RAYONIER INC — Director's Dealing 2012

Dec 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2012-12-20

Reporting Person: Frazier W. Edwin III (SR VP, CAO & Corp Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-20	Common Shares	G	96410.0000	$0.0000	Disposed	121038.0000	Direct
2012-12-20	Common Shares	G	96410.0000	$0.0000	Acquired	96410.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1004.7348	Indirect

Footnotes

F1: These shares are held in a trust for the benefit of Mr. Frazier's spouse. Mr. Frazier's spouse is trustee of the trust.

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