Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(In Millions, Except Per Share Amounts)	Year Ended December 31,
	2013			2012
REVENUES:
Timber	$	669		$	641
Real Estate	286			352
Manufacturing	362			324
Energy and Natural Resources	23			22
Total Revenues	1,340			1,339
COSTS AND EXPENSES:
Cost of Goods Sold:
Timber	495			498
Real Estate	110			157
Manufacturing	310			286
Energy and Natural Resources	5			2
Total Cost of Goods Sold	920			943
Selling, General and Administrative	123			116
Total Costs and Expenses	1,043			1,059
Other Operating Income (Expense), net	(2		)	1
Operating Income	295			281
Equity Earnings from Timberland Venture	63			59
Equity Earnings from Real Estate Development Joint Ventures	—			—
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties)	83			82
Interest Expense (Note Payable to Timberland Venture)	58			58
Total Interest Expense, net	141			140
Loss on Extinguishment of Debt	(4		)	—
Income before Income Taxes	213			200
Provision (Benefit) for Income Taxes	(1		)	(3		)
Net Income	$	214		$	203
PER SHARE AMOUNTS:
Net Income per Share – Basic	$	1.30		$	1.25
Net Income per Share – Diluted	$	1.30		$	1.25
Weighted-Average Number of Shares Outstanding
– Basic	164.6			161.5
– Diluted	165.0			161.9

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(In Millions, Except Per Share Amounts)	Quarter Ended December 31,
	2013			2012
REVENUES:
Timber	$	182		$	161
Real Estate	59			109
Manufacturing	83			78
Energy and Natural Resources	7			6
Total Revenues	331			354
COSTS AND EXPENSES:
Cost of Goods Sold:
Timber	131			124
Real Estate	27			33
Manufacturing	73			69
Energy and Natural Resources	2			1
Total Cost of Goods Sold	233			227
Selling, General and Administrative	34			30
Total Costs and Expenses	267			257
Other Operating Income (Expense), net	—			—
Operating Income	64			97
Equity Earnings from Timberland Venture	16			17
Equity Earnings from Real Estate Development Joint Ventures	—			—
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties)	22			21
Interest Expense (Note Payable to Timberland Venture)	15			15
Total Interest Expense, net	37			36
Loss on Extinguishment of Debt	(4		)	—
Income before Income Taxes	39			78
Provision (Benefit) for Income Taxes	(1		)	(1		)
Net Income	$	40		$	79
PER SHARE AMOUNTS:
Net Income per Share – Basic	$	0.24		$	0.49
Net Income per Share – Diluted	$	0.24		$	0.49
Weighted-Average Number of Shares Outstanding
– Basic	170.0			161.7
– Diluted	170.4			162.2

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In Millions, Except Per Share Amounts)	December 31, 2013			December 31, 2012
ASSETS
Current Assets:
Cash and Cash Equivalents	$	433		$	356
Accounts Receivable	29			22
Inventories	55			49
Deferred Tax Asset	6			7
Assets Held for Sale	92			61
Other Current Assets	15			13
	630			508
Timber and Timberlands, net	4,180			3,363
Minerals and Mineral Rights, net	298			87
Property, Plant and Equipment, net	118			127
Equity Investment in Timberland Venture	211			204
Equity Investment in Real Estate Development Joint Ventures	139			—
Deferred Tax Asset	20			19
Investment in Grantor Trusts (at Fair Value)	45			39
Other Assets	54			37
Total Assets	$	5,695		$	4,384
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	—		$	248
Line of Credit	467			104
Accounts Payable	24			26
Interest Payable	22			26
Wages Payable	29			29
Taxes Payable	10			9
Deferred Revenue	26			23
Other Current Liabilities	10			7
	588			472
Long-Term Debt	2,414			1,815
Note Payable to Timberland Venture	783			783
Other Liabilities	78			91
Total Liabilities	3,863			3,161
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Preferred Stock, $0.01 Par Value, Authorized Shares – 75.0, Outstanding – None	—			—
Common Stock, $0.01 Par Value, Authorized Shares – 300.6, Outstanding (net of Treasury Stock) – 177.0 at December 31, 2013 and 162.0 at December 31, 2012	2			2
Additional Paid-In Capital	2,942			2,288
Retained Earnings (Accumulated Deficit)	(173		)	(97		)
Treasury Stock, at Cost, Common Shares – 27.0 at December 31, 2013 and 26.9 at December 31, 2012	(940		)	(938		)
Accumulated Other Comprehensive Income (Loss)	1			(32		)
Total Stockholders’ Equity	1,832			1,223
Total Liabilities and Stockholders’ Equity	$	5,695		$	4,384

