PLUM CREEK TIMBER CO INC
STOCK INCENTIVE PLAN
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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>awardagmt.htm
<DESCRIPTION>STOCK INCENTIVE PLAN
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<TITLE>Stock Incentive Plan 2004 Award Agreement</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCK INCENTIVE PLAN
2004 AWARD AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
made as of the 2<SUP>nd</SUP> day of February 2004, between Plum Creek Timber Company,
Inc., a Delaware corporation (the &#147;Company&#148;), and the individual identified on
the Award Agreement Acceptance attached hereto (the &#147;Acceptance&#148;), an employee
of Plum Creek Timberlands, L.P., a subsidiary of the Company (&#147;Employee&#148;). Terms
used herein, unless otherwise defined herein, shall have the meanings ascribed to them in
the Plum Creek Timber Company, Inc. Stock Incentive Plan, as the same may be amended from
time to time (as amended, the &#147;Plan&#148;). To carry out the purposes of the Plan by
affording Employee the opportunity to purchase shares of common stock, par value $.01 per
share, of the Company (&#147;Stock&#148;) and to receive certain other benefits under the
Plan, and in consideration of the mutual agreements and other matters set forth herein and
in the Plan, the Company and Employee hereby agree as follows: </FONT></P>

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<P ALIGN="LEFT"><B>A. Stock Option Award.</B></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Grant of Option.</U> The Company hereby grants to Employee the right and
          option (the &#147;Option&#148;) to purchase all or any part of an aggregate of
          the number of shares of Stock set forth in the Acceptance, on the terms and
          conditions set forth herein and in the Plan, which Plan is incorporated herein
          by reference as a part of this Agreement. The Option shall <I>not </I>be treated
          as an incentive stock option within the meaning of section 422(b) of the
          Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Purchase Price.</U> The purchase price of any Stock purchased pursuant to the
          exercise of the Option shall be the price per share set forth in the Acceptance,
          which was the closing price of a share of Stock on the date hereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Exercise of Option.</U> Subject to the earlier expiration of the Option as
          herein provided, the Option may be exercised by written notice to the Company at
          its principal executive office addressed to the attention of the Stock Option
          Plan Administrator, but, except as otherwise provided below, the Option shall
          not be exercisable for more than a percentage of the aggregate number of shares
          offered by the Option determined by the number of full years from the date of
          grant hereof to the date of such exercise, in accordance with the following
          vesting schedule: </FONT></P>

