Plum Creek Legacy News Releases

Plum Creek Announces Tax Treatment of 2008 Dividend

Jan 12, 2009

SEATTLE--(BUSINESS WIRE)--Jan. 12, 2009--Plum Creek Timber Company, Inc. (NYSE:PCL) today announced the tax treatment for dividend distributions made in 2008 on its Common Stock.

For holders of Plum Creek Timber Company, Inc. common stock, the total dividend distribution for 2008 of $1.68 per share is classified for income tax purposes as follows: $1.68 (100.0000%) is classified as a 15 percent rate Capital Gain Dividend; and $0.00 (0.0000%) is classified as Return of Capital.

The table below summarizes the income tax treatment of the company's 2008 dividends:

2008 Dividend Tax Reporting Information (Form 1099-DIV)

Plum Creek Timber Company, Inc.

Common Stock

CUSIP # 729251108

Ticker Symbol: PCL

               February      May           August        November      Total               Distribution  Distribution  Distribution  DistributionCapital GainDistributions               100.00000%    100.00000%    100.00000%    100.00000%    100.00000%(long-term15% rate)NondividendDistributions               0.0000%       0.0000%       0.0000%       0.0000%       0.0000%(return ofcapital)Total          100.00000%    100.00000%    100.00000%    100.00000%    100.00000%

Plum Creek is the largest and most geographically diverse private landowner in the nation with more than 7 million acres of timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest.

CONTACT:
Plum Creek Timber Company, Inc.
Investors: John Hobbs 1-800-858-5347
Media: Robin Keegan 1-888-467-3751

Source: Plum Creek Timber Company, Inc.

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