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Year Ended December 31,
(In Millions)	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	214		$	203
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization (Includes $4 Loss Related to Forest Fires in 2013)	119			114
Basis of Real Estate Sold	91			138
Equity Earnings from Timberland Venture	(63		)	(59		)
Distributions from Timberland Venture	56			56
Deferred Income Taxes	(3		)	(3		)
Loss on Extinguishment of Debt	4			—
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)	(8		)	(8		)
Timber Deed Acquired	(18		)	(98		)
Pension Plan Contributions	—			(20		)
Working Capital Changes	(17		)	15
Other	29			15
Net Cash Provided By (Used In) Operating Activities	404			353
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures (Excluding Timberland Acquisitions)	(71		)	(72		)
Timberlands Acquired	(81		)	(18		)
Minerals and Mineral Rights Acquired	(156		)	(76		)
Payment for Acquisition of MeadWestvaco ("MWV") Timberland Assets, net	(221		)	—
Other	—			(1		)
Net Cash Provided By (Used In) Investing Activities	(529		)	(167		)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends	(290		)	(272		)
Borrowings on Line of Credit	1,771			1,843
Repayments on Line of Credit	(1,408		)	(2,087		)
Proceeds from Issuance of Long-Term Debt	—			773
Debt Issuance Costs	(1		)	(5		)
Principal Payments and Retirement of Long-Term Debt	(513		)	(353		)
Proceeds from Stock Option Exercises	37			18
Acquisition of Treasury Stock	(2		)	(1		)
Proceeds from Issuance of Common Stock	607			—
Other	1			—
Net Cash Provided By (Used In) Financing Activities	202			(84		)
Increase (Decrease) In Cash and Cash Equivalents	77			102
Cash and Cash Equivalents:
Beginning of Period	356			254
End of Period	$	433		$	356
NON-CASH INVESTING AND FINANCING ACTIVITIES NOT REFLECTED ABOVE:
Issuance of Note Payable to MWV as Consideration for Timberland Assets Acquired	$	860		$	—

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Quarter Ended December 31,
(In Millions)	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	40		$	79
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization	33			27
Basis of Real Estate Sold	22			27
Equity Earnings from Timberland Venture	(16		)	(17		)
Deferred Income Taxes	(2		)	(2		)
Loss on Extinguishment of Debt	4			—
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)	(2		)	(2		)
Pension Plan Contributions	—			(10		)
Working Capital Changes	(5		)	10
Other	10			4
Net Cash Provided By (Used In) Operating Activities	84			116
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures (Excluding Timberland Acquisitions)	(20		)	(20		)
Timberlands Acquired	(1		)	—
Minerals and Mineral Rights Acquired	—			(76		)
Payment for Acquisition of MeadWestvaco ("MWV") Timberland Assets, net	(221		)	—
Net Cash Provided By (Used In) Investing Activities	(242		)	(96		)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends	(78		)	(68		)
Borrowings on Line of Credit	520			131
Repayments on Line of Credit	(560		)	(378		)
Proceeds from Issuance of Long-Term Debt	—			323
Debt Issuance Costs	(1		)	(2		)
Principal Payments and Retirement of Long-Term Debt	(339		)	(3		)
Proceeds from Stock Option Exercises	2			13
Proceeds from Issuance of Common Stock	607			—
Other	1			—
Net Cash Provided By (Used In) Financing Activities	152			16
Increase (Decrease) In Cash and Cash Equivalents	(6		)	36
Cash and Cash Equivalents:
Beginning of Period	439			320
End of Period	$	433		$	356
NON-CASH INVESTING AND FINANCING ACTIVITIES NOT REFLECTED ABOVE:
Issuance of Note Payable to MWV as Consideration for Timberland Assets Acquired	$	860		$	—