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     <TH WIDTH="6%"><FONT SIZE="2"></FONT></TH>
     <TD WIDTH="30%"><FONT SIZE="2"><U>Number of Full Years (Date)</U></FONT></TD>
     <TH WIDTH="6%"><FONT SIZE="2"></FONT></TH>
     <TD WIDTH="92%"><FONT SIZE="2"><U>Percentage of Shares</U></FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 1 year
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0%</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1 year   (February
     2, 2005)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25%</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2 years  (February
     2, 2006)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50%</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3 years  (February
     2, 2007)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">75%</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4 years  (February
     2, 2008
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100%</FONT></TD></TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option is not transferable otherwise than by will or the laws of descent and distribution,
or pursuant to a &#147;qualified domestic relations order&#148; as defined by the Code,
and may be exercised during Employee&#146;s lifetime only by Employee, Employee&#146;s
guardian or legal representative or a transferee under a qualified domestic relations
order. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of
the Option or of such rights contrary to the provisions hereof or the Plan, or upon the
levy of any attachment or similar process upon the Option or such rights, the Option and
such rights shall immediately become null and void. The Option may be exercised only while
Employee remains an employee of the Company, subject to the following exceptions: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If Employee&#146;s employment with the Company terminates by reason of either
          death or Total Disability, any portion of the Option not previously exercisable
          and vested shall become fully exercisable and vested, and the entire unexercised
          portion of the Option may then be exercised by Employee (or Employee&#146;s
          estate or the person who acquires the Option by will or the laws of descent and
          distribution or otherwise by reason of the death of Employee) at any time during
          the period ending on the earlier of three years following such termination or
          the Expiration Date (as defined below). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If Employee&#146;s employment with the Company terminates by reason of normal
          retirement at or after age 65 or early retirement with the consent of the
          Company&#146;s Compensation Committee (the &#147;Committee&#148;), the portion
          of the Option vested on the date of such retirement may be exercised by Employee
          at any time during the period ending on the Expiration Date (as defined below).
          If Employee dies after such retirement, the vested portion of the Option may be
          exercised by Employee&#146;s estate (or the person who acquires the Option by
          will or the laws of descent and distribution or otherwise by reason of the death
          of the Employee) during the period ending on the earlier of the Expiration Date
          or the third anniversary of the date of Employee&#146;s death. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If Employee&#146;s employment with the Company terminates for any reason other
          than those set forth in subparagraphs (a) and (b) above, the portion of the
          Option vested at the time of such termination may be exercised by Employee at
          any time during the period of 30 days following such termination, or by
          Employee&#146;s estate (or the person who acquires the Option by will or the
          laws of descent and distribution or otherwise by reason of the death of the
          Employee) during a period of six months following Employee&#146;s death if
          Employee dies during such 30-day period. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Agreement, the Option shall not be exercisable after the
expiration of ten years from the date of grant hereof (the &#147;Expiration Date&#148;).
The purchase price of shares as to which the Option is exercised shall be paid in full at
the time of exercise (i) in cash (including check, bank draft or money order payable to
the order of the Company), (ii) by delivering to the Company shares of Stock having a fair
market value equal to the purchase price, or (iii) by a combination of cash or Stock.
Payment may also be made by delivery (including by facsimile transmission) to the Company
of a properly executed and irrevocable Notice of Exercise form, coupled with irrevocable
instructions to a broker-dealer to simultaneously sell a sufficient number of the shares
as to which the Option is exercised and deliver directly to the Company that portion of
the sales proceeds representing the exercise price and applicable minimum withholding
taxes (&#147;Cashless Exercise&#148;) or by such other similar process approved by the
Committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fraction of a share of Stock shall be issued by the Company upon exercise of an Option or
accepted by the Company in payment of the purchase price thereof; rather, Employee shall
provide a cash payment for such amount as is necessary to effect the issuance and
acceptance of only whole shares of Stock. Unless and until a certificate or certificates
representing such shares shall have been issued by the Company to Employee, Employee (or
the person permitted to exercise the Option in the event of Employee&#146;s death) shall
not be or have any of the rights or privileges of a shareholder of the Company with
respect to shares acquirable upon an exercise of the Option. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Withholding of Tax.</U> Except when using the Cashless Exercise procedure,
          Employee shall deliver to the Company at the time of such exercise or
          disposition such amount of money or shares of Stock as the Company may require
          to meet its withholding obligation under applicable tax laws or regulations,
          and, if Employee fails to do so, the Company is hereby authorized to withhold
          from any cash or Stock remuneration then or thereafter payable to Employee any
          tax required to be withheld by reason of such resulting compensation income.
          Upon exercise of all or a portion of the Option, the Company is further
          authorized in its sole discretion to satisfy any such withholding requirement
          out of any cash or shares of Stock to be distributed to Employee upon such
          exercise. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Status of Stock.</U> Notwithstanding any other provision of this Agreement,
          in the absence of an effective registration statement under the Securities Act
          of 1933, as amended (the &#147;Act&#148;), for issuance of the Stock acquirable
          upon exercise of the Option, or an available exemption from registration under
          the Act, issuance of shares of Stock acquirable upon exercise of the Option will
          be delayed until registration of such shares is effective or an exemption from
          registration under the Act is available. The Company intends to use its best
          efforts to ensure that no such delay will occur. In the event exemption from
          registration under the Act is available upon an exercise of the Option, Employee
          (or the person permitted to exercise the Option in the event of Employee&#146;s
          death or incapacity), if requested by the Company to do so, will execute and
          deliver to the Company in writing an agreement containing such provisions as the
          Company may require to assure compliance with applicable securities laws. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
agrees that the shares of Stock, which Employee may acquire by exercising the Option, will
not be sold or otherwise disposed of in any manner, which would constitute a violation of
any applicable securities laws, whether federal, or state. Employee also agrees (a) that
the certificates representing the shares of Stock purchased under the Option may bear such
legend or legends as the Company deems appropriate in order to assure compliance with
applicable securities laws, (b) that the Company may refuse to register the transfer of
the shares of Stock purchased under the Option on the stock transfer records of the
Company if such proposed transfer would, in the opinion of counsel satisfactory to the
Company, constitute a violation of any applicable securities law and (c) that the Company
may give related instructions to its transfer agent, if any, to stop registration of the
transfer of the shares of Stock purchased under the Option. </FONT></P>

