Plum Creek Timber Company, Inc. Announces Quarterly Dividend of $0.42 Per Share

Business Wire, May 6, 2008

SEATTLE -- Plum Creek Timber Company, Inc. (NYSE:PCL) today announced a quarterly cash dividend of $0.42 per share. The dividend is payable on May 30, 2008, to shareholders of record as of May 16, 2008. Plum Creek's dividend is expected to be characterized as long-term capital gain income primarily because the income generated by the sale of Plum Creek's timber is considered long-term capital gain. As such, Plum Creek's dividend is expected to be taxed at a maximum rate of 15 percent for most U.S. taxpayers.

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.