Seattle, Washington, USA, 31 July 2007 -- Plum Creek Timber Company, Inc. (NYSE: PCL) today announced a quarterly cash dividend of USD 0.42 per share. The dividend is payable on 31 August 2007, to shareholders of record as of 16 August 2007.

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% for most U.S. taxpayers.

Plum Creek is the largest and most geographically diverse private landowner in the nation with 8.2 million acres of timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest.