Sep 15, 2005. /Lesprom Network/. Rayonier announced that its board of directors has approved a three-for-two stock split and a 13.7% increase in the quarterly cash dividend to $0.47 per share on a post-split basis. The split will be effected in the form of a stock dividend by issuing one-half additional share for each share held. The additional shares will be distributed October 17, 2005, to shareholders of record on October 3, 2005. The $0.47 per share fourth quarter dividend will be paid on December 30, 2005, to shareholders of record on December 9, 2005. The previously announced third quarter pre-split dividend of $0.62 per share will be paid on September 30, 2005, to shareholders of record on September 9, 2005. Lee Nutter, chairman, pesident and CEO, said: "The stock split recognizes the appreciation in value of Rayonier's common shares since our last split in June 2003 and should further improve liquidity and trading volume. The increased dividend reflects our continued strong operating performance and positive outlook for the coming year, despite higher energy costs and slight short-term effects of Hurricane Katrina. Further value creation is expected as TerraPointe, our real estate subsidiary, implements strategic growth plans to maximize the asset value of our 200,000 acres of higher-and-better use properties in coastal Southeast Georgia and Northeast Florida. Also, our significant cash balances and low debt-to-capital ratio provide continuing strategic flexibility," Mr. Nutter said. Rayonier has 2.2 million acres of timberland and real estate in the U.S. and New Zealand. The company is also the world's leading producer of high performance specialty cellulose fibers and has customers in more than 50 countries.