RAYONIER INC — Director's Dealing 2005

Dec 8, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-12-06

Reporting Person: NUTTER WALLACE LEE (Director, CHMN, PRES & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-06	Common Shares	M	39781	$12.49	Acquired	803008.105	Direct
2005-12-06	Common Shares	S	100	$40.40	Disposed	802908.105	Direct
2005-12-06	Common Shares	S	100	$40.39	Disposed	802808.105	Direct
2005-12-06	Common Shares	S	100	$40.41	Disposed	802708.105	Direct
2005-12-06	Common Shares	S	100	$40.59	Disposed	802608.105	Direct
2005-12-06	Common Shares	S	300	$40.37	Disposed	802308.105	Direct
2005-12-06	Common Shares	S	300	$40.47	Disposed	802008.105	Direct
2005-12-06	Common Shares	S	400	$40.44	Disposed	801608.105	Direct
2005-12-06	Common Shares	S	500	$40.51	Disposed	801108.105	Direct
2005-12-06	Common Shares	S	500	$40.58	Disposed	800608.105	Direct
2005-12-06	Common Shares	S	500	$40.60	Disposed	800108.105	Direct
2005-12-06	Common Shares	S	700	$40.30	Disposed	799408.105	Direct
2005-12-06	Common Shares	S	700	$40.31	Disposed	798708.105	Direct
2005-12-06	Common Shares	S	800	$40.53	Disposed	797908.105	Direct
2005-12-06	Common Shares	S	800	$40.50	Disposed	797108.105	Direct
2005-12-06	Common Shares	S	800	$40.52	Disposed	796308.105	Direct
2005-12-06	Common Shares	S	900	$40.34	Disposed	795408.105	Direct
2005-12-06	Common Shares	S	1000	$40.42	Disposed	794408.105	Direct
2005-12-06	Common Shares	S	1000	$40.29	Disposed	793408.105	Direct
2005-12-06	Common Shares	S	1100	$40.35	Disposed	792308.105	Direct
2005-12-06	Common Shares	S	1100	$40.56	Disposed	791208.105	Direct
2005-12-06	Common Shares	S	1200	$40.54	Disposed	790008.105	Direct
2005-12-06	Common Shares	S	1300	$40.33	Disposed	788708.105	Direct
2005-12-06	Common Shares	S	1600	$40.55	Disposed	787108.105	Direct
2005-12-06	Common Shares	S	1700	$40.36	Disposed	785408.105	Direct
2005-12-06	Common Shares	S	1900	$40.38	Disposed	783508.105	Direct
2005-12-06	Common Shares	S	2800	$40.32	Disposed	780708.105	Direct
2005-12-06	Common Shares	S	4100	$40.43	Disposed	776608.105	Direct
2005-12-06	Common Shares	S	7200	$40.57	Disposed	769408.105	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-12-06	Employee Stock Option	$12.49	M	39781	Disposed	2006-01-04	Common Shares (39781)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	50965.670	Indirect

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan for this person's account.

F2: This option was previously reported as covering 28,000 shares at an exercise price of $33.38 per share, but was adjusted to reflect the stock split on 6/12/2003, the special dividend paid 12/19/2003 and the stock split on 10/17/2005.