RAYONIER INC — Director's Dealing 2012

Jan 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2012-01-17

Reporting Person: Frazier W. Edwin III (SR VP, CAO & Corp Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-17	Common Shares	A	42420.0000	$0.0000	Acquired	230823.0000	Direct
2012-01-17	Common Shares	F	13375.0000	$45.9900	Disposed	217448.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	769.9150	Indirect

Footnotes

F1: Paid pursuant to 2009 Contingent Performance Share award.

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

F3: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.