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Plum Creek Announces Pricing Of $325 Million Senior Notes Offering

Plum Creek Timberlands, L.P., a wholly owned subsidiary and operating partnership of Plum Creek Timber Company, Inc. (NYSE:PCL), announced today the pricing of its public offering of $325 million aggregate principal amount of 3.25% senior unsecured notes due 2023. The notes will have a yield to maturity of 3.34% and mature on March 15, 2023. The offering is expected to close on November 26, 2012. Goldman, Sachs & Co., J.P. Morgan Securities LLC, RBS Securities Inc. and U.S. Bancorp Investments, Inc. acted as joint book-running managers of the offering.

The notes will be senior unsecured obligations of Plum Creek Timberlands, L.P. and will be fully and unconditionally guaranteed by Plum Creek Timber Company, Inc. Plum Creek Timberlands, L.P. intends to use the net proceeds from the offering to repay its notes maturing in 2013. Prior to the repayment of such notes, Plum Creek Timberlands, L.P. will invest most of such net proceeds in marketable securities and/or short term investments, and use a portion to repay, temporarily, outstanding borrowings under its revolving credit facility.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. A prospectus supplement and accompanying prospectus describing the terms of this offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained, at no cost, by viewing the filings of Plum Creek Timberlands, L.P. and Plum Creek Timber Company, Inc. on the SEC website at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus for the offering can be obtained from Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, or by calling toll free at 1-866-471-2526, facsimile: 1-212-902-9316 or by emailing prospectusny@ny.email.gs.com, J.P. Morgan Securities LLC, 383 Madison Avenue, New York 10179, Attention: Investment Grade Syndicate Desk, or by calling (collect) at 1-212-834-4533, or RBS Securities Inc., by calling toll free at 1-866-884-2071.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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