Jacksonville, Florida, USA, 20 October 2006 --(BUSINESS WIRE)-- Rayonier (NYSE:RYN) announced today that the company's board of directors has declared a fourth quarter cash dividend of 47 cents per common share. The dividend is payable 29 December 2006, to shareholders of record on 08 December 2006.

Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate, and Performance Fibers. It owns, leases, or manages 2.5 million acres of timber and land in the United States, New Zealand, and Australia. 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 the world's leading producer of high-value specialty cellulose fibers. Approximately 40% of the company's sales are outside the United States to customers in more than 50 countries.

For further information, visit the company's Web site at www.rayonier.com.