RAYONIER INC — Director's Dealing 2011

Jan 19, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2011-01-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-14	Common Shares	A	131250.0000	$0.0000	Acquired	258275.0000	Direct
2011-01-14	Common Shares	F	46138.0000	$56.9800	Disposed	212137.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	946.6651	Indirect

Footnotes

F1: Paid pursuant to 2008 Contingent Performance Share award.

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