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: 2005-01-10

Reporting Person: HERMAN MICHAEL R (VP & General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-10	Common Shares	A	10000	—	Acquired	10862.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-10	Employee Stock Options	$48.40	A	10000	Acquired	2015-01-03	Common Shares (10000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	247.40	Indirect

Footnotes

F1: Grant of restricted shares to vest 01/03/2008 assuming Mr. Herman's continued employment with Rayonier.

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

F3: Vests in one-third installments annually commencing 1/3/06.