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<TITLE>FORM S-8</TITLE>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT</B></DIV>


<DIV align="center" style="font-size: 12pt"><B>UNDER THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Rayonier Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD align="center" valign="top">North Carolina
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-2607329</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of<BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification Number)</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">50 North Laura St.<BR>
Jacksonville, FL 32202</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Address of Principal Executive Offices) (Zip Code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">2004 Rayonier Incentive Stock and Management Bonus Plan</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Full Title of the Plan)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Joshua H. DeRienzis, Esq.<BR>
Senior Counsel and Corporate Secretary,<BR>
Rayonier Inc.<BR>
50 North Laura St.<BR>
Jacksonville, FL 32202</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Name and Address of Agent For Service)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(904)&nbsp;357-9100</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Telephone Number, Including Area Code, of Agent for Service)</DIV>


<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copy to Martin L. Budd, Esq.<BR>
Day, Berry &#038; Howard LLP<BR>
One Canterbury Green<BR>
Stamford, Connecticut 06901<BR>
(203)&nbsp;977-7300</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
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    <TD width="23%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="left" colspan="17" style="border-bottom: 3px solid #000000">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">Title Of Securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount To Be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount Of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">To Be Registered </TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Price Per Share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registration Fee(2)</TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">4,500,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$52.77</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$237,465,000.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">27,949.63</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="17" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(1)&nbsp;Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended, this Registration Statement
also relates to such indeterminate number of additional shares of Common Stock of the Registrant as
may be issuable in the event of a stock dividend, stock split, recapitalization, or other similar
changes in the capital structure, merger, consolidation, spin-off, split-off, spin-out, split-up,
reorganization, partial or complete liquidation, or other distribution of assets, issuance of
rights or warrants to purchase securities, or any other corporate transaction or event having an
effect similar to any of the foregoing.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(2)&nbsp;The price per share for the shares registered hereby is calculated in accordance with Rule
457(c) under the Securities Act of 1933, as amended, based on the average of the high and low sales
prices of the Common Stock of the Registrant, as reported on the New York Stock Exchange on October
14, 2005.</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>

<!-- link2 " Item&nbsp;1 Plan Information" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1 Plan Information</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Omitted.
</DIV>
<!-- link2 " Item&nbsp;2 Registrant Information and Employee Plan Annual Information" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2 Registrant Information and Employee Plan Annual Information</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Omitted.
</DIV>

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "PART II" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE<BR>
REGISTRATION STATEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">2004 Rayonier Incentive Stock and Management Bonus Plan
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is filed for the purpose of registering shares of
common stock (the &#147;Common Stock&#148;), of Rayonier Inc. (the &#147;Registrant&#148;) to be issued pursuant to
awards granted under the 2004 Rayonier Incentive Stock and Management Bonus Plan (the &#147;Plan&#148;), to
key employees of the Registrant and its subsidiaries. An aggregate of up to 4,500,000 shares of
Common Stock may be issued upon the exercise of the options granted, as well as in connection with
grants of restricted stock, performance shares, restricted stock units and limited stock
appreciation rights pursuant to the Plan. The aggregate number of shares that may be issued under
the Plan is subject to adjustment in the event of a stock dividend, stock split, recapitalization
or similar change in the outstanding shares of Common Stock.
</DIV>
<!-- link2 "Item&nbsp;3 Incorporation of Documents by Reference" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3 Incorporation of Documents by Reference</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) by the Registrant are incorporated by reference in this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant&#146;s Annual Report on Form 10-K, filed with the Commission on March&nbsp;9, 2005
(File No.&nbsp;001-06780).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Registrant&#146;s Quarterly Reports on Form 10-Q and amendments thereto for the quarters
ended March&nbsp;31, 2005 and June&nbsp;30, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Registrant&#146;s Current Reports on Form 8-K and amendments thereto filed with the
Commission on January&nbsp;25, 2005, February&nbsp;25, 2005, April&nbsp;26, 2005, May&nbsp;9, 2005, May&nbsp;24, 2005, May
25, 2005, July&nbsp;20, 2005, July&nbsp;26, 2005, August&nbsp;1, 2005, September&nbsp;1, 2005, September&nbsp;15, 2005 and
October&nbsp;4, 2005, provided, however, that information that is deemed furnished but not filed for
purposes of Section&nbsp;18 of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) shall not be
deemed incorporated by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The description of the Common Stock contained in the Registrant&#146;s Registration Statement
on Form 8-A, registering the shares of Common Stock under the Exchange Act, and all amendments
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all shares of Common Stock offered have been sold, or which deregisters all shares
of Common Stock then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date of filing of such documents. Any
statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed document which also is
incorporated or deemed to be incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.
</DIV>
<!-- link2 " Item&nbsp;4. Description of Securities" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.
</DIV>
<!-- link2 " Item&nbsp;5 Interests of Named Experts and Counsel" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5 Interests of Named Experts and Counsel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Michael R. Herman, who has provided the opinion as to the legality of the securities
issued hereby attached hereto as Exhibit&nbsp;5, is the Vice President and General Counsel of the
Registrant. As such, he has received options exercisable for Common Stock and restricted stock
awards under the Plan.
</DIV>

