RAYONIER INC — Director's Dealing 2004

Nov 29, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-11-24

Reporting Person: POLLACK GERALD J (SR VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-24	Common Shares	M	35610	$21.52	Acquired	114121.00	Direct
2004-11-24	Common Shares	S	15900	$47.70	Disposed	98221.00	Direct
2004-11-24	Common Shares	S	1900	$47.82	Disposed	96321.00	Direct
2004-11-24	Common Shares	S	5100	$47.83	Disposed	91221.00	Direct
2004-11-24	Common Shares	S	2400	$47.84	Disposed	88821.00	Direct
2004-11-24	Common Shares	S	3300	$47.85	Disposed	85521.00	Direct
2004-11-24	Common Shares	S	700	$47.86	Disposed	84821.00	Direct
2004-11-24	Common Shares	S	1500	$47.87	Disposed	83321.00	Direct
2004-11-24	Common Shares	S	1500	$47.88	Disposed	81821.00	Direct
2004-11-24	Common Shares	S	1600	$47.89	Disposed	80221.00	Direct
2004-11-24	Common Shares	S	100	$47.90	Disposed	80121.00	Direct
2004-11-24	Common Shares	S	1610	$47.93	Disposed	78511.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-24	01/02/01 Employee Stock Option	$21.52	M	35610	Disposed	2011-01-04	Common Shares (35610.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	117.39	Indirect

Footnotes

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