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: BRANNON TIMOTHY H (SR VP, FOR RESRCS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-12	Common Shares	A	48074	—	Acquired	114317	Direct
2006-01-12	Common Shares	F	16553	$42.72	Disposed	97764	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	31566.29	Indirect

Footnotes

F1: Paid pursuant to 2003 Contingent Performance Share award.

F2: Adjusted to reflect a 3-for-2 stock split effective 10/17/2005.

F3: Shares are held in the Rayonier Investment and Savings Plan for this person's account.