RAYONIER INC — Director's Dealing 2007

Jun 27, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-06-21

Reporting Person: Iannotti Joseph L. (VP and Corporate Controller)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	800.1392	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$17.23	2013-01-04	Common Shares (1370)		Direct
Employee Stock Option	$32.27	2015-01-03	Common Shares (2625)		Direct
Employee Stock Option	$41.03	2017-01-03	Common Shares (900)		Direct
Employee Stock Option	$41.34	2016-01-03	Common Shares (2900)		Direct

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.

F2: Vests in one-third installments annually commencing 1/2/04.

F3: Vests in one-third installments annually commencing 1/3/06.

F4: The option vests in three equal annual installments beginning on 1/3/08.

F5: The option vests in three equal annual installments beginning on 1/3/07.