RAYONIER INC — Director's Dealing 2004

Nov 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-11-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-03	Common Shares	M	35610	$21.52	Acquired	123604.57	Direct
2004-11-03	Common Shares	S	9500	$47.00	Disposed	114104.57	Direct
2004-11-03	Common Shares	S	3500	$47.01	Disposed	110604.57	Direct
2004-11-03	Common Shares	S	2900	$47.02	Disposed	107704.57	Direct
2004-11-03	Common Shares	S	3100	$47.03	Disposed	104604.57	Direct
2004-11-03	Common Shares	S	1800	$47.04	Disposed	102804.57	Direct
2004-11-03	Common Shares	S	1400	$47.05	Disposed	101404.57	Direct
2004-11-03	Common Shares	S	200	$47.06	Disposed	101204.57	Direct
2004-11-03	Common Shares	S	400	$47.07	Disposed	100804.57	Direct
2004-11-03	Common Shares	S	200	$47.08	Disposed	100604.57	Direct
2004-11-03	Common Shares	S	310	$47.09	Disposed	100294.57	Direct
2004-11-03	Common Shares	S	300	$47.10	Disposed	99994.57	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-03	01/02/01 Employee Stock Option	$21.52	M	35610	Disposed	2011-01-04	Common Shares (35610.00)	Direct

Footnotes

F1: Includes 2995.0742 shares acquired under the Rayonier Dividend Reinvestment Plan.