Plum Creek Legacy News Releases

Plum Creek Provides Post-merger Business Overview and 2002 Earnings Outlook

Dec 19, 2001

SEATTLE, Dec 19, 2001 (BUSINESS WIRE) -- Plum Creek Timber Company, Inc.(NYSE:PCL) said that it will hold a conference call today to provide investorsand analysts with information regarding its post-merger business overview.

The Company said that on the call it will also inform investors for the firsttime that it expects to earn between $1.20 and $1.35 per share in 2002. Thecurrent consensus estimate from First Call falls within that range at $1.30 pershare.

Plum Creek completed its merger with The Timber Company in October 2001,increasing the size of its timberland holdings to 7.8 million acres. This callprovides an opportunity for investors to enhance their understanding of the keybusiness drivers of the combined businesses.

"Our business has changed due to the merger and, with the integration goingsmoothly, we wanted to take this opportunity to explain how we have set thestage for continued growth in our core businesses, timber and real estate. We'vealso added new leadership to our management team and we're making prudentinvestments in promising businesses," said Rick Holley, President and CEO.

Plum Creek Timber Company, Inc. will host a conference call today to discuss thebusiness plan and outlook for 2002 at 4:30 PM Eastern Time (1:30 PM Pacific).Bill Brown, Executive Vice President and Chief Financial Officer, and JohnHobbs, Director of Investor Relations, will host the call.

To access the conference call, listeners calling from within North Americashould dial 1-888-676-1749 at least 10 minutes prior to the start, referencingthe access code: 5734143. Those wishing to access the call from outside NorthAmerica should dial 1-952-556-1581, also referencing the access code. Replays ofthe call will be available for 48 hours after completion of the live call andcan be accessed at 1-800-615-3210 or 1-703-326-3020 (outside North America),using the code 5734143.

A webcast of the call may also be accessed through Plum Creek's Internet site atwww.plumcreek.com by clicking on the "Investors" link.

Plum Creek, a real estate investment trust, is one of the largest land owners inthe nation, with over 7.8 million acres of timberlands in every significanttimber-growing region of the United States and nine wood product mills in theNorthwest.

    Forward-looking Statements
This press release contains forward-looking statements within the meaning of thePrivate Litigation Reform Act of 1995. Some of these forward-looking statementscan be identified by the use of forward-looking words such as "believes,""expects," "may," "will," "should," "seek," "approximately," "intends," "plans,""estimates," or "anticipates," or the negative of those words or othercomparable terminology. The accuracy of such statements is subject to a numberof risks, uncertainties and assumptions including, but not limited to, thecyclical nature of the forest products industry, our ability to harvest ourtimber, our ability to execute our acquisition strategy, and regulatoryconstraints. These risks, uncertainties and assumptions are detailed from timeto time in our filings with the Securities and Exchange Commission under theSecurities Exchange Act of 1934, as amended, and the Securities Act of 1933, asamended. It is likely that if one or more of the risks materializes, or if oneor more assumptions proves to be incorrect, the current expectations of PlumCreek and its management will not be realized. Forward-looking statements speakonly as of the date made, and neither Plum Creek nor its management undertakesany obligation to update or revise any forward-looking statements.

More information on Plum Creek Timber Co. may be accessed at:http://www.businesswire.com/cnn/pcl.shtml.

CONTACT:          Plum Creek Timber Company, Inc.                       John Hobbs, 206/467-3600                  Investor Relations                  800/858-5347                  www.plumcreek.comURL:              http://www.businesswire.comToday's News On The Net - Business Wire's full file on the Internetwith Hyperlinks to your home page.
Copyright (C) 2001 Business Wire.  All rights reserved.
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