RAYONIER INC — Director's Dealing 2008

Nov 5, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2008-11-03

Reporting Person: KRAUS CARL (Sr VP, Finance)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-03	Common Shares	P	2315	$33.1631	Acquired	2315	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2027.0123	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $33.08 to $33.20. The price reported above reflects the weighted average sale price. Upon written request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price is available.