Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Quarter Ended
	March 31, 2009			March 31, 2008
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	139		$	201
Real Estate		268			52
Manufacturing		58			105
Other		5			5
Total Revenues		470			363
Costs and Expenses:
Cost of Goods Sold:
Timber		108			139
Real Estate		95			16
Manufacturing		76			112
Other		—			—
Total Cost of Goods Sold		279			267
Selling, General and Administrative		32			30
Total Costs and Expenses		311			297
Other Operating Income (Expense), net		—			3
Operating Income		159			69
Equity Earnings from Timberland Venture		15			—
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties)		24			36
Interest Expense (Note Payable to Timberland Venture)		14			—
Total Interest Expense, net		38			36
Gain on Extinguishment of Debt		1			—
Income before Income Taxes		137			33
Benefit for Income Taxes		(20	)		(5	)
Net Income	$	157		$	38
Per Share Amounts:
Net Income per Share - Basic	$	0.95		$	0.22
Net Income per Share - Diluted	$	0.95		$	0.22
Weighted Average Number of Shares Outstanding
- Basic		164.7			171.6
- Diluted		164.8			172.1

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31, 2009			December 31, 2008
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	355		$	369
Accounts Receivable		29			22
Like-Kind Exchange Funds Held in Escrow		3			48
Taxes Receivable		24			23
Inventories		66			74
Deferred Tax Asset		13			11
Real Estate Development Properties		3			4
Assets Held for Sale		79			137
Other Current Assets		17			11
		589			699
Timber and Timberlands, net		3,609			3,638
Property, Plant and Equipment, net		163			177
Equity Investment in Timberland Venture		189			199
Deferred Tax Asset		11			—
Investment in Grantor Trusts (at Fair Value)		22			25
Other Assets		41			42
Total Assets	$	4,624		$	4,780
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	110		$	158
Accounts Payable		32			35
Interest Payable		35			30
Wages Payable		12			28
Taxes Payable		17			18
Deferred Revenue		11			17
Other Current Liabilities		16			21
		233			307
Long-Term Debt		1,736			1,793
Line of Credit		211			231
Note Payable to Timberland Venture		783			783
Deferred Tax Liability		—			4
Other Liabilities		87			90
Total Liabilities		3,050			3,208
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) - 162.8 at March 31, 2009, and 166.0 at December 31, 2008		2			2
Additional Paid-In Capital		2,228			2,225
Retained Earnings		237			149
Treasury Stock, at cost, Common Shares - 24.8 at March 31, 2009, and 21.5 at December 31, 2008		(860	)		(773	)
Accumulated Other Comprehensive Income (Loss)		(33	)		(31	)
Total Stockholders’ Equity		1,574			1,572
Total Liabilities and Stockholders’ Equity	$	4,624		$	4,780

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Quarter Ended
	March 31, 2009			March 31, 2008
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	157		$	38
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009)		33			33
Basis of Real Estate Sold		89			10
Equity Earnings from Timberland Venture		(15	)		—
Distribution from Timberland Venture		25			—
Expenditures for Real Estate Development		—			(3	)
Deferred Income Taxes		(17	)		(2	)
Gain on Extinguishment of Debt		(1	)		—
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		45			(31	)
Other Working Capital Changes		(31	)		(39	)
Other		(1	)		(7	)
Net Cash Provided By (Used In) Operating Activities		284			(1	)
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(17	)		(13	)
Timberlands Acquired		—			(1	)
Net Cash Used In Investing Activities		(17	)		(14	)
Cash Flows From Financing Activities:
Dividends		(69	)		(72	)
Borrowings on Line of Credit		225			477
Repayments on Line of Credit		(245	)		(664	)
Proceeds from Issuance of Long-Term Debt		—			250
Principal Payments and Retirement of Long-Term Debt		(105	)		(47	)
Acquisition of Treasury Stock		(87	)		(51	)
Net Cash Used In Financing Activities		(281	)		(107	)
Increase (Decrease) In Cash and Cash Equivalents		(14	)		(122	)
Cash and Cash Equivalents:
Beginning of Period		369			240
End of Period	$	355		$	118

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Three Months 2009			Three Months 2008
	(In Millions)
Revenues:
Northern Resources	$	57		$	94
Southern Resources		83			122
Real Estate		268			52
Manufacturing		58			105
Other		5			5
Eliminations		(1	)		(15	)
Total Revenues	$	470		$	363
Operating Income (Loss)
Northern Resources	$	2		$	14
Southern Resources		20			37
Real Estate		170			33
Manufacturing		(22	)		(9	)
Other		5			5
Other Costs and Eliminations		(16	)		(14	)
Other Operating Income (Expense), net		—			3
Total Operating Income	$	159		$	69

Plum Creek Timber Company, Inc.

