On June 27, 2014, Rayonier completed the previously announced distribution of 100% of the outstanding common stock of SpinCo to Rayonier's shareholders. In connection with the distribution, each of Paul G. Boynton (Chairman, President and Chief Executive Officer), Michael R. Herman (Senior Vice President, General Counsel and Assistant Corporate Secretary), Jack M. Kriesel (Senior Vice President, Performance Fibers) and Benson K. Woo (Chief Accounting Officer) resigned from their respective positions at Rayonier, effective as of immediately prior to the distribution. As previously reported on the current report on Form 8-K filed by Rayonier on May 12, 2014, David L. Nunes was appointed President and Chief Executive Officer of Rayonier, effective as of the distribution.

From June 9, 2014, until the distribution, Mr. Nunes served as Rayonier's Chief Operating Officer. In connection with the distribution, Paul G. Boynton, C. David Brown, II, Mark E. Gaumond, James H. Miller, Thomas I. Morgan and Ronald Townsend resigned as directors of Rayonier, effective as of immediately prior to the distribution, and John A. Blumberg, Dod A. Fraser, Scott R. Jones, Senator Blanche L. Lincoln and David L. Nunes were elected as directors of Rayonier, effective as of immediately after the effectiveness of the resignations. Richard D. Kincaid was appointed Chairman of the Board of Directors of Rayonier, effective as of the distribution.

In connection with the resignations and elections, the committees of the board were reconstituted as of the distribution as follows: Audit Committee: Dod A. Fraser (Chair); members - Richard D. Kincaid, Blanche L. Lincoln and Scott R. Jones; members of Compensation and Management Development Committee: Dod A. Fraser; members of Nominating and Corporate Governance Committee: Blanche L. Lincoln, John A. Blumberg and Scott R. Jones.