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: O GRADY JOHN P (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-11	Common Shares	A	26707	—	Acquired	126701.57	Direct
2005-01-11	Common Shares	F	10207	$46.19	Disposed	116494.57	Direct

Footnotes

F1: Paid pursuant to 2002 Contingent Performance Share award.