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Rayonier Announces Agreement to Sell EAM Business

Jesup, Georgia, October 20, 2005 – Rayonier (NYSE:RYN) announced today that it has entered into an agreement to sell its Engineered Absorbent Materials business (EAM Corporation) to Kinderhook Industries, LLC, a New York-based
private equity firm. The transaction is expected to close in mid November.

“While EAM has developed into a successful global niche business, its relatively small size is not an ideal fit in our product portfolio and we believe the business will be better positioned to grow independently,” said Paul Boynton, Senior Vice President,Performance Fibers. “The sale also provides an opportunity for us to invest the proceeds into higher-return projects to benefit our Performance Fibers business.”

EAM will continue to operate under its current management and the Engineered Absorbent Materials Corporation banner. “We’re excited about the possibilities for this business and we look forward to being a part of what makes Wayne County a great place to live and work,” said Robert Michalik, Managing Director of Kinderhook Industries, representing the purchaser. “We look forward to expanding the product platform of the global business through a combination of EAM management’s industry expertise and technology, coupled with the experience and efforts of the Jesup workforce, and the state-of-the-art assets acquired through this transaction. We are committed to the long-term growth and success of this business.”

EAM’s trademarked brand NovaThin® absorbent cores, developed through Rayonier’s research and development efforts, are used today in some of the world’s most advanced absorbent products in adult incontinence, feminine hygiene and other consumer applications. “We’re very proud of our incubation and development of EAM over the last five years. We wish the new owners and the EAM employees well as they continue to grow the business,” said Boynton.

Rayonier said the sale of EAM will not affect its decision to expand pilot production capability for its Xcel™ fibers, a cellulosic acquisition fiber that can be applied with conventional diaper manufacturing equipment.

Rayonier has 2.2 million acres of prime 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 it owns approximately 200,000 acres. Rayonier is also the world’s leading producer of high performance specialty cellulose fibers. Approximately 40 percent of the company’s sales are outside the U.S. to customers in more than 50 countries.

Kinderhook Industries is a $200 million small market private equity fund with an investment philosophy of combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook’s investment focus is on small market, non-core divisions of public companies and recapitalizations of entrepreneurial owned businesses.
 
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