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

SEGMENT DATA

(UNAUDITED)

	Year Ended December 31,
(In Millions)	2013			2012
Revenues:
Northern Resources	$	260		$	246
Southern Resources	435			417
Real Estate	286			352
Manufacturing	362			324
Energy and Natural Resources	23			22
Eliminations	(26		)	(22		)
Total Revenues	$	1,340		$	1,339
Operating Income (Loss):
Northern Resources	$	32		$	20
Southern Resources	108			90
Real Estate	169			187
Manufacturing	43			29
Energy and Natural Resources	19			19
Other Costs and Eliminations, net (A)	(76		)	(64		)
Total Operating Income	$	295		$	281
Adjusted EBITDA by Segment: (B)
Northern Resources	$	62		$	46
Southern Resources	173			157
Real Estate	261			326
Manufacturing	59			44
Energy and Natural Resources	22			20
Other Costs and Eliminations, net	(75		)	(63		)
Total	$	502		$	530

(A) During 2013, the company recorded a loss of $5 million related to the early termination of an equipment lease. The lease was accounted for as an operating lease. This amount is reported as an operating loss in Other Costs and Eliminations, net and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income.

(B) Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities.

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

SEGMENT DATA

(UNAUDITED)

	Quarter Ended December 31,
(In Millions)	2013			2012
Revenues:
Northern Resources	$	66		$	61
Southern Resources	122			105
Real Estate	59			109
Manufacturing	83			78
Energy and Natural Resources	7			6
Eliminations	(6		)	(5		)
Total Revenues	$	331		$	354
Operating Income (Loss):
Northern Resources	$	8		$	5
Southern Resources	34			24
Real Estate	31			74
Manufacturing	8			7
Energy and Natural Resources	5			5
Other Costs and Eliminations, net	(22		)	(18		)
Total Operating Income	$	64		$	97
Adjusted EBITDA by Segment: (A)
Northern Resources	$	15		$	11
Southern Resources	54			39
Real Estate	53			101
Manufacturing	12			11
Energy and Natural Resources	6			6
Other Costs and Eliminations, net	(22		)	(18		)
Total	$	118		$	150

(A) Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities.

Exhibit 99.2

Plum Creek Timber Company, Inc

Selected Operating Statistics

(Unaudited)

		2013
		1st Qtr		2nd Qtr				3rd Qtr		4th Qtr		YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$	21	$	21			$	22	$	22	$	22
Pulpwood	$/Ton Stumpage	$	11	$	11			$	11	$	12	$	11
Northern Resources
Sawlog	$/Ton Delivered	$	77	$	79	$	—	$	79	$	81	$	79
Pulpwood	$/Ton Delivered	$	43	$	42			$	43	$	43	$	43
Lumber (1)	$/MBF	$	568	$	544			$	498	$	536	$	534
Plywood (1)	$/MSF	$	462	$	464			$	457	$	450	$	458
Fiberboard (1)	$/MSF	$	639	$	668			$	680	$	672	$	665
Sales Volume
Southern Resources
Sawlog	1,000 Tons	1,339		1,276				1,544		1,733		5,892
Pulpwood	1,000 Tons	1,771		1,688				1,952		2,153		7,564
Total Harvest		3,110		2,964				3,496		3,886		13,456
Northern Resources
Sawlog	1,000 Tons	704		581				636		566		2,487
Pulpwood	1,000 Tons	414		209				387		401		1,411
Total Harvest		1,118		790				1,023		967		3,898
Lumber	MBF	30,535		36,770				40,622		37,990		145,917
Plywood	MSF	46,905		48,364				46,709		45,164		187,142
Fiberboard	MSF	52,329		60,273				54,795		46,250		213,647
		2012
		1st Qtr		2nd Qtr				3rd Qtr		4th Qtr		YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$	19	$	20			$	20	$	20	$	20
Pulpwood	$/Ton Stumpage	$	10	$	10			$	10	$	11	$	10
Northern Resources
Sawlog	$/Ton Delivered	$	67	$	71			$	69	$	68	$	69
Pulpwood	$/Ton Delivered	$	42	$	42			$	42	$	42	$	42
Lumber (1)	$/MBF	$	529	$	551			$	525	$	521	$	532
Plywood (1)	$/MSF	$	387	$	409			$	432	$	450	$	419
Fiberboard (1)	$/MSF	$	607	$	620			$	636	$	634	$	625
Sales Volume
Southern Resources
Sawlog	1,000 Tons	1,340		1,533				1,533		1,333		5,739
Pulpwood	1,000 Tons	1,842		1,933				2,151		2,084		8,010
Total Harvest		3,182		3,466				3,684		3,417		13,749
Northern Resources
Sawlog	1,000 Tons	656		632				679		634		2,601
Pulpwood	1,000 Tons	452		316				441		377		1,586
Total Harvest		1,108		948				1,120		1,011		4,187
Lumber	MBF	30,199		30,340				27,645		27,158		115,342
Plywood	MSF	53,301		51,397				48,984		45,674		199,356
Fiberboard	MSF	44,701		52,475				54,992		47,314		199,482

