Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Nine Months Ended
	September 30, 2006		September 30, 2005
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	603	$	572
Real Estate		242		220
Manufacturing		388		383
Other		15		10
Total Revenues		1,248		1,185
Costs and Expenses:
Cost of Goods Sold:
Timber		361		308
Real Estate		96		105
Manufacturing		353		349
Other		2		2
Total Cost of Goods Sold		812		764
Selling, General and Administrative		76		68
Total Costs and Expenses		888		832
Operating Income		360		353
Interest Expense, net		98		80
Income before Income Taxes		262		273
Provision for Income Taxes		16		6
Income from Continuing Operations		246		267
Gain on Sale of Properties, net of tax		—		20
Net Income Before Cumulative Effect of Accounting Change		246		287
Cumulative Effect of Accounting Change, net of tax		2		—
Net Income	$	248	$	287
Income from Continuing Operations per Share
- Basic	$	1.35	$	1.45
- Diluted	$	1.35	$	1.45
Net Income per Share
- Basic	$	1.36	$	1.56
- Diluted	$	1.36	$	1.56
Weighted Average Number of Shares Outstanding
- Basic		181.7		183.9
- Diluted		182.1		184.6

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Quarter Ended
	September 30, 2006		September 30, 2005
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	196	$	180
Real Estate		129		116
Manufacturing		124		126
Other		5		5
Total Revenues		454		427
Costs and Expenses:
Cost of Goods Sold:
Timber		127		107
Real Estate		55		65
Manufacturing		113		114
Other		1		1
Total Cost of Goods Sold		296		287
Selling, General and Administrative		24		23
Total Costs and Expenses		320		310
Operating Income		134		117
Interest Expense, net		33		26
Income before Income Taxes		101		91
Provision (Benefit) for Income Taxes		9		(5	)
Net Income	$	92	$	96
Net Income per Share
- Basic	$	0.51	$	0.52
- Diluted	$	0.51	$	0.52
Weighted Average Number of Shares Outstanding
- Basic		178.5		184.0
- Diluted		178.9		184.6

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	September 30, 2006			December 31, 2005
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	389		$	369
Restricted Advance from Customer		15			23
Accounts Receivable		42			44
Like-Kind Exchange Funds Held in Escrow		40			30
Inventories		75			75
Deferred Tax Asset		8			17
Real Estate Development Properties		4			26
Assets Held for Sale		77			43
Other Current Assets		18			16
		668			643
Timber and Timberlands - Net		3,809			3,887
Property, Plant and Equipment - Net		220			234
Investment in Grantor Trusts		26			26
Other Assets		32			22
Total Assets	$	4,755		$	4,812
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	255		$	161
Short-Term Debt		—			50
Accounts Payable		35			45
Interest Payable		45			30
Wages Payable		20			25
Taxes Payable		28			18
Deferred Revenue		34			35
Other Current Liabilities		12			11
		429			375
Long-Term Debt		1,617			1,524
Lines of Credit		518			495
Deferred Tax Liability		38			39
Other Liabilities		51			54
Total Liabilities		2,653			2,487
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 - 177.0 at September 30, 2006, and 184.2 at December 31, 2005		2			2
Additional Paid-In Capital		2,188			2,179
Retained Earnings		215			186
Treasury Stock, at cost, Common Shares - 9.5 at September 30, 2006, and 2.0 at December 31, 2005		(306	)		(44	)
Other Equity		3			2
Total Stockholders’ Equity		2,102			2,325
Total Liabilities and Stockholders’ Equity	$	4,755		$	4,812

