Jacksonville, Florida, USA, 18 July 2008 -- (BUSINESS WIRE) -- Rayonier (NYSE:RYN) announced today that the company's board of directors has declared a third quarter cash dividend of 50 cents per common share. The dividend is payable 30 September 2008, to shareholders of record on 10 September 2008.

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% 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. More at www.rayonier.com.

For further information, visit www.rayonier.com.