(1) Represents prices at mill level.

Exhibit 99.2

Plum Creek Timber Company, Inc.

Land Sale Statistics

(Unaudited)

	2013
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Acres Sold
Small Non-strategic	5,685		17,130		17,300		3,985		44,100
Large Non-strategic (1)	36,000		—		15,370		—		51,370
Conservation	970		17,525		1,385		6,125		26,005
HBU/Recreation	7,595		9,825		9,455		20,095		46,970
Development Properties	—		—		—		—		—
Conservation Easements	n/a		n/a		n/a		n/a		n/a
	50,250		44,480		43,510		30,205		168,445
Price per Acre
Small Non-strategic	$	1,230	$	1,185	$	1,280	$	1,290	$	1,235
Large Non-strategic	$	1,475	$	—	$	3,415	$	—	$	2,050
Conservation	$	2,580	$	835	$	1,920	$	1,015	$	1,000
HBU/Recreation	$	2,015	$	1,925	$	1,925	$	2,100	$	2,010
Development Properties	$	—	$	—	$	—	$	—	$	—
Conservation Easements	$	—	$	—	$	—	$	600	$	600
Revenue, ($ millions)
Small Non-strategic	$	7	$	20	$	22	$	5	$	54
Large Non-strategic	$	53	$	—	$	53	$	—	$	106
Conservation	$	3	$	14	$	3	$	6	$	26
HBU/Recreation	$	15	$	19	$	18	$	43	$	95
Development Properties	$	—	$	—	$	—	$	—	$	—
Conservation Easements	$	—	$	—	$	—	$	5	$	5
	$	78	$	53	$	96	$	59	$	286
Proceeds from Real Estate Joint Venture (3)	$	—	$	—	$	—	$	—	$	—
Basis of Real Estate Sold (4)	$	25	$	17	$	26	$	22	$	90
	2012
	1st Qtr		2nd Qtr (2)		3rd Qtr		4th Qtr		YTD
Acres Sold
Small Non-strategic	4,385		17,870		5,750		17,115		45,120
Large Non-strategic (1)	69,770		—		99,800		16,600		186,170
Conservation	1,145		1,320		5,400		3,565		11,430
HBU/Recreation	4,030		6,720		5,410		9,735		25,895
Development Properties	—		—		—		—		—
Conservation Easements	n/a		n/a		n/a		n/a		n/a
	79,330		25,910		116,360		47,015		268,615
Price per Acre
Small Non-strategic	$	1,115	$	1,165	$	1,455	$	1,365	$	1,270
Large Non-strategic	$	1,210	$	—	$	675	$	3,510	$	1,130
Conservation	$	1,560	$	2,315	$	905	$	2,260	$	1,555
HBU/Recreation	$	2,140	$	1,955	$	2,100	$	1,940	$	2,000
Development Properties	$	—	$	—	$	—	$	—	$	—
Conservation Easements	$	—	$	28	$	—	$	—	$	28
Revenue, ($ millions)
Small Non-strategic	$	5	$	21	$	8	$	24	$	58
Large Non-strategic	$	84	$	—	$	67	$	58	$	209
Conservation	$	2	$	3	$	5	$	8	$	18
HBU/Recreation	$	9	$	13	$	11	$	19	$	52
Development Properties	$	—	$	—	$	—	$	—	$	—
Conservation Easements	$	—	$	10	$	—	$	—	$	10
	$	100	$	47	$	91	$	109	$	347
Proceeds from Real Estate Joint Venture (3)	$	—	$	—	$	5	$	—	$	5
Basis of Real Estate Sold (4)	$	63	$	12	$	36	$	27	$	138

Exhibit 99.2

Plum Creek Timber Company, Inc.

