RYN Rayonier Inc

Rayonier (NYSE:RYN) announced today that the company�s Board of Directors has declared a second quarter cash dividend of 47 cents per common share. The dividend is payable June 29, 2007, to shareholders of record on June 8, 2007. Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate and Performance Fibers. It owns, leases or manages 2.7 million acres of timber and land in the U.S., New Zealand and Australia. 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. 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.