Summary of PLUM CREEK TIMBER CO INC

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) On February 4, 2013, Plum Creek Timber Company, Inc. was notified by John H. Scully, a long-time member of the company's Board of Directors, that he is retiring from the Board and does not intend to stand for re-election at the company's 2013 Annual Meeting of the Stockholders.

(c) On February 5, 2013, the Plum Creek Timber Company, Inc. Board of Directors appointed Thomas M. Lindquist, 52, to serve as President and Chief Operating Officer of the company. Mr. Lindquist previously served as Executive Vice President and Chief Operating Officer of the company from April 2007 to the present and as Executive Vice President of the company from December 2001 to March 2007. Rick Holley, 60, the company's President and Chief Executive Officer since 1994, will continue to serve as Chief Executive Officer. A press release announcing the appointment is filed as an exhibit hereto and is incorporated herein by reference.

(e) On February 4, 2013, the Compensation Committee of the Plum Creek Timber Company, Inc. Board of Directors authorized the payment of annual incentive cash bonus awards under the company's Annual Incentive Plan. The following table sets forth the payment amounts for the 2012 cash incentive bonus to the company's named executive officers listed in its 2012 definitive proxy statement filed with the Securities and Exchange Commission on March 29, 2012:

Name and Position                                         Annual Incentive Award
Rick R. Holley
President and Chief Executive Officer                           $1,480,604
Thomas M. Lindquist
Executive Vice President and Chief Operating Officer             $729,729
David W. Lambert
Senior Vice President and Chief Financial Officer                $489,456
James A. Kilberg
Senior Vice President, Real Estate                               $428,868
Larry D. Neilson
Senior Vice President, Resources and Operations Support          $427,680

Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibits are filed with this report:

Exhibit No.                                 Description

   10.1          Plum Creek Timber Company, Inc. Annual Incentive Plan
                 (Incorporated by reference to Exhibit 10.13 to Form 10-K, File
                 No. 1-10239, for the year ended December 31, 2000). Annual
                 Incentive Plan - Compensation Committee Guidelines for Executive
                 Officers (Incorporated by reference to Item 1.01 of Form 8-K,
                 File No. 1-10239, filed on April 6, 2006). Annual Incentive Plan
                 - Compensation Committee Guidelines for Executive Officers
                 (Incorporated by reference to Item 5.02 of Form 8-K, File No.
                 1-10239, filed on February 10, 2011).
   99.1          Press release of Plum Creek Timber Company, Inc. issued on
                 February 6, 2013 announcing the appointment of Thomas M.
                 Lindquist as President and Chief Operating Officer of the company
                 (filed herewith).