RAYONIER INC — Director's Dealing 2005

Nov 23, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-11-21

Reporting Person: POLLACK GERALD J (SR VP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-21	Common Shares	M	17951	$17.23	Acquired	164105	Direct
2005-11-21	Common Shares	M	1149	$17.06	Acquired	165254	Direct
2005-11-21	Common Shares	S	9100	$39.5	Disposed	156154	Direct
2005-11-21	Common Shares	S	10000	$39.75	Disposed	146154	Direct
2005-11-22	Common Shares	M	17659	$17.23	Acquired	163813	Direct
2005-11-22	Common Shares	S	7659	$40.24	Disposed	156154	Direct
2005-11-22	Common Shares	S	10000	$39.99	Disposed	146154	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-11-21	Employee Stock Option	$17.06	M	1149	Disposed	2009-01-06	Common Shares (1149)	Direct
2005-11-21	Employee Stock Option	$17.23	M	17951	Disposed	2013-01-04	Common Shares (17951)	Direct
2005-11-22	Employee Stock Option	$17.23	M	17659	Disposed	2013-01-04	Common Shares (17659)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	223.95	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 20,000 shares at an exercise price of $46.00 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.

F3: Vests in one-third installments annually commencing 1/2/04.