RAYONIER INC — Director's Dealing 2008

Jun 3, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2008-05-30

Reporting Person: BOYNTON PAUL G (SR VP, Perf Fibers & Wood Prod)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-30	Common Shares	M	20000	$17.2267	Acquired	115928	Direct
2008-05-30	Common Shares	D	100	$47.28	Disposed	115828	Direct
2008-05-30	Common Shares	D	100	$47.14	Disposed	115728	Direct
2008-05-30	Common Shares	D	100	$47.34	Disposed	115628	Direct
2008-05-30	Common Shares	D	200	$47.16	Disposed	115428	Direct
2008-05-30	Common Shares	D	200	$47.33	Disposed	115228	Direct
2008-05-30	Common Shares	D	200	$47.39	Disposed	115028	Direct
2008-05-30	Common Shares	D	300	$47.18	Disposed	114728	Direct
2008-05-30	Common Shares	D	400	$47.35	Disposed	114328	Direct
2008-05-30	Common Shares	D	500	$47.27	Disposed	113828	Direct
2008-05-30	Common Shares	D	500	$47.37	Disposed	113328	Direct
2008-05-30	Common Shares	D	600	$47.38	Disposed	112728	Direct
2008-05-30	Common Shares	D	700	$47.19	Disposed	112028	Direct
2008-05-30	Common Shares	D	800	$47.15	Disposed	111228	Direct
2008-05-30	Common Shares	D	900	$47.26	Disposed	110328	Direct
2008-05-30	Common Shares	D	900	$47.21	Disposed	109428	Direct
2008-05-30	Common Shares	D	900	$47.17	Disposed	108528	Direct
2008-05-30	Common Shares	D	1100	$47.24	Disposed	107428	Direct
2008-05-30	Common Shares	D	1200	$47.2	Disposed	106228	Direct
2008-05-30	Common Shares	D	1600	$47.23	Disposed	104628	Direct
2008-05-30	Common Shares	D	2100	$47.25	Disposed	102528	Direct
2008-05-30	Common Shares	D	3100	$47.4	Disposed	99428	Direct
2008-05-30	Common Shares	D	3500	$47.22	Disposed	95928	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-30	Employee Stock Option	$17.2267	M	20000	Disposed	2013-01-04	Common Shares (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5256.752	Indirect

Footnotes

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

F2: Vests in one-third installments annually commencing 1/2/04.