Plum Creek announces pricing of its public offering of US$325M aggregate principal amount of 3.25% senior unsecured notes due 2023

Audrey Dixon

SEATTLE , November 14, 2012 (press release) – Plum Creek Timberlands, L.P., a wholly owned subsidiary and operating partnership of Plum Creek Timber Company, Inc. (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.

Plum Creek is one of the largest landowners in the nation and the most geographically diverse, with approximately 6.4 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. 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.

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