Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Year Ended
	December 31, 2006		December 31, 2005
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	807	$	764
Real Estate		308		292
Manufacturing		493		504
Other		19		16
Total Revenues		1,627		1,576
Costs and Expenses:
Cost of Goods Sold:
Timber		487		418
Real Estate		126		152
Manufacturing		455		463
Other		3		3
Total Cost of Goods Sold		1,071		1,036
Selling, General and Administrative		113		97
Total Costs and Expenses		1,184		1,133
Gain from Canadian Lumber Settlement		14		—
Other Operating Income (Expense), net		4		5
Operating Income		461		448
Interest Expense, net		133		109
Income before Income Taxes		328		339
Provision for Income Taxes		13		8
Income from Continuing Operations		315		331
Gain on Sale of Properties, net of tax		—		23
Income Before Cumulative Effect of Accounting Change		315		354
Cumulative Effect of Accounting Change, net of tax		2		—
Net Income	$	317	$	354
Income from Continuing Operations per Share
- Basic	$	1.75	$	1.80
- Diluted	$	1.74	$	1.79
Net Income per Share
- Basic	$	1.76	$	1.92
- Diluted	$	1.75	$	1.92
Weighted Average Number of Shares Outstanding
- Basic		180.5		184.0
- Diluted		180.9		184.6

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Quarter Ended
	December 31, 2006			December 31, 2005
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	204		$	192
Real Estate		66			72
Manufacturing		105			121
Other		4			6
Total Revenues		379			391
Costs and Expenses:
Cost of Goods Sold:
Timber		126			110
Real Estate		30			47
Manufacturing		102			114
Other		1			1
Total Cost of Goods Sold		259			272
Selling, General and Administrative		35			25
Total Costs and Expenses		294			297
Gain from Canadian Lumber Settlement		14			—
Other Operating Income (Expense), net		2			1
Operating Income		101			95
Interest Expense, net		35			29
Income before Income Taxes		66			66
Provision (Benefit) for Income Taxes		(3	)		2
Income from Continuing Operations		69			64
Gain on Sale of Properties, net of tax		—			3
Net Income	$	69		$	67
Income from Continuing Operations per Share
- Basic	$	0.39		$	0.34
- Diluted	$	0.39		$	0.34
Net Income per Share
- Basic	$	0.39		$	0.36
- Diluted	$	0.39		$	0.36
Weighted Average Number of Shares Outstanding
- Basic		177.0			184.0
- Diluted		177.4			184.6

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	December 31, 2006			December 31, 2005
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	273		$	369
Restricted Advance from Customer		4			23
Accounts Receivable		40			44
Like-Kind Exchange Funds Held in Escrow		—			30
Inventories		83			75
Deferred Tax Asset		7			17
Real Estate Development Properties		3			26
Assets Held for Sale		82			43
Other Current Assets		21			16
		513			643
Timber and Timberlands - Net		3,876			3,887
Property, Plant and Equipment - Net		216			234
Investment in Grantor Trusts		28			26
Other Assets		28			22
Total Assets	$	4,661		$	4,812
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	125		$	161
Short-Term Debt		—			50
Accounts Payable		42			45
Interest Payable		30			30
Wages Payable		27			25
Taxes Payable		24			18
Deferred Revenue		17			35
Other Current Liabilities		16			11
		281			375
Long-Term Debt		1,617			1,524
Lines of Credit		581			495
Deferred Tax Liability		25			39
Other Liabilities		68			54
Total Liabilities		2,572			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 (net of Treasury Stock) - 177.1 at December 31, 2006, and 184.2 at December 31, 2005		2			2
Additional Paid-In Capital		2,190			2,179
Retained Earnings		214			186
Treasury Stock, at cost, Common Shares - 9.5 at December 31, 2006, and 2.0 at December 31, 2005		(307	)		(44	)
Accumulated Other Comprehensive Income (Loss)		(10	)		2
Total Stockholders’ Equity		2,089			2,325
Total Liabilities and Stockholders’ Equity	$	4,661		$	4,812

