8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 26, 2010

PLUM CREEK TIMBER COMPANY, INC.

(Exact Name of Registrant as Specified in its Charter)

DELAWARE	1-10239	91-1912863
(State of Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

999 Third Avenue, Suite 4300 Seattle, Washington	98104-4096
(Address of Principal Executive Offices)	(Zip Code)

(206) 467-3600

Registrant’s Telephone Number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14.d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2. Financial Information

Item 2.02 Results of Operations and Financial Condition

On April 26, 2010, Plum Creek Timber Company, Inc. issued a press release reporting its results of operations for the first quarter ended March 31, 2010, and posted to its website (www.plumcreek.com) certain supplemental financial and statistical information for the first quarter ended March 31, 2010. A copy of the press release and the supplemental financial and statistical information are attached hereto as Exhibits 99.1 and 99.2, respectively.

Section 9. Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following exhibits are furnished with this report:

Exhibit No.
99.1	Press release of Plum Creek Timber Company, Inc. issued April 26, 2010, reporting results of operations for the first quarter ended March 31, 2010.
99.2	Supplemental Financial and Statistical Information for the first quarter ended March 31, 2010, posted on April 26, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PLUM CREEK TIMBER COMPANY, INC.
By:	/s/    David W. Lambert
	David W. Lambert
	Senior Vice President and Chief Financial Officer

DATED: April 26, 2010

PLUM CREEK TIMBER COMPANY, INC.

Exhibit Index

Exhibit No.
99.1	Press release of Plum Creek Timber Company, Inc. issued April 26, 2010, reporting results of operations for the first quarter ended March 31, 2010.
99.2	Supplemental Financial and Statistical Information for the first quarter ended March 31, 2010, posted on April 26, 2010.

EX-99.1

Exhibit 99.1

Plum Creek Timber Company, Inc. 999 Third Avenue, Suite 4300 Seattle, Washington 98104 206 467 3600
News Release
For immediate release April 26, 2010	For more information contact: Investors: John Hobbs 1-800-858-5347 Media: Kathy Budinick 1-888-467-3751

Plum Creek Timber Company, Inc. Reports Results for First Quarter 2010

SEATTLE – Plum Creek Timber Company, Inc. (NYSE: PCL) today announced first quarter earnings of $87 million, or $0.54 per diluted share, on revenues of $317 million. Results for the first quarter of 2010 include an $11 million ($0.07 per diluted share) after-tax gain on the sale of certain natural gas assets. As a result, income from continuing operations for the first quarter was $76 million, or $0.47 per diluted share. Earnings for the first quarter of 2009 were $157 million, or $0.95 per diluted share, on revenues of $470 million.

Results for the first quarter of 2009 include the effect of a $7 million after-tax ($12 million pre-tax) impairment charge related to the company’s lumber manufacturing business, which reduced net income by $0.04 per diluted share; and approximately $2 million after-tax ($3 million pre-tax) of severance costs, which reduced net income by $0.01 per share. The 2009 first quarter’s results benefited from the reversal of prior period tax expenses and a reduction in deferred tax liability. These changes resulted in a one-time tax benefit of approximately $8 million, or $0.05 per share.

Cash provided by operating activities for the first quarter totaled $129 million. The company ended the quarter with $304 million in cash and cash equivalents.

“Our first quarter results exceeded our expectations in each of our business lines,” said Rick Holley, president and chief executive officer. “Each segment reported improved performance relative to the same period of 2009 with the exception of our real estate segment. The first-quarter 2009 real estate results were particularly strong as the result of a $250 million conservation sale.

“We are encouraged by improving prices for lumber, structural panels, and pulp and paper products. This should lead to improving demand and prices for our timber as the economic recovery takes hold. Interest and activity in rural land markets have improved from the low levels we experienced in 2009; and the right-sizing of our manufacturing businesses has returned the segment to profitability. In addition, our debt reduction and cost management efforts have reduced interest costs and overhead expenses. We remain conservatively positioned as the pace and timing of the recovery remains uncertain; however, we expect each of our businesses to benefit as markets improve.”

