such series, as
        the case may be). Notwithstanding the foregoing, to the extent that a
        certificate substantially in the form of Exhibit B to the Fourth
        Supplemental Indenture shall be delivered with respect to a portion (but
        not all) of the principal amount of a Regulation S Global Security of
        any series bearing the Private Placement Legend, then the Issuer shall
        execute and the Trustee shall authenticate and deliver a Regulation S
        Global Security of such series not bearing the Private Placement Legend
        in exchange for only such portion of the principal amount of the
        Regulation S Global Security of such series bearing the Private
        Placement Legend in respect of which such certification shall have been
        so delivered, and the Trustee shall reflect on its books and records the
        date and a decrease in the principal amount of such Regulation S Global
        Security of such series bearing the Private Placement Legend and a like
        increase in the principal amount of the Regulation S Global Security of
        such series not bearing the Private Placement Legend.

               "(ii)  Each Global Offered Security shall bear the DTC Legend."

        (b) Section 2.8 of the Prior Indenture is hereby supplemented, solely
insofar as relates to the Offered Securities, by adding the following paragraph
at the end of such Section:

               "Notwithstanding the foregoing provisions of this Section 2.8, no
        exchanges of Offered Securities of any series for Exchange Securities of
        such series shall occur until a registration statement shall have been
        declared effective by the Commission with respect to the Exchange
        Securities of such series and unless such exchanges are effected
        pursuant to such effective registration statement. Any Offered
        Securities of any series that are exchanged for Exchange Securities of
        such series shall be cancelled by the Trustee."

                                       12
<PAGE>

        (c) Article Two of the Prior Indenture is hereby supplemented and
amended, solely insofar as relates to the Offered Securities, by adding at the
end thereof the following new Sections 2.12, 2.13 and 2.14:

               "Section 2.12. Book-Entry Provisions for Global Securities. (a)
        The 144A Global Securities of each series and Regulation S Global
        Securities of each series shall be issued in accordance with the
        provisions of paragraph (a) of Section 2.2A of this Indenture and, for
        purposes of Section 2.2A of this Indenture, it is expressly understood
        and agreed that interests in Global Offered Securities of any series may
        be exchanged for Physical Securities of such series, and that Physical
        Securities of any series may be exchanged for interests in Global
        Offered Securities of such series, as provided in this Section 2.12 and
        in Section 2.13 of this Indenture.

               "(b) Global Offered Securities and interests in Global Offered
        Securities may be transferred or exchanged, and shall be subject to the
        restrictions on transfer and exchange, as provided in this Indenture. In
        addition, U.S. Physical Securities of any series and Regulation S
        Physical Securities of any series shall be transferred to all beneficial
        owners of Global Offered Securities of such series in exchange for their
        beneficial interests in the 144A Global Securities of such series and
        the Regulation S Global Securities of such series, respectively, under
        the circumstances set forth in (c)(i), (ii) or (iii) of Section 2.2A of
        this Indenture.

               "(c) Any beneficial interest in a Global Offered Security of any
        series that is transferred to a Person who takes delivery in the form of
        an interest in another Global Offered Security of such series will, upon
        transfer, cease to be an interest in the first such Global Offered
        Security and become an interest in the other such Global Offered
        Security and, accordingly, will thereafter be subject to all transfer
        restrictions, if any, and other procedures applicable to beneficial
        interests in such other Global Offered Security for as long as it
        remains such an interest.

               "(d) In connection with any transfer of a portion of the
        beneficial interests in a 144A Global Security of any series or
        Regulation S Global Security of any series to beneficial owners (other
        than transfers of the entire 144A Global Security of such series or the
        entire Regulation S Global Security of such series pursuant to the
        second sentence of paragraph (b) of this Section 2.12), the Trustee
        shall reflect the date and a decrease in the principal amount of the
        144A Global Securities of such series or Regulation S Global Securities
        of such series, as the case may be, in an amount equal to the principal
        amount of the beneficial interest in such Global Offered Securities to
        be transferred, and the Issuer shall execute, and the Trustee shall
        authenticate and deliver, one or more U.S. Physical Securities of such
        series or Regulation S Physical Securities of such series, as the case
        may be, of like tenor and principal amount.

               "(e) In connection with the transfer of the entire 144A Global
        Security of any series or Regulation S Global Security of any series to
        beneficial owners

                                       13
<PAGE>

        pursuant to the second sentence of paragraph (b) of this Section 2.12,
        the 144A Global Security of such series or Regulation S Global Security
        of such series, as the case may be, shall be deemed to be surrendered to
        the Trustee for cancellation, and the Issuer shall execute, and the
        Trustee shall authenticate and deliver, to each beneficial owner
        identified by the Depositary in exchange for its beneficial interest in
        the 144A Global Security of such series or Regulation S Global Security
        of such series, as the case may be, an equal aggregate principal amount
        of U.S. Physical Securities of such series or Regulation S Physical
        Securities of such series, respectively, of authorized denominations.

               "(f) Any U.S. Physical Security of any series delivered in
        exchange for an interest in the 144A Global Security of such series
        pursuant to paragraph (b), (d) or (e) of this Section 2.12 shall, except
        as otherwise provided by paragraph (e) of Section 2.13, bear the legend
        regarding transfer restrictions applicable to such U.S. Physical
        Security required by Section 2.1(b).

               "(g) Any Regulation S Physical Security of any series delivered
        in exchange for an interest in the Regulation S Global Security of such
        series pursuant to paragraph (b), (d) or (e) of this Section 2.12 shall,
        except as otherwise provided by paragraph (e) of Section 2.13, bear the
        legend regarding transfer restrictions applicable to such Regulation S
        Physical Security required by Section 2.1(b).

               "(h) The Holder of a Global Offered Security of any series may
        grant proxies and otherwise authorize any Person, including Agent
        Members and Persons that may hold interests through Agent Members, to
        take any action which a Holder is entitled to take under this Indenture
        or the Offered Securities of such series.

               "(i) Unless the Issuer shall otherwise determine in the exercise
        of its sole discretion, (x) Physical Securities of any series may not be
        issued upon transfer of or in exchange for interests in Global Offered
        Securities of such series except (1) in connection with transfers to
        Institutional Accredited Investors or (2) upon the exchange of the
        entire Global Offered Securities of such series for Physical Securities
        of such series pursuant to the second sentence of paragraph (b) of this
        Section 2.12, and (y) upon the transfer of U.S. Physical Securities of
        such series to a QIB pursuant to Rule 144A or to a Non-U.S. Person
        pursuant to Regulation S, or upon the transfer of Regulation S Physical
        Securities of such series to a QIB pursuant to Rule 144A, the transferee
        will, unless the entire Global Offered Securities of such series have
        been exchanged for Physical Securities of such series pursuant to the
        second sentence of paragraph (b) of this Section 2.12, take the Offered
        Securities of such series in the form of an interest in the 144A Global
        Securities of such series or the Regulation S Global Securities of such
        series, as the case may be.

               "(j) In addition to the other requirements of this Indenture, the
        Trustee shall make an appropriate notation on the schedule attached to
        each Global

                                       14
<PAGE>

        Offered Security of any series to reflect any increases or decreases in
        the principal amount thereof resulting from transfers or exchanges of
        Offered Securities of such series or of interests in Global Offered
        Securities of such series made in accordance with this Indenture.

               "Section 2.13. Special Transfer Provisions. Unless and until an
        Offered Security of any series is transferred or exchanged under a
        registration statement which is effective under the Securities Act
        (whether pursuant to the Registration Rights Agreement or otherwise) or
        pursuant to Rule 144 under the Securities Act (if available), the
        following provisions shall apply:

               "(a) Transfers to Non-QIB Institutional Accredited Investors. The
        following provisions shall apply with respect to the registration of any
        proposed transfer of an Offered Security of any series to any
        Institutional Accredited Investor which is not a QIB (excluding Non-U.S.
        Persons):

               "(i) The Trustee shall register the transfer of any Offered
        Security of such series, whether or not such Offered Security bears the
        Private Placement Legend, if (x) the requested transfer is after the
        time period referred to in Rule 144(k) under the Securities Act or (y)
        the proposed transferee has delivered to the Trustee (A) a certificate
        substantially in the form of Exhibit C to the Fourth Supplemental
        Indenture and (B) if requested by the Issuer, an opinion of counsel
        reasonably acceptable to the Issuer to the effect that the transfer is
        being made pursuant to an exemption from, or in a transaction not
        subject to, the registration requirements of the Securities Act and, if
        the Offered Security to be transferred consists of either a Regulation S
        Physical Security prior to the removal of the Private Placement Legend,
        an interest in a Regulation S Global Security prior to the removal of
        the Private Placement Legend, a U.S. Physical Security or a 144A Global
        Security, the proposed transferor shall have checked the box provided
        for on the form of such Offered Security, or shall have otherwise
        advised the Issuer and the Trustee in writing, that the transfer is
        being been made to an Institutional Accredited Investor purchasing for
        its own account, or for the account of another Institutional Accredited
        Investor, in a minimum principal amount of $250,000 of Offered
        Securities of such series; and

               "(ii) Subject to paragraph (c) of this Section 2.13, if the
        proposed transferor is an Agent Member holding a beneficial interest in
        a Global Offered Security of such series, upon receipt by the Trustee of
        (x) the documents, if any, required by paragraph (i) and (y)
        instructions given in accordance with the Depositary's and the Trustee's
        procedures, the Trustee shall reflect on its book and records the date
        and a decrease in the principal amount of such Global Offered Security
        of such series in an amount equal to the principal amount of the
        beneficial interest in such Global Offered Security of such series to be
        transferred, and the Issuer shall execute, and the Trustee shall
        authenticate and deliver, one or more U.S. Physical Securities of like
        tenor and amount.

                                       15
<PAGE>

               "(b) Transfers to QIBs. The following provisions shall apply with
        respect to the registration of any proposed transfer of a U.S. Physical
        Security of any series, an interest in a 144A Global Security of any
        series, a Regulation S Physical Security of any series prior to the
        removal of the Private Placement Legend or an interest in a Regulation S
        Global Security of any series prior to the removal of the Private
        Placement Legend to a QIB (excluding Non-U.S. Persons):

               "(i) If the Offered Security of such series to be transferred
        consists of (x) either (A) a Regulation S Physical Security prior to the
        removal of the Private Placement Legend or an interest in a Regulation S
        Global Security of such series prior to the removal of the Private
        Placement Legend or (B) a U.S. Physical Security of such series, the
        Trustee shall register the transfer if such transfer is being made by a
        proposed transferor who has checked the box provided for on the form of
        Offered Security of such series stating, or has otherwise advised the
        Issuer and the Trustee in writing, that the sale has been made in
        compliance with the provisions of Rule 144A to a transferee whom the
        transferor reasonably believes is a QIB and who has signed the
        certification provided for on the form of Offered Security of such
        series stating, or has otherwise advised the Issuer and the Trustee in
        writing, that it is a QIB and is aware that such Offered Security is
        being transferred in reliance on Rule 144A and that it is acquiring such
        Offered Security for its own account or for the account of one or more
        other QIBs over which it exercises sole investment discretion (in which
        latter case it has given notice to each such account that such Offered
        Security is being transferred in reliance on Rule 144A) or (y) an
        interest in the 144A Global Securities of such series, the transfer of
        such interest may be effected only through the book entry system
        maintained by the Depositary.

               "(ii) If the proposed transferee is an Agent Member and the
        Offered Security of such series to be transferred consists of Physical
        Securities of such series, upon receipt by the Trustee of the documents
        referred to in clause (i) and instructions given in accordance with the
        Depositary's and the Trustee's procedures, the Trustee shall reflect on
        its books and records the date and an increase in the principal amount
        of the 144A Global Securities of such series in an amount equal to the
        principal amount of the Physical Securities of such series to be
        transferred, and the Trustee shall cancel the Physical Securities of
        such series so transferred.

               "(c) Transfers of Interests in the Regulation S Global Securities
        or Regulation S Physical Securities. The following provisions shall
        apply with respect to any transfer of interests in the Regulation S
        Global Securities of any series or Regulation S Physical Securities of
        any series:

               "(i) prior to the removal of the Private Placement Legend from a
        Regulation S Global Security of any series or Regulation S Physical
        Security of any series pursuant to Section 2.1(b), the Trustee shall
        refuse to register such transfer unless such transfer complies with
        Section 2.13(b) or Section 2.13(d), as the case may be; and

                                       16
<PAGE>

               "(ii) after such removal, the Trustee shall register the transfer
        of any such Offered Security without requiring any additional
        certification.

               "(d) Transfers to Non-U.S. Persons at Any Time. The following
        provisions shall apply with respect to any transfer of an Offered
        Security of any series to a Non-U.S. Person:

               "(i) The Trustee shall register any proposed transfer to any
        Non-U.S. Person if the Offered Security of such series to be transferred
        is a U.S. Physical Security of such series or an interest in the 144A
        Global Security of such series only upon receipt of a certificate
        substantially in the form of Exhibit D to the Fourth Supplemental
        Indenture from the proposed transferor.

               "(ii) (a) If the proposed transferor is an Agent Member holding a
        beneficial interest in a 144A Global Security of such series, upon
        receipt by the Trustee of (x) the documents required by paragraph (i)
        and (y) instructions in accordance with the Depositary's and the
        Trustee's procedures, the Trustee shall reflect on its books and records
        the date and a decrease in the principal amount of such 144A Global
        Security of such series in an amount equal to the principal amount of
        the beneficial interest in such 144A Global Security to be transferred,
        and (b) if the proposed transferee is an Agent Member, upon receipt by
        the Trustee of instructions given in accordance with the Depositary's
        and the Trustee's procedures, the Trustee shall reflect on its books and
        records the date and an increase in the principal amount of the
        Regulation S Global Security of such series in an amount equal to the
        principal amount of the U.S. Physical Securities of such series or the
        144A Global Securities of such series, as the case may be, to be
        transferred, and the Trustee shall cancel the U.S. Physical Securities
        of such series, if any, so transferred or decrease the amount of the
        144A Global Securities of such series, as the case may be.

               "(e) Private Placement Legend. (i) Upon the registration of
        transfer, exchange or replacement of Offered Securities of any series
        not bearing the Private Placement Legend, the Trustee shall deliver
        Offered Securities of such series that do not bear the Private Placement
        Legend. Upon the registration of transfer, exchange or replacement of
        Offered Securities of any series bearing the Private Placement Legend,
        the Trustee shall deliver only Offered Securities of such series that
        bear the Private Placement Legend unless (1) the Private Placement
        Legend is no longer required by Section 2.1(b), (2) the circumstances
        contemplated by paragraphs (a)(i)(x) or (c)(ii) of this Section 2.13
        exist, (3) there is delivered to the Trustee an opinion of counsel
        reasonably satisfactory to the Issuer and the Trustee to the effect that
        neither such legend nor the related restrictions on transfer are
        required in order to maintain compliance with the provisions of the
        Securities Act, (4) the transaction involves the exchange of Exchange
        Securities of such series for Offered Securities of such series pursuant
        to a registration statement which is effective under the Securities Act
        (whether pursuant to the Registration Rights Agreement or otherwise), or
        (5) the transaction involves a transfer of Offered Securities of such
        series pursuant to a

                                       17
<PAGE>

        registration statement (whether pursuant to the Registration Rights
        Agreement or otherwise) which is effective under the Securities Act.

               "(ii) After a transfer of any Offered Securities of any series
        during the period of the effectiveness of any registration statement
        (whether filed pursuant to the Registration Rights Agreement or
        otherwise) which is effective under the Securities Act with respect to
        such Offered Securities, all requirements pertaining to the Private
        Placement Legend on such Offered Securities shall cease to apply and the
        requirements that any such Offered Securities be issued in global form
        shall continue to apply.

               "(f) General. By its acceptance of any Offered Security bearing
        the Private Placement Legend, each Holder of such an Offered Security
        acknowledges the restrictions on transfer of such Offered Security set
        forth in this Indenture and in the Private Placement Legend and agrees
        that it will transfer such Offered Security only as provided in this
        Indenture. The Trustee shall not register a transfer of any Offered
        Security unless such transfer complies with the restrictions on transfer
        of such Offered Security set forth in this Indenture. In connection with
        any transfer of Offered Securities to an Institutional Accredited
        Investor or in a transfer being made pursuant to Rule 904 under the
        Securities Act or pursuant to Rule 144 under the Securities Act (if
        available), each Holder agrees by its acceptance of the Offered
        Securities to furnish the Trustee such certifications, legal opinions or
        other information as the Issuer may reasonably require to confirm that
        such transfer is being made pursuant to an exemption from, or in a
        transaction not subject to, the registration requirements of the
        Securities Act; provided that the Trustee shall not be required to
        determine (but may conclusively rely on a determination made by the
        Issuer with respect to) the sufficiency of any such certifications,
        legal opinions or other information.

               "In case of any transfer or exchange of Offered Securities or
        interests in Offered Securities bearing the Private Placement Legend,
        the procedures and requirements for which are not addressed in detail in
        this Section 2.13 or elsewhere in this Indenture, such transfer or
        exchange will be subject to such procedures and requirements as may be
        reasonably prescribed by the Issuer from time to time (and which shall
        be consistent with the procedures and requirements set forth in this
        Section 2.13) and, in the case of a transfer or exchange involving a
        Global Offered Security or an interest therein, the procedures of the
        Depositary. In case of any request for the removal of the Private
        Placement Legend from an Offered Security, the procedures and
        requirements for which are not addressed in detail in this Indenture,
        the Issuer may permit the removal of such legend upon the receipt of
        such legal opinions, certificates and other documents as it may
        reasonably require to establish that neither such legend nor the related
        restrictions on transfer are required in order to maintain compliance
        with the Securities Act.

               "The Trustee shall retain copies of all letters, notices and
        other written communications received pursuant to Section 2.12 or this
        Section 2.13 in accordance with its customary procedures. The Issuer
        shall have the right to

                                       18
<PAGE>

        inspect and make copies of all such letters, notices or other written
        communications at any reasonable time upon the giving of reasonable
        written notice to the Trustee.

               "In the case of any transfer of a Physical Security (other than a
        transfer or exchange under a registration statement which is effective
        under the Securities Act (whether pursuant to the Registration Rights
        Agreement or otherwise)) prior to the end of the time period under Rule
        144(k), the transferor shall check the box provided for on the form of
        such Physical Security, or otherwise advise the Issuer and Trustee in
        writing, as to the manner of such transfer and submit such Physical
        Security to the Trustee."

        SECTION 4. Amendments to Article Three and Article Five.

        (a) Article 3 of the Prior Indenture is hereby amended by inserting the
following new Section 3.9 in appropriate numerical order:

               "SECTION 3.9 Covenant to Provide Guarantee; Termination of
        Guarantee. The following provisions shall apply to the Securities of
        each series (including, without limitation, each series of Securities
        Outstanding on the date of the Fourth Supplemental Indenture or
        originally issued on the date of the Fourth Supplemental Indenture)
        unless otherwise specifically provided in a Board Resolution, Officers'
        Certificate or indenture supplemental hereto provided pursuant to
        Section 2.3.

               "(a) The Issuer will not cause or permit the Guarantor to
        guarantee, directly or indirectly (a "BANK GUARANTEE"), any
        indebtedness, borrowings or other obligations of the Issuer under any
        Credit Agreement unless:

                      "(1) the GUARANTOR, the Issuer and the Trustee shall
               execute and deliver an indenture supplemental hereto (a
               "SUPPLEMENTAL INDENTURE"), containing provisions substantially in
               the form of Exhibit E attached to the Fourth Supplemental
               Indenture and which provisions shall be added as a new Article of
               this Indenture, pursuant to which the Guarantor shall
               unconditionally guarantee the due and punctual payment of the
               principal of, and premium, if any, and interest on, and any
               sinking fund payments with respect to, all of the Securities and
               any Coupons appertaining thereon when due, whether such
               Securities are Outstanding on the date of such Supplemental
               Indenture or are thereafter issued (other than any Securities of
               a series (or Coupons appertaining thereto) if the terms of the
               Securities of such series, as set forth in a Board Resolution,
               Officers' Certificate or indenture supplemental hereto provided
               pursuant to Section 2.3, expressly provide that the Securities of
               such series are not entitled to the benefits of this Section
               3.9(a)), and

                      "(2) such Supplemental Indenture shall have been executed
               and delivered by the Guarantor, the Issuer and the Trustee and
               shall have

                                       19
<PAGE>

               become effective no later than the time that such Bank Guarantee
               of the Guarantor shall become effective;

        "provided that the Issuer will not be required to make a notation on the
        Securities of any series to reflect the Guarantee or to endorse the
        Guarantee on the Securities of any series if the Securities of such
        series were originally issued prior to the date of such Supplemental
        Indenture; and provided, further, that, upon the earlier of (a)
        termination of all of the Guarantor's Bank Guarantees and (b)(i) the
        effectiveness of the Weyerhaeuser/Willamette Merger and (ii) the
        termination of the separate corporate existence of the Guarantor as a
        result of such merger, and, in the case of both clause (a) and (b),
        delivery by the Issuer to the Trustee of the Officers' Certificate and
        Opinion of Counsel required by Section 3.9(n), the Guarantor shall be
        released from all of its obligations under this Indenture (including,
        without limitation, such Supplemental Indenture) and the Guarantee
        (including, without limitation, the Guarantee endorsed on any Security)
        and the Guarantee shall terminate (provided that the Issuer's
        obligations under this Section 3.9(a) shall remain in effect (and, as a
        result, the Issuer and the Guarantor may thereafter be required to enter
        into another Supplemental Indenture pursuant to this Section 3.9(a))
        unless and until the Issuer's obligations under this Section 3.9(a)
        shall be terminated pursuant to Section 3.9(b)).

               "(b) The provisions set forth in Section 3.9(a) shall terminate
        upon (1) the effectiveness of the Weyerhaueser/Willamette Merger and (2)
        the termination of the separate corporate existence of the Guarantor as
        a result of such merger; provided that the Issuer shall have delivered
        to the Trustee the Officers' Certificate and Opinion of Counsel required
        by Section 3.9(n).

