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Rayonier Reports on Southeast Wildfires
Jacksonville, Florida, USA, 30 May 2007 --(BUSINESS WIRE)-- Rayonier (NYSE:RYN) said that, as of May 29, the continuing wildfires in southeast Georgia and northeast Florida have damaged approximately 64,000 acres, wholly or partially, of Rayonier timberland since the fires began in mid-April. As a result, the company now expects to record a one-time, noncash charge in the second quarter of USD 15-18 million, or 19-23 cents per share, for the book value of the damaged timber.

Although the fires on its property are mostly contained, the company noted that the ongoing extremely dry and windy weather conditions continue to pose a threat. Rayonier said final numbers will not be available until the fires are out and it has had an opportunity to fully assess the damage. An update will be provided in the company's second quarter earnings announcement to be released 24 July 2007. Rayonier owns, leases, or manages approximately 2.7 million acres of timberland in the United States, New Zealand, and Australia, including 1.7 million acres in the southeast United States.

About Rayonier

Founded in 1926, Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate, and Performance Fibers. 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. Rayonier is structured as a Real Estate Investment Trust.


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