Plum Creek Timber Company Reports Results

Page 2

Review of Operations

The Northern Resources segment reported operating profit of $4 million during the first quarter, a $2 million improvement compared to the first quarter of 2009. Lower costs and recovering sawlog markets improved profits compared to the year-ago period. Northern harvests were 1.15 million tons, similar to the harvest level of the first quarter of 2009. Northern sawlog prices continued to recover from the trough levels set during the first half of 2009. Average sawlog prices were $2 per ton, or about 4 percent, higher than the prices of the first quarter of 2009. Northern pulpwood prices have been stable at $38 per ton since the second quarter of 2009, but were down $5 per ton, or 11 percent, compared to the first quarter of 2009.

Operating profit in the Southern Resources segment was $30 million, compared to $20 million reported for the same period of 2009. Exceptionally strong pulpwood prices and higher sawlog harvest volumes helped to improve first quarter results. Pulpwood shortages were brought on by extremely wet winter weather in the region. As a result, southern pulpwood prices increased approximately $3 per ton, or 30 percent, to $13 per ton during the quarter and were $2 per ton higher than the first-quarter 2009 levels. The company responded to the strong demand for pulpwood, increasing its harvest above its initial plans. As a result, the pulpwood harvest was approximately 3 percent higher than the first quarter of 2009. Southern sawlog prices were influenced by the wet weather as well. Throughout the region, sawmills found it difficult to maintain adequate log inventories. Southern sawlog prices were up 10 percent from the fourth quarter of 2009, but were off slightly from first quarter 2009. As planned, the sawlog harvest increased 330,000 tons from its record-low 940,000 ton harvest during the first quarter of 2009.

The Real Estate segment reported revenue of $99 million and operating income of $62 million; below the results for the first quarter of 2009 when the company completed a $250 million sale of conservation lands in Montana. First quarter 2009 operating income was $170 million, of which $162 million was from the Montana sale.

The first quarter 2010 results include the sale of 24,000 acres of large, non-strategic timberlands located in the South for $32 million, or approximately $1,300 per acre. In addition, the company completed the sale of 35,000 acres of conservation lands located in Wisconsin and Arkansas for $19 million, or approximately $550 per acre. Small, non-strategic timberland sales of nearly 30,000 acres captured values of approximately $900 per acre while sales of 9,000 acres of recreation lands captured average values of more than $2,100 per acre. The 730 acres of development properties sold for approximately $3,100 per acre. Consistent with the experience of recent quarters, the lands sold during the quarter were concentrated in the lower-value Lake States and Gulf South regions.

The Manufacturing segment reported operating income of $4 million, up significantly from the $22 million operating loss reported during the first quarter of 2009. The first quarter 2009 loss included a $12 million pre-tax impairment charge of certain lumber manufacturing operations and $2 million of severance costs related to staff reductions in the segment. Operating results in each product line improved from the low levels of the first quarter of 2009. Plywood and medium density fiberboard sales volumes increased 27 percent and 4 percent, respectively, while average sales prices were approximately 3 percent lower for both products compared to the first quarter of 2009. Lumber results improved significantly over the past year, as the company’s right-sizing efforts returned the business to profitability.

Plum Creek Timber Company Reports Results

Page 3

Outlook

During the second quarter, Northern harvests are typically at their lowest level of the year as thawing spring weather restricts harvesting activities. Both sawlog and pulpwood harvests in the Northern Resources segment will be lower than the first quarter’s level and slightly lower than those during the second quarter of 2009. As a result of the seasonally low harvest levels, the company expects to report a modest operating loss during the quarter in the Northern Resources segment.

The Southern harvest is expected to be similar to the first quarter’s level.

Second quarter Real Estate segment sales are expected to be between $35 million and $40 million. As in years past, the segment’s results are expected to exhibit a seasonal pattern of higher activity and sales levels in the second half of the year. The company expects full-year Real Estate segment sales to be between $350 million and $370 million, including the $89 million third-phase of the Montana conservation sale which will close in December.

Manufacturing results are expected to improve further as higher prices and higher seasonal demand results in improved profitability.

