RAYONIER INC — Director's Dealing 2014

Jan 6, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2014-01-02

Reporting Person: Hood Charles H (SVP, Public Affairs & Comm)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-02	Common Shares	A	4700.0000	$0.0000	Acquired	39195.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-02	Employee Stock Option	$42.5500	A	6270.0000	Acquired	2024-01-02	Common Shares (6270.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1595.2947	Indirect

Footnotes

F1: Grant of restricted shares to vest August 14, 2015 assuming continued employment with Rayonier.

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 1/2/2015