RAYONIER INC — Director's Dealing 2009

Feb 27, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2009-02-26

Reporting Person: KRAUS CARL (Sr VP, Finance)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-02-26	Common Shares	P	4475	$27.9014	Acquired	18259	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2179.9427	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $27.85 to $27.95. The price reported above reflects the weighted average purchase 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.

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