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RAYONIER INC Director's Dealing 2007

Jan 5, 2007

31153_dirs_2007-01-05_8d5b07f8-7223-4d3e-addc-1fb272884ae5.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-01-03

Reporting Person: HERMAN MICHAEL R (VP & General Counsel)

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2007-01-03 Employee Stock Option $41.03 A 9800 Acquired 2017-01-03 Common Shares (9800) Direct

Footnotes

F1: The option vests in three equal annual installments beginning on 1/3/08.