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Rayonier
2009 Performance Share Award Program
The number of shares to which
a participant could become entitled under the 2009 Performance
Share Award Program (the "Program") can range from 30% to a maximum
of 175% of the Target Award depending on Rayonier's total
shareholder return ("TSR") performance for the three-year
Performance Period of January 1, 2009 through December 31, 2011, as
compared to the TSR performance of the designated peer group
companies for the same period. There will be no payout if results
fall below the 30 th percentile 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.
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 equal investment in each of the peer group
companies.
TSR calculations of stock price appreciation
will be the average of the closing pri
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