RAYONIER INC. - The Options Clearing Corporation

RAYONIER INC. - The Options Clearing Corporation

#34787 TO: to Infomemo Search Back ALL CLEARING MEMBERS DATE: JUNE 17, 2014 SUBJECT: RAYONIER INC. - DISTRIBUTION OPTION SYMBOL: RYN NEW SYMBOL: R...

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#34787

TO: to Infomemo Search Back ALL CLEARING MEMBERS DATE:

JUNE 17, 2014

SUBJECT:

RAYONIER INC. - DISTRIBUTION OPTION SYMBOL: RYN NEW SYMBOL: RYN1 DATE: 6/30/14

CONTRACT ADJUSTMENT - OPTIONS EFFECTIVE DATE:

June 30, 2014

OPTION SYMBOL:

RYN changes to RYN1

STRIKE PRICES:

No Change

NUMBER OF CONTRACTS:

No Change

MULTIPLIER:

100 (e.g., a premium of 1.50 yields $150; a strike of 50 yields $5,000)

NEW DELIVERABLE PER CONTRACT

SETTLEMENT ALLOCATION:

CUSIPS:

1) 100 Rayonier Inc. (RYN) Common Shares 2) 33 Rayonier Advanced Materials Inc. (RYAM) Common Shares 3) Cash in lieu of approximately .3333 fractional RYAM Common Shares

RYN: 75% RYAM: 25% RYN: 754907103 RYAM: 75508B104

THE SETTLEMENT ALLOCATION OF THE TOTAL STRIKE PRICE AMOUNT IS BEING PROVIDED SOLELY FOR THE PURPOSE OF THE INTERFACE BETWEEN OCC AND THE NATIONAL SECURITY CLEARING CORPORATION (NSCC), AND IS NOT INTENDED TO BE USED FOR ANY OTHER PURPOSE, TRANSACTION OR CUSTOMER ACCOUNT STATEMENTS. PRICING Until the cash in lieu amount is determined, the underlying price for RYN1 will be determined as follows:

RYN1 = RYN + .333333 (RYAM) DELAYED SETTLEMENT The RYN and RYAM components of the RYN1 deliverable will settle through National Securities Clearing Corporation (NSCC). OCC will delay settlement of the cash portion of the RYN1 deliverable until the exact cash in lieu of fractional RYAM Common Shares is determined. Upon determination of the cash in lieu amount, OCC will require Put exercisers and Call assignees to deliver the appropriate cash amount. BACKGROUND Rayonier Inc. (RYN) has announced a distribution of Rayonier Advanced Materials Inc. (RYAM) Common Shares. The distribution ratio is approximately 0.333333 RYAM Common Share for each RYN Common Share held. The record date is June 18, 2014; the mail date is June 27, 2014. The New York Stock Exchange (NYSE) has set June 30, 2014, as the ex-distribution date for this distribution. Rayonier Advanced Materials Inc. Common Shares began trading on a when issued basis on June 16, 2014 on the New York Stock Exchange (NYSE) under the trading symbol RYAM WI. DISCLAIMER This Information Memo provides an unofficial summary of the terms of corporate events affecting listed options or futures prepared for the convenience of market participants. OCC accepts no responsibility for the accuracy or completeness of the summary, particularly for information which may be relevant to investment decisions. Option or futures investors should independently ascertain and evaluate all information concerning this corporate event(s). The determination to adjust options and the nature of any adjustment is made by a panel of The OCC Securities Committee pursuant to OCC By-Laws, Article VI, Sections 11 and 11A. The adjustment panel is comprised of representatives from OCC and each exchange which trades the affected option. The determination to adjust futures and the nature of any adjustment is made by OCC pursuant to OCC ByLaws, Article XII, Sections 3, 4, or 4A, as applicable. For both options and futures, each adjustment decision is made on a case by case basis. Adjustment decisions are based on information available at the time and are subject to change as additional information becomes available or if there are material changes to the terms of the corporate event(s) occasioning the adjustment. ALL CLEARING MEMBERS CATEGORY: CONTRACT ARE REQUESTED ADJUSTMENT TO IMMEDIATELY ADVISE ALL BRANCH OFFICES AND CORRESPONDENTS ON THE ABOVE. For questions regarding this memo, call 1-888-678-4667 or email [email protected] Questions regarding this memo can be addressed to Member Services at (800) 544-6091. Within Canada call (800) 424-7320. CATEGORY:

CONTRACT ADJUSTMENT