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended
	September 30, 2006			September 30, 2005
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	248		$	287
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization		94			85
Basis of Real Estate Sold		66			82
Deferred Income Taxes		8			(5	)
Gain on Sales of Properties and Other Assets		—			(22	)
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		(10	)		(68	)
Other Working Capital Changes		18			2
Other		(4	)		1
Net Cash Provided By Operating Activities		420			362
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(60	)		(53	)
Timberlands Acquired		(22	)		(118	)
Proceeds from Sales of Properties and Other Assets		1			27
Other		(4	)		(1	)
Net Cash Used In Investing Activities		(85	)		(145	)
Cash Flows From Financing Activities:
Dividends		(219	)		(209	)
Borrowings on Line of Credit		2,167			1,806
Repayments on Line of Credit		(2,144	)		(1,753	)
Proceeds from Issuance of Short-Term Debt		—			50
Repayment of Short-Term Debt		(50	)		—
Proceeds from Issuance of Long-Term Debt		216			—
Principal Payments and Retirement of Long-Term Debt		(29	)		(51	)
Proceeds from Stock Option Exercises		6			4
Acquisition of Treasury Stock		(262	)		(1	)
Other		—			(1	)
Net Cash Used In Financing Activities		(315	)		(155	)
Increase In Cash and Cash Equivalents		20			62
Cash and Cash Equivalents:
Beginning of Period		369			347
End of Period	$	389		$	409

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Quarter Ended
	September 30, 2006			September 30, 2005
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	92		$	96
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization		34			30
Basis of Real Estate Sold		43			54
Deferred Income Taxes		8			(4	)
Gain on Sale of Properties		—			(1	)
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		(30	)		(22	)
Other Working Capital Changes		24			10
Other		(3	)		1
Net Cash Provided By Operating Activities		168			164
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(24	)		(25	)
Timberlands Acquired		(5	)		(68	)
Proceeds from Sales of Properties and Other Assets		—			22
Other		(1	)		(1	)
Net Cash Used In Investing Activities		(30	)		(72	)
Cash Flows From Financing Activities:
Dividends		(72	)		(69	)
Borrowings on Line of Credit		693			666
Repayments on Line of Credit		(691	)		(660	)
Principal Payments and Retirement of Long-Term Debt		—			(2	)
Proceeds from Stock Option Exercises		3			—
Acquisition of Treasury Stock		(78	)		(1	)
Other		—			(1	)
Net Cash Used In Financing Activities		(145	)		(67	)
Increase (Decrease) In Cash and Cash Equivalents		(7	)		25
Cash and Cash Equivalents:
Beginning of Period		396			384
End of Period	$	389		$	409

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Nine Months 2006			Nine Months 2005
	(In Millions)
Revenues:
Northern Resources	$	308		$	249
Southern Resources		358			382
Real Estate		242			220
Manufacturing		388			383
Other		15			10
Eliminations		(63	)		(59	)
Total Revenues	$	1,248		$	1,185
Operating Costs and Expenses:
Northern Resources	$	227		$	176
Southern Resources		222			213
Real Estate		99			108
Manufacturing		364			358
Other		2			2
Other Costs and Eliminations		(26	)		(25	)
Total Costs and Expenses	$	888		$	832
Operating Income (Loss)
Northern Resources	$	81		$	73
Southern Resources		136			169
Real Estate		143			112
Manufacturing		24			25
Other		13			8
Other Costs and Eliminations		(37	)		(34	)
Total Operating Income	$	360		$	353

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Third Quarter 2006			Third Quarter 2005
	(In Millions)
Revenues:
Northern Resources	$	106		$	90
Southern Resources		115			116
Real Estate		129			116
Manufacturing		124			126
Other		5			5
Eliminations		(25	)		(26	)
Total Revenues	$	454		$	427
Operating Costs and Expenses:
Northern Resources	$	81		$	65
Southern Resources		77			72
Real Estate		57			66
Manufacturing		118			117
Other		1			1
Other Costs and Eliminations		(14	)		(11	)
Total Costs and Expenses	$	320		$	310
Operating Income (Loss)
Northern Resources	$	25		$	25
Southern Resources		38			44
Real Estate		72			50
Manufacturing		6			9
Other		4			4
Other Costs and Eliminations		(11	)		(15	)
Total Operating Income	$	134		$	117

Selected Operating Statistics

(Unaudited)

