RAYONIER INC — Director's Dealing 2012

Jan 20, 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: Kriesel Jack M. (SVP, Performance Fibers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-09	Common Shares	I	10860.1785	$41.5000	Disposed	21520.8712	Indirect
2011-12-22	Common Shares	I	6819.4779	$43.5600	Disposed	14701.3933	Indirect
2011-12-27	Common Shares	I	6255.7953	$44.4300	Disposed	8445.5979	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	12991.5000	Direct

Footnotes

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