RAYONIER INC — Director's Dealing 2005

Jun 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-06-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-06-01	Common Shares	A	10000	$53.79	Acquired	30450.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	9716.00	Indirect

Footnotes

F1: Grant of restricted shares to vest 06/01/2008 assuming Mr. Margiotta's continued employment with Rayonier.

F2: Shares are held in the Rayonier Investment and Savings Plan for this person's account.