		2006								2005
		1st Qtr		2nd Qtr		3rd Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$	35	$	36	$	33	$	35	$	38	$	38	$	36	$	37	$	37
Pulpwood	$/Ton Stumpage	$	8	$	8	$	7	$	8	$	9	$	9	$	8	$	7	$	8
Northern Resources
Sawlog	$/Ton Delivered	$	77	$	78	$	81	$	79	$	76	$	77	$	79	$	77	$	77
Pulpwood	$/Ton Delivered	$	37	$	37	$	38	$	37	$	37	$	37	$	39	$	38	$	38
Lumber (1)	$/MBF	$	467	$	456	$	410	$	445	$	483	$	459	$	440	$	435	$	454
Plywood (1)	$/MSF	$	452	$	455	$	431	$	446	$	419	$	422	$	418	$	444	$	425
Fiberboard (1)	$/MSF	$	445	$	480	$	518	$	481	$	449	$	458	$	441	$	434	$	446
Sales Volume
Southern Resources
Sawlog	1,000 Tons		1,749		1,685		1,548		4,982		1,899		1,899		1,553		1,624		6,975
Pulpwood	1,000 Tons		1,642		1,651		1,917		5,210		1,592		1,825		1,690		1,696		6,803
Total Harvest			3,391		3,336		3,465		10,192		3,491		3,724		3,243		3,320		13,778
Northern Resources
Sawlog	1,000 Tons		1,151		877		954		2,982		906		774		898		1,011		3,589
Pulpwood	1,000 Tons		766		517		734		2,017		499		319		467		529		1,814
Total Harvest			1,917		1,394		1,688		4,999		1,405		1,093		1,365		1,540		5,403
Lumber	MBF		99,367		97,059		93,925		290,351		102,857		105,028		103,099		96,003		406,987
Plywood	MSF		75,769		71,269		70,109		217,147		75,483		75,235		76,692		71,115		298,525
Fiberboard	MSF		69,076		70,411		63,698		203,185		61,806		61,843		62,231		62,407		248,287

(1) Represents prices at mill level.

Plum Creek Timber Company, Inc.

Land Sale Statistics

(Unaudited)

	2006								2005
	1st Qtr		2nd Qtr		3rd Qtr		YTD		1st Qtr		2nd Qtr			3rd Qtr		4th Qtr		YTD
Acres Sold
Small Non-strategic		15,050		11,765		19,040		45,855		18,525		13,315			85,610		30,750		148,200
Large Non-strategic		—		—		—		—		—		625	*		—		39,375		40,000
Conservation		1,815		2,185		4,600		8,600		8,650		450			11,600		1,900		22,600
HBU/Recreation		3,860		7,225		7,875		18,960		9,100		4,510			5,620		1,770		21,000
Development Properties		1,075		645		1,970		3,690		20		140			20		20		200
Conservation Easements		n/a		n/a		n/a		n/a		n/a		n/a			n/a		n/a		n/a
		21,800		21,820		33,485		77,105		36,295		19,040			102,850		73,815		232,000
Price per Acre
Small Non-strategic	$	1,465	$	1,270	$	1,765	$	1,540	$	1,225	$	1,425		$	1,050	$	905	$	1,075
Large Non-strategic		—		—		—		—		—	$	1,820			—	$	763	$	780
Conservation	$	1,475	$	1,500	$	3,865	$	2,760	$	1,550	$	3,225		$	760	$	1,225	$	1,151
HBU/Recreation	$	4,960	$	4,140	$	3,775	$	4,155	$	2,600	$	2,550		$	3,030	$	3,905	$	2,814
Development Properties	$	8,595	$	5,295	$	21,950	$	15,148	$	23,500	$	13,785		$	14,300	$	10,700	$	14,500
Conservation Easements	$	1,300		—	$	605	$	885	$	427		—			—	$	490	$	450
Revenue, ($ millions)
Small Non-strategic	$	22	$	15	$	33	$	70	$	23	$	19		$	90	$	28	$	160
Large Non-strategic		—		—		—		—		—	$	1			—	$	30	$	31
Conservation	$	3	$	3	$	18	$	24	$	13	$	2		$	9	$	2	$	26
HBU/Recreation	$	19	$	30	$	30	$	79	$	24	$	11		$	17	$	7	$	59
Development Properties	$	9	$	4	$	43	$	56		—	$	3			—		—	$	3
Conservation Easements	$	8		—	$	5	$	13	$	8		—			—	$	5	$	13
	$	61	$	52	$	129	$	242	$	68	$	36		$	116	$	72	$	292
Basis of Real Estate Sold	$	10	$	13	$	43	$	66	$	18	$	10		$	54	$	42	$	124
($ millions)

* Represents the completion of the sale of our Pennsylvania properties. Initial sale was in 2004.