RAYONIER INC — Director's Dealing 2006

Jan 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2006-01-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-12	Common Shares	A	72111	—	Acquired	835338.105	Direct
2006-01-12	Common Shares	F	23992	$42.72	Disposed	811346.105	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	52491.59	Indirect

Footnotes

F1: Paid pursuant to 2003 Contingent Performance Share award.

F2: Shares are held in the Rayonier Investment and Savings Plan for this person's account.