RAYONIER INC — Director's Dealing 2006

Jan 9, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2006-01-06

Reporting Person: Frazier W. Edwin III (SR VP, Admin & Corp Sec)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-06	Employee Stock Option	$41.34	A	24400	Acquired	2016-01-03	Common Shares (24400)	Direct

Footnotes

F1: The option vests in three equal annual installments beginning on 1/3/07.