SEATTLE--(BUSINESS WIRE)--Oct. 31, 2006--Plum Creek TimberCompany, Inc. (NYSE: PCL) today announced a quarterly cash dividend of$0.40 per share. The dividend is payable on November 30, 2006, toshareholders of record as of November 15, 2006.

The taxable portion of 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, the taxable portion of Plum Creek'sdividend is 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 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
or
Media:
Kathy Budinick, 1-206-467-3620

SOURCE: Plum Creek Timber Company, Inc.