               "(c) In the event that the covenant set forth in Section 3.9(a)
        is terminated pursuant to Section 3.9(b) and, thereafter, the
        Weyerhaeuser/Willamette Merger is set aside or reversed or the separate
        corporate existence of the Guarantor is reinstated, then, to the fullest
        extent permitted by applicable law:

                      "(1) Section 3.9(a) shall be automatically reinstated, and

                      "(2) if the Guarantor shall have been released from its
               obligations under this Indenture and the Guarantee with respect
               to the Securities of any series upon the effectiveness of the
               Weyerhaeuser/Willamette Merger, the Guarantor's obligations under
               this Indenture (including, without limitation, any applicable
               Supplemental Indenture) and the Guarantee with respect to the
               Securities of such series and any Coupons appertaining thereto
               (including, without limitation, any Guarantee endorsed on a
               Security of such series) shall be automatically reinstated,

        "all as if the Weyerhaeuser/Willamette Merger had not taken place but
        subject thereafter to termination of the covenant set forth in Section
        3.9(a) upon the terms and conditions set forth in Section 3.9(b) and to
        the release of the Guarantor's

                                       20
<PAGE>

        obligations under this Indenture (including, without limitation, any
        applicable Supplemental Indenture) and the Guarantee (including, without
        limitation, the Guarantee endorsed on any Security) upon the terms and
        conditions set forth in Section 3.9(a). If the Guarantor's obligations
        under this Indenture are reinstated as provided in the immediately
        preceding sentence, then the Events of Default set forth in Section
        3.9(e), the amendments, supplements and restatements to this Indenture
        effected pursuant to Sections 3.9(f), (g), (h) and (j), and the
        parenthetical clause added to this Indenture pursuant to Section 4(b) of
        the Fourth Supplemental Indenture shall also be automatically reinstated
        but subject thereafter to termination of such Events of Default, such
        amendments, supplements and restatements effected pursuant to Sections
        3.9(f), (g), (h) and (j) and the parenthetical clause added to this
        Indenture pursuant to Section 4(b) of the Fourth Supplemental Indenture
        upon the terms and conditions set forth in Section 3.9(k). The Issuer
        shall provide the Trustee with prompt written notice of any such
        reinstatement.

               "(d) If (i) this Indenture shall cease to be of further effect
        with respect to the Securities of any series upon compliance by the
        Issuer with the provisions of Section 10.1(A) hereof with respect to the
        Securities of such series or (ii) the Issuer shall be deemed to have
        paid and discharged the entire indebtedness on all the Securities of any
        series and any Coupons appertaining thereto upon compliance by the
        Issuer with the provisions of Section 10.1(B) hereof with respect to the
        Securities of such series, then (unless the terms of the Securities of
        such series, as set forth in a Board Resolution, Officers' Certificate
        or indenture supplemental hereto provided pursuant to Section 2.3,
        expressly provide otherwise) the Guarantor concurrently shall be
        released, automatically and without further action on the part of the
        Issuer, the Guarantor or the Trustee, from all of its obligations under
        this Indenture (including, without limitation, any applicable
        Supplemental Indenture) with respect to the Securities of such series
        and any Coupons appertaining thereto and from all of its obligations
        under its Guarantee with respect to the Securities of such series and
        any Coupons appertaining thereto (including, without limitation, the
        Guarantee endorsed on any Security of such series); provided that such
        release shall not affect the Guarantor's obligations under this
        Indenture (including, without limitation, any applicable Supplemental
        Indenture) with respect to the Securities of any other series and any
        Coupons appertaining thereto or its Guarantee of the Securities of any
        other series or any Coupons appertaining thereto (including, without
        limitation, the Guarantee endorsed on any such Security), all of which
        shall remain in full force and effect.

               "(e) In the event that the Guarantor enters into a Supplemental
        Indenture pursuant to Section 3.9(a), such Supplemental Indenture will
        also provide that the period appearing at the end of clause (g) of
        Section 5.1 of this Indenture shall be deleted and replaced with "; or"
        and that the following additional clauses shall be added immediately
        after such clause (g), such additional clauses to be designated as
        clauses (h), (i), and (j) of Section 5.1:

                                       21
<PAGE>

                      `(h) the Guarantor shall deny that it has any further
               liability under its Guarantee of all or any of the Securities of
               such series or any Coupons appertaining thereto or gives notice
               to that effect or the Guarantor's Guarantee of all or any of the
               Securities of such series or any Coupons appertaining thereto
               shall cease for any reason to be in full force and effect or the
               Guarantor's Guarantee of all or any of the Securities of such
               series or any Coupons appertaining thereto is declared or judged
               unenforceable or invalid in a final judgment or order issued by
               any court or governmental authority of competent jurisdiction (in
               each case other than by reason of the termination or release of
               such Guarantee in accordance with the provisions of this Section
               3.9), provided that this clause (h) shall not be applicable to
               the Securities of such series if the terms of the Securities of
               such series, as set forth in a Board Resolution, Officers'
               Certificate or indenture supplemental hereto provided pursuant to
               Section 2.3, expressly provide that the Securities of such series
               are not entitled to the benefit of Section 3.9(a); or

                      `(i) a court having jurisdiction in the premises shall
               enter a decree or order for relief in respect of the Guarantor in
               an involuntary case under any applicable bankruptcy, insolvency
               or other similar law now or hereafter in effect, or appointing a
               receiver, liquidator, assignee, custodian, trustee or
               sequestrator (or similar official) of the Guarantor or for any
               substantial part of its property or ordering the winding up or
               liquidation of its affairs, and such decree or order shall remain
               unstayed and in effect for a period of 60 consecutive days,
               provided that this clause (i) shall not be applicable to the
               Securities of such series if the terms of the Securities of such
               series, as set forth in a Board Resolution, Officers' Certificate
               or indenture supplemental hereto provided pursuant to Section
               2.3, expressly provide that the Securities of such series are not
               entitled to the benefit of Section 3.9(a); or

                      `(j) the Guarantor shall commence a voluntary case under
               any applicable bankruptcy, insolvency or other similar law now or
               hereafter in effect, or consent to the entry of an order for
               relief in an involuntary case under any such law, or consent to
               the appointment of or taking possession by a receiver,
               liquidator, assignee, custodian, trustee or sequestrator (or
               similar official) of the Guarantor or for any substantial part of
               its property, or make any general assignment for the benefit of
               creditors, provided that this clause (j) shall not be applicable
               to the Securities of such series if the terms of the Securities
               of such series , as set forth in a Board Resolution, Officers'
               Certificate or indenture supplemental hereto provided pursuant to
               Section 2.3, expressly provide that the

                                       22
<PAGE>

               Securities of such series are not entitled to the benefit of
               Section 3.9(a).'

               "(f) In the event that the Guarantor enters into a Supplemental
        Indenture pursuant to Section 3.9(a), the Supplemental Indenture shall
        also provide that the second paragraph of Section 5.1 of this Indenture
        shall be amended and restated to read in full as follows:

                      `If an Event of Default described in clause (a), (b), (c),
               (d), (h), (i) or (j) above (if the Event of Default under clause
               (d), (h), (i) or (j), as the case may be, is with respect to less
               than all series of Securities then Outstanding) occurs and is
               continuing, then, and in each and every such case, unless the
               principal of all of the Securities of such series shall have
               already become due and payable, either the Trustee or the Holders
               of not less than 25% in aggregate principal amount of the
               Securities of such series then Outstanding hereunder (each such
               series voting as a separate class) by notice in writing to the
               Issuer (and to the Trustee if given by Securityholders), may
               declare the entire principal (or, if the Securities of such
               series are Original Issue Discount Securities, such portion of
               the principal amount as may be specified in the terms of such
               series) of all Securities of such series and the interest accrued
               thereon, if any, to be due and payable immediately, and upon any
               such declaration the same shall become immediately due and
               payable; provided that neither the Trustee nor the Holders of the
               Securities of any series shall have the right to declare the
               Securities of such series to be due and payable as aforesaid upon
               the occurrence of an Event of Default described in clause (h),
               (i) or (j) above if the terms of the Securities of such Series,
               as set forth in a Board Resolution, Officers' Certificate or
               indenture supplemental hereto provided pursuant to Section 2.3,
               expressly provide that the Securities of such series are not
               entitled to the benefit of Section 3.9(a). If an Event of Default
               described in clause (d), (h), (i) or (j) above (if the Event of
               Default under clause (d), (h), (i) or (j), as the case may be, is
               with respect to all series of Securities then Outstanding), (e)
               or (f) occurs and is continuing, then and in each and every such
               case, unless the principal of all the Securities shall have
               already become due and payable, either the Trustee or the Holders
               of not less than 25% in aggregate principal amount of all the
               Securities then Outstanding hereunder (treated as one class), by
               notice in writing to the Issuer (and to the Trustee if given by
               Securityholders), may declare the entire principal (or, if any
               Securities are Original Issue Discount Securities, such portion
               of the principal as may be specified in the terms thereof) of all
               the Securities then Outstanding and interest accrued thereon, if
               any, to be due and payable immediately, and upon any such
               declaration the same shall become immediately due and payable.'

                                       23
<PAGE>

               "(g) In the event that the Guarantor enters into a Supplemental
        Indenture pursuant to Section 3.9(a), such Supplemental Indenture shall
        also provide that the first paragraph of Section 5.10 of this Indenture
        shall be amended and restated to read in full as follows:

                      `SECTION 5.10 Waiver of Past Defaults. Prior to the
               declaration of the acceleration of the maturity of the Securities
               of any series as provided in Section 5.1, the Holders of a
               majority in aggregate principal amount of the Securities of such
               series at the time Outstanding may on behalf of the Holders of
               all the Securities of such series waive any past default or Event
               of Default described in clause (c) of Section 5.1 (or, in the
               case of an event specified in clause (d), (h), (i) or (j) of
               Section 5.1 which relates to less than all series of Securities
               then Outstanding, the Holders of a majority in aggregate
               principal amount of the Securities then Outstanding affected
               thereby (each series voting as a separate class) may waive any
               such default or Event of Default, or, in the case of an event
               specified in clause (d), (h), (i) or (j) (if the Event of Default
               under clause (d), (h), (i) or (j), as the case may be, relates to
               all series of Securities then Outstanding), (e) or (f) of Section
               5.1 the Holders of Securities of a majority in principal amount
               of all the Securities then Outstanding (voting as one class) may
               waive any such default or Event of Default), and its consequences
               except a default in respect of a covenant or provision hereof
               which cannot be modified or amended without the consent of the
               Holder of each Security affected. In the case of any such waiver,
               the Issuer, the Trustee and the Holders of the Securities of such
               series shall be restored to their former positions and rights
               hereunder, respectively; but no such waiver shall extend to any
               subsequent or other default or impair any right consequent
               thereon.'

               "(h) In the event that the Guarantor enters into a Supplemental
        Indenture pursuant to Section 3.9(a), such Supplemental Indenture shall
        also provide that Section 5.12 of this Indenture shall be amended and
        restated to read in full as follows:

                      `SECTION 5.12 Right of Court to Require Filing of
               Undertaking to Pay Costs. All parties to this Indenture agree,
               and each Holder of any Security or Coupon by his acceptance
               thereof shall be deemed to have agreed, that any court may in its
               discretion require, in any suit for the enforcement of any right
               or remedy under this Indenture or in any suit against the Trustee
               for any action taken, suffered or omitted by it as Trustee, the
               filing by any party litigant in such suit of an undertaking to
               pay the costs of such suit, and that such court may in its
               discretion assess reasonable costs, including reasonable
               attorneys' fees, against any party litigant in such suit, having
               due regard to the merits and good faith

                                       24
<PAGE>

               of the claims or defenses made by such party litigant; but the
               provisions of this Section shall not apply to any suit instituted
               by the Trustee, to any suit instituted by any Securityholder or
               group of Securityholders of any series holding in the aggregate
               more than 10% in aggregate principal amount of the Securities of
               such series, or, in the case of any suit relating to or arising
               under clause (d), (h), (i) or (j) of Section 5.1 (if the suit
               relates to Securities of more than one but less than all series),
               10% in aggregate principal amount of Securities Outstanding
               affected thereby, or in the case of any suit relating to or
               arising under clause (d), (h), (i) or (j) (if the suit under
               clause (d), (h), (i) or (j), as the case may be, relates to all
               the Securities then Outstanding), (e) or (f) of Section 5.1, 10%
               in aggregate principal amount of all Securities Outstanding, or
               to any suit instituted by any Securityholder for the enforcement
               of the payment of the principal of or interest on any Security on
               or after the due date expressed in such Security or any dated
               fixed for redemption.'

               "(i) In the event that the additional Events of Default set forth
        in Section 3.9(e) shall be added to this Indenture, the Trustee will not
        be charged with knowledge of the occurrence of any Event of Default set
        forth in clause (h) of Section 5.1 of this Indenture unless a
        Responsible Officer assigned to its Corporate Trust Office has actual
        knowledge thereof or unless the Trustee has received written notice
        thereof from the Issuer or a Holder.

               "(j) In the event that the Guarantor enters into a Supplemental
        Indenture pursuant to Section 3.9(a), such Supplemental Indenture shall
        also provide for Section 8.2 of the Indenture to be supplemented by
        adding the following text at the end of clause (a) of the first
        paragraph of such Section 8.2 immediately before the words "without the
        consent of the Holder of each Security so affected":

               `, or change in any manner adverse to the interest of the Holder
               of any Outstanding Security or Coupon appertaining thereto the
               terms and conditions of the obligations of the Guarantor under
               this Indenture or any Guarantee in respect of the due and
               punctual payment of the principal thereof and interest thereon or
               any sinking fund or analogous payments in respect thereof or
               release the Guarantor from its obligations under this Indenture
               or any Guarantee of any such Security or any Coupon appertaining
               thereto,'

                      "(k) If the Guarantor is released from its obligations
               under this Indenture with respect to the Securities of any series
               and from its obligations under its Guarantee with respect to the
               Securities of such series pursuant to Section 3.9(a) or 3.9(d)
               above, then, automatically and without further action on the part
               of the Issuer, the Guarantor or the Trustee, the additional
               Events of

                                       25
<PAGE>

        Default added pursuant to Section 3.9(e) shall cease to be effective
        with respect to the Securities of such series (provided that such
        cessation shall not affect such Events of Default insofar as they
        pertain to any other series of Securities), and, if the covenant set
        forth in Section 3.9(a) shall terminate pursuant to Section 3.9(b),
        then, automatically and without further action on the part of the
        Issuer, the Guarantor or the Trustee, the additional Events of Default
        added pursuant to Section 3.9(e), the parenthetical clause added to this
        Indenture pursuant to Section 4(b) of the Fourth Supplemental Indenture
        and the amendments, supplements and restatements to this Indenture
        effected pursuant to Sections 3.9(f), (g), (h) and (j) shall terminate
        and cease to be effective as to all series of Securities, but subject to
        reinstatement of such Events of Default, parenthetical clause and
        amendments, supplements and restatements upon the terms and conditions
        set forth in Section 3.9(c).

               "(l) As used in this Indenture, the following terms have the
        meanings specified below:

               "Credit Agreements" means:

                      "(1) the 364-Day Revolving Credit Facility Agreement dated
               as of February 8, 2002 among the Issuer, Weyerhaeuser Real Estate
               Company, the lenders named therein and the other parties thereto
               and any related notes, letters of credit and guarantees;

                      "(2) the Competitive Advance and Revolving Credit Facility
               Agreement dated as of February 8, 2002 among the Issuer, the
               lenders, swingline bank and fronting bank named therein and the
               other parties thereto, and any related notes, letters of credit
               and guarantees, and

                      "(3) the Bridge Revolving Credit Facility Agreement dated
               as of February 8, 2002 among the Issuer, the lenders named
               therein and the other parties thereto and any related notes,
               letters of credit and guarantees,

        "in each case as the same may be amended, modified, supplemented or
        restated or refunded, refinanced, restructured, replaced, renewed,
        repaid or extended from time to time (whether with the original agents,
        lenders and other parties thereto or other agents, lenders or other
        parties thereto and whether under the original such Credit Agreement or
        any other credit agreements or otherwise), and including any of the
        foregoing that shall extend the maturity or increase the amount of
        borrowings or available borrowings thereunder.

               "Guarantee" means the Guarantor's guarantee set forth in a
        Supplemental Indenture executed pursuant to Section 3.9(a) and any
        guarantee of a Security or any Coupon appertaining thereto by the
        Guarantor that is endorsed on a Security authenticated and made
        available for delivery pursuant to this Indenture, collectively, or all
        or any such guarantees, as the context shall require.

               "Guarantor" means Willamette Industries, Inc., an Oregon
        corporation.

                                       26
<PAGE>

               "Weyerhaeuser/Willamette Merger" means a statutory merger
        pursuant to which the Guarantor shall be merged with and into the
        Issuer, with the Issuer being the surviving corporation and whereupon
        the separate corporate existence of Willamette shall cease.

               "(m) At the time of execution and delivery of any Supplemental
        Indenture pursuant to Section 3.9(a) above, the Issuer shall deliver to
        the Trustee, in addition to any documents which may be required by
        Section 8.4, 11.5 or any other applicable provision of this Indenture,
        an Officers' Certificate to the effect that such Supplemental Indenture
        complies with the requirements of this Section 3.9 and an Opinion of
        Counsel to the effect that such Supplemental Indenture complies with the
        provisions of this Section 3.9 and has been duly authorized, executed
        and delivered by, and is a valid and binding obligation of, the Issuer
        and the Guarantor, enforceable against the Issuer and the Guarantor in
        accordance with its terms, and if, the Issuer shall issue Securities
        with Guarantees in substantially the form attached as Exhibit F to the
        Fourth Supplemental Indenture endorsed thereon, the Issuer shall deliver
        to the Trustee (prior to the original issuance of such Securities), and
        (subject to Section 6.1) the Trustee shall be fully protected in relying
        upon, an Opinion of Counsel to the effect that the Guarantees endorsed
        on such Securities have been duly authorized by the Guarantor and, when
        such Guarantees have been duly executed by the Guarantor and such
        Securities have been duly executed by the Issuer and authenticated and
        delivered by the Trustee in the manner and subject to any conditions
        specified in such Opinion of Counsel, such Guarantees will be valid and
        binding obligations of the Guarantor, enforceable against the Guarantor
        in accordance with their respective terms, in each case subject to
        customary bankruptcy, equitable remedies, public policy and other
        exceptions which shall be reasonably satisfactory to the Trustee. In the
        event that the legal counsel rendering such Opinion of Counsel is not
        admitted to practice in the State of New York, then such Opinion of
        Counsel may state that, in rendering such opinion, such counsel has
        assumed that the laws of the State of New York are the same as the laws
        of the Issuer's or the Guarantor's, as the case may be, jurisdiction of
        organization.

               "(n) It shall be a condition to (i) the Guarantor's release from
        its obligations under this Indenture (including any applicable
        Supplemental Indenture) and the Guarantee and the termination of the
        Guarantee pursuant to Section 3.9(a), (ii) the termination of the
        provisions set forth in Section 3.9(a) pursuant to Section 3.9(b), and
        (iii) the Guarantors' release from its obligations under this Indenture
        (including any applicable Supplemental Indenture) and the Guarantee and
        the termination of its Guarantee with respect to the Securities of any
        series pursuant to Section 3.9(d), as the case may be, that the Issuer
        shall have theretofore delivered to the Trustee an Officers' Certificate
        and an Opinion of Counsel, each of which shall comply with Section 11.5,
        to the effect that all conditions precedent herein provided relating to
        such termination and/or release have been complied with and, in the case
        of any such release pursuant to Section 3.9(a), an Opinion of Counsel to
        the effect that any Bank Guarantees provided by the Guarantor have
        terminated and, in the case of any such

                                       27
<PAGE>

        termination pursuant to Section 3.9(b) (but only if the Guarantor shall
        have provided one or more Bank Guarantees) an Opinion of Counsel to the
        effect that such Bank Guarantees have terminated, and, upon delivery
        thereof and satisfaction by the Issuer of the other applicable
        conditions set forth in this Section 3.9 and any other conditions
        provided in this Indenture, the Trustee, at the expense of the Issuer
        and upon the Issuer's request, shall execute proper instruments
        (substantially in the forms provided by the Issuer) acknowledging such
        termination or release.

        (b) Section 5.1 of the Prior Indenture is hereby supplemented by adding
the following parenthetical clause in the 8th line of clause (d) of the first
paragraph of such Section 5.1, such text to be inserted immediately after the
words "90 days" and immediately before the words "after there has":

        "(or 10 days in the case of the covenant set forth in Section 3.9 of
        this Indenture, unless this parenthetical clause shall have been
        terminated pursuant to Section 3.9(k), in which case this parenthetical
        clause shall cease to be effective for all purposes of this Indenture,
        or unless the terms of the Securities of such series, as set forth in a
        Board Resolution, Officers' Certificate or indenture supplemental hereto
        provided pursuant to Section 2.3, expressly provide that the Securities
        of such series are not entitled to the benefits of Section 3.9(a), in
        which case this parenthetical clause shall not be applicable to the
        Securities of such series)".

        SECTION 5. Governing Law; Fourth Supplemental Indenture. This Fourth
Supplemental Indenture shall be deemed to be a contract made under the laws of
the State of New York and for all purposes shall be construed in accordance with
the laws of the State of New York. The terms and conditions of this Fourth
Supplemental Indenture shall be, and be deemed to be, part of the terms and
conditions of the Indenture for any and all purposes. Other than as amended and
supplemented by this Fourth Supplemental Indenture, the Indenture is in all
respects ratified and confirmed.

        SECTION 6. Acceptance by Trustee. The Trustee hereby accepts this Fourth
Supplemental Indenture and agrees to perform the same upon the terms and
conditions set forth in the Indenture.

        SECTION 7. Counterparts. This Fourth Supplemental Indenture may be
executed in two or more counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute but one
instrument.

        SECTION 8. Headings. The headings of this Fourth Supplemental Indenture
are for reference only and shall not limit or otherwise affect the meaning
hereof.

        SECTION 9. Trustee Not Responsible for Recitals. The recitals herein
contained are made by the Issuer and not by the Trustee, and the Trustee assumes
no responsibility for the correctness thereof. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Fourth Supplemental Indenture.

                                       28
<PAGE>

        SECTION 10. Separability. In case any one or more of the provisions
contained in this Fourth Supplemental Indenture or in the Offered Securities
shall for any reason be held to be invalid, illegal or unenforceable in any
respect, then, to the fullest extent permitted by applicable law, such
invalidity, illegality or unenforceability shall not affect any other provisions
of this Fourth Supplemental Indenture or of the Offered Securities, but this
Fourth Supplemental Indenture and the Offered Securities shall be construed as
if such invalid or illegal or unenforceable provision had never been contained
herein or therein.

                            [SIGNATURE PAGE FOLLOWS]

                                       29
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Supplemental Indenture to be duly executed by their respective authorized
officers as of the date first written above.

