Call End:

Rayonier, Inc. ( RYN)

Bank of America/Merrill Lynch 2011 Industrials Conference

December 6, 2011 01:00 pm ET

Executives

Carl Kraus – Senior Vice President of Finance

Helen Rowan – Vice President, Strategic Planning and Communications

Andy Fricke – Manager, Investor Relations

Presentation

Moderator

Thanks for joining us. We’re very happy to have Rayonier here with us this afternoon. Representing the company is Carl Kraus, Senior Vice President of Finance. As you know, Carl has been with Rayonier since 2005. We’re also pleased to have Helen Rowan in the audience with us who heads Strategic Development, and Andy Fricke who assists Carl in the IR function. Without any further ado, Carl, please take it away.

Carl Krause

Good afternoon, thanks Mike. We’ll start off with a company profile that based on yesterday’s closing price we’re a $5 billion global forest products company with core operations in forest resources, real estate, and performance fibers. Annually we generate revenues of $1.4 billion and about half of our sales are outside the US to 40 different countries around the globe.

At our current dividend rate of $1.60 per annum we’re yielding approximately 4%. We are structured as a highly efficient real estate investment trust and we enjoy high investment-grade ratings from both Moody’s and Standard & Poor’s.

On the next page, looking at our company structure, you can see on the left-hand side of the chart that our timber assets are in the REIT and our performance fibers and certain of our real estate assets are in our taxable REIT subsidiary. And because of the strong financial dynamics of our TRS we’re able to house the majority of our debt in that entity.

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