RAYONIER INC — Director's Dealing 2005

Jan 12, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-01-11

Reporting Person: POLLACK GERALD J (SR VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-11	Common Shares	A	32050	—	Acquired	110561.00	Direct
2005-01-11	Common Shares	F	13125	$46.19	Disposed	97436.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	121.50	Indirect

Footnotes

F1: Paid pursuant to 2002 Contingent Performance Share award.

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