                                             WEYERHAEUSER COMPANY,

                                             By:
                                                --------------------------------
                                                Name:  Jeffrey W. Nitta
                                                Title: Vice President and
                                                       Treasurer
Attest:

By:
   --------------------------------
   Name:  Claire S. Grace
   Title: Corporate Secretary and
          Assistant General Counsel

                                             JPMORGAN CHASE BANK, as trustee,

                                             By:
                                                --------------------------------
                                                Name:
                                                Title:

Attest:

By:
   --------------------------------
   Name:
   Title:

                                       30
<PAGE>

                                                                     Exhibit A-1

                          [FORM OF TRANCHE 1 SECURITY]

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (a) IT IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (b)
IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR") OR
(c) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; (2) AGREES
THAT IT WILL NOT, PRIOR TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES
OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR ANY
SUCCESSOR PROVISION), RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (a) TO THE
ISSUER (AS DEFINED BELOW) HEREOF OR ONE OF ITS SUBSIDIARIES, (b) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (c)
TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES
TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF REQUESTED BY THE ISSUER, AN OPINION OF COUNSEL
REASONABLY ACCEPTABLE TO THE ISSUER HEREOF TO THE EFFECT THAT THE TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (d) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (e) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (f) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, PROVIDED THAT THE FOREGOING
AGREEMENT OF THE HOLDER IS SUBJECT TO ANY REQUIREMENT OF LAW THAT THE
DISPOSITION OF THE PROPERTY OF THE HOLDER OR ANY INVESTOR ACCOUNTS FOR WHICH THE
HOLDER IS ACTING SHALL AT ALL TIMES BE AND REMAIN WITHIN ITS OR THEIR CONTROL;
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION
WITH ANY TRANSFER OF THIS NOTE PRIOR TO EXPIRATION OF THE HOLDING PERIOD
APPLICABLE TO SALES OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE
APPROPRIATE BOX SET FORTH HEREON RELATING TO THE MANNER OF SUCH TRANSFER AND
SUBMIT THIS NOTE TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] IF
THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR OR IF THE
PROPOSED TRANSFER IS BEING MADE OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT OR PURSUANT TO RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO JPMORGAN
CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE ISSUER HEREOF MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE EARLIER
OF THE TRANSFER OF THE NOTE EVIDENCED HEREBY PURSUANT TO CLAUSE 2(e) ABOVE OR
UPON ANY TRANSFER OF THIS NOTE UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR
ANY SUCCESSOR PROVISION).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] AS
USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON"
HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

                                     A-1-1
<PAGE>

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities --] UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No.  [RA-_] [RS-_] [RD-_] [R-_]

                                                  Principal Amount:
                                                  $_ [FOR INCLUSION IN
                                                  GLOBAL OFFERED
                                                  SECURITIES--(or such other
                                                  principal amount as is set
                                                  forth on Schedule A hereto)

CUSIP No.      [Rule 144A: 962166 BB 9
               [Reg S: U96224 AB 3]
               [A/I: 962166 BG 8]
               [Exchange Note: 962166 BH 6]

                              WEYERHAEUSER COMPANY
                           Floating Rate Note due 2003

        WEYERHAEUSER COMPANY, a Washington corporation (the "Issuer", which term
includes any successor thereto under the Indenture referred to below), for value
received, hereby promises to pay to [FOR INCLUSION IN GLOBAL OFFERED SECURITIES
- Cede & Co.], or registered assigns, at the office or agency of the Issuer
maintained for such purpose in the Borough of Manhattan, The City of New York,
the principal sum of _ Dollars ($_) [FOR INCLUSION IN GLOBAL OFFERED SECURITIES
-- or such other principal amount as is set forth on Schedule A hereto] on
September 15, 2003, in such coin or currency of the United States of America as
at the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest on said principal sum at said office or
agency, quarterly in arrears on March 15, June 15, September 15 and December 15
of each year (each, an "Interest Payment Date"), commencing June 15, 2002, and
at final maturity, in like coin or currency, at a per annum rate equal to LIBOR
(determined in the manner described below) plus 1.125% from the Interest Payment
Date next preceding the date of this Note to which interest has been paid or
duly provided for, unless the date hereof is a date to which interest has been
paid or duly provided for, in which case from the date of this Note, or unless
no interest has been paid or duly provided for on these Notes, in which case
from March 12, 2002, until payment of said principal sum has been made or duly
provided for; provided that, if this Note is not a Global Security, payment of
interest may be made at the option of the Issuer by check mailed to the address
of the Person entitled thereto as such address shall appear on the Security
register; and provided, further, that if this Note is a Global Security
registered in the name of a Depositary or its nominee, payment of interest shall
be made to the Depositary or its nominee, as the case may be, in accordance with
the Depositary's procedures as in effect from time to time. Notwithstanding the

                                     A-1-2
<PAGE>

foregoing, if the date hereof is after a Regular Record Date (as defined below)
and before the following Interest Payment Date, this Note shall bear interest
from such Interest Payment Date; provided, that if the Issuer shall default in
the payment of interest due on such Interest Payment Date, then this Note shall
bear interest from the next preceding Interest Payment Date to which interest
has been paid or duly provided for or, if no interest has been paid or duly
provided for on these Notes, from March 12, 2002. The interest so payable on any
Interest Payment Date will, subject to certain exceptions provided in the
Indenture referred to below, be paid to the Person in whose name this Note is
registered at the close of business on the 15th calendar day (whether or not a
Floating Rate Business Day, as defined below) next preceding such Interest
Payment Date (a "Regular Record Date"); provided that interest payable on the
final maturity date of this Note will be paid to the Person to whom the
principal hereof is paid. If any Interest Payment Date, other than an Interest
Payment Date falling on the final maturity date of this Note, would otherwise be
a day that is not a Floating Rate Business Day, that Interest Payment Date will
be moved to, and will be, the next succeeding Floating Rate Business Day, except
that, if that next succeeding Floating Rate Business Day falls in the next
succeeding calendar month, that Interest Payment Date instead will be moved to,
and will be, the immediately preceding Floating Rate Business Day. If the final
maturity date of this Note falls on a day that is not a Floating Rate Business
Day, then payments of the principal of and interest on this Note that are due on
the final maturity date need not be made on the final maturity date, but may be
made on the next succeeding Floating Rate Business Day with the same force and
effect as if made on the final maturity date and no interest will accrue for the
period after the final maturity date.

        Interest on this Note will accrue from, and including, March 12, 2002
to, but excluding, the Interest Payment Date falling in June 2002 and then from,
and including, the immediately preceding Interest Payment Date to which interest
has been paid or duly provided for on this Note to, but excluding, the next
Interest Payment Date or the final maturity date, as the case may be. Interest
on this Note will be calculated on the basis of the actual number of days in the
applicable period divided by 360.

        "Floating Rate Business Day" means any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close in The
City of New York; provided, that such day must also be a London Business Day.
"London Business Day" means any day on which dealings in deposits in United
States dollars are transacted in the London interbank market.

        The interest rate on the Notes for the initial Interest Period (as
defined below) commencing March 12, 2002 will be set, and for each subsequent
Interest Period will be reset, as of the first day of such Interest Period (the
date on which that interest rate is set for the initial Interest Period or reset
for any subsequent Interest Period is referred to as an "Interest Reset Date").
The interest rate in effect on any day that is not an Interest Reset Date will
be the interest rate determined as of the Interest Determination Date pertaining
to the immediately preceding Interest Reset Date, and the interest rate in
effect on any day that is an Interest Reset Date will be the interest rate
determined as of the Interest Determination Date (as defined below) pertaining
to that Interest Reset Date.

        "Interest Period" means the period beginning on, and including, an
Interest Payment Date to, but excluding, the next succeeding Interest Payment
Date or the final maturity date, as the case may be, except that the first
Interest Period will be the period beginning on, and including, March 12, 2002
to, but excluding, the Interest Payment Date falling in June 2002.

        "Interest Determination Date" means, with respect to any Interest Reset
Date, the second London Business Day preceding that Interest Reset Date.

        The Calculation Agent (as defined in the Indenture referred to below)
will determine LIBOR in accordance with the following provisions:

        "LIBOR" means:

                                     A-1-3
<PAGE>

               (1) With respect to any Interest Determination Date, LIBOR will
        be the rate for deposits in United States dollars having a maturity of
        three months commencing on the first day of the applicable Interest
        Period that appears on Telerate Page 3750 as of 11:00 A.M., London time,
        on that Interest Determination Date. If no rate appears as aforesaid,
        LIBOR with respect to that Interest Determination Date will be
        determined in accordance with the provisions described in (2) below.

               (2) With respect to an Interest Determination Date on which no
        rate appears on Telerate Page 3750 as specified in (1) above, the
        Calculation Agent will request the principal London offices of each of
        four major banks in the London interbank market (the "reference banks"),
        selected by the Calculation Agent after consultation with the Issuer, to
        provide the Calculation Agent with its offered quotation for deposits in
        United States dollars for the period of three months, commencing on the
        first day of the applicable Interest Period, to prime banks in the
        London interbank market at approximately 11:00 A.M., London time, on
        that Interest Determination Date and in a principal amount equal to an
        amount of at least $1,000,000 that is representative for a single
        transaction in United States dollars in that market at that time. If at
        least two quotations are provided, then LIBOR on that Interest
        Determination Date will be the arithmetic mean of those quotations as
        calculated by the Calculation Agent. If fewer than two quotations are
        provided by the reference banks, then LIBOR on that Interest
        Determination Date will be the arithmetic mean as calculated by the
        Calculation Agent of the rates quoted at approximately 11:00 A.M., New
        York City time, on that Interest Determination Date by three major banks
        in The City of New York, selected by the Calculation Agent after
        consultation with the Issuer, for loans in United States dollars to
        leading European banks having a three month maturity and in a principal
        amount equal to an amount of at least $1,000,000 that is representative
        for a single transaction in United States dollars in that market at the
        time; provided, however, that if the banks selected by the Calculation
        Agent are not providing quotations in the manner described in this
        sentence, LIBOR determined as of that Interest Determination Date will
        be LIBOR as in effect on that Interest Determination Date.

               "Telerate Page 3750" means the display designated as "Page 3750"
        on Bridge Telerate, Inc., or such other page as may replace the 3750
        page on that service or such other service or services as may be
        nominated by the British Bankers' Association for the purpose of
        displaying the London interbank rates of major banks for United States
        dollars.

        The interest rate on this Note will in no event be higher than the
maximum rate permitted by New York law as the same may be modified by United
States law of general application.

        All percentages resulting from any calculation on the Notes will be
rounded to the nearest one hundred-thousandth of a percentage point, with
five-one millionths of a percentage point rounded upwards. All dollar amounts
used in or resulting from any calculation on the Notes will be rounded to the
nearest cent, with one-half cent being rounded upwards.

        All calculations made by the Calculation Agent for the purposes of
calculating interest on the Notes shall be conclusive and binding on the Holders
and on the Issuer, absent manifest error.

        This Note is one of a duly authorized issue of Securities of the Issuer
issued under and pursuant to an Indenture dated as of April 1, 1986 (the
"Original Indenture"), as amended and supplemented by a First Supplemental
Indenture thereto dated as of February 15, 1991 (the "First Supplemental
Indenture"), a Second Supplemental Indenture thereto dated as of February 1,
1993 (the "Second Supplemental Indenture"), a Third Supplemental Indenture
thereto dated as of October 22, 2001 (the "Third Supplemental Indenture"), and a
Fourth Supplemental Indenture thereto dated as of March 12, 2002 (the "Fourth
Supplemental Indenture"; the Original Indenture, as amended and supplemented by
the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and any other
indentures supplemental thereto, is hereinafter called the "Indenture"), each
duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known
as The Chase Manhattan Bank and Chemical Bank), as

                                     A-1-4
<PAGE>

trustee (herein called the "Trustee", which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities. The Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be
subject to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any) and may otherwise vary as in the
Indenture provided. This Note is one of the series of Securities designated on
the face hereof (the "Notes").

        The Notes are not subject to redemption at the option of the Issuer at
any time prior to final maturity.

        In case an Event of Default (as defined in the Indenture) with respect
to the Notes shall have occurred and be continuing, the principal hereof and
accrued and unpaid interest hereon may be declared, and upon such declaration
shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

        The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each such series; provided, that no such supplemental
indenture shall, among other things, (i) extend the final maturity of any
Security, or reduce the principal amount thereof or reduce the rate or extend
the time of payment of any interest thereon, or reduce any amount payable on the
redemption thereof, or make the principal thereof or the interest thereon
payable in any coin or currency other than that provided in the Securities or in
accordance with the terms thereof, or impair or affect the rights of any Holder
to institute suit for the payment thereof, without the consent of the Holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
the Holders of which are required to consent to any such supplemental indenture
without the consent of the Holder of each Security so affected. It is also
provided in the Indenture that, with respect to certain defaults or Events of
Default, prior to any declaration accelerating the maturity of the Securities of
any series, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series (or, in the case of certain defaults or
Events of Default, all or certain series of the Securities) may on behalf of the
Holders of all the Securities of such series (or all or certain series of the
Securities, as the case may be) waive any such past default or Event of Default
and its consequences. The preceding sentence shall not, however, apply to a
default or Event of Default in respect of the payment of the principal of or
premium, if any, or interest on any of the Securities or a default or Event of
Default in respect of a covenant or provision of the Indenture which cannot be
modified or amended without the consent of the Holder of each Security affected.
Any such consent or waiver by the Holder of this Note (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Note and any Notes which may be
issued in exchange or substitution herefor or on registration of transfer
hereof, irrespective of whether or not any notation thereof is made upon this
Note or such other Notes.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note in
the manner, at the respective times, at the rate and in the coin or currency
herein prescribed.

        The Notes are issuable in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Notes may be
exchanged for a like aggregate principal amount of Notes of other authorized
denominations upon surrender of the Notes to be exchanged at the agency of the
Issuer maintained for that purpose in the Borough of Manhattan, The City of New
York in the manner and subject to the limitations provided in the Indenture,
without charge except for any tax or other governmental charge that may be
imposed in connection therewith.

                                     A-1-5
<PAGE>

        The Notes are not subject to any sinking fund.

        Upon due presentment for registration of transfer of this Note at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York, a new Note or Notes of authorized denominations for an
equal aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge
except for any tax or other governmental charge that may be imposed in
connection therewith.

        [THIS PARAGRAPH TO BE OMITTED FROM EXCHANGE SECURITIES--] In addition to
rights provided to the Holders of the Notes under the Indenture, Holders of
Notes shall have all the rights set forth in the Registration Rights Agreement
dated as of March 12, 2002 between the Issuer and Morgan Stanley & Co.
Incorporated and J.P. Morgan Securities Inc. (as the same may be amended or
supplemented from time to time in accordance with its terms, the "Registration
Rights Agreement"). Pursuant to the Registration Rights Agreement, the Holders
of the Notes will, subject to certain exceptions and on the terms and subject to
the conditions specified in the Registration Rights Agreement, have the right to
exchange their Notes for a like principal amount of Exchange Securities of the
same series issued under the Indenture, which Exchange Securities will have been
registered under the Securities Act. The Holders of the Notes shall be entitled
to receive certain additional interest on the Notes in the event such exchange
offer is not consummated or upon certain other conditions, all as set forth in
the Registration Rights Agreement.

        The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal hereof and, subject to the
provisions of the first paragraph hereof, interest hereon and for all other
purposes, and neither the Issuer nor the Trustee nor any authorized agent of the
Issuer or the Trustee shall be affected by any notice to the contrary.

        No recourse under or upon any obligation, covenant or agreement of the
Issuer in the Indenture or in any Note, or because of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer
or director, as such, of the Issuer or of any successor entity, either directly
or through the Issuer or any successor entity, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance hereof and as part of the consideration for the
issue hereof.

        This Note shall be governed by and construed in accordance with the laws
of the State of New York, except as may otherwise be required by mandatory
provisions of law.

        Terms used in this Note which are defined in the Indenture shall have
the respective meanings assigned thereto in the Indenture.

        The Indenture contains provisions whereby the Issuer may be discharged
from its obligations with respect to the Notes, subject to exceptions, if the
Issuer deposits with the Trustee cash or U.S. Government Obligations in the
amount and in the manner, and satisfies certain other conditions, as in the
Indenture provided.

        This Note shall not be valid or obligatory for any purpose until the
certificate of authentication hereon shall have been signed by or on behalf of
the Trustee under the Indenture by manual signature of an authorized officer of
the Trustee.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                     A-1-6
<PAGE>

        IN WITNESS WHEREOF, Weyerhaeuser Company has caused this instrument to
be signed and its corporate seal attested by the manual or facsimile signatures
of its duly authorized officers and has caused its corporate seal (or a
facsimile thereof) to be affixed hereunto or imprinted hereon.

Dated:

                                             WEYERHAEUSER COMPANY*

[SEAL]

                                             By:
                                                --------------------------------
                                                Name:
                                                Title:

Attest:
        ---------------------------
        Name:
        Title:

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION*

        This is one of the Securities of the series designated herein and
referred to in the within mentioned Indenture.

                                             JPMORGAN CHASE BANK,
                                             as Trustee

                                             By:
                                                --------------------------------
                                                       Authorized Officer

----------

*   The signatures and/or the Trustee's certificate of authentication may be
    moved to appear on the same page as the principal amount of this Security.

                                     A-1-7
<PAGE>

                                  ABBREVIATIONS

        The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                               <C>
TEN COM--as tenants in common          UNIF GIFT MIN ACT --       _______Custodian __________
TEN ENT--as tenants by the entireties                               (Cust)           (Minor)
JT TEN--as joint tenants with right of survivorship               Under Uniform Gifts to Minors
and not as tenants in common                                      Act___________________________
                                                                                (State)
</TABLE>

           Additional abbreviations may also be used though not in the above
list.

                     ---------------------------------------

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

   --------------------------------------------------------

   --------------------------------------------------------

--------------------------------------------------------------------------------
             PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

--------------------------------------------------------------------------------
the within security and all rights thereunder, hereby irrevocably constituting
and appointing

                                                                        Attorney
-----------------------------------------------------------------------
to transfer said security on the books of the Issuer with full power of
substitution in the premises.

Dated:                                       Signed:
        ---------------------------                  ---------------------------

               Notice: The signature to this assignment must correspond with
               the name as it appears upon the face of the within security in
               every particular, without alteration or enlargement or any
               change whatever.

                                     A-1-8
<PAGE>

   [FOR INCLUSION IN OFFERED SECURITIES BEARING THE PRIVATE PLACEMENT LEGEND]

                              TRANSFER CERTIFICATE

Capitalized terms used but not defined in this Certificate shall have the
meanings given to such terms in the Indenture referred to above.

The undersigned (the "Transferor") has requested a transfer of this Floating
Rate Note due 2003 (the "Notes") or a portion hereof (the "Specified
Securities").

In connection with such request, the Transferor does hereby certify that such
transfer is being made pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the "Securities Act") (as indicated by the
applicable box checked below), or the transfer does not require registration
under the Securities Act because (as indicated by the applicable box checked
below):

       [ ]     (a)    The Specified Securities are being transferred pursuant to
                      an effective registration statement under the Securities
                      Act.

       [ ]     (b)    The Specified Securities are being acquired for the
                      Transferor's own account, without transfer.

       [ ]     (c)    The Specified Securities are being transferred to the
                      Issuer or a subsidiary of the Issuer.

       [ ]     (d)    The Specified Securities are being transferred in
                      compliance with Rule 144A ("Rule 144A") under the
                      Securities Act to a Person the Transferor reasonably
                      believes is a "qualified institutional buyer" (as defined
                      in Rule 144A) that is purchasing the Specified Securities
                      for its own account or for the account of another
                      "qualified institutional buyer", in each case to whom
                      notice has been given that the transfer is being made in
                      reliance on Rule 144A.

       [ ]     (e)    The Specified Securities are being transferred to an
                      institutional "accredited investor" (as defined in Rule
                      501(a)(1), (2), (3) or (7) under the Securities Act) (an
                      "Institutional Accredited Investor") purchasing for its
                      own account or for the account of one or more other
                      Institutional Accredited Investors over which it exercises
                      sole investment discretion, in each case in a minimum
                      principal amount of $250,000, and that, prior to such
                      transfer, furnishes to the Trustee a signed letter
                      containing certain representations and agreements relating
                      to the restrictions on transfer of the Specified
                      Securities (the form of which letter can be obtained from
                      the Trustee) and, if the Issuer requests, an opinion of
                      counsel reasonably acceptable to the Issuer to the effect
                      that the transfer is being made pursuant to an exemption
                      from, or in a transaction not subject to, the registration
                      requirements of the Securities Act.

       [ ]     (f)    The Specified Securities are being transferred pursuant to
                      and in compliance with an exemption from the registration
                      requirements of the Securities Act provided by Rule 144
                      under the Securities Act (if available).

       [ ]     (g)    The Specified Securities are being transferred outside the
                      "United States" (as defined in Regulation S ("Regulation
                      S") under the Securities Act) in an "offshore transaction"
                      (as defined in Regulation S) in compliance with Rule 904
                      under the Securities Act.

                                     A-1-9
<PAGE>

This Certificate and the statements contained herein are made for the benefit of
the Trustee, the Issuer and the initial purchasers, if any, in the initial
offering of the Notes.

                                     A-1-10
<PAGE>

Date:
     --------------------               ----------------------------------------
                                        (Insert Name of Transferor)

                                        By:
                                           -------------------------------------
                                        Notice: The signature to this
                                        Certificate must correspond with the
                                        name as it appears upon the face of the
                                        within security in every particular,
                                        without alteration or enlargement or any
                                        change whatever

To be completed by transferee
if (d) above is checked:

        The undersigned transferee represents and warrants (i) that it is a
"qualified institutional buyer" as defined in Rule 144A under the Securities Act
of 1933 (the "Securities Act") and is aware that the Specified Securities (as
defined above) are being transferred in reliance on 144A under the Securities
Act, (ii) the undersigned is acquiring the Specified Securities for its own
account or for the account of one or more other qualified institutional buyers
over which it exercises sole investment discretion (in which latter case the
undersigned has given notice to each such account that the Specified Securities
are being transferred in reliance on Rule 144A) and (iii) this instrument has
been executed on behalf of the undersigned by one of its executive officers. The
undersigned transferee acknowledges and agrees that the Specified Securities
have not been registered under the Securities Act and may not be transferred
except in accordance with the resale and other transfer restrictions set forth
on the face thereof.