Reflecting the better-than-expected first quarter results and the outlook for the remainder of the year, the company now expects 2010 income from continuing operations to be between $1.30 and $1.50 per share. The company anticipates second quarter income from continuing operations to be between $0.10 and $0.15 per share.

“During the economic downturn, and through a recovery, we continue to focus on our most important job: disciplined, effective capital allocation,” continued Holley. “We believe this is the most important tool we have for long-term shareholder value creation. Active portfolio management has reduced financial risk, reduced our cash obligations, and improved the productivity and long-term financial returns from our asset base. We will continue to manage our portfolio of timberlands, and the capital they generate to produce the best possible long-term value outcome for our shareholders.”

Earnings Conference Call and Supplemental Information

Plum Creek will hold a conference call today, April 26, at 5 p.m. EDT (2 p.m. PDT). A live webcast of the conference call may be accessed through Plum Creek’s Internet site at www.plumcreek.com by clicking on the “Investors” link.

Investors without internet access should dial 1-800-572-9852 at least 10 minutes prior to the start, referencing Plum Creek’s earnings. Those wishing to access the call from outside the United States/Canada should dial 1-706-645-9676, also referencing Plum Creek’s earnings. Replay of the call will be available for 48 hours after completion of the live call and can be accessed at 1-800-642-1687 or 1-706-645-9291 (international calls), using the code 54543003.

Plum Creek Timber Company Reports Results

Page 4

Supplemental financial information for Plum Creek operations, including statistical data, is available in the “Investors” information section of Plum Creek’s Web site at www.plumcreek.com.

###

Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest. For more information, visit www.plumcreek.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,” “seek,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative of those words or other comparable terminology. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the cyclical nature of the forest products industry, our ability to harvest our timber, our ability to execute our acquisition strategy, the market for and our ability to sell or exchange non-strategic timberlands and timberland properties that have higher and better uses, and various regulatory constraints. These and other risks, uncertainties and assumptions are detailed from time to time in our filings with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as amended. It is likely that if one or more of the risks materializes, or if one or more assumptions prove to be incorrect, the current expectations of Plum Creek and its management will not be realized. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and neither Plum Creek nor its management undertakes any obligation to update or revise any forward-looking statements.

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Three Months Ended
	March 31, 2010			March 31, 2009
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	151		$	139
Real Estate		99			268
Manufacturing		60			58
Other		7			5
Total Revenues		317			470
Costs and Expenses:
Cost of Goods Sold:
Timber		109			108
Real Estate		35			95
Manufacturing		54			76
Other		—			—
Total Cost of Goods Sold		198			279
Selling, General and Administrative		29			32
Total Costs and Expenses		227			311
Other Operating Income (Expense), net		5			—
Operating Income		95			159
Equity Earnings from Timberland Venture		14			15
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties)		20			24
Interest Expense (Note Payable to Timberland Venture)		14			14
Total Interest Expense, net		34			38
Gain on Extinguishment of Debt		—			1
Income before Income Taxes		75			137
Benefit for Income Taxes		(1	)		(20	)
Income from Continuing Operations		76			157
Gain on Sale of Properties, net of tax		11			—
Net Income	$	87		$	157
Per Share Amounts:
Income from Continuing Operations - Basic	$	0.47		$	0.95
Income from Continuing Operations - Diluted	$	0.47		$	0.95
Net Income per Share - Basic	$	0.54		$	0.95
Net Income per Share - Diluted	$	0.54		$	0.95
Weighted Average Number of Shares Outstanding
- Basic		162.9			164.7
- Diluted		163.1			164.8

