RAYONIER INC — Director's Dealing 2016

May 31, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2016-05-27

Reporting Person: Bridwell Mark R (VP, General Counsel and CS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-27	Common Shares	M	881.0000	$20.1100	Acquired	15065.0000	Direct
2016-05-27	Common Shares	S	881.0000	$26.1200	Disposed	14184.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-27	Employee Stock Option	$20.1100	M	881.0000	Disposed	2017-01-03	Common Shares (881.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1796.2744	Indirect

Footnotes

F1: The grant of this option was previously reported on Form 3 filed July 1, 2014 as covering 900 shares at an exercise price of $27.36 per share, but was subsequently adjusted 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 seperation of its performance fibers business on June 27, 2014.