RAYONIER INC — Director's Dealing 2005

Jan 24, 2005

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-12-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-01	Common Shares	A	10000	—	Acquired	14419.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	661.07	Indirect

Footnotes

F1: Grant of restricted shares to vest 11/01/2007 assuming Mr. Vanden Noort's continued employment with Rayonier.

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