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31,     2010			December 31, 2009
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	304		$	299
Accounts Receivable		32			24
Taxes Receivable		15			15
Inventories		49			46
Deferred Tax Asset		7			6
Assets Held for Sale		87			115
Other Current Assets		22			14
		516			519
Timber and Timberlands, net		3,477			3,487
Property, Plant and Equipment, net		153			156
Equity Investment in Timberland Venture		187			201
Deferred Tax Asset		12			14
Investment in Grantor Trusts (at Fair Value)		33			33
Other Assets		36			38
Total Assets	$	4,414		$	4,448
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	51		$	55
Accounts Payable		35			32
Interest Payable		34			25
Wages Payable		9			20
Taxes Payable		13			14
Deferred Revenue		15			16
Other Current Liabilities		12			21
		169			183
Long-Term Debt		1,577			1,625
Line of Credit		320			320
Note Payable to Timberland Venture		783			783
Other Liabilities		79			71
Total Liabilities		2,928			2,982
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) - 162.9 at March 31, 2010, and 162.8 at December 31, 2009		2			2
Additional Paid-In Capital		2,236			2,233
Retained Earnings		129			110
Treasury Stock, at cost, Common Shares - 24.8 at March 31, 2010, and 24.8 at December 31, 2009		(861	)		(860	)
Accumulated Other Comprehensive Income (Loss)		(20	)		(19	)
Total Stockholders’ Equity		1,486			1,466
Total Liabilities and Stockholders’ Equity	$	4,414		$	4,448

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended
	March 31, 2010			March 31, 2009
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	87		$	157
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009)		24			33
Basis of Real Estate Sold		32			89
Equity Earnings from Timberland Venture		(14	)		(15	)
Distributions from Timberland Venture		28			25
Deferred Income Taxes		1			(17	)
Gain on Sales of Properties		(11	)		—
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)		8			(2	)
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		—			45
Other Working Capital Changes		(32	)		(31	)
Other		6			—
Net Cash Provided By Operating Activities		129			284
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(13	)		(17	)
Proceeds from Sales of Properties		11			—
Net Cash Used In Investing Activities		(2	)		(17	)
Cash Flows From Financing Activities:
Dividends		(68	)		(69	)
Borrowings on Line of Credit		568			225
Repayments on Line of Credit		(568	)		(245	)
Principal Payments and Retirement of Long-Term Debt		(53	)		(105	)
Acquisition of Treasury Stock		(1	)		(87	)
Net Cash Used In Financing Activities		(122	)		(281	)
Increase (Decrease) In Cash and Cash Equivalents		5			(14	)
Cash and Cash Equivalents:
Beginning of Period		299			369
End of Period	$	304		$	355

EX-99.2

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Three Months Ended
	March 31, 2010			March 31, 2009
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	151		$	139
Real Estate		99			268
Manufacturing		60			58
Other		7			5
Total Revenues		317			470
Costs and Expenses:
Cost of Goods Sold:
Timber		109			108
Real Estate		35			95
Manufacturing		54			76
Other		—			—
Total Cost of Goods Sold		198			279
Selling, General and Administrative		29			32
Total Costs and Expenses		227			311
Other Operating Income (Expense), net		5			—
Operating Income		95			159
Equity Earnings from Timberland Venture		14			15
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties)		20			24
Interest Expense (Note Payable to Timberland Venture)		14			14
Total Interest Expense, net		34			38
Gain on Extinguishment of Debt		—			1
Income before Income Taxes		75			137
Benefit for Income Taxes		(1	)		(20	)
Income from Continuing Operations		76			157
Gain on Sale of Properties, net of tax		11			—
Net Income	$	87		$	157
Per Share Amounts:
Income from Continuing Operations - Basic	$	0.47		$	0.95
Income from Continuing Operations - Diluted	$	0.47		$	0.95
Net Income per Share - Basic	$	0.54		$	0.95
Net Income per Share - Diluted	$	0.54		$	0.95
Weighted Average Number of Shares Outstanding
- Basic		162.9			164.7
- Diluted		163.1			164.8