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Year Ended
	December 31, 2006			December 31, 2005
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	317		$	354
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization		128			113
Basis of Real Estate Sold		85			124
Deferred Income Taxes		1			(13	)
Gain on Sales of Properties and Other Assets		(1	)		(24	)
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		30			(21	)
Other Working Capital Changes		(1	)		(15	)
Other		(3	)		(2	)
Net Cash Provided By Operating Activities		556			516
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(86	)		(89	)
Timberlands Acquired		(111	)		(501	)
Proceeds from Sales of Properties and Other Assets		2			29
Other		(4	)		(2	)
Net Cash Used In Investing Activities		(199	)		(563	)
Cash Flows From Financing Activities:
Dividends		(290	)		(279	)
Borrowings on Lines of Credit		3,483			2,468
Repayments on Lines of Credit		(3,397	)		(2,421	)
Proceeds from Issuance of Short-Term Debt		—			50
Repayment of Short-Term Debt		(50	)		—
Proceeds from Issuance of Long-Term Debt		216			297
Principal Payments and Retirement of Long-Term Debt		(159	)		(53	)
Proceeds from Stock Option Exercises		7			9
Acquisition of Treasury Stock		(263	)		(1	)
Other		—			(1	)
Net Cash Provided By (Used In) Financing Activities		(453	)		69
Increase (Decrease) In Cash and Cash Equivalents		(96	)		22
Cash and Cash Equivalents:
Beginning of Year		369			347
End of Year	$	273		$	369

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Quarter Ended
	December 31, 2006			December 31, 2005
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	69		$	67
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization		34			28
Basis of Real Estate Sold		19			42
Deferred Income Taxes		(7	)		(8	)
Gain on Sale of Properties		(1	)		(2	)
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		40			47
Other Working Capital Changes		(19	)		(17	)
Other		1			(3	)
Net Cash Provided By Operating Activities		136			154
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(26	)		(36	)
Timberlands Acquired		(89	)		(383	)
Proceeds from Sales of Properties and Other Assets		1			2
Other		—			(1	)
Net Cash Used In Investing Activities		(114	)		(418	)
Cash Flows From Financing Activities:
Dividends		(71	)		(70	)
Borrowings on Lines of Credit		1,316			662
Repayments on Lines of Credit		(1,253	)		(668	)
Proceeds from Issuance of Long-Term Debt		—			297
Principal Payments and Retirement of Long-Term Debt		(130	)		(2	)
Proceeds from Stock Option Exercises		1			5
Acquisition of Treasury Stock		(1	)		—
Net Cash Provided By (Used In) Financing Activities		(138	)		224
Decrease In Cash and Cash Equivalents		(116	)		(40	)
Cash and Cash Equivalents:
Beginning of Period		389			409
End of Period	$	273		$	369

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Twelve     Months     2006			Twelve Months     2005
	(In Millions)
Revenues:
Northern Resources	$	413		$	347
Southern Resources		479			501
Real Estate		308			292
Manufacturing		493			504
Other		19			16
Eliminations		(85	)		(84	)
Total Revenues	$	1,627		$	1,576
Operating Costs, Expenses and Other:
Northern Resources	$	308		$	248
Southern Resources		301			284
Real Estate		130			156
Manufacturing		471			475
Other		3			3
Other Costs and Eliminations		(33	)		(38	)
Total Costs, Expenses and Other	$	1,180		$	1,128
Operating Income (Loss)
Northern Resources	$	105		$	99
Southern Resources		178			217
Real Estate		178			136
Manufacturing		22			29
Other		16			13
Other Costs and Eliminations		(52	)		(46	)
Gain from Canadian Lumber Settlement		14			—
Total Operating Income	$	461		$	448

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Fourth     Quarter     2006			Fourth     Quarter     2005
	(In Millions)
Revenues:
Northern Resources	$	105		$	98
Southern Resources		121			119
Real Estate		66			72
Manufacturing		105			121
Other		4			6
Eliminations		(22	)		(25	)
Total Revenues	$	379		$	391
Operating Costs, Expenses and Other:
Northern Resources	$	81		$	72
Southern Resources		79			71
Real Estate		31			48
Manufacturing		107			117
Other		1			1
Other Costs and Eliminations		(7	)		(13	)
Total Costs, Expenses and Other	$	292		$	296
Operating Income (Loss)
Northern Resources	$	24		$	26
Southern Resources		42			48
Real Estate		35			24
Manufacturing		(2	)		4
Other		3			5
Other Costs and Eliminations		(15	)		(12	)
Gain from Canadian Lumber Settlement		14			—
Total Operating Income	$	101		$	95

Plum Creek Timber Company, Inc

Selected Operating Statistics

(Unaudited)

