RAYONIER INC — Director's Dealing 2008

Nov 24, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2008-11-21

Reporting Person: THOMAS LEE M (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-21	Common Shares	P	5000	$28.2204	Acquired	61118	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	379.6699	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $28.16 to $28.25. The price reported above reflects the weighted average purchase price. Upon written request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares purchased at each separate price is available.

F2: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.