SEATTLE, Dec 7, 2001 (BUSINESS WIRE) -- Plum Creek Timber Company, Inc.(NYSE:PCL) today announced the declaration of its fourth quarter 2001 dividend.

The cash dividend of $0.57 per share will be payable on Dec. 28, 2001, toshareholders of record as of Dec. 17, 2001.

Plum Creek anticipates that this dividend will be sufficient to complete therequired distribution of The Timber Company's historic earnings and profits.Therefore, Plum Creek does not expect that any special dividends will benecessary to comply with applicable tax rules pertaining to REITs. Normally thefourth quarter dividend would be paid at the end of February. Plum Creekanticipates it will return to a normal dividend schedule beginning with thefirst quarter 2002 dividend. First quarter dividends have typically been paid inMay.

Plum Creek, a real estate investment trust, is one of the largest land owners inthe nation, with over 7.8 million acres of timberlands in every significanttimber-growing region of the United States and nine wood product mills in theNorthwest.

    Forward-looking Statements

This press release contains forward-looking statements within the meaning of thePrivate Litigation Reform Act of 1995. Some of these forward-looking statementscan be identified by the use of forward-looking words such as "believes,""expects," "may," "will," "should," "seek," "approximately," "intends," "plans,""estimates," or "anticipates," or the negative of those words or othercomparable terminology. The accuracy of such statements is subject to a numberof risks, uncertainties and assumptions. These risks, uncertainties andassumptions are detailed from time to time in our filings with the Securitiesand Exchange Commission under the Securities Exchange Act of 1934, as amended,and the Securities Act of 1933, as amended. It is likely that if one or more ofthe risks materializes, or if one or more assumptions proves to be incorrect,the current expectations of Plum Creek and its management will not be realized.Forward-looking statements speak only as of the date made, and neither PlumCreek nor its management undertakes any obligation to update or revise anyforward-looking statements.

More information on Plum Creek Timber Co. may be accessed at:http://www.businesswire.com/cnn/pcl.shtml.

CONTACT:          Plum Creek Timber Company, Inc.                  Barbara W. Garland, 206/467-3600 or 800/858-5347                  www.plumcreek.comURL:              http://www.businesswire.comToday's News On The Net - Business Wire's full file on the Internetwith Hyperlinks to your home page.

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