RAYONIER INC — Director's Dealing 2009

Jan 14, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2009-01-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-01-12	Common Shares	A	24338	—	Acquired	120266	Direct
2009-01-12	Common Shares	F	6645	$28.12	Disposed	113621	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5382.8634	Indirect

Footnotes

F1: Paid pursuant to 2006 Contingent Performance Share award.

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