October 2, 2008

Plum Creek Completes Formation of Joint Venture

Plum Creek Timber Co., Inc. (NYSE:PCL) today announced that on Oct. 1, it completed the formation of the previously announced joint venture with The Campbell Group LLC. The transaction allows Plum Creek to capture the value of approximately 454,000 acres in six southern states and values these timberlands at $783 million or approximately $1,725 per acre.

Additional information on the transaction is posted on the company's Web site at www.plumcreek.com/investors.

Plum Creek is the largest and most geographically diverse private landowner in the nation with timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest.