PLUM CREEK TIMBER COMPANY, L.P. 
  
                  ADJOURNS SPECIAL MEETING OF UNITHOLDERS 
  
  
      SEATTLE, WASHINGTON -- March 22, 1999 -- Plum Creek Timber Company,
 L.P. (NYSE:PCL) announced that the scheduled Special Meeting of Unitholders
 to vote on the Company's proposed conversion from a publicly traded Master
 Limited Partnership to a publicly traded Real Estate Investment Trust
 (REIT) was convened and then adjourned until Wednesday March 24, 1999.  The
 meeting will reconvene at 2:00 p.m. PST at the Holiday Inn Crowne Plaza,
 1113 Sixth Avenue, Seattle, Washington. 
  
      The meeting was adjourned and the vote on the conversion transaction
 delayed as a result of a previously announced decision issued by the
 Delaware Court of Chancery on March 18, 1999.  The decision preliminarily
 enjoined the Unitholder vote on the proposed conversion pending disclosure
 of additional information related to the conversion.  The ruling was issued
 in connection with a complaint filed by a Unitholder on February 8, 1999. 
  
      The reconvened Special Meeting is expected to be adjourned again to a
 subsequent date to allow sufficient time for mailing to, and consideration
 by, Unitholders of additional information consistent with the court's
 opinion.  Plum Creek said that additional information related to the
 conversion will be mailed to Unitholders as soon as practicable. 
  
      Plum Creek continues to believe that 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.