Chart Plum Creek Legacy News Releases

Plum Creek Timber Company, Inc. Increases Quarterly Dividend to $0.36 Per Share

Jul 27, 2004

SEATTLE, Jul 27, 2004 (BUSINESS WIRE) -- Plum Creek TimberCompany, Inc. (NYSE:PCL) today announced a quarterly cash dividend of$0.36 per share, an increase of $0.01 per share. The dividend ispayable on August 31, 2004, to shareholders of record as of August 17,2004.

"Continued successful execution of our business strategy andsustainable improvements in timber markets have grown the long-termsustainable cash flows from our core businesses. As a result, theBoard of Directors today announced an increase in the quarterlydividend of approximately 3 percent," said Rick Holley, president andchief executive officer. "We believe one of the most transparent waysof delivering shareholder value is through the payment of a reliableand attractive dividend. We believe this increase is appropriate giventhe cash generating capability of our assets and our prospects forcontinued long-term growth. Plum Creek has a long history of providingattractive total shareholder returns through a balance of reliabledividend income and capital appreciation."

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.

This press release contains statements concerning the company'sdividend that are forward-looking in nature within the meaning of thePrivate Litigation Reform Act of 1995, as amended. Future dividendswill be determined by our Board of Directors, in its sole discretion,based on consideration of a number of factors including, but notlimited to, our results of operations, cash flow and capitalrequirements, economic conditions, tax considerations, debt covenantrestrictions that may impose limitations on the company's ability tomake cash payments, borrowing capacity, changes in the prices of anddemand for Plum Creek's products, and changes in our ability to selltimberlands at attractive prices. Other factors that our Board ofDirectors considers include the appropriate timing of timber harvests,acquisition and divestiture opportunities, stock repurchases, debtrepayment and other means by which the company could deliver value toits stockholders. Any forward-looking statement concerning thecompany's dividend is subject to inherent risks and uncertaintiesrelating to material changes in our results of operations. A number ofimportant factors could cause our actual results to differ materiallyfrom those contemplated by our projected, forecasted, estimated orbudgeted results of operations, some of which are described in the"Risk Factors" section of our periodic reports filed with theSecurities and Exchange Commission. It is likely that if one or moreof the risks materializes, our current expectations will not berealized. Forward-looking statements speak only as of the date made,and neither the company nor its management undertakes any obligationto update or revise any forward-looking statements.

SOURCE: Plum Creek Timber Company, Inc.

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

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