Date:
     --------------------               ----------------------------------------
                                        (Insert Name of Transferee)

                                        By:
                                           -------------------------------------
                                           Executive Officer

                                     A-1-11
<PAGE>

                  [FOR INCLUSION IN GLOBAL OFFERED SECURITIES]

                                   SCHEDULE A

        The initial principal amount of this Global Security is _ Dollars
($_). The following increases or decreases in the principal amount of this
Global Security have been made:

<TABLE>
<CAPTION>
=================================================================================================
                                                            Principal amount
                          Amount of          Amount of             of
                          increase          decrease in        this Global
                        in principal     principal amount       Security         Signature of
                           amount               of           following such       authorized
                       of this Global       this Global        decrease or       signatory of
     Date made            Security           Security           increase            Trustee
-------------------------------------------------------------------------------------------------
<S>                   <C>                <C>                <C>                <C>

-------------------------------------------------------------------------------------------------

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=================================================================================================
</TABLE>

                                     A-1-12
<PAGE>

                                                                     Exhibit A-2

                          [FORM OF TRANCHE 2 SECURITY]

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (a) IT IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (b)
IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR") OR
(c) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; (2) AGREES
THAT IT WILL NOT, PRIOR TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES
OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR ANY
SUCCESSOR PROVISION), RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (a) TO THE
ISSUER (AS DEFINED BELOW) HEREOF OR ONE OF ITS SUBSIDIARIES, (b) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (c)
TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES
TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF REQUESTED BY THE ISSUER, AN OPINION OF COUNSEL
REASONABLY ACCEPTABLE TO THE ISSUER HEREOF TO THE EFFECT THAT THE TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (d) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (e) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (f) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, PROVIDED THAT THE FOREGOING
AGREEMENT OF THE HOLDER IS SUBJECT TO ANY REQUIREMENT OF LAW THAT THE
DISPOSITION OF THE PROPERTY OF THE HOLDER OR ANY INVESTOR ACCOUNTS FOR WHICH THE
HOLDER IS ACTING SHALL AT ALL TIMES BE AND REMAIN WITHIN ITS OR THEIR CONTROL;
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION
WITH ANY TRANSFER OF THIS NOTE PRIOR TO EXPIRATION OF THE HOLDING PERIOD
APPLICABLE TO SALES OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE
APPROPRIATE BOX SET FORTH HEREON RELATING TO THE MANNER OF SUCH TRANSFER AND
SUBMIT THIS NOTE TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] IF
THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR OR IF THE
PROPOSED TRANSFER IS BEING MADE OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT OR PURSUANT TO RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO JPMORGAN
CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE ISSUER HEREOF MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE EARLIER
OF THE TRANSFER OF THE NOTE EVIDENCED HEREBY PURSUANT TO CLAUSE 2(e) ABOVE OR
UPON ANY TRANSFER OF THIS NOTE UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR
ANY SUCCESSOR PROVISION).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] AS
USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON"
HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

                                     A-2-1
<PAGE>

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No.     [RA-_] [RS-_] [RD-_] [R-_]

                                                     Principal Amount:
                                                     $_ [FOR INCLUSION IN
                                                     GLOBAL OFFERED
                                                     SECURITIES--(or such other
                                                     principal amount as is set
                                                     forth on Schedule A hereto)
CUSIP No. [Rule 144A: 962166 BC 7]
          [Reg S: U96224 AC 1]
          [A/I: 962166 BJ 2]
          [Exchange Note: 962166 BK 9]

                              WEYERHAEUSER COMPANY

                               5.50% Note due 2005

        WEYERHAEUSER COMPANY, a Washington corporation (the "Issuer", which term
includes any successor thereto under the Indenture referred to below), for value
received, hereby promises to pay to [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--Cede & Co.], or registered assigns, at the office or agency of the
Issuer maintained for such purpose in the Borough of Manhattan, The City of New
York, the principal sum of _ Dollars ($_) [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--or such other principal amount as is set forth on Schedule A hereto]
on March 15, 2005, in such coin or currency of the United States of America as
at the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest, semiannually in arrears on March 15 and
September 15 of each year, commencing September 15, 2002, and at final maturity
on said principal sum at said office or agency, in like coin or currency, at the
rate of 5.50% per annum from the March 15 or September 15, as the case may be,
next preceding the date of this Note to which interest has been paid or duly
provided for, unless the date hereof is a date to which interest has been paid
or duly provided for, in which case from the date of this Note, or unless no
interest has been paid or duly provided for on these Notes, in which case from
March 12, 2002 until payment of said principal sum has been made or duly
provided for; provided that, if this Note is not a Global Security, payment of
interest may be made at the option of the Issuer by check mailed to the address
of the Person entitled thereto as such address shall appear on the Security
register; and provided, further, that if this Note is a Global Security
registered in the name of a

                                     A-2-2
<PAGE>

Depositary or its nominee, payment of interest shall be made to the Depositary
or its nominee, as the case may be, in accordance with the Depositary's
procedures as in effect from time to time. Notwithstanding the foregoing, if the
date hereof is after March 1 or September 1, as the case may be, and before the
following March 15 or September 15, this Note shall bear interest from such
March 15 or September 15; provided, that if the Issuer shall default in the
payment of interest due on such March 15 or September 15, then this Note shall
bear interest from the next preceding March 15 or September 15 to which interest
has been paid or duly provided for or, if no interest has been paid or duly
provided for on these Notes, from March 12, 2002. The interest so payable on any
March 15 or September 15 will, subject to certain exceptions provided in the
Indenture referred to below, be paid to the person in whose name this Note is
registered at the close of business on the March 1 or September 1, as the case
may be, next preceding such March 15 or September 15. Interest on this Note
shall be calculated on the basis of a 360-day year consisting of twelve 30-day
months.

        This Note is one of a duly authorized issue of Securities of the Issuer
issued under and pursuant to an Indenture dated as of April 1, 1986 (the
"Original Indenture"), as amended and supplemented by a First Supplemental
Indenture thereto dated as of February 15, 1991 (the "First Supplemental
Indenture"), a Second Supplemental Indenture thereto dated as of February 1,
1993 (the "Second Supplemental Indenture"), a Third Supplemental Indenture
thereto dated as of October 22, 2001 (the "Third Supplemental Indenture"), and a
Fourth Supplemental Indenture thereto dated as of March 12, 2002 (the "Fourth
Supplemental Indenture"; the Original Indenture, as amended and supplemented by
the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and any other
indentures supplemental thereto, is hereinafter called the "Indenture"), each
duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known
as The Chase Manhattan Bank and Chemical Bank), as trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any) and may otherwise vary as in the
Indenture provided. This Note is one of the series of Securities designated on
the face hereof (the "Notes").

        The Notes may be redeemed, in whole or from time to time in part, at the
option of the Issuer on any date at a redemption price equal to the greater of:

        (1)    100% of the principal amount of the Notes to be redeemed, and

        (2)    the sum of the present values of the remaining scheduled payments
               of principal and interest on the Notes to be redeemed (exclusive
               of interest accrued to the applicable Redemption Date) discounted
               to that Redemption Date on a semi-annual basis (assuming a
               360-day year consisting of twelve 30-day months) at the Treasury
               Rate plus 15 basis points,

plus, in the case of both clause (1) and clause (2) above, accrued and unpaid
interest on the principal amount of the Notes being redeemed to such Redemption
Date; provided, however, that payments of interest on the Notes that are due and
payable on or prior to a date fixed for redemption of Notes will be payable to
the Holders of those Notes registered as such at the close of business on the
relevant record dates according to their terms and the terms and provisions of
the Indenture. Any such redemption shall be effected in accordance with the
terms and conditions set forth in the Indenture.

        As used in this Note, the following terms have the meanings set forth
below:

        "Treasury Rate" means, with respect to any Redemption Date for the
Notes, (1) the yield, under the heading that represents the average for the
immediately preceding week, appearing in the most recently published statistical
release designated "H.15(519)" or any successor publication which is published
weekly by

                                     A-2-3
<PAGE>

the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Final Maturity Date for the Notes, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or
(2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.

        The Treasury Rate shall be calculated on the third Business Day
preceding the applicable Redemption Date. As used in the immediately preceding
sentence and in the definition of "Reference Treasury Dealer Quotations" below,
the term "Business Day" means each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a day on which banking institutions in The City of New York
are authorized or obligated by law, regulation or executive order to close.

        "Comparable Treasury Issue" means, with respect to any Redemption Date
for the Notes, the United States Treasury security selected by the Independent
Investment Banker as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes to be
redeemed.

        "Comparable Treasury Price" means, with respect to any Redemption Date
for the Notes, (1) the average of four Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

        "Final Maturity Date" means March 15, 2005.

        "Independent Investment Banker" means, with respect to any Redemption
Date for the Notes, Morgan Stanley & Co. Incorporated and its successors or J.P.
Morgan Securities Inc. and its successors, whichever shall be selected by the
Trustee after consultation with the Issuer, or, if both such firms or the
respective successors, if any, to such firms, as the case may be, are unwilling
or unable to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by the Trustee after
consultation with the Issuer.

        "Redemption Date" means, with respect to any Note or portion thereof to
be redeemed, the date fixed for such redemption pursuant to the Indenture and
the Notes.

        "Reference Treasury Dealer" means, with respect to any Redemption Date
for the Notes, Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc.
and their respective successors (provided, however, that if any such firm or any
such successor, as the case may be, shall cease to be a primary U.S. Government
securities dealer in New York City (a "Primary Treasury Dealer"), the Trustee,
after consultation with the Issuer, shall substitute therefor another Primary
Treasury Dealer), and two other Primary Treasury Dealers selected by the Trustee
after consultation with the Issuer.

        "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date for the Notes, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding that Redemption Date.

                                     A-2-4
<PAGE>

        Notice of any redemption will be mailed at least 30 days but not more
than 60 days before the applicable Redemption Date to each Holder of the Notes
to be redeemed at the Holder's registered address. If less than all the Notes
are to be redeemed at the option of the Issuer, the Trustee will select, in a
manner it deems fair and appropriate, the Notes, or portions of the Notes, to be
redeemed.

        Unless the Issuer defaults in payment of the redemption price (including
interest accrued to the applicable Redemption Date), on and after the applicable
Redemption Date interest will cease to accrue on the Notes or portions of the
Notes called for redemption on that Redemption Date.

        Notwithstanding the provisions of Section 12.2 of the Indenture, any
notice of redemption of the Notes need not set forth the redemption price but
only the manner of calculation thereof. The Issuer will notify the Trustee of
the redemption price promptly after the calculation thereof. The Trustee shall
have no responsibility for such calculation.

        In case an Event of Default (as defined in the Indenture) with respect
to the Notes shall have occurred and be continuing, the principal hereof and
accrued and unpaid interest hereon may be declared, and upon such declaration
shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

        The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each such series; provided, that no such supplemental
indenture shall, among other things, (i) extend the final maturity of any
Security, or reduce the principal amount thereof or reduce the rate or extend
the time of payment of any interest thereon, or reduce any amount payable on the
redemption thereof, or make the principal thereof or the interest thereon
payable in any coin or currency other than that provided in the Securities or in
accordance with the terms thereof, or impair or affect the rights of any Holder
to institute suit for the payment thereof, without the consent of the Holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
the Holders of which are required to consent to any such supplemental indenture
without the consent of the Holder of each Security so affected. It is also
provided in the Indenture that, with respect to certain defaults or Events of
Default, prior to any declaration accelerating the maturity of the Securities of
any series, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series (or, in the case of certain defaults or
Events of Default, all or certain series of the Securities) may on behalf of the
Holders of all the Securities of such series (or all or certain series of the
Securities, as the case may be) waive any such past default or Event of Default
and its consequences. The preceding sentence shall not, however, apply to a
default or Event of Default in respect of the payment of the principal of or
premium, if any, or interest on any of the Securities or a default or Event of
Default in respect of a covenant or provision of the Indenture which cannot be
modified or amended without the consent of the Holder of each Security affected.
Any such consent or waiver by the Holder of this Note (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Note and any Notes which may be
issued in exchange or substitution herefor or on registration of transfer
hereof, irrespective of whether or not any notation thereof is made upon this
Note or such other Notes.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

        The Notes are issuable in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Notes may be
exchanged for a like aggregate principal amount of Notes of other

                                     A-2-5
<PAGE>

authorized denominations upon surrender of the Notes to be exchanged at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York in the manner and subject to the limitations provided in
the Indenture, without charge except for any tax or other governmental charge
that may be imposed in connection therewith.

        The Notes are not subject to any sinking fund.

        Upon due presentment for registration of transfer of this Note at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York, a new Note or Notes of authorized denominations for an
equal aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge
except for any tax or other governmental charge that may be imposed in
connection therewith.

        [THIS PARAGRAPH TO BE OMITTED FROM EXCHANGE SECURITIES--] In addition to
rights provided to the Holders of the Notes under the Indenture, Holders of
Notes shall have all the rights set forth in the Registration Rights Agreement
dated as of March 12, 2002 between the Issuer and Morgan Stanley & Co.
Incorporated and J.P. Morgan Securities Inc. (as the same may be amended or
supplemented from time to time in accordance with its terms, the "Registration
Rights Agreement"). Pursuant to the Registration Rights Agreement, the Holders
of the Notes will, subject to certain exceptions and on the terms and subject to
the conditions specified in the Registration Rights Agreement, have the right to
exchange their Notes for a like principal amount of Exchange Securities of the
same series issued under the Indenture, which Exchange Securities will have been
registered under the Securities Act. The Holders of the Notes shall be entitled
to receive certain additional interest on the Notes in the event such exchange
offer is not consummated or upon certain other conditions, all as set forth in
the Registration Rights Agreement.

        The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal hereof and premium, if any, and
subject to the provisions of the first paragraph hereof, interest hereon and for
all other purposes, and neither the Issuer nor the Trustee nor any authorized
agent of the Issuer or the Trustee shall be affected by any notice to the
contrary.

        No recourse under or upon any obligation, covenant or agreement of the
Issuer in the Indenture or in any Note, or because of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer
or director, as such, of the Issuer or of any successor entity, either directly
or through the Issuer or any successor entity, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance hereof and as part of the consideration for the
issue hereof.

        This Note shall be governed by and construed in accordance with the laws
of the State of New York, except as may otherwise be required by mandatory
provisions of law.

        Terms used in this Note which are defined in the Indenture shall have
the respective meanings assigned thereto in the Indenture.

        The Indenture contains provisions whereby the Issuer may be discharged
from its obligations with respect to the Notes, subject to exceptions, if the
Issuer deposits with the Trustee cash or U.S. Government Obligations in the
amount and in the manner, and satisfies certain other conditions, as in the
Indenture provided.

                                     A-2-6
<PAGE>

        This Note shall not be valid or obligatory for any purpose until the
certificate of authentication hereon shall have been signed by or on behalf of
the Trustee under the Indenture by manual signature of an authorized officer of
the Trustee.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                     A-2-7
<PAGE>

        IN WITNESS WHEREOF, Weyerhaeuser Company has caused this instrument to
be signed and its corporate seal attested by the manual or facsimile signatures
of its duly authorized officers and has caused its corporate seal (or a
facsimile thereof) to be affixed hereunto or imprinted hereon.

Dated:
                                             WEYERHAEUSER COMPANY*

[SEAL]                                       By:
                                                --------------------------------
                                                Name:
                                                Title:

Attest:
       ----------------------------
       Name:
       Title:

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION*

        This is one of the Securities of the series designated herein and
referred to in the within-mentioned Indenture.

                                             JPMORGAN CHASE BANK,
                                                as Trustee

                                             By:
                                                --------------------------------
                                                       Authorized Officer

-----------------------------

* The signatures and/or the Trustee's certificate of authentication may be moved
to appear on the same page as the principal amount of this Security.

                                     A-2-8
<PAGE>

                                  ABBREVIATIONS

        The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                               <C>
TEN COM--as tenants in common         UNIF GIFT MIN ACT - -         _______Custodian ________
TEN ENT--as tenants by the entireties                             (Cust)              (Minor)
JT TEN--as joint tenants with right of survivorship               Under Uniform Gifts to Minors
and not as tenants in common                                      Act _________________________
                                                                              (State)
</TABLE>

           Additional abbreviations may also be used though not in the above
list.

                     ---------------------------------------

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

     --------------------------------------------

     --------------------------------------------

--------------------------------------------------------------------------------
             PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

--------------------------------------------------------------------------------
the within security and all rights thereunder, hereby irrevocably constituting
and appointing

                                                                        Attorney
-----------------------------------------------------------------------
to transfer said security on the books of the Issuer with full power of
substitution in the premises.

Dated:                                       Signed:
      -----------------------------                -----------------------------

        Notice: The signature to this assignment must correspond with the name
        as it appears upon the face of the within security in every particular,
        without alteration or enlargement or any change whatever.

                                     A-2-9
<PAGE>

   [FOR INCLUSION IN OFFERED SECURITIES BEARING THE PRIVATE PLACEMENT LEGEND]

                              TRANSFER CERTIFICATE

Capitalized terms used but not defined in this Certificate shall have the
meanings given to such terms in the Indenture referred to above.

The undersigned (the "Transferor") has requested a transfer of this 5.50% Note
due 2005 (the "Notes") or a portion hereof (the "Specified Securities").

In connection with such request, the Transferor does hereby certify that such
transfer is being made pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the "Securities Act") (as indicated by the
applicable box checked below), or the transfer does not require registration
under the Securities Act because (as indicated by the applicable box checked
below):

       [ ]     (a)    The Specified Securities are being transferred pursuant to
                      an effective registration statement under the Securities
                      Act.

       [ ]     (b)    The Specified Securities are being acquired for the
                      Transferor's own account, without transfer.

       [ ]     (c)    The Specified Securities are being transferred to the
                      Issuer or a subsidiary of the Issuer.

       [ ]     (d)    The Specified Securities are being transferred in
                      compliance with Rule 144A ("Rule 144A") under the
                      Securities Act to a Person the Transferor reasonably
                      believes is a "qualified institutional buyer" (as defined
                      in Rule 144A) that is purchasing the Specified Securities
                      for its own account or for the account of another
                      "qualified institutional buyer", in each case to whom
                      notice has been given that the transfer is being made in
                      reliance on Rule 144A.

       [ ]     (e)    The Specified Securities are being transferred to an
                      institutional "accredited investor" (as defined in Rule
                      501(a)(1), (2), (3) or (7) under the Securities Act) (an
                      "Institutional Accredited Investor") purchasing for its
                      own account or for the account of one or more other
                      Institutional Accredited Investors over which it exercises
                      sole investment discretion, in each case in a minimum
                      principal amount of $250,000, and that, prior to such
                      transfer, furnishes to the Trustee a signed letter
                      containing certain representations and agreements relating
                      to the restrictions on transfer of the Specified
                      Securities (the form of which letter can be obtained from
                      the Trustee) and, if the Issuer requests, an opinion of
                      counsel reasonably acceptable to the Issuer to the effect
                      that the transfer is being made pursuant to an exemption
                      from, or in a transaction not subject to, the registration
                      requirements of the Securities Act.

       [ ]     (f)    The Specified Securities are being transferred pursuant to
                      and in compliance with an exemption from the registration
                      requirements of the Securities Act provided by Rule 144
                      under the Securities Act (if available).

       [ ]     (g)    The Specified Securities are being transferred outside the
                      "United States" (as defined in Regulation S ("Regulation
                      S") under the Securities Act) in an "offshore transaction"
                      (as defined in Regulation S) in compliance with Rule 904
                      under the Securities Act.

                                     A-2-10
<PAGE>

This Certificate and the statements contained herein are made for the benefit of
the Trustee, the Issuer and the initial purchasers, if any, in the initial
offering of the Notes.

Date:
      ---------------------
                                        ----------------------------------------
                                        (Insert Name of Transferor)

                                        By:
                                           -------------------------------------
                                        Notice: The signature to this
                                        Certificate must correspond with the
                                        name as it appears upon the face of the
                                        within security in every particular,
                                        without alteration or enlargement or any
                                        change whatever

To be completed by transferee
if (d) above is checked:

        The undersigned transferee represents and warrants (i) that it is a
"qualified institutional buyer" as defined in Rule 144A under the Securities Act
of 1933 (the "Securities Act") and is aware that the Specified Securities (as
defined above) are being transferred in reliance on 144A under the Securities
Act, (ii) the undersigned is acquiring the Specified Securities for its own
account or for the account of one or more other qualified institutional buyers
over which it exercises sole investment discretion (in which latter case the
undersigned has given notice to each such account that the Specified Securities
are being transferred in reliance on Rule 144A) and (iii) this instrument has
been executed on behalf of the undersigned by one of its executive officers. The
undersigned transferee acknowledges and agrees that the Specified Securities
have not been registered under the Securities Act and may not be transferred
except in accordance with the resale and other transfer restrictions set forth
on the face thereof.

