Issuer Warrant Transaction Amendment



 EXHIBIT 4.8 
 Credit Suisse Capital LLC 
 c/o Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 
 New York, NY 10010 
 October 15, 2007 
 Rayonier Inc. 
 50 North Laura Street 
 Jacksonville, FL 32202 
 Re:
Issuer Warrant Transaction Amendment 
 Rayonier Inc. (“Issuer”) and Credit Suisse Capital LLC (“Dealer”),
represented by Credit Suisse Securities (USA) LLC (“Agent”), as its agent, have entered into a confirmation dated as of October 10, 2007, Reference No. 40114194 (the “Confirmation”) relating to Warrants on
shares of common stock (no par value) of Issuer issued by Issuer to Dealer. This letter agreement (this “Amendment”) amends the terms and conditions of the Transaction (the “Transaction”) evidenced by the
Confirmation. 
 Upon the effectiveness of this Amendment, all references in the Confirmation to the “Transaction” will be deemed
to be to the Transaction as amended hereby. Capitalized terms used herein without definition shall have the meanings assigned to them in the Confirmation. 
 1. Amendments. The Confirmation is hereby amended as follows: 
 a. Number of Warrants and Expiration Date. The Numbers
of Warrants and Expiration Dates specified in the Confirmation are hereby replaced in their entirety with the Numbers of Warrants and Expiration Dates set forth on Annex A attached hereto. 
 b. Additional Premium. The “Premium” shall be USD13,435,500. 
 c. Capped Number. The number “5,929,072” set forth in Section 8(e) of the Confirmation is hereby replaced with the number
“7,114,888”. 
 2. Effectiveness. This Amendment shall become effective upon execution by the parties hereto. 
 3. No Additional Amendments or Waivers. Except as amended hereby, all the terms of the Transaction and provisions in the Confirmation shall remain and continue in
full force and effect and are hereby confirmed in all respects. 
 4. Counterparts. This Amendment may be signed in any number of counterparts, each
of which shall be an original, with the same effect as if all of the signatures thereto and hereto were upon the same instrument. 
 5. Governing Law.
The provisions of this Amendment shall be governed by the New York law (without reference to choice of law doctrine). 







 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this
Amendment and returning it in the manner indicated in the attached cover letter. 
  

					
	Yours faithfully,
		
		 	CREDIT SUISSE CAPITAL LLC
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	 CREDIT SUISSE SECURITIES (USA)
 LLC, AS AGENT FOR CREDIT SUISSE
 CAPITAL LLC

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	


 Confirmed as of the date first above written: 
  

			
	RAYONIER INC.
		
	By:	 	  

	Name:	 	
	Title:	 	








 Annex A 
 For each Component of the Transaction, the Number of Warrants and Expiration Date are set forth below. 
  

					
	 Component Number
	 	 Number of Warrants
	 	 Expiration Date

	 1.
	 	71,149	 	January 15, 2013
	 2.
	 	71,149	 	January 16, 2013
	 3.
	 	71,149	 	January 17, 2013
	 4.
	 	71,149	 	January 18, 2013
	 5.
	 	71,149	 	January 22, 2013
	 6.
	 	71,149	 	January 23, 2013
	 7.
	 	71,149	 	January 24, 2013
	 8.
	 	71,149	 	January 25, 2013
	 9.
	 	71,149	 	January 28, 2013
	 10.
	 	71,149	 	January 29, 2013
	 11.
	 	71,149	 	January 30, 2013
	 12.
	 	71,149	 	January 31, 2013
	 13.
	 	71,149	 	February 1, 2013
	 14.
	 	71,149	 	February 4, 2013
	 15.
	 	71,149	 	February 5, 2013
	 16.
	 	71,149	 	February 6, 2013
	 17.
	 	71,149	 	February 7, 2013
	 18.
	 	71,149	 	February 8, 2013
	 19.
	 	71,149	 	February 11, 2013
	 20.
	 	71,149	 	February 12, 2013
	 21.
	 	71,149	 	February 13, 2013
	 22.
	 	71,149	 	February 14, 2013
	 23.
	 	71,149	 	February 15, 2013
	 24.
	 	71,149	 	February 19, 2013
	 25.
	 	71,149	 	February 20, 2013
	 26.
	 	71,149	 	February 21, 2013
	 27.
	 	71,149	 	February 22, 2013
	 28.
	 	71,149	 	February 25, 2013
	 29.
	 	71,149	 	February 26, 2013
	 30.
	 	71,149	 	February 27, 2013
	 31.
	 	71,149	 	February 28, 2013
	 32.
	 	71,149	 	March 1, 2013
	 33.
	 	71,149	 	March 4, 2013
	 34.
	 	71,149	 	March 5, 2013
	 35.
	 	71,149	 	March 6, 2013
	 36.
	 	71,149	 	March 7, 2013
	 37.
	 	71,149	 	March 8, 2013
	 38.
	 	71,149	 	March 11, 2013
	 39.
	 	71,149	 	March 12, 2013
	 40.
	 	71,149	 	March 13, 2013
	 41.
	 	71,149	 	March 14, 2013
	 42.
	 	71,149	 	March 15, 2013
	 43.
	 	71,149	 	March 18, 2013
	 44.
	 	71,149	 	March 19, 2013
	 45.
	 	71,149	 	March 20, 2013
	 46.
	 	71,149	 	March 21, 2013
	 47.
	 	71,149	 	March 22, 2013
	 48.
	 	71,149	 	March 25, 2013
	 49.
	 	71,149	 	March 26, 2013
	 50.
	 	71,143	 	 March 27, 2013