Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Six Months Ended
	June 30, 2009			June 30, 2008
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	262		$	393
Real Estate		346			109
Manufacturing		124			226
Other		10			11
Total Revenues		742			739
Costs and Expenses:
Cost of Goods Sold:
Timber		206			276
Real Estate		128			36
Manufacturing		140			240
Other		1			1
Total Cost of Goods Sold		475			553
Selling, General and Administrative		55			63
Total Costs and Expenses		530			616
Other Operating Income (Expense), net		—			3
Operating Income		212			126
Equity Earnings from Timberland Venture		29			—
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties)		47			70
Interest Expense (Note Payable to Timberland Venture)		29			—
Total Interest Expense, net		76			70
Gain on Extinguishment of Debt		1			—
Income before Income Taxes		166			56
Benefit for Income Taxes		(23	)		(13	)
Net Income	$	189		$	69
Per Share Amounts:
Net Income per Share - Basic	$	1.15		$	0.40
Net Income per Share - Diluted	$	1.15		$	0.40
Weighted Average Number of Shares Outstanding
- Basic		163.8			171.4
- Diluted		163.9			171.8

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Quarter Ended
	June 30, 2009			June 30, 2008
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	123		$	192
Real Estate		78			57
Manufacturing		66			121
Other		5			6
Total Revenues		272			376
Costs and Expenses:
Cost of Goods Sold:
Timber		98			137
Real Estate		33			20
Manufacturing		64			128
Other		1			1
Total Cost of Goods Sold		196			286
Selling, General and Administrative		23			33
Total Costs and Expenses		219			319
Other Operating Income (Expense), net		—			—
Operating Income		53			57
Equity Earnings from Timberland Venture		14			—
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties)		23			34
Interest Expense (Note Payable to Timberland Venture)		15			—
Total Interest Expense, net		38			34
Income before Income Taxes		29			23
Benefit for Income Taxes		(3	)		(8	)
Net Income	$	32		$	31
Per Share Amounts:
Net Income per Share - Basic	$	0.19		$	0.18
Net Income per Share - Diluted	$	0.19		$	0.18
Weighted Average Number of Shares Outstanding
- Basic		162.8			171.1
- Diluted		162.9			171.6

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	June 30,     2009			December 31, 2008
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	347		$	369
Accounts Receivable		34			22
Like-Kind Exchange Funds Held in Escrow		—			48
Taxes Receivable		6			23
Inventories		53			74
Deferred Tax Asset		9			11
Real Estate Development Properties		3			4
Assets Held for Sale		87			137
Other Current Assets		15			11
		554			699
Timber and Timberlands, net		3,565			3,638
Property, Plant and Equipment, net		160			177
Equity Investment in Timberland Venture		203			199
Deferred Tax Asset		19			—
Investment in Grantor Trusts (at Fair Value)		26			25
Other Assets		41			42
Total Assets	$	4,568		$	4,780
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	110		$	158
Accounts Payable		31			35
Interest Payable		27			30
Wages Payable		15			28
Taxes Payable		19			18
Deferred Revenue		26			17
Other Current Liabilities		16			21
		244			307
Long-Term Debt		1,703			1,793
Line of Credit		206			231
Note Payable to Timberland Venture		783			783
Deferred Tax Liability		—			4
Other Liabilities		90			90
Total Liabilities		3,026			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 June 30, 2009, and 166.0 at December 31, 2008		2			2
Additional Paid-In Capital		2,230			2,225
Retained Earnings		200			149
Treasury Stock, at cost, Common Shares - 24.8 at June 30, 2009, and 21.5 at December 31, 2008		(860	)		(773	)
Accumulated Other Comprehensive Income (Loss)		(30	)		(31	)
Total Stockholders’ Equity		1,542			1,572
Total Liabilities and Stockholders’ Equity	$	4,568		$	4,780