Dated:
      ---------------------
                                        ----------------------------------------
                                        (Insert Name of Transferee)

                                        By:
                                           -------------------------------------
                                                     Executive Officer

                                     A-2-11
<PAGE>

                  [FOR INCLUSION IN GLOBAL OFFERED SECURITIES]

                                   SCHEDULE A

        The initial principal amount of this Global Security is _ Dollars
($_). The following increases or decreases in the principal amount of this
Global Security have been made:

<TABLE>
<CAPTION>
=================================================================================================
                                                            Principal amount
                      Amount of          Amount of          of
                      increase           decrease in        this Global
                      in principal       principal amount   Security           Signature of
                      amount             of                 following such     authorized
                      of this Global     this Global        decrease or        signatory of
Date made             Security           Security           increase           Trustee
-------------------------------------------------------------------------------------------------
<S>                   <C>                <C>                <C>                <C>

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

=================================================================================================
</TABLE>

                                     A-2-12
<PAGE>

                                                                     Exhibit A-3

                          [FORM OF TRANCHE 3 SECURITY]

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (a) IT IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (b)
IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR") OR
(c) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; (2) AGREES
THAT IT WILL NOT, PRIOR TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES
OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR ANY
SUCCESSOR PROVISION), RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (a) TO THE
ISSUER (AS DEFINED BELOW) HEREOF OR ONE OF ITS SUBSIDIARIES, (b) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (c)
TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES
TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF REQUESTED BY THE ISSUER, AN OPINION OF COUNSEL
REASONABLY ACCEPTABLE TO THE ISSUER HEREOF TO THE EFFECT THAT THE TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (d) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (e) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (f) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, PROVIDED THAT THE FOREGOING
AGREEMENT OF THE HOLDER IS SUBJECT TO ANY REQUIREMENT OF LAW THAT THE
DISPOSITION OF THE PROPERTY OF THE HOLDER OR ANY INVESTOR ACCOUNTS FOR WHICH THE
HOLDER IS ACTING SHALL AT ALL TIMES BE AND REMAIN WITHIN ITS OR THEIR CONTROL;
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION
WITH ANY TRANSFER OF THIS NOTE PRIOR TO EXPIRATION OF THE HOLDING PERIOD
APPLICABLE TO SALES OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE
APPROPRIATE BOX SET FORTH HEREON RELATING TO THE MANNER OF SUCH TRANSFER AND
SUBMIT THIS NOTE TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] IF
THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR OR IF THE
PROPOSED TRANSFER IS BEING MADE OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT OR PURSUANT TO RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO JPMORGAN
CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE ISSUER HEREOF MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE EARLIER
OF THE TRANSFER OF THE NOTE EVIDENCED HEREBY PURSUANT TO CLAUSE 2(e) ABOVE OR
UPON ANY TRANSFER OF THIS NOTE UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR
ANY SUCCESSOR PROVISION).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] AS
USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON"
HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

                                     A-3-1
<PAGE>

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No.     [RA-_] [RS-_] [RD-_] [R-_]

                                                     Principal Amount:
                                                     $_ [FOR INCLUSION IN
                                                     GLOBAL OFFERED
                                                     SECURITIES--(or such other
                                                     principal amount as is set
                                                     forth on Schedule A hereto)
CUSIP No. [Rule 144A: 962166 BD 5]
          [Reg S: U96224 AD 9]
          [A/I: 962166 BL 7]
          [Exchange Note: 962166 BM 5]

                              WEYERHAEUSER COMPANY

                              6.125% Note due 2007

        WEYERHAEUSER COMPANY, a Washington corporation (the "Issuer", which term
includes any successor thereto under the Indenture referred to below), for value
received, hereby promises to pay to [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--Cede & Co.], or registered assigns, at the office or agency of the
Issuer maintained for such purpose in the Borough of Manhattan, The City of New
York, the principal sum of _ Dollars ($_) [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--or such other principal amount as is set forth on Schedule A hereto]
on March 15, 2007, in such coin or currency of the United States of America as
at the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest, semiannually in arrears on March 15 and
September 15 of each year, commencing September 15, 2002, and at final maturity
on said principal sum at said office or agency, in like coin or currency, at the
rate of 6.125% per annum from the March 15 or September 15, as the case may be,
next preceding the date of this Note to which interest has been paid or duly
provided for, unless the date hereof is a date to which interest has been paid
or duly provided for, in which case from the date of this Note, or unless no
interest has been paid or duly provided for on these Notes, in which case from
March 12, 2002 until payment of said principal sum has been made or duly
provided for; provided that, if this Note is not a Global Security, payment of
interest may be made at the option of the Issuer by check mailed to the address
of the Person entitled thereto as such address shall appear on the Security
register; and provided, further, that if this Note is a Global Security
registered in the name of a

                                     A-3-2
<PAGE>

Depositary or its nominee, payment of interest shall be made to the Depositary
or its nominee, as the case may be, in accordance with the Depositary's
procedures as in effect from time to time. Notwithstanding the foregoing, if the
date hereof is after March 1 or September 1, as the case may be, and before the
following March 15 or September 15, this Note shall bear interest from such
March 15 or September 15; provided, that if the Issuer shall default in the
payment of interest due on such March 15 or September 15, then this Note shall
bear interest from the next preceding March 15 or September 15 to which interest
has been paid or duly provided for or, if no interest has been paid or duly
provided for on these Notes, from March 12, 2002. The interest so payable on any
March 15 or September 15 will, subject to certain exceptions provided in the
Indenture referred to below, be paid to the person in whose name this Note is
registered at the close of business on the March 1 or September 1, as the case
may be, next preceding such March 15 or September 15. Interest on this Note
shall be calculated on the basis of a 360-day year consisting of twelve 30-day
months.

        This Note is one of a duly authorized issue of Securities of the Issuer
issued under and pursuant to an Indenture dated as of April 1, 1986 (the
"Original Indenture"), as amended and supplemented by a First Supplemental
Indenture thereto dated as of February 15, 1991 (the "First Supplemental
Indenture"), a Second Supplemental Indenture thereto dated as of February 1,
1993 (the "Second Supplemental Indenture"), a Third Supplemental Indenture
thereto dated as of October 22, 2001 (the "Third Supplemental Indenture"), and a
Fourth Supplemental Indenture thereto dated as of March 12, 2002 (the "Fourth
Supplemental Indenture"; the Original Indenture, as amended and supplemented by
the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and any other
indentures supplemental thereto, is hereinafter called the "Indenture"), each
duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known
as The Chase Manhattan Bank and Chemical Bank), as trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any) and may otherwise vary as in the
Indenture provided. This Note is one of the series of Securities designated on
the face hereof (the "Notes").

               The Notes may be redeemed, in whole or from time to time in part,
at the option of the Issuer on any date at a redemption price equal to the
greater of:

        (1)    100% of the principal amount of the Notes to be redeemed, and

        (2)    the sum of the present values of the remaining scheduled payments
               of principal and interest on the Notes to be redeemed (exclusive
               of interest accrued to the applicable Redemption Date) discounted
               to that Redemption Date on a semi-annual basis (assuming a
               360-day year consisting of twelve 30-day months) at the Treasury
               Rate plus 20 basis points,

plus, in the case of both clause (1) and clause (2) above, accrued and unpaid
interest on the principal amount of the Notes being redeemed to such Redemption
Date; provided, however, that payments of interest on the Notes that are due and
payable on or prior to a date fixed for redemption of Notes will be payable to
the Holders of those Notes registered as such at the close of business on the
relevant record dates according to their terms and the terms and provisions of
the Indenture. Any such redemption shall be effected in accordance with the
terms and conditions set forth in the Indenture.

        As used in this Note, the following terms have the meanings set forth
below:

        "Treasury Rate" means, with respect to any Redemption Date for the
Notes, (1) the yield, under the heading that represents the average for the
immediately preceding week, appearing in the most recently published statistical
release designated "H.15(519)" or any successor publication which is published
weekly by

                                     A-3-3
<PAGE>

the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Final Maturity Date for the Notes, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or
(2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.

The Treasury Rate shall be calculated on the third Business Day preceding the
applicable Redemption Date. As used in the immediately preceding sentence and in
the definition of "Reference Treasury Dealer Quotations" below, the term
"Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in The City of New York are
authorized or obligated by law, regulation or executive order to close.

        "Comparable Treasury Issue" means, with respect to any Redemption Date
for the Notes, the United States Treasury security selected by the Independent
Investment Banker as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes to be
redeemed.

        "Comparable Treasury Price" means, with respect to any Redemption Date
for the Notes, (1) the average of four Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

        "Final Maturity Date" means March 15, 2007.

        "Independent Investment Banker" means, with respect to any Redemption
Date for the Notes, Morgan Stanley & Co. Incorporated and its successors or J.P.
Morgan Securities Inc. and its successors, whichever shall be selected by the
Trustee after consultation with the Issuer, or, if both such firms or the
respective successors, if any, to such firms, as the case may be, are unwilling
or unable to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by the Trustee after
consultation with the Issuer.

        "Redemption Date" means, with respect to any Note or portion thereof to
be redeemed, the date fixed for such redemption pursuant to the Indenture and
the Notes.

        "Reference Treasury Dealer" means, with respect to any Redemption Date
for the Notes, Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc.
and their respective successors (provided, however, that if any such firm or any
such successor, as the case may be, shall cease to be a primary U.S. Government
securities dealer in New York City (a "Primary Treasury Dealer"), the Trustee,
after consultation with the Issuer, shall substitute therefor another Primary
Treasury Dealer), and two other Primary Treasury Dealers selected by the Trustee
after consultation with the Issuer.

        "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date for the Notes, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding that Redemption Date.

                                     A-3-4
<PAGE>

        Notice of any redemption will be mailed at least 30 days but not more
than 60 days before the applicable Redemption Date to each Holder of the Notes
to be redeemed at the Holder's registered address. If less than all the Notes
are to be redeemed at the option of the Issuer, the Trustee will select, in a
manner it deems fair and appropriate, the Notes, or portions of the Notes, to be
redeemed.

        Unless the Issuer defaults in payment of the redemption price (including
interest accrued to the applicable Redemption Date), on and after the applicable
Redemption Date interest will cease to accrue on the Notes or portions of the
Notes called for redemption on that Redemption Date.

        Notwithstanding the provisions of Section 12.2 of the Indenture, any
notice of redemption of the Notes need not set forth the redemption price but
only the manner of calculation thereof. The Issuer will notify the Trustee of
the redemption price promptly after the calculation thereof. The Trustee shall
have no responsibility for such calculation.

        In case an Event of Default (as defined in the Indenture) with respect
to the Notes shall have occurred and be continuing, the principal hereof and
accrued and unpaid interest hereon may be declared, and upon such declaration
shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

        The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each such series; provided, that no such supplemental
indenture shall, among other things, (i) extend the final maturity of any
Security, or reduce the principal amount thereof or reduce the rate or extend
the time of payment of any interest thereon, or reduce any amount payable on the
redemption thereof, or make the principal thereof or the interest thereon
payable in any coin or currency other than that provided in the Securities or in
accordance with the terms thereof, or impair or affect the rights of any Holder
to institute suit for the payment thereof, without the consent of the Holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
the Holders of which are required to consent to any such supplemental indenture
without the consent of the Holder of each Security so affected. It is also
provided in the Indenture that, with respect to certain defaults or Events of
Default, prior to any declaration accelerating the maturity of the Securities of
any series, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series (or, in the case of certain defaults or
Events of Default, all or certain series of the Securities) may on behalf of the
Holders of all the Securities of such series (or all or certain series of the
Securities, as the case may be) waive any such past default or Event of Default
and its consequences. The preceding sentence shall not, however, apply to a
default or Event of Default in respect of the payment of the principal of or
premium, if any, or interest on any of the Securities or a default or Event of
Default in respect of a covenant or provision of the Indenture which cannot be
modified or amended without the consent of the Holder of each Security affected.
Any such consent or waiver by the Holder of this Note (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Note and any Notes which may be
issued in exchange or substitution herefor or on registration of transfer
hereof, irrespective of whether or not any notation thereof is made upon this
Note or such other Notes.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

        The Notes are issuable in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Notes may be
exchanged for a like aggregate principal amount of Notes of other

                                     A-3-5
<PAGE>

authorized denominations upon surrender of the Notes to be exchanged at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York in the manner and subject to the limitations provided in
the Indenture, without charge except for any tax or other governmental charge
that may be imposed in connection therewith.

        The Notes are not subject to any sinking fund.

        Upon due presentment for registration of transfer of this Note at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York, a new Note or Notes of authorized denominations for an
equal aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge
except for any tax or other governmental charge that may be imposed in
connection therewith.

        [THIS PARAGRAPH TO BE OMITTED FROM EXCHANGE SECURITIES--] In addition to
rights provided to the Holders of the Notes under the Indenture, Holders of
Notes shall have all the rights set forth in the Registration Rights Agreement
dated as of March 12, 2002 between the Issuer and Morgan Stanley & Co.
Incorporated and J.P. Morgan Securities Inc. (as the same may be amended or
supplemented from time to time in accordance with its terms, the "Registration
Rights Agreement"). Pursuant to the Registration Rights Agreement, the Holders
of the Notes will, subject to certain exceptions and on the terms and subject to
the conditions specified in the Registration Rights Agreement, have the right to
exchange their Notes for a like principal amount of Exchange Securities of the
same series issued under the Indenture, which Exchange Securities will have been
registered under the Securities Act. The Holders of the Notes shall be entitled
to receive certain additional interest on the Notes in the event such exchange
offer is not consummated or upon certain other conditions, all as set forth in
the Registration Rights Agreement.

        The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal hereof and premium, if any, and,
subject to the provisions of the first paragraph hereof, interest hereon and for
all other purposes, and neither the Issuer nor the Trustee nor any authorized
agent of the Issuer or the Trustee shall be affected by any notice to the
contrary.

        No recourse under or upon any obligation, covenant or agreement of the
Issuer in the Indenture or in any Note, or because of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer
or director, as such, of the Issuer or of any successor entity, either directly
or through the Issuer or any successor entity, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance hereof and as part of the consideration for the
issue hereof.

        This Note shall be governed by and construed in accordance with the laws
of the State of New York, except as may otherwise be required by mandatory
provisions of law.

        Terms used in this Note which are defined in the Indenture shall have
the respective meanings assigned thereto in the Indenture.

        The Indenture contains provisions whereby the Issuer may be discharged
from its obligations with respect to the Notes, subject to exceptions, if the
Issuer deposits with the Trustee cash or U.S. Government Obligations in the
amount and in the manner, and satisfies certain other conditions, as in the
Indenture provided.

                                     A-3-6
<PAGE>

        This Note shall not be valid or obligatory for any purpose until the
certificate of authentication hereon shall have been signed by or on behalf of
the Trustee under the Indenture by manual signature of an authorized officer of
the Trustee.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                     A-3-7
<PAGE>

        IN WITNESS WHEREOF, Weyerhaeuser Company has caused this instrument to
be signed and its corporate seal attested by the manual or facsimile signatures
of its duly authorized officers and has caused its corporate seal (or a
facsimile thereof) to be affixed hereunto or imprinted hereon.

Dated:
                                             WEYERHAEUSER COMPANY*

                                             By:
                                                --------------------------------
                                                Name:
                                                Title:
[SEAL]

Attest:
       ----------------------------
       Name:
       Title:

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION*

        This is one of the Securities of the series designated herein and
referred to in the within-mentioned Indenture.

                                        JPMORGAN CHASE BANK,
                                          as Trustee

                                        By:
                                           -------------------------------------
                                                   Authorized Officer

-----------------------------

* The signatures and/or the Trustee's certificate of authentication may be moved
to appear on the same page as the principal amount of this Security.

                                     A-3-8
<PAGE>

                                  ABBREVIATIONS

        The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                                <C>
TEN COM--as tenants in common         UNIF GIFT MIN ACT - -         _______Custodian ________
TEN ENT--as tenants by the entireties                              (Cust)              (Minor)
JT TEN--as joint tenants with right of survivorship                Under Uniform Gifts to Minors
and not as tenants in common                                       Act ____________________
                                                                              (State)
</TABLE>

           Additional abbreviations may also be used though not in the above
list.

                     ---------------------------------------

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

     --------------------------------------------

     --------------------------------------------

--------------------------------------------------------------------------------
             PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

--------------------------------------------------------------------------------
the within security and all rights thereunder, hereby irrevocably constituting
and appointing

                                                                        Attorney
-----------------------------------------------------------------------
to transfer said security on the books of the Issuer with full power of
substitution in the premises.

Dated:                                       Signed:
      -----------------------------                -----------------------------

        Notice: The signature to this assignment must correspond with the name
        as it appears upon the face of the within security in every particular,
        without alteration or enlargement or any change whatever.

                                     A-3-9
<PAGE>

   [FOR INCLUSION IN OFFERED SECURITIES BEARING THE PRIVATE PLACEMENT LEGEND]

                              TRANSFER CERTIFICATE

Capitalized terms used but not defined in this Certificate shall have the
meanings given to such terms in the Indenture referred to above.

The undersigned (the "Transferor") has requested a transfer of this 6.125% Note
due 2007 (the "Notes") or a portion hereof (the "Specified Securities").

In connection with such request, the Transferor does hereby certify that such
transfer is being made pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the "Securities Act") (as indicated by the
applicable box checked below), or the transfer does not require registration
under the Securities Act because (as indicated by the applicable box checked
below):

       [ ]     (a)    The Specified Securities are being transferred pursuant to
                      an effective registration statement under the Securities
                      Act.

       [ ]     (b)    The Specified Securities are being acquired for the
                      Transferor's own account, without transfer.

       [ ]     (c)    The Specified Securities are being transferred to the
                      Issuer or a subsidiary of the Issuer.

       [ ]     (d)    The Specified Securities are being transferred in
                      compliance with Rule 144A ("Rule 144A") under the
                      Securities Act to a Person the Transferor reasonably
                      believes is a "qualified institutional buyer" (as defined
                      in Rule 144A) that is purchasing the Specified Securities
                      for its own account or for the account of another
                      "qualified institutional buyer", in each case to whom
                      notice has been given that the transfer is being made in
                      reliance on Rule 144A.

       [ ]     (e)    The Specified Securities are being transferred to an
                      institutional "accredited investor" (as defined in Rule
                      501(a)(1), (2), (3) or (7) under the Securities Act) (an
                      "Institutional Accredited Investor") purchasing for its
                      own account or for the account of one or more other
                      Institutional Accredited Investors over which it exercises
                      sole investment discretion, in each case in a minimum
                      principal amount of $250,000, and that, prior to such
                      transfer, furnishes to the Trustee a signed letter
                      containing certain representations and agreements relating
                      to the restrictions on transfer of the Specified
                      Securities (the form of which letter can be obtained from
                      the Trustee) and, if the Issuer requests, an opinion of
                      counsel reasonably acceptable to the Issuer to the effect
                      that the transfer is being made pursuant to an exemption
                      from, or in a transaction not subject to, the registration
                      requirements of the Securities Act.

       [ ]     (f)    The Specified Securities are being transferred pursuant to
                      and in compliance with an exemption from the registration
                      requirements of the Securities Act provided by Rule 144
                      under the Securities Act (if available).

       [ ]     (g)    The Specified Securities are being transferred outside the
                      "United States" (as defined in Regulation S ("Regulation
                      S") under the Securities Act) in an "offshore transaction"
                      (as defined in Regulation S) in compliance with Rule 904
                      under the Securities Act.

                                     A-3-10
<PAGE>

This Certificate and the statements contained herein are made for the benefit of
the Trustee, the Issuer and the initial purchasers, if any, in the initial
offering of the Notes.

Date:
      --------------------

                                        ----------------------------------------
                                        (Insert Name of Transferor)

                                        By:
                                           -------------------------------------
                                        Notice: The signature to this
                                        Certificate must correspond with the
                                        name as it appears upon the face of the
                                        within security in every particular,
                                        without alteration or enlargement or any
                                        change whatever

To be completed by transferee
if (d) above is checked:

        The undersigned transferee represents and warrants (i) that it is a
"qualified institutional buyer" as defined in Rule 144A under the Securities Act
of 1933 (the "Securities Act") and is aware that the Specified Securities (as
defined above) are being transferred in reliance on 144A under the Securities
Act, (ii) the undersigned is acquiring the Specified Securities for its own
account or for the account of one or more other qualified institutional buyers
over which it exercises sole investment discretion (in which latter case the
undersigned has given notice to each such account that the Specified Securities
are being transferred in reliance on Rule 144A) and (iii) this instrument has
been executed on behalf of the undersigned by one of its executive officers. The
undersigned transferee acknowledges and agrees that the Specified Securities
have not been registered under the Securities Act and may not be transferred
except in accordance with the resale and other transfer restrictions set forth
on the face thereof.

Dated:
      --------------------

                                        ----------------------------------------
                                        (Insert Name of Transferee)

                                        By:
                                           -------------------------------------
                                                      Executive Officer

                                     A-3-11
<PAGE>

                  [FOR INCLUSION IN GLOBAL OFFERED SECURITIES]

                                   SCHEDULE A

        The initial principal amount of this Global Security is _ Dollars
($_). The following increases or decreases in the principal amount of this
Global Security have been made:

<TABLE>
<CAPTION>
=================================================================================================
                                                            Principal amount
                      Amount of          Amount of          of
                      increase           decrease in        this Global
                      in principal       principal amount   Security           Signature of
                      amount             of                 following such     authorized
                      of this Global     this Global        decrease or        signatory of
Date made             Security           Security           increase           Trustee
-------------------------------------------------------------------------------------------------
<S>                   <C>                <C>                <C>                <C>

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

=================================================================================================
</TABLE>

<PAGE>

                                                                     Exhibit A-4

                          [FORM OF TRANCHE 4 SECURITY]

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (a) IT IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (b)
IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR") OR
(c) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; (2) AGREES
THAT IT WILL NOT, PRIOR TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES
OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR ANY
SUCCESSOR PROVISION), RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (a) TO THE
ISSUER (AS DEFINED BELOW) HEREOF OR ONE OF ITS SUBSIDIARIES, (b) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (c)
TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES
TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF REQUESTED BY THE ISSUER, AN OPINION OF COUNSEL
REASONABLY ACCEPTABLE TO THE ISSUER HEREOF TO THE EFFECT THAT THE TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (d) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (e) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (f) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, PROVIDED THAT THE FOREGOING
AGREEMENT OF THE HOLDER IS SUBJECT TO ANY REQUIREMENT OF LAW THAT THE
DISPOSITION OF THE PROPERTY OF THE HOLDER OR ANY INVESTOR ACCOUNTS FOR WHICH THE
HOLDER IS ACTING SHALL AT ALL TIMES BE AND REMAIN WITHIN ITS OR THEIR CONTROL;
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION
WITH ANY TRANSFER OF THIS NOTE PRIOR TO EXPIRATION OF THE HOLDING PERIOD
APPLICABLE TO SALES OF THE NOTE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE
APPROPRIATE BOX SET FORTH HEREON RELATING TO THE MANNER OF SUCH TRANSFER AND
SUBMIT THIS NOTE TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] IF
THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR OR IF THE
PROPOSED TRANSFER IS BEING MADE OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT OR PURSUANT TO RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO JPMORGAN
CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE ISSUER HEREOF MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE EARLIER
OF THE TRANSFER OF THE NOTE EVIDENCED HEREBY PURSUANT TO CLAUSE 2(e) ABOVE OR
UPON ANY TRANSFER OF THIS NOTE UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR
ANY SUCCESSOR PROVISION).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] AS
USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON"
HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

                                     A-4-1
<PAGE>

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No.     [RA-_] [RS-_] [RD-_] [R-_]

                                                     Principal Amount:
                                                     $_ [FOR INCLUSION IN
                                                     GLOBAL OFFERED
                                                     SECURITIES--(or such other
                                                     principal amount as is set
                                                     forth on Schedule A hereto)
CUSIP No. [Rule 144A: 962166 BE 3]
          [Reg S: U96224 AE 7]
          [A/I: 962166 BN 3]
          [Exchange Note: 962166 BP 8]

                              WEYERHAEUSER COMPANY

                               6.75% Note due 2012

        WEYERHAEUSER COMPANY, a Washington corporation (the "Issuer", which term
includes any successor thereto under the Indenture referred to below), for value
received, hereby promises to pay to [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--Cede & Co.], or registered assigns, at the office or agency of the
Issuer maintained for such purpose in the Borough of Manhattan, The City of New
York, the principal sum of _ Dollars ($_) [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--or such other principal amount as is set forth on Schedule A hereto]
on March 15, 2012, in such coin or currency of the United States of America as
at the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest, semiannually in arrears on March 15 and
September 15 of each year, commencing September 15, 2002, and at final maturity
on said principal sum at said office or agency, in like coin or currency, at the
rate of 6.75% per annum from the March 15 or September 15, as the case may be,
next preceding the date of this Note to which interest has been paid or duly
provided for, unless the date hereof is a date to which interest has been paid
or duly provided for, in which case from the date of this Note, or unless no
interest has been paid or duly provided for on these Notes, in which case from
March 12, 2002 until payment of said principal sum has been made or duly
provided for; provided that, if this Note is not a Global Security, payment of
interest may be made at the option of the Issuer by check mailed to the address
of the Person entitled thereto as such address shall appear on the Security
register; and provided, further, that if this Note is a Global Security
registered in the name of a

                                     A-4-2
<PAGE>

Depositary or its nominee, payment of interest shall be made to the Depositary
or its nominee, as the case may be, in accordance with the Depositary's
procedures as in effect from time to time. Notwithstanding the foregoing, if the
date hereof is after March 1 or September 1, as the case may be, and before the
following March 15 or September 15, this Note shall bear interest from such
March 15 or September 15; provided, that if the Issuer shall default in the
payment of interest due on such March 15 or September 15, then this Note shall
bear interest from the next preceding March 15 or September 15 to which interest
has been paid or duly provided for or, if no interest has been paid or duly
provided for on these Notes, from March 12, 2002. The interest so payable on any
March 15 or September 15 will, subject to certain exceptions provided in the
Indenture referred to below, be paid to the person in whose name this Note is
registered at the close of business on the March 1 or September 1, as the case
may be, next preceding such March 15 or September 15. Interest on this Note
shall be calculated on the basis of a 360-day year consisting of twelve 30-day
months.

