PLUM CREEK TIMBER COMPANY, L.P. TO SEEK ADJOURNMENT
  
                     OF SPECIAL MEETING OF UNITHOLDERS
  
      SEATTLE, WASHINGTON -- March 19, 1999 -- Plum Creek Timber Company, L.P.
 (NYSE:PCL) announced that the Delaware Court of Chancery issued an opinion
 late yesterday which preliminarily enjoins the Unitholder vote to approve
 the Company's proposed conversion from a publicly traded Master Limited
 Partnership to a publicly traded Real Estate Investment Trust (REIT),
 pending disclosure of additional information related to the proposed
 conversion.  The ruling was issued in connection with a complaint filed by
 a Unitholder on February 8, 1999. 
  
      Plum Creek said that it will promptly mail to its Unitholders
 additional information related to the conversion, consistent with the
 court's opinion. 
  
      The conversion was scheduled to be voted upon at a Special Meeting of
 Unitholders on Monday, March 22, 1999.  The Company expects to convene and
 then adjourn the Special Meeting of Unitholders to a subsequent date, which
 will be determined as soon as possible.  Plum Creek believes the conversion
 is in the best interests of the Company and all of its Unitholders. 
  
      Plum Creek is one of the largest private timberland owners in the
 nation with timberlands and mills located in the Pacific Northwest,
 Southern and Northeastern United States.