PLUM CREEK TIMBER COMPANY, INC. ANNOUNCES QUARTERLY DIVIDEND OF $0.42 PER SHARE

SEATTLE--November 3, 2009--Plum Creek Timber Company, Inc. (NYSE: PCL) today announced a quarterly cash dividend of $0.42 per share.  The dividend is payable on Nov. 30, 2009, to shareholders of record as of Nov. 16, 2009.  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, Plum Creek’s dividend is expected to be taxed at a maximum rate of 15 percent for most U.S. taxpayers.

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Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest.  For more information, visit www.plumcreek.com.