        This Note is one of a duly authorized issue of Securities of the Issuer
issued under and pursuant to an Indenture dated as of April 1, 1986 (the
"Original Indenture"), as amended and supplemented by a First Supplemental
Indenture thereto dated as of February 15, 1991 (the "First Supplemental
Indenture"), a Second Supplemental Indenture thereto dated as of February 1,
1993 (the "Second Supplemental Indenture"), a Third Supplemental Indenture
thereto dated as of October 22, 2001 (the "Third Supplemental Indenture"), and a
Fourth Supplemental Indenture thereto dated as of March 12, 2002 (the "Fourth
Supplemental Indenture"; the Original Indenture, as amended and supplemented by
the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and any other
indentures supplemental thereto, is hereinafter called the "Indenture"), each
duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known
as The Chase Manhattan Bank and Chemical Bank), as trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any) and may otherwise vary as in the
Indenture provided. This Note is one of the series of Securities designated on
the face hereof (the "Notes").

               The Notes may be redeemed, in whole or from time to time in part,
at the option of the Issuer on any date at a redemption price equal to the
greater of:

        (1)    100% of the principal amount of the Notes to be redeemed, and

        (2)    the sum of the present values of the remaining scheduled payments
               of principal and interest on the Notes to be redeemed (exclusive
               of interest accrued to the applicable Redemption Date) discounted
               to that Redemption Date on a semi-annual basis (assuming a
               360-day year consisting of twelve 30-day months) at the Treasury
               Rate plus 25 basis points,

plus, in the case of both clause (1) and clause (2) above, accrued and unpaid
interest on the principal amount of the Notes being redeemed to such Redemption
Date; provided, however, that payments of interest on the Notes that are due and
payable on or prior to a date fixed for redemption of Notes will be payable to
the Holders of those Notes registered as such at the close of business on the
relevant record dates according to their terms and the terms and provisions of
the Indenture. Any such redemption shall be effected in accordance with the
terms and conditions set forth in the Indenture.

        As used in this Note, the following terms have the meanings set forth
below:

        "Treasury Rate" means, with respect to any Redemption Date for the
Notes, (1) the yield, under the heading that represents the average for the
immediately preceding week, appearing in the most recently published statistical
release designated "H.15(519)" or any successor publication which is published
weekly by

                                     A-4-3
<PAGE>

the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Final Maturity Date for the Notes, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or
(2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.

The Treasury Rate shall be calculated on the third Business Day preceding the
applicable Redemption Date. As used in the immediately preceding sentence and in
the definition of "Reference Treasury Dealer Quotations" below, the term
"Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in The City of New York are
authorized or obligated by law, regulation or executive order to close.

        "Comparable Treasury Issue" means, with respect to any Redemption Date
for the Notes, the United States Treasury security selected by the Independent
Investment Banker as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes to be
redeemed.

        "Comparable Treasury Price" means, with respect to any Redemption Date
for the Notes, (1) the average of four Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

        "Final Maturity Date" means March 15, 2012.

        "Independent Investment Banker" means, with respect to any Redemption
Date for the Notes, Morgan Stanley & Co. Incorporated and its successors or J.P.
Morgan Securities Inc. and its successors, whichever shall be selected by the
Trustee after consultation with the Issuer, or, if both such firms or the
respective successors, if any, to such firms, as the case may be, are unwilling
or unable to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by the Trustee after
consultation with the Issuer.

        "Redemption Date" means, with respect to any Note or portion thereof to
be redeemed, the date fixed for such redemption pursuant to the Indenture and
the Notes.

        "Reference Treasury Dealer" means, with respect to any Redemption Date
for the Notes, Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc.
and their respective successors (provided, however, that if any such firm or any
such successor, as the case may be, shall cease to be a primary U.S. Government
securities dealer in New York City (a "Primary Treasury Dealer"), the Trustee,
after consultation with the Issuer, shall substitute therefor another Primary
Treasury Dealer), and two other Primary Treasury Dealers selected by the Trustee
after consultation with the Issuer.

        "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date for the Notes, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding that Redemption Date.

                                     A-4-4
<PAGE>

        Notice of any redemption will be mailed at least 30 days but not more
than 60 days before the applicable Redemption Date to each Holder of the Notes
to be redeemed at the Holder's registered address. If less than all the Notes
are to be redeemed at the option of the Issuer, the Trustee will select, in a
manner it deems fair and appropriate, the Notes, or portions of the Notes, to be
redeemed.

        Unless the Issuer defaults in payment of the redemption price (including
interest accrued to the applicable Redemption Date), on and after the applicable
Redemption Date interest will cease to accrue on the Notes or portions of the
Notes called for redemption on that Redemption Date.

        Notwithstanding the provisions of Section 12.2 of the Indenture, any
notice of redemption of the Notes need not set forth the redemption price but
only the manner of calculation thereof. The Issuer will notify the Trustee of
the redemption price promptly after the calculation thereof. The Trustee shall
have no responsibility for such calculation.

        In case an Event of Default (as defined in the Indenture) with respect
to the Notes shall have occurred and be continuing, the principal hereof and
accrued and unpaid interest hereon may be declared, and upon such declaration
shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

        The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each such series; provided, that no such supplemental
indenture shall, among other things, (i) extend the final maturity of any
Security, or reduce the principal amount thereof or reduce the rate or extend
the time of payment of any interest thereon, or reduce any amount payable on the
redemption thereof, or make the principal thereof or the interest thereon
payable in any coin or currency other than that provided in the Securities or in
accordance with the terms thereof, or impair or affect the rights of any Holder
to institute suit for the payment thereof, without the consent of the Holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
the Holders of which are required to consent to any such supplemental indenture
without the consent of the Holder of each Security so affected. It is also
provided in the Indenture that, with respect to certain defaults or Events of
Default, prior to any declaration accelerating the maturity of the Securities of
any series, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series (or, in the case of certain defaults or
Events of Default, all or certain series of the Securities) may on behalf of the
Holders of all the Securities of such series (or all or certain series of the
Securities, as the case may be) waive any such past default or Event of Default
and its consequences. The preceding sentence shall not, however, apply to a
default or Event of Default in respect of the payment of the principal of or
premium, if any, or interest on any of the Securities or a default or Event of
Default in respect of a covenant or provision of the Indenture which cannot be
modified or amended without the consent of the Holder of each Security affected.
Any such consent or waiver by the Holder of this Note (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Note and any Notes which may be
issued in exchange or substitution herefor or on registration of transfer
hereof, irrespective of whether or not any notation thereof is made upon this
Note or such other Notes.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

        The Notes are issuable in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Notes may be
exchanged for a like aggregate principal amount of Notes of other

                                     A-4-5
<PAGE>

authorized denominations upon surrender of the Notes to be exchanged at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York in the manner and subject to the limitations provided in
the Indenture, without charge except for any tax or other governmental charge
that may be imposed in connection therewith.

        The Notes are not subject to any sinking fund.

        Upon due presentment for registration of transfer of this Note at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York, a new Note or Notes of authorized denominations for an
equal aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge
except for any tax or other governmental charge that may be imposed in
connection therewith.

        [THIS PARAGRAPH TO BE OMITTED FROM EXCHANGE SECURITIES--] In addition to
rights provided to the Holders of the Notes under the Indenture, Holders of
Notes shall have all the rights set forth in the Registration Rights Agreement
dated as of March 12, 2002 between the Issuer and Morgan Stanley & Co.
Incorporated and J.P. Morgan Securities Inc. (as the same may be amended or
supplemented from time to time in accordance with its terms, the "Registration
Rights Agreement"). Pursuant to the Registration Rights Agreement, the Holders
of the Notes will, subject to certain exceptions and on the terms and subject to
the conditions specified in the Registration Rights Agreement, have the right to
exchange their Notes for a like principal amount of Exchange Securities of the
same series issued under the Indenture, which Exchange Securities will have been
registered under the Securities Act. The Holders of the Notes shall be entitled
to receive certain additional interest on the Notes in the event such exchange
offer is not consummated or upon certain other conditions, all as set forth in
the Registration Rights Agreement.

        The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal hereof and premium, if any, and,
subject to the provisions of the first paragraph hereof, interest hereon and for
all other purposes, and neither the Issuer nor the Trustee nor any authorized
agent of the Issuer or the Trustee shall be affected by any notice to the
contrary.

        No recourse under or upon any obligation, covenant or agreement of the
Issuer in the Indenture or in any Note, or because of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer
or director, as such, of the Issuer or of any successor entity, either directly
or through the Issuer or any successor entity, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance hereof and as part of the consideration for the
issue hereof.

        This Note shall be governed by and construed in accordance with the laws
of the State of New York, except as may otherwise be required by mandatory
provisions of law.

        Terms used in this Note which are defined in the Indenture shall have
the respective meanings assigned thereto in the Indenture.

        The Indenture contains provisions whereby the Issuer may be discharged
from its obligations with respect to the Notes, subject to exceptions, if the
Issuer deposits with the Trustee cash or U.S. Government Obligations in the
amount and in the manner, and satisfies certain other conditions, as in the
Indenture provided.

                                     A-4-6
<PAGE>

        This Note shall not be valid or obligatory for any purpose until the
certificate of authentication hereon shall have been signed by or on behalf of
the Trustee under the Indenture by manual signature of an authorized officer of
the Trustee.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                     A-4-7
<PAGE>

        IN WITNESS WHEREOF, Weyerhaeuser Company has caused this instrument to
be signed and its corporate seal attested by the manual or facsimile signatures
of its duly authorized officers and has caused its corporate seal (or a
facsimile thereof) to be affixed hereunto or imprinted hereon.

Dated:
                                             WEYERHAEUSER COMPANY*

[SEAL]                                       By:
                                                --------------------------------
                                                Name:
                                                Title:

Attest:
       -----------------------
       Name:
       Title:

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION*

        This is one of the Securities of the series designated herein and
referred to in the within-mentioned Indenture.

                                             JPMORGAN CHASE BANK,
                                               as Trustee

                                             By:
                                                --------------------------------
                                                        Authorized Officer

-----------------------------

* The signatures and/or the Trustee's certificate of authentication may be moved
to appear on the same page as the principal amount of this Security.

                                     A-4-8
<PAGE>

                                  ABBREVIATIONS

        The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                              <C>
TEN COM--as tenants in common         UNIF GIFT MIN ACT - -          _______Custodian ________
TEN ENT--as tenants by the entireties                              (Cust)              (Minor)
JT TEN--as joint tenants with right of survivorship              Under Uniform Gifts to Minors
and not as tenants in common                                          Act ____________________
                                                                              (State)
</TABLE>

           Additional abbreviations may also be used though not in the above
list.

                     ---------------------------------------

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

     --------------------------------------------

     --------------------------------------------

--------------------------------------------------------------------------------
             PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

--------------------------------------------------------------------------------
the within security and all rights thereunder, hereby irrevocably constituting
and appointing

                                                                        Attorney
-----------------------------------------------------------------------
to transfer said security on the books of the Issuer with full power of
substitution in the premises.

Dated:                                       Signed:
      -----------------------------                 ----------------------------

        Notice: The signature to this assignment must correspond with the name
        as it appears upon the face of the within security in every particular,
        without alteration or enlargement or any change whatever.

                                     A-4-9
<PAGE>

   [FOR INCLUSION IN OFFERED SECURITIES BEARING THE PRIVATE PLACEMENT LEGEND]

                              TRANSFER CERTIFICATE

Capitalized terms used but not defined in this Certificate shall have the
meanings given to such terms in the Indenture referred to above.

The undersigned (the "Transferor") has requested a transfer of this 6.75% Note
due 2012 (the "Notes") or a portion hereof (the "Specified Securities").

In connection with such request, the Transferor does hereby certify that such
transfer is being made pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the "Securities Act") (as indicated by the
applicable box checked below), or the transfer does not require registration
under the Securities Act because (as indicated by the applicable box checked
below):

       [ ]     (a)    The Specified Securities are being transferred pursuant to
                      an effective registration statement under the Securities
                      Act.

       [ ]     (b)    The Specified Securities are being acquired for the
                      Transferor's own account, without transfer.

       [ ]     (c)    The Specified Securities are being transferred to the
                      Issuer or a subsidiary of the Issuer.

       [ ]     (d)    The Specified Securities are being transferred in
                      compliance with Rule 144A ("Rule 144A") under the
                      Securities Act to a Person the Transferor reasonably
                      believes is a "qualified institutional buyer" (as defined
                      in Rule 144A) that is purchasing the Specified Securities
                      for its own account or for the account of another
                      "qualified institutional buyer", in each case to whom
                      notice has been given that the transfer is being made in
                      reliance on Rule 144A.

       [ ]     (e)    The Specified Securities are being transferred to an
                      institutional "accredited investor" (as defined in Rule
                      501(a)(1), (2), (3) or (7) under the Securities Act) (an
                      "Institutional Accredited Investor") purchasing for its
                      own account or for the account of one or more other
                      Institutional Accredited Investors over which it exercises
                      sole investment discretion, in each case in a minimum
                      principal amount of $250,000, and that, prior to such
                      transfer, furnishes to the Trustee a signed letter
                      containing certain representations and agreements relating
                      to the restrictions on transfer of the Specified
                      Securities (the form of which letter can be obtained from
                      the Trustee) and, if the Issuer requests, an opinion of
                      counsel reasonably acceptable to the Issuer to the effect
                      that the transfer is being made pursuant to an exemption
                      from, or in a transaction not subject to, the registration
                      requirements of the Securities Act.

       [ ]     (f)    The Specified Securities are being transferred pursuant to
                      and in compliance with an exemption from the registration
                      requirements of the Securities Act provided by Rule 144
                      under the Securities Act (if available).

       [ ]     (g)    The Specified Securities are being transferred outside the
                      "United States" (as defined in Regulation S ("Regulation
                      S") under the Securities Act) in an "offshore transaction"
                      (as defined in Regulation S) in compliance with Rule 904
                      under the Securities Act.

                                     A-4-10
<PAGE>

This Certificate and the statements contained herein are made for the benefit of
the Trustee, the Issuer and the initial purchasers, if any, in the initial
offering of the Notes.

Date:
     ----------------------

                                        ----------------------------------------
                                        (Insert Name of Transferor)

                                        By:
                                           -------------------------------------
                                        Notice: The signature to this
                                        Certificate must correspond with the
                                        name as it appears upon the face of the
                                        within security in every particular,
                                        without alteration or enlargement or any
                                        change whatever

To be completed by transferee
if (d) above is checked:

        The undersigned transferee represents and warrants (i) that it is a
"qualified institutional buyer" as defined in Rule 144A under the Securities Act
of 1933 (the "Securities Act") and is aware that the Specified Securities (as
defined above) are being transferred in reliance on 144A under the Securities
Act, (ii) the undersigned is acquiring the Specified Securities for its own
account or for the account of one or more other qualified institutional buyers
over which it exercises sole investment discretion (in which latter case the
undersigned has given notice to each such account that the Specified Securities
are being transferred in reliance on Rule 144A) and (iii) this instrument has
been executed on behalf of the undersigned by one of its executive officers. The
undersigned transferee acknowledges and agrees that the Specified Securities
have not been registered under the Securities Act and may not be transferred
except in accordance with the resale and other transfer restrictions set forth
on the face thereof.

Dated:
     ----------------------

                                        ----------------------------------------
                                        (Insert Name of Transferee)

                                        By:
                                           -------------------------------------
                                                     Executive Officer

                                     A-4-11
<PAGE>

                  [FOR INCLUSION IN GLOBAL OFFERED SECURITIES]

                                   SCHEDULE A

        The initial principal amount of this Global Security is _ Dollars
($_). The following increases or decreases in the principal amount of this
Global Security have been made:

<TABLE>
<CAPTION>
=================================================================================================
                                                            Principal amount
                      Amount of          Amount of          of
                      increase           decrease in        this Global
                      in principal       principal amount   Security           Signature of
                      amount             of                 following such     authorized
                      of this Global     this Global        decrease or        signatory of
Date made             Security           Security           increase           Trustee
-------------------------------------------------------------------------------------------------
<S>                   <C>                <C>                <C>                <C>

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

=================================================================================================
</TABLE>

                                     A-4-12
<PAGE>

                                                                     Exhibit A-5

                          [FORM OF TRANCHE 5 SECURITY]

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--]
THIS DEBENTURE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (a) IT IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (b)
IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR") OR
(c) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS DEBENTURE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; (2) AGREES
THAT IT WILL NOT, PRIOR TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES
OF THE DEBENTURE EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR
ANY SUCCESSOR PROVISION), RESELL OR OTHERWISE TRANSFER THIS DEBENTURE EXCEPT (a)
TO THE ISSUER (AS DEFINED BELOW) HEREOF OR ONE OF ITS SUBSIDIARIES, (b) TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
ACT, (c) TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER,
FURNISHES TO JPMORGAN CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE), A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS DEBENTURE (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND, IF REQUESTED BY THE ISSUER, AN
OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE ISSUER HEREOF TO THE EFFECT THAT
THE TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (d)
PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), (e) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR (f) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT,
PROVIDED THAT THE FOREGOING AGREEMENT OF THE HOLDER IS SUBJECT TO ANY
REQUIREMENT OF LAW THAT THE DISPOSITION OF THE PROPERTY OF THE HOLDER OR ANY
INVESTOR ACCOUNTS FOR WHICH THE HOLDER IS ACTING SHALL AT ALL TIMES BE AND
REMAIN WITHIN ITS OR THEIR CONTROL; AND (3) AGREES THAT IT WILL DELIVER TO EACH
PERSON TO WHOM THIS DEBENTURE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS DEBENTURE PRIOR
TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE DEBENTURE
EVIDENCED HEREBY UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH HEREON RELATING
TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS DEBENTURE TO JPMORGAN CHASE BANK,
AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] IF
THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR OR IF THE
PROPOSED TRANSFER IS BEING MADE OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT OR PURSUANT TO RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO JPMORGAN
CHASE BANK, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE ISSUER HEREOF MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE EARLIER
OF THE TRANSFER OF THE DEBENTURE EVIDENCED HEREBY PURSUANT TO CLAUSE 2(e) ABOVE
OR UPON ANY TRANSFER OF THIS DEBENTURE UNDER RULE 144(k) UNDER THE SECURITIES
ACT (OR ANY SUCCESSOR PROVISION).

        [The following legend (the "Private Placement Legend") to be included on
all Offered Securities (other than Exchange Securities) until such time as such
legend has been removed in accordance with the provisions of the Indenture--] AS
USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON"
HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

                                     A-5-1
<PAGE>

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] THIS DEBENTURE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS DEBENTURE IS EXCHANGEABLE FOR DEBENTURES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR INDIVIDUAL DEBENTURES REPRESENTED HEREBY, THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

        [Include the following legend (the "DTC Legend") only in Global Offered
Securities--] UNLESS THIS DEBENTURE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
(AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY DEBENTURE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No. [RA-_] [RS-_] [RD-_] [R-_]

                                                     Principal Amount:
                                                     $_ [FOR INCLUSION IN
                                                     GLOBAL OFFERED
                                                     SECURITIES--(or such other
                                                     principal amount as is set
                                                     forth on Schedule A hereto)
CUSIP No.  [Rule 144A: 962166 BF 0]
           [Reg S: U96224 AF 4]
           [A/I: 962166 BQ 6]
           [Exchange Debenture: 962166 BR 4]

                              WEYERHAEUSER COMPANY
                            7.375% Debenture due 2032

        WEYERHAEUSER COMPANY, a Washington corporation (the "Issuer", which term
includes any successor thereto under the Indenture referred to below), for value
received, hereby promises to pay to [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--Cede & Co.], or registered assigns, at the office or agency of the
Issuer maintained for such purpose in the Borough of Manhattan, The City of New
York, the principal sum of _ Dollars ($_) [FOR INCLUSION IN GLOBAL OFFERED
SECURITIES--or such other principal amount as is set forth on Schedule A hereto]
on March 15, 2032, in such coin or currency of the United States of America as
at the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest, semiannually in arrears on March 15 and
September 15 of each year, commencing September 15, 2002, and at final maturity
on said principal sum at said office or agency, in like coin or currency, at the
rate of 7.375% per annum from the March 15 or September 15, as the case may be,
next preceding the date of this Debenture to which interest has been paid or
duly provided for, unless the date hereof is a date to which interest has been
paid or duly provided for, in which case from the date of this Debenture, or
unless no interest has been paid or duly provided for on these Debentures, in
which case from March 12, 2002 until payment of said principal sum has been made
or duly provided for; provided that, if this Debenture is not a Global Security,
payment of interest may be made at the option of the Issuer by check mailed to
the address of the Person entitled thereto as such address shall appear on the
Security register; and provided, further, that if this Debenture is a Global
Security registered in the name of a Depositary or its nominee, payment of
interest shall be made to the Depositary or its nominee, as the case may be, in
accordance with the Depositary's procedures as in effect from time to time.
Notwithstanding the foregoing, if the date hereof is after March 1 or September
1, as the

                                     A-5-2
<PAGE>

case may be, and before the following March 15 or September 15, this Debenture
shall bear interest from such March 15 or September 15; provided, that if the
Issuer shall default in the payment of interest due on such March 15 or
September 15, then this Debenture shall bear interest from the next preceding
March 15 or September 15 to which interest has been paid or duly provided for
or, if no interest has been paid or duly provided for on these Debentures, from
March 12, 2002. The interest so payable on any March 15 or September 15 will,
subject to certain exceptions provided in the Indenture referred to below, be
paid to the person in whose name this Debenture is registered at the close of
business on the March 1 or September 1, as the case may be, next preceding such
March 15 or September 15. Interest on this Debenture shall be calculated on the
basis of a 360-day year consisting of twelve 30-day months.

