RAYONIER INC

Ticker: RYN CUSIP: 754907103 Class: COM

Douglass Winthrop Advisors, LLC's Holding History (CIK: 0001308527)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014
Shares 36,525 Value ($000) $1,021 Avg Close — Range —
Q3 2014
Shares 36,525 Value ($000) $1,137 Avg Close — Range —
Q2 2014
Shares 36,725 Value ($000) $1,306 Avg Close — Range —
Q1 2014
Shares 37,050 Value ($000) $1,701 Avg Close — Range —
Q4 2013
Shares 37,150 Value ($000) $1,564 Avg Close — Range —
Q3 2013
Shares 38,209 Value ($000) $2,126 Avg Close — Range —
Q2 2013
Shares 38,359 Value ($000) $2,125 Avg Close — Range —