RAYONIER INC — Director's Dealing 2011

Jan 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2011-01-26

Reporting Person: Iannotti Joseph L. (VP and Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-26	Common Shares	M	2625.0000	$32.2700	Acquired	4658.0000	Direct
2011-01-26	Common Shares	S	2625.0000	$60.3482	Disposed	2033.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-26	Employee Stock Option	$32.2700	M	2625.0000	Disposed	2015-01-03	Common Shares (2625.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2560.0076	Indirect

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.