Notes to Land Sale Statistics

(Unaudited)

(1) During the third quarter of 2013, the company sold 15,300 acres of Large Non-strategic lands located in Oregon for $52.5 million. During the first quarter of 2013, the company sold 36,000 acres of Large Non-strategic lands located in Texas and Oklahoma for $52.7 million. During the first quarter of 2012, the company sold 69,800 acres of Large Non-strategic lands located in the Florida panhandle area for $84.5 million. During the third quarter of 2012, the company sold 99,800 acres of Large Non-strategic lands located in Wisconsin for $67.1 million. During the fourth quarter of 2012, the company sold 16,600 acres of Large Non-strategic lands located in Oregon for $58.2 million.

(2) During the second quarter of 2012, the company received $10 million in exchange for placing a conservation easement on approximately 360,000 acres in Maine.

(3) Not reflected in the land sale statistics (acres sold, price per acre and revenue).

(4) Includes $9 million in the third quarter of 2013 for a 15,400 acre Large Non-Strategic sale located in Oregon and $18 million in the first quarter of 2013 from a 36,000 acre Large Non-strategic sale located in Texas and Oklahoma. Includes $58 million in the first quarter of 2012 from a 69,800 acre Large Non-strategic sale located primarily in the Florida panhandle area, $26 million in the third quarter of 2012 from a 99,800 acre Large Non-strategic sale in Wisconsin and $12 million in the fourth quarter of 2012 from a 16,600 acre Large Non-strategic sale in Oregon.

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

DEBT REPAYMENT SCHEDULE

(UNAUDITED)

(In Millions)	September 30, 2013							December 31, 2013
Debt Issuance, Interest Rate			Borrowings		Repayments (E)
Line of Credit, 1.38% (A)	$	507	—		(40		)	$	467
Term Credit Agreement due 2019, 1.0% (B)	450		—		(225		)	225
Private Debt:
Senior Notes due 2013, 7.76%	72		—		(72		)	—
Senior Notes due 2013-2016, 8.05%	14		—		(14		)	—
Public Debt: (C)
Senior Notes due 2015, 5.875%	456		—		(18		)	438
Senior Notes due 2021, 4.70%	575		—		(7		)	568
Senior Notes due 2023, 3.25%	322		—		—			323
Installment Note Payable due 2023, 4.5% (D)	—		860		—			860
Note Payable to Timberland Venture due 2018, 7.375%	783		—		—			783
Total Debt	$	3,179	$	860	$	(376	)	$	3,664

(A) Variable rate debt, represents interest rate as of September 30, 2013.

(B) Variable rate debt, represents interest rate as of September 30, 2013, net of expected patronage.

(C) Beginning and ending balances for Public Debt are stated net of discount. Amounts may not total across the columns.

(D) Estimated effective rate, net of expected patronage.

(E) Repayments do not include $2 million prepayment penalty paid by the company to retire Private Debt, or $2 million premium paid by the company to retire Public Debt.

Exhibit 99.2

Plum Creek Timber Company, Inc.

Debt Maturities Schedule

December 31, 2013

(Unaudited)

	Borrowings
(In Millions)	Principal		Weighted Avg. Interest Rate
Annual Maturities through 2017:
2015	$	440	5.875	%

Exhibit 99.2

Plum Creek Timber Company, Inc.

Acreage Ownership by State

December 31, 2013

(Unaudited)

Alabama	154,000
Arkansas	714,000
Florida	418,000
Georgia	798,000
Louisiana	404,000
Maine	865,000
Michigan	576,000
Mississippi	583,000
Montana	891,000
New Hampshire	24,000
North Carolina	4,000
Oregon	356,000
South Carolina	350,000
Texas	2,000
Vermont	86,000
Virgina	126,000
Washington	83,000
West Virginia	257,000
Wisconsin	67,000
Total	6,758,000

Exhibit 99.2

Plum Creek Timber Company, Inc.

