Plum Creek repurchased 3.36 million shares, at an average priceof $35.78 per share for the month of May and 0.90 million shares,at an average price of $36.08 per share for the month of June. The4.26 million shares repurchased during the second quarter of 2006reduced stock outstanding by approximately 2.3%.

Plum Creek is the largest and most geographically diverseprivate landowner in the nation, with 8.2 million acres oftimberlands in major timber producing regions of the US. Thecompany also owns and operates 10 wood products manufacturingfacilities in the Northwest.

As with the old buyback program, the new program authorizes thecompany, at its own discretion, to buy back shares of itsoutstanding common stock from time to time with open-marketpurchases as market conditions warrant. "Through this program, wehave acquired valuable timber and land assets at attractive valuesin the stock market, increasing our shareholders' proportionateownership interest in these assets," Holley says.