Plum Creek Files Registration Statement for 7,000,000 Shares of Common Stock

SEATTLE, WASHINGTON -- August 4, 1999 -- Plum Creek Timber Company, Inc. (NYSE: PCL) announced today that it had filed a registration statement with the Securities and Exchange Commission for the issuance of 7,000,000 shares of common stock (plus up to an additional 1,050,000 shares to cover underwriters' over-allotment options). Morgan Stanley Dean Witter and Merrill Lynch & Co. were named joint bookrunning managers. The net proceeds of the offering will be used to repay outstanding debt under a line of credit and for general corporate purposes.

On July 1, 1999, Plum Creek converted from a master limited partnership to a real estate investment trust (REIT). It is one of the largest timberland owners in the nation, with timberlands and mills in the Pacific Northwest, Southern and Northeastern United States.

The registration statement relating to the securities has been filed with the Securities and Exchange Commission, but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.

A copy of the prospectus may be obtained through the Internet at www.sec.gov or, when printed, from Morgan Stanley Dean Witter at 1585 Broadway, New York, NY 10036; Merrill Lynch & Co., World Financial Center, 250 Vesey Street, New York, NY 10281; or Emilio Ruocco at Plum Creek Timber Company, Inc., 999 3rd Avenue, Suite 2300, Seattle, WA.