RAYONIER INC — Director's Dealing 2011

Jan 4, 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)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-03	Common Shares	F	1012.0000	$52.5200	Disposed	5430.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	21417.4145	Indirect

Footnotes

F1: Shares are being withheld from Mr. Kriesel's 2008 restricted stock award which vested 1/2/2011. The award was previoulsy reported on Form 3 filed 11/9/2009.

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