JACKSONVILLE, FL (REIT Media) October 17, 2008 - Rayonier (NYSE:RYN) announced today that the company’s Board of Directors has declared a fourth quarter cash dividend of 50 cents per common share. The dividend is payable on December 31, 2008, to shareholders of record on December 10, 2008.

For further information, visit the company’s website at www.rayonier.com. Complimentary copies of Rayonier press releases and other financial documents are available by calling 1-800-RYN-7611.

About Rayonier

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 the world’s leading producer of high-value specialty cellulose fibers. Approximately 40 percent of the company’s sales are outside the U.S. to customers in more than 50 countries. Rayonier is structured as a real estate investment trust. More information is available at www.rayonier.com.

Rayonier, Jacksonville
Investors: Carl Kraus, 904-357-9158
or
Media Relations: Shannon Thuren, 904-357-9181