Rayonier Inc.

Rayonier is a leading international forest products company primarily engaged in the production and sale of high-performance specialty cellulose products and activities associated with timber and real estate, including the sale of standing timber, timberland acreage and land for development. We own or manage 2.7 million acres of timberland in the U.S. and New Zealand. Approximately 40 percent of our sales are to customers in more than 50 countries outside the U.S. We also manufacture lumber for domestic and export markets, and trade logs and wood products around the Pacific Rim. We are focusing our corporate strategy on three core businesses: Timber, Real Estate and Performance Fibers - as a platform for growth and enhanced financial performance. ( www.rayonier.com )