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MARATHON ASSET MANAGEMENT LLP
> RYN
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 06/30/2021 | RAYONIER INC | RYN | 934,308 | -218,404 | 33,569,000 | -3,607,000 | $35.93 |
| 03/31/2021 | RAYONIER INC | RYN | 1,152,712 | -50,241 | 37,176,000 | 1,833,000 | $32.25 |
| 12/31/2020 | RAYONIER INC | RYN | 1,202,953 | -52,513 | 35,343,000 | 2,152,000 | $29.38 |
| 09/30/2020 | RAYONIER INC | RYN | 1,255,466 | 17,112 | 33,191,000 | 2,498,000 | $26.44 |
| 06/30/2020 | RAYONIER INC | RYN | 1,238,354 | -316,716 | 30,693,000 | -5,918,000 | $24.79 |
| 03/31/2020 | RAYONIER INC | RYN | 1,555,070 | 136,168 | 36,611,000 | -9,872,000 | $23.54 |
| 12/31/2019 | RAYONIER INC | RYN | 1,418,902 | -142,835 | 46,483,000 | 2,437,000 | $32.76 |
| 09/30/2019 | RAYONIER INC | RYN | 1,561,737 | -131,297 | 44,046,000 | -7,255,000 | $28.20 |
| 06/30/2019 | RAYONIER INC | RYN | 1,693,034 | 16,272 | 51,301,000 | -1,548,000 | $30.30 |
| 03/31/2019 | RAYONIER INC | RYN | 1,676,762 | 62,549 | 52,849,000 | 8,154,000 | $31.52 |
| 12/31/2018 | RAYONIER INC | RYN | 1,614,213 | 135,099 | 44,695,000 | -5,314,000 | $27.69 |
| 09/30/2018 | RAYONIER INC | RYN | 1,479,114 | -166,024 | 50,009,000 | -13,636,000 | $33.81 |
| 06/30/2018 | RAYONIER INC | RYN | 1,645,138 | 24,693 | 63,645,000 | 6,635,000 | $38.69 |
| 03/31/2018 | RAYONIER INC | RYN | 1,620,445 | 70,093 | 57,010,000 | 7,972,000 | $35.18 |
| 12/31/2017 | RAYONIER INC | RYN | 1,550,352 | 40,257 | 49,038,000 | 5,418,000 | $31.63 |
| 09/30/2017 | RAYONIER INC | RYN | 1,510,095 | -22,916 | 43,620,000 | -481,000 | $28.89 |
| 06/30/2017 | RAYONIER INC | RYN | 1,533,011 | 731 | 44,101,000 | 680,000 | $28.77 |
| 03/31/2017 | RAYONIER INC | RYN | 1,532,280 | -53,344 | 43,421,000 | 1,243,000 | $28.34 |
| 12/31/2016 | RAYONIER INC | RYN | 1,585,624 | -10,959 | 42,178,000 | -199,000 | $26.60 |
| 09/30/2016 | RAYONIER INC | RYN | 1,596,583 | -106,759 | 42,377,000 | -2,323,000 | $26.54 |
| 06/30/2016 | RAYONIER INC | RYN | 1,703,342 | 45,668 | 44,700,000 | 3,785,000 | $26.24 |
| 03/31/2016 | RAYONIER INC | RYN | 1,657,674 | 1,657,674 | 40,915,000 | 40,915,000 | $24.68 |
| 12/31/2015 | RAYONIER INC | RYN | 1,660,939 | 1,660,939 | 36,877,000 | 36,877,000 | $22.20 |
| 09/30/2015 | RAYONIER INC | RYN | 1,666,025 | 1,666,025 | 36,765,000 | 36,765,000 | $22.07 |
| 06/30/2015 | RAYONIER INC | RYN | 347,262 | 347,262 | 8,872,000 | 8,872,000 | $25.55 |
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