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

SEATTLE--(Business Wire)--
Plum Creek Timber Company, Inc. (NYSE:PCL) today announced a
quarterly cash dividend of $0.42 per share. The dividend is payable on
Aug. 29, 2008, to shareholders of record as of Aug. 15, 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.

Plum Creek Timber Company, Inc.
Investors:
John Hobbs, 1-800-858-5347
or
Media:
Robin Keegan, 1-888-467-3751

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