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<P ALIGN="LEFT"><B>B. Dividend Equivalents.</B></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <U>Grant of Dividend Equivalents.</U> The Company hereby grants to Employee
in connection with the grant of the Option the number of Dividend Equivalents as
are set forth in the Acceptance equal in value to dividends paid with respect to
the number of shares of Stock  underlying  such Option,  together  with interest
earned thereon,  subject to the attainment of the Performance Goals set forth in
paragraph B.4. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-transferable</U>.
Employee may not sell, transfer, pledge or assign           Dividend Equivalents.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Peer
     Group</U>.  For purposes of this Agreement,  the Company&#146;s  peer group
(&#147;Peer  Group&#148;)  shall  be  comprised  of  three  components:  (a) the
industry  peer group  companies  set forth in Exhibit  A; (b)  companies  in the
S&amp;P 500 Index; and (c) companies in the Morgan Stanley REIT Index; provided,
that each of the foregoing Peer Group  components  shall be subject to equitable
adjustment  by the  Committee in its sole  discretion  to the extent that one or
more companies in any component  grouping shall cease to maintain separate legal
existence by reason of merger or legal  dissolution  or  otherwise,  or shall no
longer be part of the  applicable  Index.  For  purposes of  determining  values
earned for the Dividend  Equivalents and Value Management Awards granted hereby,
the  components  of the Peer  Group  will be  given  the  following  weightings:
industry group 50%; S&amp;P group 25%; and REIT Index group 25%. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
Goals.</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
     Performance  Goals for the  Dividend  Equivalents  granted  hereby shall be
comprised of: (i) an absolute measure of Total Shareholder  Return equal to 5.5%
compounded  annually,  based upon the  Company&#146;s  Stock price and dividends paid  (&#147;Threshold
 Target&#148;);  and  (ii) a  relative  measure  of Total Shareholder  Return,  based
upon the  Company&#146;s  Total  Shareholder  Return compared  against  the Total
 Shareholder  Return of the  companies  in the Peer Group.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Performance Period for the Dividend Equivalents granted hereby shall
               commence on January 1, 2004 and shall end on December 31, 2008.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
     order to be eligible to earn the dividends paid on the stock underlying the Option
 during  any year (or prior  year to the  extent  not yet  earned) of the Performance
Period (the &#147;Dividends&#148;), the compounded Total Shareholder Return for the
 Company as of  December 31 for such year must meet or exceed the Threshold Target.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
     the  Threshold  Target  is met at the  end of any  given  year  during  the
Performance  Period,  a percentage  of the Dividends for such year, as well as a
percentage of the Dividends for each prior year of the Performance Period to the extent
 not  yet  earned,   shall  be  credited  to  a  Memorandum   Account  on Employee&#146;s
  behalf.   The  percentage  of  Dividends  to  be  credited  to Employee&#146;s
 Memorandum  Account shall be equal to the specified  percentage corresponding  to  the
 identified  percentile  ranking  with  respect  to  each component  of the Peer Group
 achieved  by the  Company  during such year of the Performance Period, as set forth
below:  </FONT></P>

