SEATTLE--(BUSINESS WIRE)--Nov. 2, 2004--Plum Creek Timber Company,Inc. (NYSE:PCL) today announced a quarterly cash dividend of $0.36 pershare. The dividend is payable on November 30, 2004, to shareholdersof record as of November 15, 2004.

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 land and timber owners in thenation, with approximately 8 million acres of timberlands in majortimber producing regions of the United States and 10 wood productsmanufacturing facilities in the Northwest.

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

SOURCE: Plum Creek Timber Company, Inc.