RAYONIER INC — Director's Dealing 2009

Nov 9, 2009

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2009-11-02

Reporting Person: Kriesel Jack M. (SVP, Performance Fibers)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	3500	Direct
Common Shares	19990.5059	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$24.47	2014-01-01	Common Shares (9000)		Direct
Employee Stock Option	$30.26	2019-01-01	Common Shares (3810)		Direct
Employee Stock Option	$32.27	2015-01-03	Common Shares (10500)		Direct
Employee Stock Option	$41.03	2017-01-03	Common Shares (2200)		Direct
Employee Stock Option	$41.34	2016-01-03	Common Shares (8300)		Direct
Employee Stock Option	$46.59	2018-01-02	Common Shares (2370)		Direct

Footnotes

F1: Grant of restricted shares to vest 01/02/2011 assuming Mr. Kriesel's continued employment with Rayonier.

F2: Vests in one-third installments annually commencing 1/2/2010.

F3: The option vests in three equal annual installments beginning on 1/3/08.

F4: Vests in one-third installments annually commencing 1/2/2009.