RAYONIER INC — Director's Dealing 2012

Feb 14, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2012-02-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-09	Common Shares	G	600.0000	$0.0000	Disposed	209733.3531	Direct
2012-02-09	Common Shares	G	600.0000	$0.0000	Disposed	209133.3531	Direct
2012-02-09	Common Shares	G	600.0000	$0.0000	Acquired	1200.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	9443.9630	Indirect

Footnotes

F1: This transaction involved a gift of securities by the reporting person to his son, who shares reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his son, and this report should not be deemed an admission that the reporting person is the beneficial owner of his son's shares for purposes of Section 16 or for any other purpose.

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