Reconciliation of GAAP Net Income to Adjusted Net Income Excluding

Items Related to the Acquisition of Timberland Assets from MWV

(Unaudited)

The following table reconciles the company's reported GAAP net income and earnings per diluted share (EPS) during the quarterly and twelve month periods ended December 31, 2013 to adjusted amounts:

	Year Ended December 31, 2013				Quarter Ended December 31, 2013
(In Millions, Except Per Share Amounts)	Dollars		Diluted EPS		Dollars		Diluted EPS
Reported GAAP Net Income	$	214	$	1.30	$	40	$	0.24
Loss Related to Forest Fires (A)	4		0.02		—		—
MWV Acquisition Adjustments
Loss on Extinguishment of Debt (B)	4		0.03		4		0.02
Transaction Expenses (C)	5		0.03		5		0.03
Increased Interest Expense, Net (D)	3		0.02		3		0.02
Non-GAAP Adjusted Net Income and Per-Share Amounts (E)	$	230	$	1.39	$	52	$	0.31

(A) During the third quarter of 2013, the company's Northern Resources Segment recognized a $4 million loss, representing the book basis of timber volume destroyed as a result of forest fires in Montana and Oregon.

(B) Consists primarily of prepayment penalties and premiums related to early debt repayments reported as Loss on Extinguishment of Debt in the Consolidated Statements of Income.

(C) Includes closing costs and acquisition expenses reported in Selling, General and Administrative Expense in the Consolidated Statements of Income.

(D) Includes additional Interest Expense related to the $860 million Installment Note Payable, partially offset by the impact of

early debt repayments.

(E) Diluted per share amounts are computed independently for each caption presented. Therefore, the sum of the per share

components from the table above may not equal the per share amount presented.

Exhibit 99.2

Plum Creek Timber Company, Inc.

Segment Data - Adjusted EBITDA

Reconciliation of Operating Income and Net Cash

Provided by Operating Activities

(Unaudited)

We define Adjusted EBITDA as earnings from continuing operations, excluding equity method earnings, and before interest, taxes, depreciation, depletion, amortization, and basis in lands sold. Adjusted EBITDA is not considered a measure of financial performance under U.S. generally accepted accounting principles (U.S. GAAP) and the items excluded from Adjusted EBITDA are significant components of our consolidated financial statements.

We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period, and each business segment’s contribution to that performance, by eliminating non-cash charges to earnings, which can vary significantly by business segment. These non-cash charges include timber depletion, depreciation of fixed assets and the basis in lands sold. We also use Adjusted EBITDA as a supplemental liquidity measure because we believe it is useful in measuring our ability to generate cash. In addition, we believe Adjusted EBITDA is commonly used by investors, lenders and rating agencies to assess our financial performance.

A reconciliation of Adjusted EBITDA to net income and net cash from operating activities, the most directly comparable U.S. GAAP performance and liquidity measures, is provided in the following schedules:

	Year Ended December 31, 2013
	Operating Income			Depreciation, Depletion and Amortization(1)		Basis of Real Estate Sold		Adjusted EBITDA
By Segment
Northern Resources	$	32		$	30	$	—	$	62
Southern Resources	108			65		—		173
Real Estate	169			1		91		261
Manufacturing	43			16		—		59
Energy and Natural Resources	19			3		—		22
Other Costs and Eliminations	(73		)	1		—		(72		)
Other Unallocated Operating Income (Expense), net	(3		)	—		—		(3		)
Total	$	295		$	116	$	91	$	502
Reconciliation to Net Income(2)
Equity Earnings from Timberland Venture	63
Interest Expense	(141		)
Gain (Loss) on Extinguishment of Debt	(4		)
(Provision) Benefit for Income Taxes	1
Net Income	$	214
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations								$	404
Interest Expense								141
Amortization of Debt Costs								(3		)
Provision / (Benefit) for Income Taxes								(1		)
Distributions from Timberland Venture								(56		)
Deferred Income Taxes								3
Gain on Sale of Properties and Other Assets								—
Deferred Revenue from Long-Term Gas Leases								8
Timber Deed Acquired								18
Pension Plan Contributions								—
Working Capital Changes								17
Other								(29		)
Adjusted EBITDA								$	502

(1) Includes a $4 million loss due to fire damages in the Northern Resources Segment

(2) Includes reconciling items not allocated to segments for financial reporting purposes.

