Rayonier is the seventh largest private timberland owner in the U.S. with approximately two million acres in Florida, Georgia, Alabama and Washington. In addition, the company owns, or manages for others, nearly 250,000 acres in New Zealand and Australia. Rayonier is also the world's leading producer of specialty cellulose fibers. Approximately 40 percent of the company's sales are outside the U.S. to customers in more than 50 countries

Rayonier First Quarter Earnings Release Schedule 
JACKSONVILLE, Fla.--(BUSINESS WIRE)--April 3, 2007--Rayonier Inc. (NYSE:RYN) plans to release its first quarter 2007 earnings on Tuesday, April 24, 2007, before the market opens.
Rayonier will host a conference call with the investment community at 2:00 p.m. EDT the same day to discuss these results. Investors may access the "listen only" conference call by dialing (913) 981-5584.
A replay of the teleconference will also be available from 5:00 p.m. EDT on Tuesday, April 24, until midnight on Tuesday, May 1. The replay number is (719) 457-0820 and the confirmation code is 7041635.

Rayonier Announces MDF Sale Close, Other Items 
JACKSONVILLE, Fla., Aug 31, 2005 (BUSINESS WIRE) -- Rayonier (NYSE:RYN) said today that it has closed the previously announced sale of its medium-density-fiberboard (MDF) business in New Zealand, and also reported on several other recent developments. 
Sale of MDF Business 
On August 28, 2005, the company closed the sale of its MDF business to Dongwha Hong Kong International Limited for $40 million, subject to final working capital adjustments. The sale proceeds are expected to approximate net book value and therefore no material gain or loss is anticipated. With its exit from the MDF business, Rayonier will now focus in New Zealand on the ownership and management of timberland. 
New Zealand Forests Transactions 
The New Zealand Overseas Investment Commission has approved the previously announced purchase of 235,000 acres of Carter Holt Harvey's New Zealand forests by a consortium including Rayonier, and the consortium's purchase of Rayonier's 118,000 acres. Both transactions are expected to close in October. At today's exchange rates and a 49.7 percent Rayonier equity interest in the consortium, the company expects net cash proceeds from the sale to approximate its previous estimate of $61 million, but has revised estimates of the after-tax gain from $28 million to $24 million.

Rayonier Forms Real Estate Company to Maximize Value of HBU Properties 
JACKSONVILLE, Fla.--(BUSINESS WIRE)--May 25, 2005--Rayonier (NYSE:RYN) today said it is forming a real estate company, TerraPointe LLC, to maximize the value of its extensive higher-and-better-use (HBU) properties. Charles Margiotta, currently Senior Vice President, Business Development, has been named President of TerraPointe.
"Due to demographic changes, primarily in Florida and Georgia, a large amount of our timberland holdings have much higher value for development, recreation or conservation than for growing timber," said Lee Nutter, Rayonier Chairman, President and CEO. "This is especially true in the fast-growing coastal counties along Interstate 95 between Savannah, Georgia, and Daytona Beach, Florida, where we own approximately 200,000 acres."

Rayonier Announces Second Quarter Dividend
JACKSONVILLE, Fla.--(BUSINESS WIRE)--May 20, 2005--Rayonier (NYSE:RYN) announced today that the company's Board of Directors has declared a second quarter cash dividend of 62 cents per common share. The dividend is payable June 30, 2005, to shareholders of record on June 10, 2005.

Rayonier Reports First Quarter 2005 Results 
JACKSONVILLE, Fla.--(BUSINESS WIRE)--April 26, 2005--Rayonier (NYSE:RYN) today reported first quarter net income of $34.4 million, or 67 cents per share. This compares to $13.5 million, or 26 cents per share, in fourth quarter 2004 and $75.5 million, or $1.49 per share, in first quarter 2004. First quarter 2005 results included a tax benefit of $9.5 million, or 19 cents per share, resulting from an IRS audit settlement relating to 1996 and 1997 tax years. First quarter 2004 results included a net tax benefit of $49.7 million, or 98 cents per share, and costs of $4.8 million, or 7 cents per share, relating to the company's REIT conversion.

Lee Nutter, Chairman, President and CEO said: "As expected, first quarter earnings improved significantly from the fourth quarter due to improved results in our two core businesses, Timber and Real Estate, and Performance Fibers, and we are continuing to experience strong pricing and demand across all product lines. Cash flow remains very good, further supporting our decision in February to increase the annual dividend 10.7 percent to $2.48 per share, while maintaining our flexibility to pursue growth opportunities."
First quarter earnings, excluding the tax benefit of 19 cents per share, were above fourth quarter primarily due to stronger results in Northwest U.S timber, performance fibers and real estate. Compared to first quarter 2004 excluding the net tax benefit of 98 cents per share, earnings declined slightly with strong results in performance fibers and lower corporate expenses offset by reduced real estate sales and higher taxes.

Cash provided by operating activities of $76 million was $6 million below first quarter 2004 and Cash Available for Distribution (CAD) of $60 million was $4 million below last year's first quarter. (CAD is a non-GAAP measure defined and reconciled to GAAP in the attached exhibits.) Cash flow, while lower mainly as a result of higher working capital requirements, remained robust due to continued strength in operations.
Sales of $286 million were $11 million below fourth quarter and $7 million below first quarter 2004.

Debt at quarter-end of $661 million was $3 million above year end 2004, however, debt less cash totaled $565 million, a $10 million decrease from year end. The debt-to-capital ratio of 45.0 percent compared to 45.3 percent at the end of 2004.