Jacksonville, Florida, USA, 19 August 2008 -- (BUSINESS WIRE) -- Rayonier (NYSE:RYN) today announced that the New Zealand joint venture Matariki Forests, in which it has a 40% interest, has decided to offer its timberlands for sale. Matariki Forests owns the third largest forest estate in New Zealand, with approximately 343,000 acres of timberland well positioned throughout the country. In addition to its equity interest, Rayonier provides timberland management services to the joint venture.

"The decision to offer this high quality Radiata pine estate allows the joint venture to tap the private market's strong appetite for timberland as an attractive asset class," said Lee M. Thomas, Rayonier chairman, president, and CEO. "We will work with the other Matariki owners to select a financial advisor and begin marketing this property within the next three months."

A sale of the joint venture's timberlands would be expected to close sometime in 2009.

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 real estate development subsidiary, TerraPointe LLC, maximizes 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 structured as a real estate investment trust. More information is available at www.rayonier.com.