Exhibit 99.2

	Year Ended December 31, 2012
	Operating Income			Depreciation, Depletion and Amortization		Basis of Real Estate Sold		Adjusted EBITDA
By Segment
Northern Resources	$	20		$	26	$	—	$	46
Southern Resources	90			67		—		157
Real Estate	187			1		138		326
Manufacturing	29			15		—		44
Energy and Natural Resources	19			1		—		20
Other Costs and Eliminations	(65		)	1		—		(64		)
Other Unallocated Operating Income (Expense), net	1			—		—		1
Total	$	281		$	111	$	138	$	530
Reconciliation to Net Income(1)
Equity Earnings from Timberland Venture	59
Interest Expense	(140		)
(Provision) Benefit for Income Taxes	3
Net Income	$	203
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations								$	353
Interest Expense								140
Amortization of Debt Costs								(3		)
Provision / (Benefit) for Income Taxes								(3		)
Distributions from Timberland Venture								(56		)
Deferred Income Taxes								3
Gain on Sale of Properties and Other Assets								—
Deferred Revenue from Long-Term Gas Leases								8
Timber Deed Acquired								98
Pension Plan Contributions								20
Working Capital Changes								(15		)
Other								(15		)
Adjusted EBITDA								$	530

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

Exhibit 99.2

	Quarter Ended December 31, 2013
	Operating Income			Depreciation, Depletion and Amortization		Basis of Real Estate Sold		Adjusted EBITDA
By Segment
Northern Resources	$	8		$	7	$	—	$	15
Southern Resources	34			20		—		54
Real Estate	31			—		22		53
Manufacturing	8			4		—		12
Energy and Natural Resources	5			1		—		6
Other Costs and Eliminations	(22		)	—		—		(22		)
Other Unallocated Operating Income (Expense), net	—			—		—		—
Total	$	64		$	32	$	22	$	118
Reconciliation to Net Income(1)
Equity Earnings from Timberland Venture	16
Interest Expense	(37		)
Gain (Loss) on Extinguishment of Debt	(4		)
(Provision) Benefit for Income Taxes	1
Net Income	$	40
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations								$	84
Interest Expense								37
Amortization of Debt Costs								(1		)
Provision / (Benefit) for Income Taxes								(1		)
Distributions from Timberland Venture								—
Deferred Income Taxes								2
Gain on Sale of Properties and Other Assets								—
Deferred Revenue from Long-Term Gas Leases								2
Timber Deed Acquired								—
Pension Plan Contributions								—
Working Capital Changes								5
Other								(10		)
Adjusted EBITDA								$	118

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

Exhibit 99.2

	Quarter Ended December 31, 2012
	Operating Income			Depreciation, Depletion and Amortization		Basis of Real Estate Sold		Adjusted EBITDA
By Segment
Northern Resources	$	5		$	6	$	—	$	11
Southern Resources	24			15		—		39
Real Estate	74			—		27		101
Manufacturing	7			4		—		11
Energy and Natural Resources	5			1		—		6
Other Costs and Eliminations	(18		)	—		—		(18		)
Other Unallocated Operating Income (Expense), net	—			—		—		—
Total	$	97		$	26	$	27	$	150
Reconciliation to Net Income(1)
Equity Earnings from Timberland Venture	17
Interest Expense	(36		)
(Provision) Benefit for Income Taxes	1
Net Income	$	79
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations								$	116
Interest Expense								36
Amortization of Debt Costs								(1		)
Provision / (Benefit) for Income Taxes								(1		)
Distributions from Timberland Venture								—
Deferred Income Taxes								2
Gain on Sale of Properties and Other Assets								—
Deferred Revenue from Long-Term Gas Leases								2
Timber Deed Acquired								—
Pension Plan Contributions								10
Working Capital Changes								(10		)
Other								(4		)
Adjusted EBITDA								$	150

(1) Includes reconciling items not allocated to segments for financial reporting purposes.