RAYONIER INC — Director's Dealing 2005

Feb 25, 2005

SEC Form 4/A — Form 4/A

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-01-10

Reporting Person: BOYNTON PAUL G (SR VP, Performance Fibers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-11	Common Shares	A	13353	—	Acquired	30831.00	Direct
2005-01-11	Common Shares	F	5477	$46.19	Disposed	25354.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-10	Employee Stock Options	$48.40	A	20000	Acquired	2015-01-03	Common Shares (20000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2544.77	Indirect

Footnotes

F1: Paid pursuant to 2002 Contingent Performance Share award.

F2: Due to an administrative error, the number of shares to be withheld from Mr. Boynton's January 11, 2005 contingent performance share payment were miscalculated due to the omission of payment for state income taxes. The additional shares withheld cover such state income taxes.

F3: Shares are held in the Rayonier Investment and Savings Plan for this person's account.

F4: Vests in one-third installments annually commencing 1/3/06.