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RAYONIER INC Director's Dealing 2008

Oct 27, 2008

31153_dirs_2008-10-27_ca5fb8f8-df5d-4ae5-bbb8-107156f0dcfe.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2008-10-23

Reporting Person: VANDENNOORT HANS E (SR VP & CFO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2008-10-23 Common Shares I 3575.7988 $30.65 Acquired 3738.7856 Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common Shares 44917 Direct

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.