SEATTLE--(BUSINESS WIRE)--April 29, 2004--Plum Creek TimberCompany, Inc. (NYSE:PCL) today announced a quarterly cash dividend of$0.35 per share, payable on May 28, 2004, to shareholders of record asof May 14, 2004. The taxable portion of Plum Creek's dividend isexpected to be characterized as long-term capital gain incomeprimarily because the income generated by the sale of Plum Creek'stimber is considered long-term capital gain. As such, the taxableportion of Plum Creek's dividend is taxed at a maximum rate of 15percent 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.
Investors:
John Hobbs, 1-800-858-5347
Media:
Kathy Budinick, 206-467-3620

SOURCE: Plum Creek Timber Company, Inc.