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RAYONIER INC Director's Dealing 2005

May 23, 2005

31153_dirs_2005-05-23_2add1887-dcd2-4f40-a8ed-07abd7036852.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-05-20

Reporting Person: ORTEGA KATHERINE D (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2005-05-20 Common Shares A 1000 Acquired 10563.00 Direct