RAYONIER INC — Director's Dealing 2006

Apr 27, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2006-04-24

Reporting Person: ARASKOG RAND V (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-24	Common Shares	G	30000	—	Disposed	624352	Direct

Footnotes

F1: On April 24, 2006, the reporting person contributed 30,000 shares of Rayonier common stock to a charitable lead unitrust of which the reporting person's children are beneficiaries. The reporting person continues to report beneficial ownership of all of the Rayonier common stock held by the trust but disclaims beneficial ownership except to the extent of his children's pecuniary interest therein.