RAYONIER INC

Ticker: RYN CUSIP: 754907103 Class: COM

Telos Capital Management, Inc.'s Holding History (CIK: 0001567889)

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

Q3 2014
Shares 6,504 Value ($000) $203 Avg Close — Range —
Q2 2014
Shares 6,429 Value ($000) $229 Avg Close — Range —
Q1 2014
Shares 6,425 Value ($000) $295 Avg Close — Range —
Q4 2013
Shares 6,457 Value ($000) $272 Avg Close — Range —
Q3 2013
Shares 6,414 Value ($000) $357 Avg Close — Range —
Q2 2013
Shares 6,465 Value ($000) $358 Avg Close — Range —