RAYONIER INC — Director's Dealing 2005

Nov 21, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-11-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-17	Common Shares	M	28500	$17.06	Acquired	174654	Direct
2005-11-17	Common Shares	S	8500	$39.25	Disposed	166154	Direct
2005-11-17	Common Shares	S	10000	$39	Disposed	156154	Direct
2005-11-17	Common Shares	S	10000	$38.85	Disposed	146154	Direct
2005-11-18	Common Shares	M	2400	$17.06	Acquired	148554	Direct
2005-11-18	Common Shares	S	900	$39.5	Disposed	147654	Direct
2005-11-18	Common Shares	S	1500	$39.37	Disposed	146154	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-11-17	Employee Stock Option	$17.06	M	28500	Disposed	2009-01-06	Common Shares (28500)	Direct
2005-11-18	Employee Stock Option	$17.06	M	2400	Disposed	2009-01-06	Common Shares (2400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	223.9	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 12,000 shares at an exercise price of $45.56 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.