Selected Operating Statistics

(Unaudited)

		2009		2008
		1st Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$	24	$	29	$	26	$	25	$	26	$	26
Pulpwood	$/Ton Stumpage	$	11	$	10	$	10	$	10	$	12	$	10
Northern Resources
Sawlog	$/Ton Delivered	$	57	$	67	$	68	$	74	$	68	$	69
Pulpwood	$/Ton Delivered	$	43	$	39	$	43	$	45	$	44	$	43
Lumber (1)	$/MBF	$	374	$	366	$	367	$	384	$	367	$	371
Plywood (1)	$/MSF	$	362	$	398	$	404	$	396	$	382	$	397
Fiberboard (1)	$/MSF	$	601	$	591	$	600	$	610	$	625	$	604
Sales Volume
Southern Resources
Sawlog	1,000 Tons		942		1,459		1,666		1,425		1,020		5,570
Pulpwood	1,000 Tons		1,487		1,976		2,221		2,089		1,741		8,027
Total Harvest			2,429		3,435		3,887		3,514		2,761		13,597
Northern Resources
Sawlog	1,000 Tons		525		978		739		828		821		3,366
Pulpwood	1,000 Tons		613		738		504		725		649		2,616
Total Harvest			1,138		1,716		1,243		1,553		1,470		5,982
Lumber	MBF		35,123		69,596		83,477		74,100		62,660		289,833
Plywood	MSF		35,439		68,746		68,616		62,112		37,509		236,983
Fiberboard	MSF		34,044		58,784		63,205		44,371		31,071		197,431

(1) Represents prices at mill level.

Plum Creek Timber Company, Inc.

Land Sale Statistics

(Unaudited)

	2009		2008
	1st Qtr (1)		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr (2)		YTD
Acres Sold
Small Non-strategic		1,665		17,145		13,215		14,800		47,125		92,285
Large Non-strategic		—		—		—		—		—		—
Conservation		113,355		1,015		595		39,880		134,250		175,740
HBU/Recreation		2,180		10,635		11,785		15,640		7,550		45,610
Development Properties		1,485		65		700		10		45		820
Conservation Easements		n/a		n/a		n/a		n/a		n/a		n/a
		118,685		28,860		26,295		70,330		188,970		314,455
Price per Acre
Small Non-strategic	$	1,330	$	1,180	$	1,285	$	1,145	$	745	$	965
Large Non-strategic		—		—		—		—		—		—
Conservation	$	2,225	$	395	$	1,555	$	1,035	$	1,170	$	1,140
HBU/Recreation	$	3,420	$	2,875	$	2,740	$	3,220	$	2,965	$	2,975
Development Properties	$	4,075	$	5,825	$	9,630	$	13,130	$	4,095	$	8,770
Conservation Easements		—		—		—		—		—		—
Revenue, ($ millions)
Small Non-strategic	$	2	$	20	$	17	$	17	$	35	$	89
Large Non-strategic		—		—		—		—		—		—
Conservation	$	252		—	$	1	$	41	$	157	$	200
HBU/Recreation	$	7	$	31	$	32	$	50	$	22	$	136
Development Properties	$	6		—	$	7		—		—	$	7
Conservation Easements		—		—		—		—		—		—
	$	268	$	52	$	57	$	108	$	215	$	432
Basis of Real Estate Sold (3)	$	89	$	10	$	13	$	26	$	100	$	149

(1) During the 1st quarter of 2009 we sold 112,000 acres in Montana to a conservation buyer for $250 million. The sale is presented as a Conservation sale. The transaction included 56,000 acres of Conservation property, 10,000 acres of Small Non-strategic property, 45,000 acres of HBU/Recreation property, and 1,000 acres of Development property.

(2) During the 4th quarter of 2008 we sold 130,000 acres in Montana to a conservation buyer for $150 million. The sale is presented as a Conservation sale. The transaction included 59,000 acres of Conservation property, 51,000 acres of Small Non-strategic property, 16,000 acres of HBU/Recreation property, and 4,000 acres of Development property.

(3) Includes $85 million in the first quarter of 2009 for a 112,000 acre conservation sale in Montana and $75 million in the fourth quarter of 2008 for a 130,000 acre conservation sale in Montana.

PLUM CREEK TIMBER COMPANY, INC.

DEBT MATURITIES SCHEDULE

MARCH 31, 2009

(UNAUDITED)

	Borrowings (1)
	Principal	Weighted Avg. Interest Rate
Quarterly Maturities through 2010:
3rd Qtr 2009	58	8.730%
1st Qtr 2010	53	5.480%
4th Qtr 2010	3	8.050%
Annual Maturities through 2014:
2011	416	7.739%(2)
2012	603	—     (3)
2013	250	6.663%(4)
2014	3	8.050%

(1) Does not include repayments on the company’s $750 million revolving line of credit due in 2011.

(2) Principal amount composed of senior notes with principal amounts of $74 million, $3 million, $290 million and $49 million and interest rates of 7.970%, 8.050%, 7.660% and 7.830%, respectively.

(3) Includes $600 million of maturities for the company’s two term credit agreements and senior notes with principal of $3 million and an interest rate of 8.050%. The interest rate on the $350 million term credit agreement is currently based on LIBOR plus 0.45%. The interest rate on the $250 million term credit agreement is currently based on LIBOR plus 1.00%.

(4) Principal amount composed of senior notes with principal amounts of $3 million, $72 million and $174 million and interest rates of 8.050%, 7.760% and 6.180%, respectively.