RAYONIER INC — Director's Dealing 2005

Jun 28, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-06-24

Reporting Person: MARGIOTTA CHARLES (SR VP, Business Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-06-24	Common Shares	M	8000	$25.59	Acquired	38450.00	Direct
2005-06-24	Common Shares	S	700	$53.71	Disposed	37750.00	Direct
2005-06-24	Common Shares	S	4500	$53.70	Disposed	33250.00	Direct
2005-06-24	Common Shares	S	600	$53.82	Disposed	32650.00	Direct
2005-06-24	Common Shares	S	200	$53.81	Disposed	32450.00	Direct
2005-06-24	Common Shares	S	1000	$53.85	Disposed	31450.00	Direct
2005-06-24	Common Shares	S	1000	$53.87	Disposed	30450.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-06-24	01/04/99 Employee Stock Option	$25.59	M	8000	Disposed	2009-01-06	Common Shares (8000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	9804.44	Indirect

Footnotes

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