RAYONIER INC — Director's Dealing 2011

Jan 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-03	Employee Stock Option	$55.5400	A	10690.0000	Acquired	2021-01-03	Common Shares (10690.0000)	Direct

Footnotes

F1: Vests in one-third installments annually commencing 1/3/2012.