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Plum Creek Timber Company, Inc. Announces Quarterly Dividend of $0.42 Per Share

November 5, 2008

Plum Creek Timber Company, Inc. (NYSE: PCL) today announced a quarterly cash dividend of $0.42 per share. The dividend is payable on Nov. 28, 2008, to shareholders of record as of Nov. 17, 2008. 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.

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.




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