Jacksonville, Florida, USA, 24 February 2009 --- (BUSINESS WIRE) --- Rayonier (NYSE:RYN) announced today that the company’s board of directors has declared a first quarter cash dividend of 50 cents per common share. The dividend is payable on 31 March 2009, to shareholders of record on 10 March 2009.

Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate, and Performance Fibers. The company owns, leases or manages 2.6 million acres of timber and land in the United States and New Zealand. The company’s holdings include approximately 200,000 acres with residential and commercial development potential along the fast-growing Interstate 95 corridor between Savannah, Georgia, and Daytona Beach, Florida. Its Performance Fibers business is one of the world’s leading producers of high-value specialty cellulose fibers. Approximately 40% of the company’s sales are outside the United States to customers in approximately 40 countries. Rayonier is structured as a real estate investment trust. More information is available at www.rayonier.com.