Press Release

8/28/2008

The Campbell Group to enter into Joint Venture with Plum Creek for 454,000 Acres of Southern Timberland

Portland, Oregon - August 28, 2008 - The Campbell Group, LLC (Campbell Group), a Portland, Oregon-based timber investment management firm, today announced it will enter into an agreement with Plum Creek Timber Company, Inc. (NYSE: PCL) that will allow Plum Creek to contribute approximately 454,000 acres of investment grade Southern timberlands (with a value of approximately $1,725 per acre) to a new joint venture. Under the terms of the agreement, Plum Creek will contribute the timberlands to the joint venture and an investment fund sponsored by Campbell Group will contribute $783 million in cash. Campbell Group, will manage the joint venture lands for continued timber production. The timberlands are located in six states including Oklahoma, Arkansas, Mississippi, North Carolina, South Carolina and Georgia.

John Gilleland, president of Campbell Group, said, "On behalf of our investors, we are extremely pleased to enter into this joint venture with Plum Creek. The 454,000 acres are strategically located in well-established log markets and provide for management efficiencies with the Campbell Group's nearly 2 million acres of Southern timberland assets currently under management. We look forward to continuing to manage these lands responsibly and under the requirements of the Sustainable Forestry Initiative® Standard."

The agreement is expected to become effective during the fourth quarter of 2008.

Morrison & Foerster LLP and Schwabe, Williamson & Wyatt served as legal advisors to The Campbell Group in connection with the joint venture.

The Campbell Group, LLC (www.campbellgroup.com) is a full-service timberland investment management company headquartered in Portland, Oregon. The company is focused on investing in and managing high quality, investment grade forestland on behalf of institutional investors to produce superior risk-adjusted returns. Campbell Group currently manages approximately 2.4 million acres of investment grade timberlands in 13 states.

Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 8 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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