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Rayonier
Performance
Share Award Program
The number of shares to which a
participant could become entitled under the Performance Share Award
Program (the "Program") can range from 50% to a maximum of 175% of
the Target Award depending on Rayonier's total shareholder return
("TSR") performance for the designated three-year Performance
Period as compared to the TSR performance of the companies that
comprise the Standard & Poor's Supercomposite Paper &
Forest Products Index (the "S&P Forest Products Index") and the
National Association of Real Estate Investment Trust Equity REIT
Index (the "NAREIT Index") for the same period. There would be no
payout if results fall below the 4 th Quintile
performance threshold.
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TSR is defined as stock price
appreciation plus the reinvestment of dividends on a quarterly
basis. For purposes of performance measurement, TSR shall be the
final reported figure as may be adjusted by the Committee for
unusual items to avoid distortion in the operation of the
Program.
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TSR over the 3-year period will be
calculated by measuring the value of a hypothetical $100 investment
in Rayonier shares as compared to an investment in each of the
companies comprising the benchmark indices.
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TSR calculations of stock price
appreciation will be the average of the closing prices of Rayonier
common shares and that of the companies comprising the two indices
for the 20 trading days preceding the starting and ending dates of
the performance period. Companies which enter or exit either of the
benchmark indices between the measurement dates are not included in
the quintile rankings.
The final number of shares in
the Award would be determined as follows.
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The TSR performance of Rayonier
and the companies of each of the benchmark indic
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