RLI CORP — Director's Dealing 2012

May 4, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RLI CORP (RLI)
CIK: 0000084246
Period of Report: 2012-05-03

Reporting Person: Bryant Todd Wayne (Vice President, Controller)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-03	Stock Option	$68.70	A	6000	Acquired	2020-05-03	Common Stock (6000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7808.1455	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$35.51	2016-08-28	Common Stock (700)	700	Direct
Stock Option	$44.09	2017-05-03	Common Stock (700)	700	Direct
Stock Option	$38.00	2018-05-01	Common Stock (750)	750	Direct
Stock Option	$35.81	2019-03-02	Common Stock (1000)	1000	Direct
Stock Option	$34.90	2017-05-07	Common Stock (3500)	3500	Direct
Stock Option	$44.34	2018-05-06	Common Stock (4500)	4500	Direct
Stock Option	$53.73	2019-05-05	Common Stock (6000)	6000	Direct

Footnotes

F1: Pursuant to option schedule wherein 20% of the aggregate number of shares granted may be exercised commencing one year from grant date and each year thereafter in 20% increments.

F2: Stock Option grant price adjusted to reflect $5 RLI extraordinary dividend declared 11/17/11.

F3: Stock Option grant price adjusted to reflect $7 RLI extraordinary dividend paid 12/29/10.