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31,     2010			December 31, 2009
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	304		$	299
Accounts Receivable		32			24
Taxes Receivable		15			15
Inventories		49			46
Deferred Tax Asset		7			6
Assets Held for Sale		87			115
Other Current Assets		22			14
		516			519
Timber and Timberlands, net		3,477			3,487
Property, Plant and Equipment, net		153			156
Equity Investment in Timberland Venture		187			201
Deferred Tax Asset		12			14
Investment in Grantor Trusts (at Fair Value)		33			33
Other Assets		36			38
Total Assets	$	4,414		$	4,448
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	51		$	55
Accounts Payable		35			32
Interest Payable		34			25
Wages Payable		9			20
Taxes Payable		13			14
Deferred Revenue		15			16
Other Current Liabilities		12			21
		169			183
Long-Term Debt		1,577			1,625
Line of Credit		320			320
Note Payable to Timberland Venture		783			783
Other Liabilities		79			71
Total Liabilities		2,928			2,982
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) - 162.9 at March 31, 2010, and 162.8 at December 31, 2009		2			2
Additional Paid-In Capital		2,236			2,233
Retained Earnings		129			110
Treasury Stock, at cost, Common Shares - 24.8 at March 31, 2010, and 24.8 at December 31, 2009		(861	)		(860	)
Accumulated Other Comprehensive Income (Loss)		(20	)		(19	)
Total Stockholders’ Equity		1,486			1,466
Total Liabilities and Stockholders’ Equity	$	4,414		$	4,448

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended
	March 31, 2010			March 31, 2009
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	87		$	157
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009)		24			33
Basis of Real Estate Sold		32			89
Equity Earnings from Timberland Venture		(14	)		(15	)
Distributions from Timberland Venture		28			25
Deferred Income Taxes		1			(17	)
Gain on Sales of Properties		(11	)		—
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)		8			(2	)
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		—			45
Other Working Capital Changes		(32	)		(31	)
Other		6			—
Net Cash Provided By Operating Activities		129			284
Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(13	)		(17	)
Proceeds from Sales of Properties		11			—
Net Cash Used In Investing Activities		(2	)		(17	)
Cash Flows From Financing Activities:
Dividends		(68	)		(69	)
Borrowings on Line of Credit		568			225
Repayments on Line of Credit		(568	)		(245	)
Principal Payments and Retirement of Long-Term Debt		(53	)		(105	)
Acquisition of Treasury Stock		(1	)		(87	)
Net Cash Used In Financing Activities		(122	)		(281	)
Increase (Decrease) In Cash and Cash Equivalents		5			(14	)
Cash and Cash Equivalents:
Beginning of Period		299			369
End of Period	$	304		$	355

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)

	Three Months 2010			Three Months 2009
	(In Millions)
Revenues:
Northern Resources	$	59		$	57
Southern Resources		98			83
Real Estate		99			268
Manufacturing		60			58
Other		7			5
Eliminations		(6	)		(1	)
Total Revenues	$	317		$	470
Operating Income (Loss)
Northern Resources	$	4		$	2
Southern Resources		30			20
Real Estate		62			170
Manufacturing		4			(22	)
Other (A)		11			5
Other Costs and Eliminations		(16	)		(16	)
Other Unallocated Operating Income (Expense), net		—			—
Total Operating Income	$	95		$	159

^(A) During the first quarter of 2010, the company agreed to terminate a land lease for consideration of $5 million from the lessor. The land lease had been accounted for as an operating lease. The $5 million consideration is reported as other gain/loss in our Other Segment since the consideration was primarily for the release of mineral rights. The $5 million consideration is reported as Other Operating Income (Expense), net in our Consolidated Statements of Income.

Plum Creek Timber Company, Inc

Selected Operating Statistics

(Unaudited)

