RAYONIER INC — Director's Dealing 2011

Mar 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2011-03-01

Reporting Person: THOMAS LEE M (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-01	Common Shares	F	6379.0000	$59.8200	Disposed	205758.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	972.7376	Indirect

Footnotes

F1: Shares are being withheld from Mr. Thomas' 2007 restricted stock award which vested 3/1/2011. The award was previously reported on Form 4 filed March 2, 2007.

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