Plum Creek Timber Company, Inc. Announces Quarterly Dividend of $0.35 Per Share

[Plum Creek Timber via BizWire]

SEATTLE--(BUSINESS WIRE)--April 29, 2004--Plum Creek Timber
Company, Inc. (NYSE:PCL) today announced a quarterly cash dividend of
$0.35 per share, payable on May 28, 2004, to shareholders of record as
of May 14, 2004. The taxable portion of Plum Creek's dividend is
expected to be characterized as long-term capital gain income
primarily because the income generated by the sale of Plum Creek's
timber is considered long-term capital gain. As such, the taxable
portion of Plum Creek's dividend 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 the
nation, with approximately 8 million acres of timberlands in major
timber producing regions of the United States and 10 wood products
manufacturing facilities in the Northwest.