Plum Creek Legacy News Releases

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

May 1, 2007

SEATTLE--(BUSINESS WIRE)--May 1, 2007--Plum Creek Timber Company,Inc. (NYSE:PCL) today announced a quarterly cash dividend of $0.42 pershare. The dividend is payable on May 31, 2007, to shareholders ofrecord as of May 16, 2007. 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.

In addition, the company announced that its board of directorsapproved an increase in the company's previously authorized stockrepurchase program. As a result, the company's current authorizationto repurchase stock is an aggregate amount of up to $200 million. Theprogram authorizes the company to buy back shares of its outstandingcommon stock from time to time through open-market and privatelynegotiated purchases, or a combination of the two, as marketconditions warrant.

Plum Creek is the largest and most geographically diverse privatelandowner in the nation with more than 8 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
Media: Kathy Budinick, 1-888-467-3751

SOURCE: Plum Creek Timber Company, Inc.

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