RYN Rayonier Inc

Rayonier (NYSE:RYN) announced today that Carl E. Kraus, a veteran financial and real estate executive, has joined the company and will serve in two prominent roles as Senior Vice President, Finance, Rayonier, and Chief Investment Officer of the company's real estate subsidiary, TerraPointe. "Carl brings to Rayonier more than 30 years of diverse financial, investment and operating experience," said Lee Nutter, Chairman, President and Chief Executive Officer. "In particular, his extensive background in real estate investment and development will be especially valuable as we implement strategic growth plans to maximize the asset value of our extensive higher-and-better use properties in coastal Southeast Georgia and Northeast Florida. As Chief Investment Officer of TerraPointe he will have primary responsibility for project finance and joint venture structuring and will also have a key role as we continue to build our real estate organization." Prior to joining Rayonier, Kraus was Senior Vice President and Chief Financial Officer with Kramont Realty Trust in Plymouth, PA. From 1999 to 2002, he was Senior Vice President and Chief Financial Officer with Philips International Realty Corp., a New York-based REIT. Previously, Kraus spent 16 years, including nine as President, at Radnor Corporation, the former Sunoco real estate subsidiary. A Certified Public Accountant, he has a BBA from Temple University. Kraus' appointment completes the management restructuring related to the previously announced January 2006 retirement of Gerald J. Pollack, Senior Vice President and Chief Financial Officer. "With Carl's addition and the recent promotion of Hans Vanden Noort to Senior Vice President and Chief Accounting Officer, Rayonier is well positioned to build on our long-established reputation for financial excellence and transparency," said Nutter. Rayonier has 2.2 million acres of timberland and real estate in the U.S. and New Zealand. The company recently formed a real estate subsidiary, TerraPointe LLC, to maximize the value of its extensive higher-and-better use properties, particularly in the fast-growing counties along Interstate 95 between Savannah, Georgia, and Daytona Beach, Florida, where Rayonier owns approximately 200,000 acres. Rayonier is also the world's leading producer of high performance specialty cellulose fibers. With customers in more than 50 countries, approximately 40 percent of the company's $1.2 billion in sales are to international markets. For more information about Rayonier, visit the company's website at http://www.rayonier.com. Complimentary copies of Rayonier press releases and other financial documents are also available by mail or fax by calling 1-800-RYN-7611.