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     <TD ALIGN="LEFT" WIDTH="30%"><FONT SIZE="2"><B><U>Relative Performance</U></B></FONT></TD>
     <TH WIDTH="4%"><FONT SIZE="2">&nbsp;</FONT></TH>
     <TD ALIGN="LEFT" WIDTH="66%"><FONT SIZE="2"><B><U>Dividends Equivalents Earned</U></B></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">At or above the 75th percentile
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100% of Dividends Paid
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Between the 50th and 75th percentiles
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sliding scale between 50% and 100% of Dividends Paid
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Below the 50th percentile
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0% of Dividends Paid
</FONT></TD></TR>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each component of the Peer group will
be measured separately and given the weighting specified in Paragraph B.3. All Dividends
credited to Employee&#146;s Memorandum Account shall earn interest at a market rate
selected from time to time by the Committee. </FONT>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Effect of Stock Option Exercise.</U> Upon any exercise of the Option, the
          Dividend Equivalents granted hereunder shall immediately terminate with respect
          to the corresponding number of shares underlying the portion of the Option so
          exercised, and the opportunity to earn additional dividends with respect to such
          shares shall cease. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Payment of Dividend Equivalents.</U> Amounts credited to Employee&#146;s
          Memorandum Account, including any interest earned thereon, shall be paid within
          a reasonable time following the end of the Performance Period set forth in
          paragraph B.4(b) above. If at the end of the Performance Period Employee is in
          full compliance with the minimum requirements for stock ownership as set forth
          in the Company&#146;s Stock Ownership Guidelines for Executive Officers, as in
          effect on such date, amounts credited shall be paid either 100% in cash, less
          any required tax withholding, or a combination of stock and cash, as elected by
          Employee. If at the end of the Performance Period Employee is not in full
          compliance with the minimum requirements for stock ownership as set forth in the
          Company&#146;s Stock Ownership Guidelines for Executive Officers, as in effect
          on such date, amounts credited shall be paid in that number of shares of Stock
          necessary to bring Employee in full compliance with such minimum requirements up
          to 50% of the amount credited, with the balance, less any required tax
          withholding, paid either in cash or a combination of cash and Stock as elected
          by Employee. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Termination of Employment.</U> Within a reasonable period of time following
          termination of employment, Employee shall receive an amount in cash equal to the
          amount of Dividends credited to Employee&#146;s Memorandum Account pursuant to
          earned Dividend Equivalents relating to vested Stock Options. Except as
          otherwise provided in paragraph A.3(a) hereof relating to termination by reason
          of death or Total Disability, <B>all Dividends previously credited to
          Employee&#146;s Memorandum Account pursuant to earned Dividend Equivalents
          relating to non-vested Stock Options shall be forfeited</B>. </FONT></P>

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<P ALIGN="LEFT"><B>C. Value Management Award.</B></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant.</U> The
     Company  hereby  grants to Employee  the number of Value  Management  Award
Units as is set forth in the  Acceptance,  each Unit with a face value of $100 .
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
     Goals.</U>  The  Performance  Goals for the Value  Management  Award  Units
granted hereby shall constitute a measure of Total  Shareholder  Return over the
three year  Performance  Period from January 1, 2004 through  December 31, 2006,
relative to that of the Peer Group, as set forth below: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH WIDTH="10%"><FONT SIZE="2">&nbsp;</FONT></TH>
     <TD ALIGN="LEFT" WIDTH="42%"><FONT SIZE="2"><B><U>Relative Performance</U></B></FONT></TD>
     <TH WIDTH="5%"><FONT SIZE="2">&nbsp;</FONT></TH>
     <TD ALIGN="LEFT" WIDTH="43%"><FONT SIZE="2"><B><U>Value Management Award Earned</U></B></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="10%">&nbsp;</TH>
     <TD ALIGN="LEFT" WIDTH="42%">&nbsp;</TD>
     <TH WIDTH="5%">&nbsp;</TH>
     <TD ALIGN="LEFT" WIDTH="43%">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">At or above the 75th percentile
</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">200% of face value
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD WIDTH="5%">&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Between the 50th and 75th percentiles
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sliding scale between 0% and 200%
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Below the 50th percentile
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0% of face value
</FONT></TD></TR>
</TABLE>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Following completion of the
Performance Period, the Committee will calculate the Total Shareholder Return of the
Company and that of each of the companies in each component of the Peer Group, and will
rank the Company&#146;s performance by percentile for each component of the Peer Group.
Upon a determination by the Committee of the Company&#146;s relative performance for each
group as weighted pursuant to Paragraph B.3., an amount with respect to each component
will be paid in accordance with Paragraph C.3 to Employee equal to (a) the aggregate face
amount of the Value Management Award multiplied by (b) the percentage amount corresponding
to the identified percentile ranking as set forth above. </FONT>

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<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Time and Form of Payment.</U> All payments with respect to the Value
          Management Award shall be made within a reasonable time following the end of the
          Performance Period. If at the end of the Performance Period Employee is in full
          compliance with the minimum requirements for stock ownership as set forth in the
          Company&#146;s Stock Ownership Guidelines for Executive Officers, as in effect
          on such date , amounts earned shall be paid 100% in cash, less any required tax
          withholding, or a combination of cash and stock, as elected by Employee. If at
          the end of the Performance Period Employee is not in full compliance with the
          minimum requirements for stock ownership as set forth in the Company&#146;s
          Stock Ownership Guidelines for Executive Officers, as in effect on such date,
          amounts earned shall be paid in that number of shares of Stock necessary to
          bring Employee in full compliance with such minimum requirements up to 50% of
          the total amount paid, with the balance, less any required tax withholding, paid
          either in cash or a combination of cash and Stock as elected by Employee . </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Termination of Employment</U>. <B>If Employee&#146;s employment terminates
          for any reason, including termination for cause, prior to the completion of the
          Performance Period relating to the Value Management Award granted hereby, no
          Value Management Award shall be payable to Employee</B>. <B>If Employee&#146;s
          employment terminates for any reason, including termination for cause, after
          completion of the Performance Period relating to the Value Management Award
          granted hereby but prior to payment thereof, the entire Value Management Award
          shall be payable to Employee, and shall be paid to Employee in cash,</B> <B>less
          any required tax withholding.</B> </FONT></P>

