Chart Plum Creek Legacy News Releases

Plum Creek Updates Assessment of High Value Timberlands

May 2, 2006

SEATTLE, Wash. – Following the conclusion of Plum Creek's Annual Meeting of Stockholders today, Rick Holley, president and chief executive officer, updated investors on the company's continuing efforts to identify high value lands throughout its 8.2 million acres of timberlands.

In his presentation, Holley outlined the company's ongoing process of evaluating its timberland portfolio. The company's current assessment includes 6.1 million acres of core timberlands located in excellent long-term timber markets and 420,000 acres of non-strategic timberlands that do not fit the core timberland criteria. The company increased its estimate of timberlands with higher-value alternative uses by approximately 400,000 acres to 1.7 million acres. These lands are expected to be sold over time for recreation, development, or conservation purposes.

“During the past three years, we've built a disciplined process that gives us a comprehensive view of the value of our diverse timberland portfolio – be it for timber management or an alternative higher-value use,” said Holley. “Through our experience, we've gained valuable insight into rural land markets throughout the United States. As a result, we've developed an intimate understanding of what makes our lands uniquely valuable. We've incorporated these insights into our current assessment of our land portfolio.”

The company's current assessment of timberlands with higher values includes approximately 975,000 acres of recreation lands, 225,000 acres of lands suitable for responsible development, and approximately 500,000 acres of conservation properties.

“We are executing strategies to capture and deliver the value from our sustainable timber management and our unique land base. As rural land markets continue to evolve and grow, I believe Plum Creek is well positioned to identify additional high-value opportunities.” concluded Holley.

Plum Creek is the largest and most geographically diverse private landowner in the nation, with more than 8 million acres of timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest.

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.

For more information contact:
Investors: John Hobbs 1-800-858-5347
Media: Kathy Budinick 1-206-467-3620

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