RAYONIER INC — Director's Dealing 2009

May 29, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2009-05-27

Reporting Person: BRANNON TIMOTHY H (SR VP, FOR RESRCS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-27	Common Shares	I	8397.3584	$37.7	Disposed	16962.8292	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	195754	Direct

Footnotes

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