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<P ALIGN="LEFT"><B>D. Miscellaneous.</B></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Employment Relationship.</U> For purposes of this Agreement, Employee shall
          be considered to be in the employment of the Company as long as Employee remains
          an employee of either the Company, a parent or subsidiary corporation (as
          defined in section 428 of the Code) of the Company, or a corporation or a parent
          or subsidiary of such corporation, assuming or substituting a new option for the
          Option. Any question as to whether and when there has been a termination of such
          employment, and the cause of any such termination, shall be determined by the
          Committee in its sole discretion, and such determination shall be final. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Binding Effect.</U> This Agreement shall be binding upon and inure to the
          benefit of any successors to the Company and all persons lawfully claiming under
          Employee. The awards granted hereunder are subject to approval of the Plan by
          shareholders of the Company at the 2004 Annual Meeting of Shareholders on May 4,
          2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
     Law.</U> This  Agreement  shall be governed by, and construed in accordance
with, the laws of the State of Washington. </FONT></P>


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<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCK OPTION AND
DIVIDEND EQUIVALENT AND VMA </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AWARD AGREEMENT
ACCEPTANCE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You have been granted shares of Plum
Creek Timber Company Inc. stock under the Plum Creek Timber Company, Inc. Stock Incentive
Plan, as amended (the &#147;Plan&#148;). Capitalized terms used but not defined herein
have the meanings ascribed to them in the Plan.  </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>
Award
Summary:</U></B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     Optionee:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Security Number:&nbsp;&nbsp;&nbsp; xxx-xx-xxxx </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     Award Agreement Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd day of February 2004</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><U>Stock
Option Grant:</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Total
     Shares under Option:&nbsp;&nbsp;&nbsp; x,xxx</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Option
Price shall be $30.91 per share  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Vesting
schedule per Section A(3): </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH WIDTH="25%"><FONT SIZE="2">&nbsp;</FONT></TH>
     <TD WIDTH="39%"><FONT SIZE="2"><U>Number of Full Years (Date)</U></FONT></TD>
     <TH WIDTH="6%"><FONT SIZE="2">&nbsp;</FONT></TH>
     <TD WIDTH="30%"><FONT SIZE="2"><U>Percentage of Share</U></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 1 year
</FONT></TD>
     <TD WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0%
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1 year   (February
     2, 2005)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25%
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2 years  (February
     2, 2006)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50%
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3 years  (February
     2, 2007)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">75%
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4 years  (February
     2, 2008)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100%
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
</TABLE>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Dividend Equivalent (DERs) Grant:</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Total
Dividend Equivalents granted: .</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Stock
Price at the beginning of the Performance Period $xx.xx  (January 1, 2004)  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
DER
Performance Period (5 years):  January 1, 2004 - December 31, 2008  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><U>Value
Management Award (VMAs)</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Value
Management Award of</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
aggregate face amount of the VMA is $  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the Company has caused this Award Agreement to be duly executed by its
officer thereunto duly authorized, and Employee has executed this Agreement, all as of the
day and year first above written. </FONT></P>



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</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Plum Creek Timber Company, Inc.
</FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:_______________________________________
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barbara
L.
Crowe<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice
President, Human Resources
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Employee Signature ____________________________
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[First Name]  [Init]  [Last Name]
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN=3><FONT SIZE="3"><b>EXHIBIT A</b></FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TH COLSPAN=3>&nbsp;</TH></TR>
<TR VALIGN="BOTTOM">
     <TH COLSPAN=3>&nbsp;</TH></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">International Paper
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Georgia-Pacific
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Weyerhaeuser
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Mead-Westvaco
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bowater
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Louisiana-Pacific
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Universal Forest Product
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Potlatch
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Rayonier
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Longview Fibre
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">St. Joe
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Timberwest Forest
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Delta Timber
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>


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