RAYONIER INC — Director's Dealing 2012

Mar 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2012-03-02

Reporting Person: BROWN C DAVID II (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-02	Common Shares	P	17000.0000	$44.2600	Acquired	32211.5000	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $44.25 to $44.30. The price reported above reflects the weighted average purchase price. Upon written request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price is available.

F2: Adjusted to reflect a 3-for-2 stock split effective 8/24/2011.