RAYONIER INC — Director's Dealing 2004

Nov 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-11-11

Reporting Person: BRANNON TIMOTHY H (SR VP Forest Resrcs & Wood Pro)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-11	Common Shares	M	12464	$21.42	Acquired	43733.00	Direct
2004-11-11	Common Shares	S	550	$46.19	Disposed	43183.00	Direct
2004-11-11	Common Shares	S	7700	$46.05	Disposed	35483.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-11	01/02/97 Employee Stock Option	$21.42	M	12464	Disposed	2007-01-04	Common Shares (12464.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	19583.61	Indirect

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan for this person's account.