1. Plum Creek:
Forest Products
Recovery Underway
Arkansas Forestry Association
Annual Meeting
Rick Holley
Chief Executive Officer
October 2, 2013

2. Safe Harbor
THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. Some of the forward-
looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “may,”
“will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “strategy” or “anticipates”
or the negative of those words or other comparable terminology. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause actual results to differ materially from
those described in the forward-looking statements. Some of these factors include, but are not limited to:
changes in governmental, legislative and environmental restrictions; catastrophic losses from fires, floods,
conditions and competition in our domestic and export markets; our failure to qualify as a REIT or a reduction
in the demand for timber products and/or an unanticipated increase in the supply of timber products; our
failure to make strategic acquisitions or to integrate any such acquisitions effectively; the market for and our
ability to sell or exchange non-strategic timberlands and timberland properties that have higher and better
uses; and other factors described 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. 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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3. Plum Creek
3
U.S. Holdings: 6.3 million acres
• Timber
• Land
• Subsurface assets

4. About Plum Creek
• Largest independent seller of wood
fiber in the United States
• Operate in every major wood
producing region
• More than 2,200 truckloads of logs
on the road each day
• Established customer relationships
with more than 700 customer
facilities in 19 states
4

5. Nearly 25 Years of Innovative Timberland Management
5
1989
• First pure play timber investment available
1999
• Pioneered the timber-REIT
• First to certify all timberland as sustainably managed
2002
• Leader in portfolio management, optimizing HBU
identification and dispositions
2012
• Serving the emerging bioenergy customer base

6. 6
Sustainable Forestry is at the Heart of our Land Management
• Balances timber growth and harvest
while protecting wildlife, plants, soil and
water quality
All timberlands SFI® certified since 1999
Conservation outcome on 1.4 million acres
since 1989
Habitat Conservation Plans protect
endangered species on over 1.1 million
acres

7. Value in Every Acre in our Portfolio
Timber
• Growing harvest, sustainably managed
• Unmatched diversity, unique market insight
Land
• Capture premium recreation and conservation values
• Create value through entitlement of select lands
Non-Timber Resources
• Valuable subsurface and surface resources
• Ongoing royalty streams
7

8. Broad Timberland Portfolio Creates Advantages
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Superior Risk Management
• Diversify local market and end-market risk
• Mitigate physical risk of catastrophic loss
Unique Market Insight
• National perspective on timber and timberland markets
• Sharing of market information and best practices to improve
market intelligence and performance
Greater Operational Flexibility
• Ability to shift activity to most attractive geographies
• Ability to modify harvest mix to serve most attractive end-use
markets

9. Plum Creek in Arkansas
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Acreage
• Plum Creek 720,000
• Forest Industry 5,454,000
• Total Timberlands 18,830,000
Statistics
• Employees 46
• Contractors Employed 43
• Customers/Mills 43

10. Media Headlines
• Housing Starts Up in August
• U.S. Economy Grows Faster than Expected
• Building Permits Up in Country
• Beetle Whittles Down Timber Supply
• Beetle Infestation Drives Up Lumber Prices
• Northwest Wood Products Feed Hungry
Asian Market
• Georgia Pacific Investing $400 Million in
Plants
• New Klausner Sawmill to be Built in Florida
• Plum Creek to Reopen Evergreen Sawmill
as Lumber Prices Double
• Lumber Sector Enters ‘Super Cycle’ as
U.S. Housing Recovery Gains Steam
• Lumber Prices Could Rise 25% in 2013
Arkansas:
• Northwest Arkansas Construction Stays
Hot
• Cash Investors Helping to Drive Northwest
Arkansas Housing Market
• Building Worth $1.1 Million Set in City:
Includes Church, Residences, Other
Projects
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11. Average Annual U.S. Housing Starts
U.S. Housing Starts on the Rise
-
500
1,000
1,500
2,000
2,500
1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018
Millionunitsperyear
11
Source: US Census, Harvard Joint Center for Housing
 Long-term demographic demand projected to drive to 1.5 million + annual housing starts

12. North American Lumber Production
0
10
20
30
40
50
60
70
80 1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
BillionsofBoardFeet
12
Source: RISI

13. Shrinking Canadian Supply
13
Source: Natural Resources, Canada; BC Ministry of Forests: 2012
Summary of Forest Health Conditions in British Columbia
• B.C. has produced 25% of North
America’s lumber
More than half of pine trees in B.C. are dead
due to infestation from the Mountain Pine
Beetle
60+ years before B.C. forests will fully
recover
Harvests and production will likely decline
by 20%
• Eastern Canada also expected to
lower harvest levels by 20% to
achieve sustainable rotations
• Canada has supplied up to 35% of
the lumber used in the United
States - this market share will
likely shrink below 25%
Extent of Mountain Pine Beetle Infestation: 2011

