SEATTLE--(BUSINESS WIRE)--Nov. 5, 2008--Plum Creek Timber Company,Inc. (NYSE: PCL) today announced a quarterly cash dividend of $0.42per share. The dividend is payable on Nov. 28, 2008, to shareholdersof record as of Nov. 17, 2008. Plum Creek's dividend is expected to becharacterized as long-term capital gain income primarily because theincome generated by the sale of Plum Creek's timber is consideredlong-term capital gain. As such, Plum Creek's dividend is expected tobe taxed at a maximum rate of 15 percent for most U.S. taxpayers.

Plum Creek is the largest and most geographically diverse privatelandowner in the nation with more than 7 million acres of timberlandsin major timber producing regions of the United States and 10 woodproducts manufacturing facilities in the Northwest.

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

SOURCE: Plum Creek Timber Company, Inc.