RAYONIER INC — Director's Dealing 2014

Jul 1, 2014

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2014-06-27

Reporting Person: Bridwell Mark R (Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5786.0000	Direct
Common Shares	1435.0049	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$20.1800	2019-01-01	Common Shares (1695.0000)		Direct
Employee Stock Option	$27.3600	2017-01-03	Common Shares (900.0000)		Direct
Employee Stock Option	$28.2200	2020-01-03	Common Shares (1020.0000)		Direct
Employee Stock Option	$31.0600	2018-01-02	Common Shares (1140.0000)		Direct
Employee Stock Option	$37.0300	2021-01-03	Common Shares (615.0000)		Direct
Employee Stock Option	$42.5500	2024-01-02	Common Shares (1130.0000)		Direct
Employee Stock Option	$44.4200	2022-01-03	Common Shares (580.0000)		Direct
Employee Stock Option	$52.6300	2023-01-02	Common Shares (860.0000)		Direct

Footnotes

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

F2: Number of underlying shares and exercise price are subject to adjustment pursuant to the Employee Matters Agreement, dated as of June 27, 2014, between Issuer and Rayonier Advanced Materials Inc. in connection with Issuer's spin-off separation of its performance fibers business on June 27, 2014.

F3: Vests in one-third installments annually commencing 1/2/2010.

F4: The option vests in three equal annual installments beginning on 1/3/08.

F5: Vests in one-third installments annually commencing 1/4/2011

F6: Vests in one-third installments annually commencing January 2, 2009.

F7: Vests in one-third installments annually commencing 1/3/2012.

F8: Vests in one-third installments annually commencing on 1/02/2015.

F9: Vests in one-third installments annually commencing 1/3/2013.

F10: Vests in one-third installments annually commencing 1/2/2014.