14. Offshore Lumber Exports have Doubled, Growing
by 3 Bbf
0
1
2
3
4
5
6
7
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
North American Lumber Exports
Rest of World China
14Source: RISI, B.C. Ministry of Forests, Mines and Land, Random Lengths
Billionboardfeet
3
Bbf

15. Normalized North American Demand is Estimated to be
about 67 Bbf of Lumber, up 23% from 2012
64
Bbf
3 Bbf
67
Bbf
1.5 million
starts
Normalized
Demand
New Chinese
Demand
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16. Source: Wood Markets Benchmarking Reports, Plum Creek estimates
U.S. Producers are Well-positioned on the Cost Curve
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US$/mbfnet–LumberBasis
$215
$244
$284 $286
0
50
100
150
200
250
300
350
2004
$236 $246
$270
$315
0
50
100
150
200
250
300
350
2012
Sawmilling Costs: Average MillBritish
Columbia
British
Columbia
USWest
USSouth
USSouth
USWest
EasternCanada
EasternCanada
Strong Canadian Dollar also a factor

17. For Supply to Meet Demand, the U.S. South will Need to
Produce Lumber at Levels Beyond its Prior Peak
1998-
2002
Peak
2005
Trough
2009
Recent
2012 Future
% Change
from 2012
U.S. Starts 1.63 2.07 0.55 0.78 1.50
Lumber Supply (Billion Board Feet)
Canada 30 34 19 23 24
U.S. West 17 19 10 13 17
U.S. South 17 19 12 14 21 +50%
Rest of U.S. 2 2 1 2 2
Offshore
Imports
2 3 1 1 3
TOTAL
SUPPLY*
67 78 43 53 67
17
* Totals do not add due to rounding
Source: US Census Bureau, RISI, Random Lengths, Plum Creek estimates
67 Bbf

18. Southern Production and Price
Source: Timber Mart-South (TMS), WOOD MARKETS 18
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
SawlogPriceperTon/Stumpage
BillionBoardFeetLumber
Annual Southern Lumber Production TMS SYP Sawlog Prices
1997 – 2007 Average - $38.00/Ton

19. $80 million investment to buy existing mills
Capital Flowing into U.S. South is a Leading Indicator for
Increased Sawlog Demand in the Region
$400 million mill capacity expansion
$150 million mill capacity expansion
$240 million investment to build two new mills
$80+ million investment to buy existing mills
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20. European Energy Policy is Driving Demand
Growth for Wood Pellets
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European Union’s renewable energy targets by 2020
• 20% reduction in greenhouse gases
• 20% increase in renewable energy
• 20% increase in energy efficiency
Wood replacing coal for power generation
• Supported by policy; wood is carbon neutral
UK is an early adopter; carbon tax and incentives in place
• Committed to “decarbonizing” the power sector
• Carbon tax of £11/ton of coal expected increasing to £40/ ton of coal
by 2015
Source: Hawkins Wright

21. $200 million investment for two new mills
$300 million investment in new Louisiana mill
$190 million repurpose of chip mill in Texas
$200 million investment for two new mills
$200 million investment for two new mills
Wood Pellet Mills are Breaking Ground in the U.S. South
• Well over $1 billion of capital investment announced
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$325 million investment for three new mills

22. Southern Softwood Pulpwood is Low Cost on a
Global Basis
$74 $75
$84 $86 $86 $90
$98 $99 $104
$134
$148$150
$161$163$163
$177
0
20
40
60
80
100
120
140
160
180
200
DeliveredPriceUS$/Odmt
22
Source: Wood Resources International, Q1 2013 Odmt: oven dried metric ton

23. Announced Mills are Locating In Multiple Plum Creek
Timber Basins Across the South
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24. Industry
Challenges
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25. Contractor Capacity
• Contractor workforce declined approximately 25% since 2005
• Demand for contractors increasing as recovery progresses
• Contractor shortage an issue - expect trend to continue
• Higher production rates
• Decreased interest in logging – few new entrants
• Barriers to entry - capital, labor
• Plum Creek
• Provides core contractors with base load volumes to support their
business
• Gives pass-through fuel adjustments
• Supports organizations like AFA that promote logging
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26. Clean Water Act (Forest Roads)
• Three year legal battle over Point/Nonpoint Designation for
Forest Roads has not resolved the issue
• U.S. Supreme Court decision supportive, but…
• Legislation is the best way to get a permanent solution
• Bipartisan support
• Farm Bill possible vehicle
• AFA has been an active advocate for this issue
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27. Clean Air Act (Tailoring Rule)
• Three years ago EPA declared CO2 a pollutant
• EPA proposed treating biomass emissions the same as
fossil fuels
• Congressional pressure has been effective with
Administration and EPA
• AFA has joined NAFO, AF&PA and others in support
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28. Summary
• Increased demand and reduced supply are driving a
rebound in the U.S. timber and wood products industry
• Renewable energy is providing new demand for biomass
and pulpwood
• Key trends are translating into major opportunities for
Southern forest products communities
• Challenges remaining – must work together to address
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