Plum Creek Legacy News Releases

Plum Creek Timber Company, Inc. Increases Quarterly Dividend 5 Percent to $0.42 Per Share

Feb 6, 2007

SEATTLE--(BUSINESS WIRE)--Feb. 6, 2007--Plum Creek Timber Company,Inc. (NYSE: PCL) today announced a quarterly cash dividend of $0.42per share, an increase of $0.02 per share, or 5 percent. The dividendis payable on March 2, 2007, to shareholders of record as of February16, 2007.

"The increase in our dividend is a direct result of our ability togenerate attractive and sustainable cash flow from our businesses,"said Rick Holley, president and chief executive officer. "We continueto generate excellent cash flow and anticipate our 2007 cash flow fromoperations will once again exceed $500 million. Paying a reliable andattractive dividend from the cash we generate each year is one of themost direct and transparent means we have of delivering shareholdervalue."

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 taxed at a maximum rate of 15 percent formost U.S. taxpayers.

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.

Forward-Looking Statements

This press release contains forward-looking statements within themeaning of the Private Litigation Reform Act of 1995 as amended. Someof these forward-looking statements can be identified by the use offorward-looking words such as "believes," "expects," "may," "will,""should," "seek," "approximately," "intends," "plans," "estimates," or"anticipates," or the negative of those words or other comparableterminology. The accuracy of such statements is subject to a number ofrisks, uncertainties and assumptions including, but not limited to,the cyclical nature of the forest products industry, our ability toharvest our timber, our ability to execute our acquisition strategy,the market for and our ability to sell or exchange non-strategictimberlands and timberland properties that have higher and betteruses, and various regulatory constraints. These and other risks,uncertainties and assumptions are detailed from time to time in ourfilings with the Securities and Exchange Commission under theSecurities Exchange Act of 1934, as amended, and the Securities Act of1933, as amended. It is likely that if one or more of the risksmaterializes, or if one or more assumptions prove to be incorrect, thecurrent expectations of Plum Creek and its management will not berealized. Forward-looking statements are not guarantees ofperformance, and speak only as of the date made, and neither PlumCreek nor its management undertakes any obligation to update or reviseany forward-looking statements.

CONTACT: Plum Creek Timber Company
Investors:
John Hobbs, 800-858-5347
Media:
Kathy Budinick, 888-467-3751

SOURCE: Plum Creek Timber Company

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