RAYONIER INC — Director's Dealing 2012

Dec 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2012-12-17

Reporting Person: MARGIOTTA CHARLES (SR VP, REAL ESTATE)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-17	Common Shares	S	6000.0000	$49.4200	Disposed	203133.3531	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1200.0000	Indirect
Common Shares	9935.3302	Indirect

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 8, 2012, covering the sale of 42,000 shares.

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