RAYONIER INC — Director's Dealing 2005

Dec 14, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-12-12

Reporting Person: MARGIOTTA CHARLES (SR VP, BUS DEV)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-12	Common Shares	M	5031	$17.06	Acquired	50706.00	Direct
2005-12-12	Common Shares	S	200	$41.11	Disposed	50506.00	Direct
2005-12-12	Common Shares	S	300	$41.04	Disposed	50206.00	Direct
2005-12-12	Common Shares	S	300	$41.12	Disposed	49906.00	Direct
2005-12-12	Common Shares	S	500	$41.08	Disposed	49406.00	Direct
2005-12-12	Common Shares	S	500	$41.05	Disposed	48906.00	Direct
2005-12-12	Common Shares	S	631	$41.06	Disposed	48275.00	Direct
2005-12-12	Common Shares	S	1000	$41.03	Disposed	47275.00	Direct
2005-12-12	Common Shares	S	1600	$41.02	Disposed	45675.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-12-12	Employee Stock Option	$17.06	M	5031	Disposed	2009-01-06	Common Shares (5031.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	14530.41	Indirect

Footnotes

F1: Adjusted to reflect a 3-for-2 stock split effective 10/17/2005.

F2: Shares are held in the Rayonier Investment and Savings Plan for this person's account.

F3: This option was previously reported as having 3,354 remaining options at an exercise price of $25.59 per share, but was adjusted to reflect the stock split on 10/17/2005.