RAYONIER INC — Director's Dealing 2011

May 26, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2011-05-20

Reporting Person: Wilson Nancy L (VP, Forest Resources)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2600.0000	Direct
Common Shares	1267.3299	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$55.5400	2021-01-03	Common Shares (2670.0000)		Direct

Footnotes

F1: Grant of restricted shares to vest 08/09/2013 assuming continued employment with Rayonier.

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

F3: Vests in one-third installments annually commencing 1/3/2012.