RAYONIER INC — Director's Dealing 2006

Jan 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2006-01-03

Reporting Person: BOYNTON PAUL G (SR VP, Performance Fibers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-03	Common Shares	F	2186	$39.85	Disposed	35845.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	4053.22	Indirect

Footnotes

F1: Shares are being withheld from Mr. Boynton's 2003 restricted stock award which vested 1/2/2006. The award was previously reported as 3,000 shares on Form 4 filed 1/3/2003, but has been 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.

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

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