SEATTLE, Jul 31, 2007 (BUSINESS WIRE) -- Plum Creek Timber Company, Inc. (NYSE: PCL) today announced aquarterly cash dividend of $0.42 per share. The dividend is payable onAug. 31, 2007, to shareholders of record as of Aug. 16, 2007.

Plum Creek's dividend is expected to be characterized as long-termcapital gain income primarily because the income generated by the saleof 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 15percent for most U.S. taxpayers.

Plum Creek is the largest and most geographically diverse privatelandowner in the nation with 8.2 million acres of timberlands in majortimber producing regions of the United States and 10 wood productsmanufacturing facilities in the Northwest.

SOURCE: Plum Creek Timber Company, Inc.

Plum Creek Timber Company, Inc.Investors:John Hobbs, 1-800-858-5347orMedia:Kathy Budinick, 1-888-467-3751