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: Kiker H. Edwin (SVP, Chief Financial Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2267.0000	Direct
Common Shares	11231.1183	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$28.2200	2020-01-03	Common Shares (1365.0000)		Direct
Employee Stock Option	$37.0300	2021-01-03	Common Shares (1005.0000)		Direct
Employee Stock Option	$42.5500	2024-01-02	Common Shares (1530.0000)		Direct
Employee Stock Option	$44.4200	2022-01-03	Common Shares (850.0000)		Direct
Employee Stock Option	$45.1000	2024-05-15	Common Shares (5720.0000)		Direct
Employee Stock Option	$52.6300	2023-01-02	Common Shares (1130.0000)		Direct

Footnotes

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

F2: Vests in one-third installments annually commencing 1/4/2011

F3: Vests in one-third installments annually commencing 1/3/2012.

F4: Vests in one-third installments annually commencing 1/2/2015

F5: Vests in one-third installments annually commencing 1/3/2013.

F6: Vests in one-third installments annually commencing 5/16/2015

F7: Vests in one-third installments annually commencing 1/2/2014.