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended
	June 30, 2009			June 30, 2008
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	189		$	69
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009 and 2008)		57			76
Basis of Real Estate Sold		118			22
Equity Earnings from Timberland Venture		(29	)		—
Distribution from Timberland Venture		25			—
Expenditures for Real Estate Development		(1	)		(5	)
Deferred Income Taxes		(21	)		(8	)
Gain on Extinguishment of Debt		(1	)		—
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)		(4	)		18
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		48			(61	)
Income Tax Receivable		17			—
Other Working Capital Changes		(8	)		(17	)
Other		4			—
Net Cash Provided By Operating Activities		394			94
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(28	)		(29	)
Timberlands Acquired		—			(1	)
Net Cash Used In Investing Activities		(28	)		(30	)
Cash Flows From Financing Activities:
Dividends		(138	)		(144	)
Borrowings on Line of Credit		431			755
Repayments on Line of Credit		(456	)		(942	)
Proceeds from Issuance of Long-Term Debt		—			250
Principal Payments and Retirement of Long-Term Debt		(138	)		(47	)
Proceeds from Stock Option Exercises		—			1
Acquisition of Treasury Stock		(87	)		(51	)
Other		—			(1	)
Net Cash Used In Financing Activities		(388	)		(179	)
Increase (Decrease) In Cash and Cash Equivalents		(22	)		(115	)
Cash and Cash Equivalents:
Beginning of Period		369			240
End of Period	$	347		$	125

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Quarter Ended
	June 30, 2009			June 30, 2008
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	32		$	31
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2008)		24			43
Basis of Real Estate Sold		29			12
Equity Earnings from Timberland Venture		(14	)		—
Expenditures for Real Estate Development		(1	)		(2	)
Deferred Income Taxes		(4	)		(6	)
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)		(2	)		18
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		3			(30	)
Income Tax Receivable		18			—
Other Working Capital Changes		22			22
Other		3			7
Net Cash Provided By Operating Activities		110			95
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(11	)		(16	)
Net Cash Used In Investing Activities		(11	)		(16	)
Cash Flows From Financing Activities:
Dividends		(69	)		(72	)
Borrowings on Line of Credit		206			278
Repayments on Line of Credit		(211	)		(278	)
Principal Payments and Retirement of Long-Term Debt		(33	)		—
Proceeds from Stock Option Exercises		—			1
Other		—			(1	)
Net Cash Used In Financing Activities		(107	)		(72	)
Increase (Decrease) In Cash and Cash Equivalents		(8	)		7
Cash and Cash Equivalents:
Beginning of Period		355			118
End of Period	$	347		$	125

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Six Months 2009			Six Months 2008
	(In Millions)
Revenues:
Northern Resources	$	92		$	168
Southern Resources		172			250
Real Estate		346			109
Manufacturing		124			226
Other		10			11
Eliminations		(2	)		(25	)
Total Revenues	$	742		$	739
Operating Income (Loss)
Northern Resources	$	(5	)	$	21
Southern Resources		43			74
Real Estate		214			68
Manufacturing		(22	)		(20	)
Other		9			10
Other Costs and Eliminations		(27	)		(30	)
Other Operating Income (Expense), net		—			3
Total Operating Income	$	212		$	126

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Second Quarter 2009			Second Quarter 2008
	(In Millions)
Revenues:
Northern Resources	$	35		$	74
Southern Resources		89			128
Real Estate		78			57
Manufacturing		66			121
Other		5			6
Eliminations		(1	)		(10	)
Total Revenues	$	272		$	376
Operating Income (Loss)
Northern Resources	$	(7	)	$	7
Southern Resources		23			37
Real Estate		44			35
Manufacturing		—			(11	)
Other		4			5
Other Costs and Eliminations		(11	)		(16	)
Other Operating Income (Expense), net		—			—
Total Operating Income	$	53		$	57

Plum Creek Timber Company, Inc

Selected Operating Statistics

(Unaudited)

