RAYONIER INC — Director's Dealing 2006

Dec 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2006-12-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-13	Common Shares	I	35071	$41.69	Disposed	22640.84	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	822487.105	Direct

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.