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RAYONIER INC Director's Dealing 2005

Feb 1, 2005

31153_dirs_2005-02-01_a7fede6a-0f40-4441-8003-656f01bdf912.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: 2005-01-28

Reporting Person: VANDENNOORT HANS E (VP and Corporate Controller)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2005-01-28 Common Shares M 4748 $24.14 Acquired 19167.00 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2005-01-28 Employee Stock Option $24.14 M 4748 Disposed 2011-11-03 Common Shares (4748.00) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Shares 667.18 Indirect

Footnotes

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