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Plum Creek Repurchases Shares
Seattle, Washington, USA, 21 October 2008 -- Plum Creek (NYSE:PCL) has completed its previously approved USD 200 million open-market share repurchase program and that its board of directors authorized an additional USD 200 million share repurchase program. The program authorizes the company, at its own discretion, to periodically buy back shares of its outstanding common stock with open-market purchases as market conditions warrant.

Plum Creek completed its previously approved program earlier this month, repurchasing USD 149 million, or 3.6 million shares, of common stock between 01 October and 17 October. The shares were repurchased at an average price of USD 41.76 per share and the repurchase reduced stock outstanding by approximately 2%.

"This action underscores our conviction about the long-term value of our assets and our strategy to create and capture shareholder value," said Rick Holley, president and chief executive officer. "Through these actions, we have acquired attractively priced timber and land assets in the stock market, increasing our shareholders' proportionate ownership interest in these assets. We will continue our disciplined approach to capital allocation, taking into consideration all our options for long-term value creation."

Plum Creek is the largest and most geographically diverse private landowner in the nation with more than 7 million acres of timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest.

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