RAYONIER INC — Director's Dealing 2014

Feb 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2014-02-05

Reporting Person: Kriesel Jack M. (SVP, Performance Fibers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-05	Common Shares	M	5715.0000	$20.1800	Acquired	53130.5000	Direct
2014-02-05	Common Shares	S	5715.0000	$43.4301	Disposed	47415.5000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-05	Employee Stock Option	$20.1800	M	5715.0000	Disposed	2019-01-02	Common Shares (5715.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	256.1900	Indirect

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 1/2/2010.