		2010		2009
		1st Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$	23	$	24	$	22	$	22	$	21	$	22
Pulpwood	$/Ton Stumpage	$	13	$	11	$	9	$	9	$	10	$	10
Northern Resources
Sawlog	$/Ton Delivered	$	59	$	57	$	50	$	56	$	56	$	55
Pulpwood	$/Ton Delivered	$	38	$	43	$	38	$	38	$	38	$	40
Lumber (1)	$/MBF	$	501	$	374	$	340	$	448	$	477	$	397
Plywood (1)	$/MSF	$	352	$	362	$	353	$	361	$	352	$	357
Fiberboard (1)	$/MSF	$	588	$	601	$	593	$	596	$	599	$	597
Sales Volume
Southern Resources
Sawlog	1,000 Tons		1,274		942		1,217		1,250		993		4,402
Pulpwood	1,000 Tons		1,526		1,487		1,849		2,014		1,649		6,999
Total Harvest			2,800		2,429		3,066		3,264		2,642		11,401
Northern Resources
Sawlog	1,000 Tons		627		525		371		632		609		2,137
Pulpwood	1,000 Tons		527		613		397		691		567		2,268
Total Harvest			1,154		1,138		768		1,323		1,176		4,405
Lumber	MBF		28,791		35,123		60,371		40,590		28,428		164,512
Plywood	MSF		45,104		35,439		40,729		41,479		37,271		154,918
Fiberboard	MSF		35,347		34,044		32,802		34,282		30,964		132,092

(1) Represents prices at mill level.

Plum Creek Timber Company, Inc.

Land Sale Statistics

(Unaudited)

	2010		2009
	1st Qtr (1)		1st Qtr (2)		2nd Qtr		3rd Qtr		4th Qtr		YTD
Acres Sold
Small Non-strategic		29,640		1,665		9,840		5,545		2,570		19,620
Large Non-strategic		24,310		—		59,160		—		—		59,160
Conservation		35,120		113,355		3,895		43,695		4,910		165,855
HBU/Recreation		9,080		2,180		10,955		10,440		26,700		50,275
Development Properties		730		1,485		25		515		35		2,060
Conservation Easements		n/a		n/a		n/a		n/a		n/a		n/a
		98,880		118,685		83,875		60,195		34,215		296,970
Price per Acre
Small Non-strategic	$	885	$	1,330	$	900	$	970	$	855	$	950
Large Non-strategic	$	1,320		—	$	650		—		—	$	650
Conservation	$	545	$	2,225	$	1,705	$	350	$	1,280	$	1,690
HBU/Recreation	$	2,125	$	3,420	$	2,200	$	2,115	$	2,200	$	2,235
Development Properties	$	3,050	$	4,075	$	13,650	$	9,190	$	7,485	$	5,520
Conservation Easements		—		—		—		—		—		—
Revenue, ($ millions)
Small Non-strategic	$	26	$	2	$	9	$	5	$	2	$	19
Large Non-strategic	$	32		—	$	38		—		—	$	38
Conservation	$	19	$	252	$	7	$	15	$	6	$	280
HBU/Recreation	$	19	$	7	$	24	$	22	$	59	$	112
Development Properties	$	2	$	6		—	$	5		—	$	12
Conservation Easements		—		—		—		—		—		—
	$	99	$	268	$	78	$	48	$	67	$	461
Revenue from Non-Cash Exchange (3)		—		—		—	$	25		—	$	25
Basis of Real Estate Sold (4)	$	32	$	89	$	29	$	21	$	16	$	155

(1) During the first quarter of 2010 the company sold 24,000 acres of Large Non-strategic lands located in Louisiana for $32 million. In addition, the company sold two larger Conservation properties totaling 35,000 acres in Wisconsin and Arkansas and an aggregation of 23,000 acres of Small Non-strategic timberlands located primarily in the Lake States region.

(2) 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.

(3) During the 3rd quarter of 2009 we completed a non-cash exchange with the State of Washington. We relinquished 20,600 acres, in King County, in exchange for 37 parcels containing more than 6,000 acres in nine counties.

(4) Includes $7 million in the first quarter of 2010 for a 24,000 acre Large Non-strategic sale in Louisiana, $16 million in the second quarter of 2009 for a 59,000 acre Large Non-strategic sale in Wisconsin and $85 million in the first quarter of 2009 for a 112,000 acre Conservation sale in Montana.

PLUM CREEK TIMBER COMPANY, INC.

DEBT MATURITIES SCHEDULE

March 31, 2010

(UNAUDITED)

	Borrowings (1)
	Principal	Weighted Avg. Interest Rate
Quarterly Maturities through 2010:
4th Qtr 2010	3	8.050	%
Annual Maturities through 2014:
2011	308	7.732	%(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 $40 million, $3 million, $216 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.