		2006										2005
		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$	35	$	36	$	33	$	33	$	34	$	38	$	38	$	36	$	37	$	37
Pulpwood	$/Ton Stumpage	$	8	$	8	$	7	$	8	$	8	$	9	$	9	$	8	$	7	$	8
Northern Resources
Sawlog	$/Ton Delivered	$	77	$	78	$	81	$	74	$	77	$	76	$	77	$	79	$	77	$	77
Pulpwood	$/Ton Delivered	$	37	$	37	$	38	$	37	$	37	$	37	$	37	$	39	$	38	$	38
Lumber (1)	$/MBF	$	467	$	456	$	410	$	385	$	431	$	483	$	459	$	440	$	435	$	454
Plywood (1)	$/MSF	$	452	$	455	$	431	$	407	$	437	$	419	$	422	$	418	$	444	$	425
Fiberboard (1)	$/MSF	$	445	$	480	$	518	$	506	$	486	$	449	$	458	$	441	$	434	$	446
Sales Volume
Southern Resources
Sawlog	1,000 Tons		1,749		1,685		1,548		1,629		6,611		1,899		1,899		1,553		1,624		6,975
Pulpwood	1,000 Tons		1,642		1,651		1,917		2,319		7,529		1,592		1,825		1,690		1,696		6,803
Total Harvest			3,391		3,336		3,465		3,948		14,140		3,491		3,724		3,243		3,320		13,778
Northern Resources
Sawlog	1,000 Tons		1,151		877		954		1,093		4,075		906		774		898		1,011		3,589
Pulpwood	1,000 Tons		766		517		734		725		2,742		499		319		467		529		1,814
Total Harvest			1,917		1,394		1,688		1,818		6,817		1,405		1,093		1,365		1,540		5,403
Lumber	MBF		99,367		97,059		93,925		86,880		377,231		102,857		105,028		103,099		96,003		406,987
Plywood	MSF		75,769		71,269		70,109		60,845		277,992		75,483		75,235		76,692		71,115		298,525
Fiberboard	MSF		69,076		70,411		63,698		51,502		254,687		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		4th Qtr		YTD		1st Qtr		2nd Qtr			3rd Qtr		4th Qtr		YTD
Acres Sold
Small Non-strategic		15,050		11,765		19,040		14,240		60,095		18,525		13,315			85,610		30,750		148,200
Large Non-strategic		—		—		—		—		—		—		625	*		—		39,375		40,000
Conservation		2,580		2,185		4,600		15,020		24,385		8,650		450			11,600		1,900		22,600
HBU/Recreation		3,095		7,225		7,875		4,575		22,770		9,100		4,510			5,620		1,770		21,000
Development Properties		1,075		645		1,970		635		4,325		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		n/a
		21,800		21,820		33,485		34,470		111,575		36,295		19,040			102,850		73,815		232,000
Price per Acre
Small Non-strategic	$	1,465	$	1,270	$	1,765	$	1,730	$	1,585	$	1,225	$	1,425		$	1,050	$	905	$	1,075
Large Non-strategic		—		—		—		—		—		—	$	1,820			—	$	763	$	780
Conservation	$	2,085	$	1,500	$	3,865	$	990	$	1,695	$	1,550	$	3,225		$	760	$	1,225	$	1,151
HBU/Recreation	$	5,310	$	4,140	$	3,775	$	3,620	$	4,070	$	2,600	$	2,550		$	3,030	$	3,905	$	2,814
Development Properties	$	8,595	$	5,295	$	21,950	$	14,995	$	15,125	$	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	$	26	$	96	$	23	$	19		$	90	$	28	$	160
Large Non-strategic		—		—		—		—		—		—	$	1			—	$	30	$	31
Conservation	$	5	$	3	$	18	$	15	$	41	$	13	$	2		$	9	$	2	$	26
HBU/Recreation	$	17	$	30	$	30	$	16	$	93	$	24	$	11		$	17	$	7	$	59
Development Properties	$	9	$	4	$	43	$	9	$	65		—	$	3			—		—	$	3
Conservation Easements	$	8		—	$	5		—	$	13	$	8		—			—	$	5	$	13
	$	61	$	52	$	129	$	66	$	308	$	68	$	36		$	116	$	72	$	292
Basis of Real Estate Sold	$	10	$	13	$	43	$	19	$	85	$	18	$	10		$	54	$	42	$	124
($ millions)

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