RAYONIER INC — Director's Dealing 2012

Feb 2, 2012

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2011-12-31

Reporting Person: THOMAS LEE M (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-20	Common Shares	G	36276.0000	$0.0000	Disposed	272361.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1611.0141	Indirect

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.