RAYONIER INC — Director's Dealing 2004

Dec 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-12-01

Reporting Person: O GRADY JOHN P (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-01	Common Shares	M	24927	$23.94	Acquired	124921.57	Direct
2004-12-01	Common Shares	S	7927	$48.65	Disposed	116994.57	Direct
2004-12-01	Common Shares	S	600	$48.67	Disposed	116394.57	Direct
2004-12-01	Common Shares	S	16400	$48.68	Disposed	99994.57	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-01	01/02/98 Employee Stock Option	$23.94	M	24927	Disposed	2008-01-04	Common Shares (24927.00)	Direct