RAYONIER INC — Director's Dealing 2014

May 23, 2014

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2014-05-16

Reporting Person: Ruperto Frank A (SVP, Corp Dev & Strategic Plan)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5446.0000	Direct
Common Shares	11.2969	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$45.9100	2024-03-31	Common Shares (12790.0000)		Direct

Footnotes

F1: Grant of restricted shares to vest 3/31/2019 assuming Mr. Ruperto's continued employment.

F2: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.

F3: Vests in one-third installments annually, commencing 3/31/2015.