		2009						2008
		1st Qtr		2nd Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$	24	$	22	$	23	$	29	$	26	$	25	$	26	$	26
Pulpwood	$/Ton Stumpage	$	11	$	9	$	10	$	10	$	10	$	10	$	12	$	10
Northern Resources
Sawlog	$/Ton Delivered	$	57	$	50	$	54	$	67	$	68	$	74	$	68	$	69
Pulpwood	$/Ton Delivered	$	43	$	38	$	41	$	39	$	43	$	45	$	44	$	43
Lumber (1)	$/MBF	$	374	$	340	$	353	$	366	$	367	$	384	$	367	$	371
Plywood (1)	$/MSF	$	362	$	353	$	357	$	398	$	404	$	396	$	382	$	397
Fiberboard (1)	$/MSF	$	601	$	593	$	597	$	591	$	600	$	610	$	625	$	604
Sales Volume
Southern Resources
Sawlog	1,000 Tons		942		1,217		2,159		1,459		1,666		1,425		1,020		5,570
Pulpwood	1,000 Tons		1,487		1,849		3,336		1,976		2,221		2,089		1,741		8,027
Total Harvest			2,429		3,066		5,495		3,435		3,887		3,514		2,761		13,597
Northern Resources
Sawlog	1,000 Tons		525		371		896		978		739		828		821		3,366
Pulpwood	1,000 Tons		613		397		1,010		738		504		725		649		2,616
Total Harvest			1,138		768		1,906		1,716		1,243		1,553		1,470		5,982
Lumber	MBF		35,123		60,371		95,494		69,596		83,477		74,100		62,660		289,833
Plywood	MSF		35,439		40,729		76,168		68,746		68,616		62,112		37,509		236,983
Fiberboard	MSF		34,044		32,802		66,846		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)		2nd Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr (2)		YTD
Acres Sold
Small Non-strategic		1,665		9,840		11,505		17,145		13,215		14,800		47,125		92,285
Large Non-strategic		—		59,160		59,160		—		—		—		—		—
Conservation		113,355		3,895		117,250		1,015		595		39,880		134,250		175,740
HBU/Recreation		2,180		10,955		13,135		10,635		11,785		15,640		7,550		45,610
Development Properties		1,485		25		1,510		65		700		10		45		820
Conservation Easements		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a
		118,685		83,875		202,560		28,860		26,295		70,330		188,970		314,455
Price per Acre
Small Non-strategic	$	1,330	$	900	$	960	$	1,180	$	1,285	$	1,145	$	745	$	965
Large Non-strategic		—	$	650	$	650		—		—		—		—		—
Conservation	$	2,225	$	1,705	$	2,205	$	395	$	1,555	$	1,035	$	1,170	$	1,140
HBU/Recreation	$	3,420	$	2,200	$	2,400	$	2,875	$	2,740	$	3,220	$	2,965	$	2,975
Development Properties	$	4,075	$	13,650	$	4,225	$	5,825	$	9,630	$	13,130	$	4,095	$	8,770
Conservation Easements		—		—		—		—		—		—		—		—
Revenue, ($ millions)
Small Non-strategic	$	2	$	9	$	11	$	20	$	17	$	17	$	35	$	89
Large Non-strategic		—	$	38	$	38		—		—		—		—		—
Conservation	$	252	$	7	$	259		—	$	1	$	41	$	157	$	200
HBU/Recreation	$	7	$	24	$	32	$	31	$	32	$	50	$	22	$	136
Development Properties	$	6		—	$	6		—	$	7		—		—	$	7
Conservation Easements		—		—		—		—		—		—		—		—
	$	268	$	78	$	346	$	52	$	57	$	108	$	215	$	432
Basis of Real Estate Sold (3)	$	89	$	28	$	118	$	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 $16 million in the second quarter of 2009 for a 59,000 acre Large Non-strategic sale in Wisconsin, $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.

ANNUAL PRODUCTION CAPACITY

June 30, 2009

(UNAUDITED)

Over the past year, the company has restructured its manufacturing operations, permanently closing two lumber mills and indefinitely suspending production at a third. The table below details the current manufacturing operations, their practical capacities and current status.

Facility	Product	Annual Production Capacity
OPERATING
Columbia Falls MDF	Thick MDF	145 mmsf 3/4 in.
Columbia Falls MDF	Thin MDF	122 mmsf 3/4 in.
Columbia Falls Plywood	Industrial Plywood	120 mmsf 3/8 in.
Evergreen Plywood	Industrial Plywood	160 mmsf 3/8 in.
Columbia Falls Lumber	Pine Boards	72 mmbf
Meridian Remanufacturing	Edge-Glued Board Lumber	70 mmbf
INDEFINITELY CURTAILED
Evergreen Lumber	Stud Lumber	92 mmbf
Evergreen Remanufacturing	Finger-Jointed Stud Lumber	65 mmbf
PERMANENTLY CLOSED
Pablo Lumber	Pine Boards	N/A
Ksanka Lumber	Stud Lumber	N/A

PLUM CREEK TIMBER COMPANY, INC.

DEBT MATURITIES SCHEDULE

June 30, 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	383	7.726%	(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 $51 million, $3 million, $280 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, $73 million and $174 million and interest rates of 8.050%, 7.760% and 6.180%, respectively.