RAYONIER INC — Director's Dealing 2005

Sep 21, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-09-19

Reporting Person: KRAUS CARL (Sr VP, Finance)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-09-19	Employee Stock Option	$56.38	A	5000	Acquired	2015-09-19	Common Shares (5000)	Direct

Footnotes

F1: Vests in one-third installments annually commencing 9/19/06.