Plum Creek Legacy News Releases

Plum Creek Timber Company, Inc. Increases Quarterly Dividend 5 Percent to $0.40 Per Share

Feb 7, 2006

SEATTLE, Feb 07, 2006 (BUSINESS WIRE) -- Plum Creek Timber Company, Inc. (NYSE:PCL) todayannounced a quarterly cash dividend of $0.40 per share, an increase of$0.02 per share, or approximately 5 percent. The dividend is payableon March 3, 2006, to shareholders of record as of February 17, 2006.

"The increase in our dividend is a direct result of our ability togrow the long-term, sustainable cash flow of the company," said RickHolley, president and chief executive officer. "Paying a reliable andattractive dividend to our shareholders is one of the most direct andtransparent means we have of delivering shareholder value."

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 one of the largest private timberland owners in thenation, with more than 8 million acres of timberlands in major timberproducing regions of the United States and 10 wood productsmanufacturing 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.

SOURCE: Plum Creek Timber Company, Inc.

Plum Creek Timber Company, Inc.
John Hobbs, 800-858-5347 (Investors)
Kathy Budinick, 206-467-3620 (Media)


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