        This Debenture is one of a duly authorized issue of Securities of the
Issuer issued under and pursuant to an Indenture dated as of April 1, 1986 (the
"Original Indenture"), as amended and supplemented by a First Supplemental
Indenture thereto dated as of February 15, 1991 (the "First Supplemental
Indenture"), a Second Supplemental Indenture thereto dated as of February 1,
1993 (the "Second Supplemental Indenture"), a Third Supplemental Indenture
thereto dated as of October 22, 2001 (the "Third Supplemental Indenture"), and a
Fourth Supplemental Indenture thereto dated as of March 12, 2002 (the "Fourth
Supplemental Indenture"; the Original Indenture, as amended and supplemented by
the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and any other
indentures supplemental thereto, is hereinafter called the "Indenture"), each
duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known
as The Chase Manhattan Bank and Chemical Bank), as trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any) and may otherwise vary as in the
Indenture provided. This Debenture is one of the series of Securities designated
on the face hereof (the "Debentures").

               The Debentures may be redeemed, in whole or from time to time in
part, at the option of the Issuer on any date at a redemption price equal to the
greater of:

        (1)    100% of the principal amount of the Debentures to be redeemed,
               and

        (2)    the sum of the present values of the remaining scheduled payments
               of principal and interest on the Debentures to be redeemed
               (exclusive of interest accrued to the applicable Redemption Date)
               discounted to that Redemption Date on a semi-annual basis
               (assuming a 360-day year consisting of twelve 30-day months) at
               the Treasury Rate plus 30 basis points,

plus, in the case of both clause (1) and clause (2) above, accrued and unpaid
interest on the principal amount of the Debentures being redeemed to such
Redemption Date; provided, however, that payments of interest on the Debentures
that are due and payable on or prior to a date fixed for redemption of
Debentures will be payable to the Holders of those Debentures registered as such
at the close of business on the relevant record dates according to their terms
and the terms and provisions of the Indenture. Any such redemption shall be
effected in accordance with the terms and conditions set forth in the Indenture.

        As used in this Debenture, the following terms have the meanings set
forth below:

        "Treasury Rate" means, with respect to any Redemption Date for the
Debentures, (1) the yield, under the heading that represents the average for the
immediately preceding week, appearing in the most recently published statistical
release designated "H.15(519)" or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury Constant Maturities," for

                                     A-5-3
<PAGE>

the maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Final Maturity Date for the Debentures,
yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Treasury Rate shall be
interpolated or extrapolated from such yields on a straight line basis, rounding
to the nearest month), or (2) if such release (or any successor release) is not
published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date.

The Treasury Rate shall be calculated on the third Business Day preceding the
applicable Redemption Date. As used in the immediately preceding sentence and in
the definition of "Reference Treasury Dealer Quotations" below, the term
"Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in The City of New York are
authorized or obligated by law, regulation or executive order to close.

        "Comparable Treasury Issue" means, with respect to any Redemption Date
for the Debentures, the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining
term of the Debentures to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of the Debentures to be redeemed.

        "Comparable Treasury Price" means, with respect to any Redemption Date
for the Debentures, (1) the average of four Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

        "Final Maturity Date" means March 15, 2032.

        "Independent Investment Banker" means, with respect to any Redemption
Date for the Debentures, Morgan Stanley & Co. Incorporated and its successors or
J.P. Morgan Securities Inc. and its successors, whichever shall be selected by
the Trustee after consultation with the Issuer, or, if both such firms or the
respective successors, if any, to such firms, as the case may be, are unwilling
or unable to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by the Trustee after
consultation with the Issuer.

        "Redemption Date" means, with respect to any Debenture or portion
thereof to be redeemed, the date fixed for such redemption pursuant to the
Indenture and the Debentures.

        "Reference Treasury Dealer" means, with respect to any Redemption Date
for the Debentures, Morgan Stanley & Co. Incorporated and J.P. Morgan Securities
Inc. and their respective successors (provided, however, that if any such firm
or any such successor, as the case may be, shall cease to be a primary U.S.
Government securities dealer in New York City (a "Primary Treasury Dealer"), the
Trustee, after consultation with the Issuer, shall substitute therefor another
Primary Treasury Dealer), and two other Primary Treasury Dealers selected by the
Trustee after consultation with the Issuer.

        "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date for the Debentures, the
average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by that Reference Treasury
Dealer at 5:00 p.m., New York City time, on the third Business Day preceding
that Redemption Date.

        Notice of any redemption will be mailed at least 30 days but not more
than 60 days before the applicable Redemption Date to each Holder of the
Debentures to be redeemed at the Holder's registered

                                     A-5-4
<PAGE>

address. If less than all the Debentures are to be redeemed at the option of the
Issuer, the Trustee will select, in a manner it deems fair and appropriate, the
Debentures, or portions of the Debentures, to be redeemed.

        Unless the Issuer defaults in payment of the redemption price (including
interest accrued to the applicable Redemption Date), on and after the applicable
Redemption Date interest will cease to accrue on the Debentures or portions of
the Debentures called for redemption on that Redemption Date.

        Notwithstanding the provisions of Section 12.2 of the Indenture, any
notice of redemption of the Debentures need not set forth the redemption price
but only the manner of calculation thereof. The Issuer will notify the Trustee
of the redemption price promptly after the calculation thereof. The Trustee
shall have no responsibility for such calculation.

        In case an Event of Default (as defined in the Indenture) with respect
to the Debentures shall have occurred and be continuing, the principal hereof
and accrued and unpaid interest hereon may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect and
subject to the conditions provided in the Indenture.

        The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each such series; provided, that no such supplemental
indenture shall, among other things, (i) extend the final maturity of any
Security, or reduce the principal amount thereof or reduce the rate or extend
the time of payment of any interest thereon, or reduce any amount payable on the
redemption thereof, or make the principal thereof or the interest thereon
payable in any coin or currency other than that provided in the Securities or in
accordance with the terms thereof, or impair or affect the rights of any Holder
to institute suit for the payment thereof, without the consent of the Holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
the Holders of which are required to consent to any such supplemental indenture
without the consent of the Holder of each Security so affected. It is also
provided in the Indenture that, with respect to certain defaults or Events of
Default, prior to any declaration accelerating the maturity of the Securities of
any series, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series (or, in the case of certain defaults or
Events of Default, all or certain series of the Securities) may on behalf of the
Holders of all the Securities of such series (or all or certain series of the
Securities, as the case may be) waive any such past default or Event of Default
and its consequences. The preceding sentence shall not, however, apply to a
default or Event of Default in respect of the payment of the principal of or
premium, if any, or interest on any of the Securities or a default or Event of
Default in respect of a covenant or provision of the Indenture which cannot be
modified or amended without the consent of the Holder of each Security affected.
Any such consent or waiver by the Holder of this Debenture (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Debenture and any Debentures which
may be issued in exchange or substitution herefor or on registration of transfer
hereof, irrespective of whether or not any notation thereof is made upon this
Debenture or such other Debentures.

        No reference herein to the Indenture and no provision of this Debenture
or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest on this Debenture in the manner, at the respective times, at the rate
and in the coin or currency herein prescribed.

        The Debentures are issuable in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Debentures may be
exchanged for a like aggregate principal amount of Debentures of other
authorized denominations upon surrender of the Debentures to be exchanged at the
agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York in the manner

                                     A-5-5
<PAGE>

and subject to the limitations provided in the Indenture, without charge except
for any tax or other governmental charge that may be imposed in connection
therewith.

        The Debentures are not subject to any sinking fund.

        Upon due presentment for registration of transfer of this Debenture at
the agency of the Issuer maintained for that purpose in the Borough of
Manhattan, The City of New York, a new Debenture or Debentures of authorized
denominations for an equal aggregate principal amount will be issued to the
transferee in exchange therefor, subject to the limitations provided in the
Indenture, without charge except for any tax or other governmental charge that
may be imposed in connection therewith.

        [THIS PARAGRAPH TO BE OMITTED FROM EXCHANGE SECURITIES--] In addition to
rights provided to the Holders of the Debentures under the Indenture, Holders of
Debentures shall have all the rights set forth in the Registration Rights
Agreement dated as of March 12, 2002 between the Issuer and Morgan Stanley & Co.
Incorporated and J.P. Morgan Securities Inc. (as the same may be amended or
supplemented from time to time in accordance with its terms, the "Registration
Rights Agreement"). Pursuant to the Registration Rights Agreement, the Holders
of the Debentures will, subject to certain exceptions and on the terms and
subject to the conditions specified in the Registration Rights Agreement, have
the right to exchange their Debentures for a like principal amount of Exchange
Securities of the same series issued under the Indenture, which Exchange
Securities will have been registered under the Securities Act. The Holders of
the Debentures shall be entitled to receive certain additional interest on the
Debentures in the event such exchange offer is not consummated or upon certain
other conditions, all as set forth in the Registration Rights Agreement.

        The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Debenture (whether or not this Debenture shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal hereof and
premium, if any, and, subject to the provisions of the first paragraph hereof,
interest hereon and for all other purposes, and neither the Issuer nor the
Trustee nor any authorized agent of the Issuer or the Trustee shall be affected
by any notice to the contrary.

        No recourse under or upon any obligation, covenant or agreement of the
Issuer in the Indenture or in any Debenture, or because of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer
or director, as such, of the Issuer or of any successor entity, either directly
or through the Issuer or any successor entity, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance hereof and as part of the consideration for the
issue hereof.

        This Debenture shall be governed by and construed in accordance with the
laws of the State of New York, except as may otherwise be required by mandatory
provisions of law.

        Terms used in this Debenture which are defined in the Indenture shall
have the respective meanings assigned thereto in the Indenture.

        The Indenture contains provisions whereby the Issuer may be discharged
from its obligations with respect to the Debentures, subject to exceptions, if
the Issuer deposits with the Trustee cash or U.S. Government Obligations in the
amount and in the manner, and satisfies certain other conditions, as in the
Indenture provided.

        This Debenture shall not be valid or obligatory for any purpose until
the certificate of authentication hereon shall have been signed by or on behalf
of the Trustee under the Indenture by manual signature of an authorized officer
of the Trustee.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                     A-5-6
<PAGE>

        IN WITNESS WHEREOF, Weyerhaeuser Company has caused this instrument to
be signed and its corporate seal attested by the manual or facsimile signatures
of its duly authorized officers and has caused its corporate seal (or a
facsimile thereof) to be affixed hereunto or imprinted hereon.

Dated:

                                             WEYERHAEUSER COMPANY*
[SEAL]

                                             By:
                                                --------------------------------
                                                Name:
                                                Title:

Attest:
       ----------------------------
       Name:
       Title:

                           TRUSTEE'S CERTIFICATE OF AUTHENTICATION*

        This is one of the Securities of the series designated herein and
referred to in the within mentioned Indenture.

                                            JPMORGAN CHASE BANK,
                                            as Trustee

                                            By:
                                               ---------------------------------
                                                      Authorized Officer

-----------------------

*   The signatures and/or the Trustee's certificate of authentication may be
    moved to appear on the same page as the principal amount of this Security.

                                     A-5-7
<PAGE>

                                  ABBREVIATIONS

        The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                              <C>
TEN COM--as tenants in common         UNIF GIFT MIN ACT - -       _______Custodian ________
TEN ENT--as tenants by the entireties                            (Cust)              (Minor)
JT TEN--as joint tenants with right of survivorship              Under Uniform Gifts to Minors
and not as tenants in common                                     Act ____________________
                                                                              (State)
</TABLE>

           Additional abbreviations may also be used though not in the above
list.

                     ---------------------------------------

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

     --------------------------------------------

     --------------------------------------------

--------------------------------------------------------------------------------
             PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

--------------------------------------------------------------------------------
the within security and all rights thereunder, hereby irrevocably constituting
and appointing

                                                                        Attorney
-----------------------------------------------------------------------
to transfer said security on the books of the Issuer with full power of
substitution in the premises.

Dated:                                       Signed:
      --------------------                          ----------------------------

        Notice: The signature to this assignment must correspond with the name
        as it appears upon the face of the within security in every particular,
        without alteration or enlargement or any change whatever.

                                     A-5-8
<PAGE>

   [FOR INCLUSION IN OFFERED SECURITIES BEARING THE PRIVATE PLACEMENT LEGEND]

                              TRANSFER CERTIFICATE

Capitalized terms used but not defined in this Certificate shall have the
meanings given to such terms in the Indenture referred to above.

The undersigned (the "Transferor") has requested a transfer of this 7.375%
Debenture due 2032 (the "Debentures") or a portion hereof (the "Specified
Securities").

In connection with such request, the Transferor does hereby certify that such
transfer is being made pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the "Securities Act") (as indicated by the
applicable box checked below), or the transfer does not require registration
under the Securities Act because (as indicated by the applicable box checked
below):

       [ ]     (a)    The Specified Securities are being transferred pursuant to
                      an effective registration statement under the Securities
                      Act.

       [ ]     (b)    The Specified Securities are being acquired for the
                      Transferor's own account, without transfer.

       [ ]     (c)    The Specified Securities are being transferred to the
                      Issuer or a subsidiary of the Issuer.

       [ ]     (d)    The Specified Securities are being transferred in
                      compliance with Rule 144A ("Rule 144A") under the
                      Securities Act to a Person the Transferor reasonably
                      believes is a "qualified institutional buyer" (as defined
                      in Rule 144A) that is purchasing the Specified Securities
                      for its own account or for the account of another
                      "qualified institutional buyer", in each case to whom
                      notice has been given that the transfer is being made in
                      reliance on Rule 144A.

       [ ]     (e)    The Specified Securities are being transferred to an
                      institutional "accredited investor" (as defined in Rule
                      501(a)(1), (2), (3) or (7) under the Securities Act) (an
                      "Institutional Accredited Investor") purchasing for its
                      own account or for the account of one or more other
                      Institutional Accredited Investors over which it exercises
                      sole investment discretion, in each case in a minimum
                      principal amount of $250,000, and that, prior to such
                      transfer, furnishes to the Trustee a signed letter
                      containing certain representations and agreements relating
                      to the restrictions on transfer of the Specified
                      Securities (the form of which letter can be obtained from
                      the Trustee) and, if the Issuer requests, an opinion of
                      counsel reasonably acceptable to the Issuer to the effect
                      that the transfer is being made pursuant to an exemption
                      from, or in a transaction not subject to, the registration
                      requirements of the Securities Act.

       [ ]     (f)    The Specified Securities are being transferred pursuant to
                      and in compliance with an exemption from the registration
                      requirements of the Securities Act provided by Rule 144
                      under the Securities Act (if available).

       [ ]     (g)    The Specified Securities are being transferred outside the
                      "United States" (as defined in Regulation S ("Regulation
                      S") under the Securities Act) in an "offshore transaction"
                      (as defined in Regulation S) in compliance with Rule 904
                      under the Securities Act.

                                     A-5-9
<PAGE>

This Certificate and the statements contained herein are made for the benefit of
the Trustee, the Issuer and the initial purchasers, if any, in the initial
offering of the Debentures.

Dated:
      -------------------               ----------------------------------------
                                        (Insert Name of Transferor)

                                        By:
                                           -------------------------------------
                                        Notice: The signature to this
                                        Certificate must correspond with the
                                        name as it appears upon the face of the
                                        within security in every particular,
                                        without alteration or enlargement or any
                                        change whatever

To be completed by transferee
if (d) above is checked:

        The undersigned transferee represents and warrants (i) that it is a
"qualified institutional buyer" as defined in Rule 144A under the Securities Act
of 1933 (the "Securities Act") and is aware that the Specified Securities (as
defined above) are being transferred in reliance on 144A under the Securities
Act, (ii) the undersigned is acquiring the Specified Securities for its own
account or for the account of one or more other qualified institutional buyers
over which it exercises sole investment discretion (in which latter case the
undersigned has given notice to each such account that the Specified Securities
are being transferred in reliance on Rule 144A) and (iii) this instrument has
been executed on behalf of the undersigned by one of its executive officers. The
undersigned transferee acknowledges and agrees that the Specified Securities
have not been registered under the Securities Act and may not be transferred
except in accordance with the resale and other transfer restrictions set forth
on the face thereof.

Dated:
      -------------------               ----------------------------------------
                                        (Insert Name of Transferee)

                                        By:
                                           -------------------------------------
                                                     Executive Officer

                                     A-5-10
<PAGE>

                  [FOR INCLUSION IN GLOBAL OFFERED SECURITIES]

                                   SCHEDULE A

        The initial principal amount of this Global Security is _ Dollars
($_). The following increases or decreases in the principal amount of this
Global Security have been made:

<TABLE>
=================================================================================================
                                                            Principal amount
                      Amount of          Amount of          of
                      increase           decrease in        this Global
                      in principal       principal amount   Security           Signature of
                      amount             of                 following such     authorized
                      of this Global     this Global        decrease or        signatory of
Date made             Security           Security           increase           Trustee
-------------------------------------------------------------------------------------------------
<S>                   <C>                <C>                <C>                <C>

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------

=================================================================================================
</TABLE>

                                     A-5-11
<PAGE>

                                                                       EXHIBIT B

                               Form of Certificate

                                                                          [Date]

JPMorgan Chase Bank
450 W. 33rd Street, 15th Floor
New York, NY 10001
Attention:  Institutional Trust Services

Weyerhaeuser Company
P.O. Box 9777
Federal Way, Washington  98063-9777

        Re:    Weyerhaeuser Company
               (the "Issuer")
               [Floating Rate] [_____%] [Notes] [Debentures] due __________
               (the "Securities")

Dear Sirs and Mesdames:

        This letter relates to $______,000 principal amount of Securities
represented by a Regulation S [Global] [Physical] Security (as defined in the
Indenture referred to below) (the "Legended Security") which bears a legend
outlining restrictions upon transfer of such Legended Security. Pursuant to
Section 2.1(b) of the Indenture dated as of April 1, 1986 (the "Original
Indenture"), as amended and supplemented by a First Supplemental Indenture
thereto dated as of February 15, 1991 (the "First Supplemental Indenture"), a
Second Supplemental Indenture thereto dated as of February 1, 1993 (the "Second
Supplemental Indenture"), a Third Supplemental Indenture thereto dated as of
October 22, 2001 (the "Third Supplemental Indenture") and a Fourth Supplemental
Indenture thereto dated as of March 12, 2002 (the "Fourth Supplemental
Indenture"; the Original Indenture, as amended and supplemented by the First
Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture and the Fourth Supplemental Indenture, is hereinafter
called the "Indenture") relating to the Securities, we hereby certify that we
are (or we will hold such Securities on behalf of) a person outside the United
States to whom the Securities could be transferred in accordance with Rule 904
of Regulation S promulgated under the U.S. Securities Act of 1933. Accordingly,
you are hereby requested to exchange the legended certificate for an unlegended
certificate representing an identical principal amount of Regulation S [Global]
[Physical] Securities all in the manner provided for in the Indenture.

                                      B-1
<PAGE>

        You and the Issuer are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. Terms used in this certificate and
defined herein have the meanings set forth in Regulation S.

                                             Very truly yours,

                                             [Name of Transferor]

                                             By:
                                                --------------------------------
                                                      Authorized Signature

                                      B-2
<PAGE>

                                                                       EXHIBIT C

             FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH
             TRANSFERS TO NON-QIB INSTITUTIONAL ACCREDITED INVESTORS

                                                                          [Date]

JPMorgan Chase Bank
450 W. 33rd Street, 15th Floor
New York, NY 10001
Attention:  Institutional Trust Services

Dear Sirs and Mesdames:

        We are delivering this letter in connection with our proposed purchase
of $___ aggregate principal amount of [Floating Rate] [____%] [Notes]
[Debentures] due __________ (the "Securities") of Weyerhaeuser Company, a
Washington corporation (the "Issuer").

        We hereby confirm that:

        (i)    we are an institutional "accredited investor" within the meaning
               of Rule 501(a) (1), (2), (3) or (7) under the Securities Act of
               1933, as amended (the "Securities Act") (an "Institutional
               Accredited Investor");

        (ii)   any purchase of the Securities by us will be for our own account
               or for the account of one or more other Institutional Accredited
               Investors for which we exercise sole investment discretion;

        (iii)  in the event we purchase any of the Securities, we will acquire
               Securities having a minimum principal amount of not less than
               $250,000, in each case for our own account or for any separate
               account for which we are acting;

        (iv)   we have such knowledge and experience in financial and business
               matters that we are capable of evaluating the merits and risks of
               purchasing the Securities;

        (v)    we not acquiring the Securities with a view to, or for offer or
               sale in connection with, any distribution in violation of the
               Securities Act; provided that the disposition of our property and
               the property of any accounts for which we are acquiring
               Securities shall remain at all times within our or their control;
               and

        (vi)   we acknowledge that we have had access to such financial and
               other information, and have been afforded the opportunity to ask
               such questions of representatives of the Issuer and receive
               answers thereto, as we deem necessary in connection with our
               decision to purchase the Securities.

