RAYONIER INC — Director's Dealing 2008

Jan 9, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2008-01-07

Reporting Person: MARGIOTTA CHARLES (SR VP, BUS DEV)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-07	Common Shares	A	13125	—	Acquired	88617	Direct
2008-01-07	Common Shares	F	3599	$44.25	Disposed	85018	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	16623.5041	Indirect

Footnotes

F1: Paid pursuant to 2005 Contingent Performance Share award.

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