                                      C-1
<PAGE>

        We understand that the Securities are being offered in a transaction not
involving any public offering within the United States within the meaning of the
Securities Act and that the Securities have not been registered under the
Securities Act, and we agree, on our own behalf and on behalf of each account
for which we acquire any Securities, that if in the future we decide to offer,
resell, pledge or otherwise transfer such Securities, such Securities may be
offered, resold, pledged or otherwise transferred only (i) to the Issuer or any
of its subsidiaries, (ii) to a person whom we reasonably believe is a "qualified
institutional buyer" (as defined in Rule 144A under the Securities Act), (iii)
to a person who we reasonably believe is an Institutional Accredited Investor in
a transaction in which the Institutional Accredited Investor, prior to the
transfer, furnishes to the trustee a signed letter containing certain
representations and agreements relating to the restrictions on transfer of the
Securities (the form of which letter can be obtained from the trustee for the
Securities) and, if requested by the Issuer, an opinion of counsel reasonably
acceptable to the Issuer to the effect that the transfer is being made pursuant
to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, (iv) outside the United States in a
transaction in accordance with Rule 904 under the Securities Act, (v) pursuant
to an exemption from registration provided by Rule 144 under the Securities Act
(if available) or (vi) pursuant to an effective registration statement under the
Securities Act, in each of cases (i) through (vi) in accordance with any
applicable securities laws of any state of the United States or any other
applicable jurisdiction. We understand that, prior to any transfer referred to
in clause (iii), (iv) or (v) of the preceding sentence, we must furnish to the
trustee for the Securities such certifications, legal opinions and other
information as the Issuer may reasonably require to confirm that such transfer
is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act.

        We acknowledge that you, the Issuer and others will rely upon our
confirmations, acknowledgments and agreements set forth herein, and we agree to
notify you promptly in writing if any of our representations or warranties
herein ceases to be accurate and complete.

                                      C-2
<PAGE>

        THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS.

Date:
     --------------------
                                        ----------------------------------------
                                        (Name of Purchaser)

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                        Address:

                                      C-3
<PAGE>

                                                                       EXHIBIT D

                     Form of Certificate to Be Delivered in
               Connection with Transfers Pursuant to Regulation S

                                                                          [Date]

JPMorgan Chase Bank
450 W. 33rd Street, 15th Floor
New York, NY 10001
Attention:  Institutional Trust Services

        Re:    Weyerhaeuser Company
               (the "Issuer")
               [Floating Rate] [_____%] [Notes] [Debentures] due ____
               (the "Securities")

Dear Sirs and Mesdames:

        In connection with our proposed sale of $______,000 aggregate principal
amount of the Securities, we confirm that such sale has been effected pursuant
to and in accordance with Regulation S or Rule 144 under the Securities Act of
1933 (as indicated by the applicable box checked below) and, accordingly, we
represent that:

        [ ] Rule 904 Transfers. The transfer is being effected in accordance
with Rule 904 and:

               (1) the offer of the Securities was not made to a person in the
        United States;

               (2) at the time the buy order was originated, the transferee was
        outside the United States or we and any person acting on our behalf
        reasonably believed that the transferee was outside the United States;

               (3) no directed selling efforts have been made by us in the
        United States in contravention of the requirements of Rule 903 or Rule
        904 of Regulation S, as applicable;

               (4) the transaction is not part of a plan or scheme to evade the
        registration requirements of the U.S. Securities Act of 1933; and

               (5) if the transfer is being made prior to the termination of the
        distribution compliance period applicable to the Securities, the
        interest in the Securities transferred will be held immediately
        thereafter through Euroclear Bank S.A./NV, as operator of the Euroclear
        System, or Clearstream Banking, societe anonyme, Luxembourg, as
        applicable.

        [ ] Rule 144 Transfers. The transfer is being made pursuant to and in
compliance with an exemption from the registration requirements of the
Securities Act provided by Rule 144 under the Securities Act.

                                      D-1
<PAGE>

        You and the Issuer are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. Terms used in this certificate and not
defined herein have the meanings set forth in Regulation S.

                                        Very truly yours,

                                        [Name of Transferor]

                                        By:
                                           -------------------------------------
                                                    Authorized Signature

                                      D-2
<PAGE>

                                                                       EXHIBIT E

                         [FORM OF GUARANTEE PROVISIONS]

                               ARTICLE THIRTEEN*

                           GUARANTEE OF THE SECURITIES

        SECTION 13.1. Guarantee. The provisions of this Article Thirteen shall
apply to the Securities of each series (including, without limitation, any
Securities Outstanding or originally issued on the date on which this Article
Thirteen shall become effective) unless specifically provided in a Board
Resolution, Officers' Certificate or indenture supplemental hereto provided
pursuant to Section 2.3.

        In recognition of the benefits that the issuance of the Securities has
conferred and will continue to confer upon the Guarantor and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, subject to the provisions of this Article Thirteen, the Guarantor
hereby irrevocably and unconditionally guarantees to each Holder of a Security
authenticated and made available for delivery by the Trustee and to each Holder
of any Coupon appertaining thereto, and to the Trustee on behalf of each such
Holder, the due and punctual payment of the principal of and premium, if any,
and interest on such Security and any Coupons appertaining thereto (including,
without limitation, to the maximum extent permitted by law, interest on any
overdue installments of principal, premium, if any, or interest) and the due and
punctual payment of any sinking fund or analogous payments provided for pursuant
to the terms of such Security, when and as the same shall become due and
payable, whether at maturity, upon redemption, upon acceleration, upon repayment
or repurchase at the option of the Holders or otherwise, in accordance with the
terms of such Security and any such Coupons appertaining thereto and this
Indenture; provided that the foregoing guarantee shall not be applicable to any
Securities of a series or any Coupons appertaining thereto if the terms of the
Securities of such series, as set forth in a Board Resolution, Officers'
Certificate or indenture supplemental hereto provided pursuant to Section 2.3,
expressly provide that the Securities of such series are not entitled to the
benefit of the covenant set forth in Section 3.9(a) of this Indenture. Subject
to the proviso to the immediately preceding sentence, in the case of any failure
of the Issuer punctually to make any such payment, the Guarantor hereby agrees
to cause such payment to be made punctually when and as the same shall become
due and payable, whether at maturity, upon redemption, upon acceleration, upon
repayment or repurchase at the option of the Holder or otherwise, and as if such
payment were made by the Issuer.

        The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of the validity, regularity or
enforceability of any Security or any Coupon appertaining thereto or this
Indenture, the absence of any action to enforce the same, any waiver or consent
by the Holder of any Security or any Coupon appertaining thereto or by the
Trustee with respect to any provisions hereof or thereof, the recovery of any
judgment against the Issuer, or any action to enforce the same, or any other
circumstances which might otherwise

----------

* The numbering of this Article and the sections thereof may be appropriately
revised.

                                      E-1
<PAGE>

constitute a legal or equitable discharge or defense of a guarantor and whether
or not a Guarantee in substantially the form attached as Exhibit F to the Fourth
Supplemental Indenture is affixed to or endorsed on any Security. The Guarantor
hereby waives the benefit of diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of the Issuer,
any right to require a proceeding first against the Issuer, any right to require
the prior disposition of the assets of the Issuer to meet its obligations,
protest, or notice with respect to any Security or the indebtedness evidenced
thereby or any Coupon appertaining thereto or with respect to any sinking fund
or analogous payment required pursuant to the terms of such Security, and all
demands whatsoever and covenants that its Guarantee will not be discharged with
respect to any Security or any Coupon appertaining thereto except by payment in
full of the principal of and premium, if any and interest on such Security or
Coupon, as the case may be (except to the extent that such Guarantor is released
from its obligations under this Indenture and its Guarantee with respect to such
Security and any such Coupon as expressly provided in Section 3.9 of this
Indenture). The Guarantor hereby agrees that, in the event of a default in the
payment of any principal of or premium, if any, or interest on any Security or
any Coupon appertaining thereto, or a default in any sinking fund or analogous
payment referred to therein, legal proceedings may be instituted by the Trustee
on behalf of, or by, the Holder of such Security or such Coupon, as the case may
be, on the terms and conditions set forth in this Indenture, directly against
the Guarantor to enforce the Guarantee without first proceeding against the
Issuer; provided that the provisions of this sentence shall not be applicable to
a Security or any series or any Coupon appertaining thereto if the terms of the
Securities of such series, as set forth in a Board Resolution, Officers'
Certificate or indenture supplemental hereto provided pursuant to Section 2.3,
expressly provide that the Securities of such series are not entitled to the
benefit of the covenant set forth in Section 3.9(a) of this Indenture.

        The Guarantor shall be subrogated to all rights of the Holders of the
Securities of a particular series and any Coupons appertaining thereto against
the Issuer in respect of any amounts paid by the Guarantor on account of any
such Security or any such Coupon pursuant to the provisions of this Indenture or
the Guarantee, if any, affixed to or endorsed on such Security; provided,
however, that the Guarantor shall not be entitled to enforce or to receive any
payments arising out of, or based upon, such right of subrogation until the
principal of and premium, if any, and interest on all of the Securities of such
series and any Coupons appertaining thereto issued hereunder shall have been
paid in full or such payment duly provided for.

        If the Issuer shall have agreed pursuant to a registration rights
agreement or other similar instrument or agreement to pay additional interest or
to make similar payments with respect to the Securities of any series or any
Coupons appertaining thereon, then the Guarantor's Guarantee, if any, of the
Securities of such series and any Coupons appertaining thereto shall also be
deemed to guarantee the due and punctual payment of such additional interest or
other similar payments, as the case may be, on the same terms and subject to the
same conditions as the Guarantee of interest on the Securities of such series
and any Coupons appertaining thereto.

        The Guarantee set forth in this Section 13.1 shall not be valid or
become obligatory for any purpose with respect to any Security of any series or
any Coupon appertaining thereto until the certificate of authentication on such
Security shall have been signed by the Trustee or an Authenticating Agent in the
manner provided in this Indenture.

                                      E-2
<PAGE>

        SECTION 13.2. Incorporators, Stockholders, Officers and Directors of the
Guarantor Exempt from Individual Liability. No recourse for the payment of any
principal or premium, if any, or interest under Section 13.1 or the Guarantee,
or for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the Guarantor contained
in this Indenture or in the Guarantee or because of any indebtedness evidenced
thereby, shall be had against any incorporator, as such, or against any past,
present or future stockholder, officer or director, as such, of the Guarantor or
of any successor, either directly or through the Guarantor or any successor,
under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the
Securities by the Holders thereof and as part of the consideration for the issue
of the Securities.

        SECTION 13.3. Execution and Delivery of the Guarantees. To further
evidence the Guarantee set forth in Section 13.1 with respect to the Securities
of any series or any Coupons appertaining thereto, the Issuer and the Guarantor
hereby agree that a Guarantee, substantially in the form set forth in Exhibit F
to the Fourth Supplemental Indenture, shall be endorsed on Securities of such
series originally authenticated and made available for delivery by the Trustee;
provided that the Issuer shall not be required to make a notation on the
Securities of any series to reflect the Guarantee or to endorse a Guarantee on
the Securities of any series if the Securities of that series were originally
issued prior to the date on which the Guarantor became a guarantor of the
Securities of such series or any Coupons appertaining thereto. The validity and
enforceability of the Guarantee set forth in Section 13.1 of this Indenture with
respect to any Security or any Coupon appertaining thereto shall not be impaired
or otherwise affected by the fact that a Guarantee (whether in substantially the
form attached as Exhibit F to the Fourth Supplemental Indenture or in any other
form) is not endorsed on that Security or any other Security, and the Guarantor
agrees that the Guarantee set forth in Section 13.1 shall remain in full force
and effect with respect to each Security and Coupon entitled to the benefit of
such Guarantee notwithstanding any failure to endorse a notation of the
Guarantee (whether in substantially the form attached as Exhibit F to the Fourth
Supplemental Indenture or in any other form) on any Security.

        The Guarantor hereby agrees that each notation of the Guarantee endorsed
on a Security shall be signed on behalf of the Guarantor by its president, any
vice president or its treasurer (each, a "subject officer") and by any other
subject officer, its secretary, any assistant secretary and any assistant
treasurer. The Guarantor's corporate seal need not be affixed to any Guarantee
endorsed on a Security. Such signatures may be the manual or facsimile
signatures of the present or any future such officers. Typographical and other
minor errors or defects in any such reproduction of any such signature shall not
affect the validity or enforceability of the Guarantee of any Security that has
been duly authenticated and made available for delivery by the Trustee or any
Coupon appertaining thereto.

        In case any officer of the Guarantor who shall have signed any Guarantee
that is endorsed on any Security shall cease to be such officer of the Guarantor
before such Security shall be authenticated and delivered by the Trustee or
disposed of by the Issuer, such Security nevertheless may be authenticated and
such Security and Guarantee may be delivered or disposed of as though the person
who signed such Guarantee had not ceased to be such officer of

                                      E-3
<PAGE>

the Guarantor; and any Guarantee endorsed on any Security may be signed on
behalf of the Guarantor by such persons as, at the actual date of the execution
of such Guarantee, shall be the proper officers of the Guarantor.

        The delivery of any Security by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of the Guarantee, if any,
endorsed thereon.

        SECTION 13.4. Limitation of the Guarantor's Liability. The Guarantor
and, by its acceptance of a Security issued under this Indenture, each Holder
hereby confirms that it is the intention of all parties that the obligations of
the Guarantor under Section 13.1 of this Indenture and the Guarantees, if any,
endorsed on the Securities shall not constitute a fraudulent conveyance or
fraudulent transfer under any applicable fraudulent conveyance, fraudulent
transfer, bankruptcy, insolvency or other similar law of any applicable
jurisdiction. To effectuate the foregoing intention, the Holders, by their
acceptance of the Securities and any Coupons appertaining thereto, and the
Guarantor hereby agree that the obligations of the Guarantor under its Guarantee
set forth in Section 13.1 of this Indenture and the Guarantees, if any, endorsed
on the Securities are limited to the maximum amount as will, after giving effect
to all other contingent and fixed liabilities of the Guarantor, result in the
obligations of the Guarantor under its Guarantee set forth in Section 13.1 of
this Indenture and the Guarantees, if any, endorsed on the Securities not
constituting a fraudulent conveyance or fraudulent transfer under applicable
federal or state law. Subject to the preceding limitation, the obligations of
the Guarantor under its Guarantee set forth in Section 13.1 of this Indenture
and its Guarantee, if any, endorsed on the Securities constitute a guarantee of
payment in full when due and not merely a guarantee of collectability.

                                      E-4
<PAGE>

                                                                       EXHIBIT F

                [FORM OF GUARANTEE TO BE ENDORSED ON SECURITIES]

                                    GUARANTEE

        For value received, Willamette Industries, Inc., an Oregon corporation
(the "Guarantor"), hereby irrevocably and unconditionally guarantees to the
Holder of the Security* upon which this Guarantee is endorsed [INSERT IF
APPLICABLE--and to the Holder of each Coupon appertaining thereto], and to the
Trustee on behalf of each such Holder, the due and punctual payment of the
principal of [INSERT IF APPLICABLE-- and premium, if any, and interest on] such
Security [INSERT IF APPLICABLE--and any Coupons appertaining thereto]
(including, without limitation, to the maximum extent permitted by law, interest
on any overdue installments of principal [INSERT IF APPLICABLE--, premium, if
any, or interest]) [INSERT IF APPLICABLE--and the due and punctual payment of
the sinking fund payments provided for pursuant to the terms of such Security],
when and as the same shall become due and payable, whether at maturity, upon
acceleration, upon repayment or repurchase at the option of the Holders or
otherwise, in accordance with the terms of such Security [INSERT IF APPLICABLE--
and the Coupons appertaining thereto] and the Indenture referred to therein. In
the case of any failure of the Issuer punctually to make any such payment, the
Guarantor hereby agrees to cause such payment to be made punctually when and as
the same shall become due and payable, whether at maturity, upon redemption,
upon acceleration, upon repayment or repurchase at the option of the Holder or
otherwise, and as if such payment were made by the Issuer.

        The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of the validity, regularity or
enforceability of the Security upon which this Guarantee is endorsed [INSERT IF
APPLICABLE--or any Coupon appertaining thereto] or the Indenture, the absence of
any action to enforce the same, any waiver or consent by the Holder of any
Security [INSERT IF APPLICABLE--or any Coupon appertaining thereto] or by the
Trustee with respect to any provisions thereof or of the Indenture, the recovery
of any judgment against the Issuer, or any action to enforce the same, or any
other circumstances which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. The Guarantor hereby waives the benefits of
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, any right to require the prior disposition
of assets of the Issuer to meet its obligations, protest or notice with respect
to such Security or the indebtedness evidenced thereby [INSERT IF APPLICABLE--or
any Coupon appertaining thereto] [INSERT IF APPLICABLE--or with respect to any
sinking fund payment required pursuant to the terms of such Security], and all
demands whatsoever, and covenants that this Guarantee will not be discharged
with respect to the Security upon which it is endorsed [INSERT IF APPLICABLE--or
any Coupon appertaining thereto] except by payment in full of the principal of
[INSERT IF APPLICABLE--and premium, if any, and interest on] such Security
[INSERT IF APPLICABLE--or Coupon, as the case may be] (except to the extent that
the Guarantor is released from its obligations under the Indenture and this
Guarantee with respect

----------

* References to the "Security" may be changed to refer to the actual type of
debt security on which the Guarantee is endorsed.

                                      F-1
<PAGE>

to the Security upon which this Guarantee is endorsed [INSERT IF APPLICABLE--and
any Coupons appertaining thereto] as expressly provided in Section 3.9 of the
Indenture). The Guarantor hereby agrees that, in the event of a default in
payment of principal of [INSERT IF APPLICABLE--or premium, if any, or interest
on] the Security upon which this Guarantee is endorsed [INSERT IF APPLICABLE--or
any Coupon appertaining thereto], [INSERT IF APPLICABLE--or a default in any
sinking fund payment referred to therein,] legal proceedings may be instituted
by the Trustee on behalf of, or by, the Holder of such Security [INSERT IF
APPLICABLE--or such Coupon, as the case may be,] on the terms and conditions set
forth in the Indenture, directly against the Guarantor to enforce this Guarantee
without first proceeding against the Issuer.

        The Guarantor shall be subrogated to all rights of the Holders of the
Security upon which this Guarantee is endorsed [INSERT IF APPLICABLE--and any
Coupons appertaining thereto] against the Issuer in respect of any amounts paid
by the Guarantor on account of such Security [INSERT IF APPLICABLE--or any such
Coupon] pursuant to the provisions of the Indenture or this Guarantee; provided,
however, that the Guarantor shall not be entitled to enforce or to receive any
payments arising out of, or based upon, such right of subrogation until the
principal of [INSERT IF APPLICABLE--and premium, if any, and interest on] such
Security and all other Securities of the same series [INSERT IF APPLICABLE--and
all Coupons appertaining thereto] issued under the Indenture shall have been
paid in full or such payment duly provided for.

        All terms used in this Guarantee which are defined in the Indenture
referred to in the Security upon which this Guarantee is endorsed shall have the
meanings assigned to them in such Indenture.

        [INSERT THE FOLLOWING IF THE ISSUER SHALL HAVE AGREED, PURSUANT TO A
REGISTRATION RIGHTS AGREEMENT OR SIMILAR INSTRUMENT OR AGREEMENT, TO PAY
ADDITIONAL INTEREST OR TO MAKE SIMILAR PAYMENTS WITH RESPECT TO THE SECURITIES
OF THE SERIES UPON WHICH THIS GUARANTEE IS ENDORSED--Pursuant to a [DESCRIBE
REGISTRATION RIGHTS AGREEMENT OR SIMILAR INSTRUMENT OR AGREEMENT] (the "[DEFINED
TERM FOR AGREEMENT]"), the Holder of the Security upon which this Guarantee is
endorsed [INSERT IF APPLICABLE--and any Coupons appertaining thereto] shall be
entitled to receive certain [INSERT DESCRIPTION OF ADDITIONAL INTEREST OR
SIMILAR PAYMENTS] ("additional interest") on this Security [INSERT IF
APPLICABLE--and any Coupons appertaining thereto] upon the terms and subject to
the conditions set forth in the [DEFINED TERM FOR AGREEMENT], and the
Guarantor's obligations under this Guarantee shall also be deemed to guarantee
the due and punctual payment of such additional interest on the same terms and
subject to the same conditions as its guarantee of interest on such Security
[INSERT IF APPLICABLE--and the Coupons appertaining thereto.]]

        No recourse for the payment of the principal [INSERT IF APPLICABLE--or
premium, if any, or interest under] this Guarantee, or for any claim based
hereon or otherwise in respect hereof, and no recourse under or upon any
obligation, covenant or agreement of the Guarantor contained in the Indenture or
in this Guarantee or because of any indebtedness evidenced hereby or thereby,
shall be had against any incorporator, as such, or against any past, present or
future stockholder, officer or director, as such, of the Guarantor or of any
successor, either directly or through the Guarantor or any successor, under any
rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all

                                      F-2
<PAGE>

such liability being expressly waived and released by the acceptance of the
Security upon which this Guarantee is endorsed and as part of the consideration
for the issue of such Security.

        The Guarantor and, by its acceptance of the Security upon which this
Guarantee is endorsed, the Holder of such Security hereby confirms that it is
the intention of all parties that the obligations of the Guarantor under Section
13.1 of the Indenture and the Guarantees endorsed on such Security and on any
other Securities issued under the Indenture shall not constitute a fraudulent
conveyance or fraudulent transfer under any applicable fraudulent conveyance,
fraudulent transfer, bankruptcy, insolvency or other similar laws of any
applicable jurisdiction. To effectuate the foregoing intention, the Holder of
the Security upon which this Guarantee is endorsed [INSERT IF APPLICABLE--and
any Coupons appertaining thereto], by its acceptance thereof, and the Guarantor
hereby agree that the obligations of the Guarantor under Section 13.1 of the
Indenture and the Guarantee endorsed on such Security are limited to the maximum
amount as will, after giving effect to all other contingent and fixed
liabilities of the Guarantor, result in the obligations of the Guarantor under
Section 13.1 of the Indenture and the Guarantee endorsed on such Security and on
any other Securities issued under the Indenture not constituting a fraudulent
conveyance or fraudulent transfer under applicable federal or state law. Subject
to the preceding limitation, the obligations of the Guarantor under this
Guarantee constitute a guarantee of payment in full when due and not merely a
guarantee of collectability.

        This Guarantee shall be governed by and construed in accordance with the
laws of the State of New York, except as may otherwise be required by mandatory
provisions of law.

        This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication on the Security upon which this Guarantee is
endorsed shall have been executed by the Trustee under the Indenture by manual
signature of one of its authorized officers.

        IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly
executed.

Dated:*
                                       WILLAMETTE INDUSTRIES, INC.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

----------

* Each Guarantee shall be dated the date of the Security upon which it is
endorsed.

                                      F-3

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