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;6 Indemnification of Directors and Officers" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6 Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is incorporated in North Carolina and consequently is subject to the North
Carolina Business Corporation Act. The North Carolina Business Corporation Act provides that the
Registrant may indemnify officers and directors who are parties in actual or threatened lawsuits
and other proceedings against reasonable expenses, judgments, penalties, fines and amounts paid in
settlement. North Carolina law further provides that a corporation may purchase insurance,
providing for the indemnification of officers and directors whether or not the corporation would
have the power to indemnify them against such liability under the provisions of the North Carolina
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Amended and Restated Articles of Incorporation, provide, in effect, that the
Registrant shall indemnify its directors and officers to the maximum extent permitted by law.
Article&nbsp;VI of the Amended and Restated Articles of Incorporation of the Registrant provides as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(a) The Corporation shall, to the fullest extent permitted from time to time by law,
indemnify its Directors and officers against all liabilities and expenses in any suit or
proceeding, whether civil, criminal, administrative or investigative, and whether or not brought by
or on behalf of the Corporation, including all appeals therefrom, arising out of their status as
such or their activities in any of the foregoing capacities, unless the activities of the person to
be indemnified were at the time taken known or believed by him to be clearly in conflict with the
best interests of the Corporation. The Corporation shall likewise and to the same extent indemnify
any person who, at the request of the Corporation, is or was serving as a director, officer,
partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint
venture, trust or other enterprise, or as a trustee or administrator under any employee benefit
plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The right to be indemnified hereunder shall include, without limitation, the right of a
Director or officer to be paid expenses in advance of the final disposition of any proceeding upon
receipt of an undertaking to repay such amount unless it shall ultimately be determined that he is
entitled to be indemnified hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;A person entitled to indemnification hereunder shall also be paid reasonable costs,
expenses and attorneys&#146; fees (including expenses) in connection with the enforcement of rights to
the indemnification granted hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The foregoing rights of indemnification shall not be exclusive of any other rights to
which those seeking indemnification may be entitled and shall not be limited by the provisions of
Section&nbsp;55-8-51 of the General Statutes of North Carolina or any successor statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Board of Directors may take such action as it deems necessary or desirable to carry
out these indemnification provisions, including adopting procedures for determining and enforcing
the rights guaranteed hereunder, and the Board of Directors is expressly empowered to adopt,
approve and amend from time to time such bylaws, resolutions or contracts implementing such
provisions or such further indemnification arrangement as may be permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Neither the amendment or repeal of this Article, nor the adoption of any provision of
these Articles of Incorporation inconsistent with this Article, shall eliminate or reduce any right
to indemnification afforded by this Article to any person with respect to their status or any
activities in their official capacities prior to such amendment, repeal or adoption.&#148;
</DIV>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7 Exemption from Registration Claimed</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.
</DIV>

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 " Item&nbsp;8 Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8 Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are incorporated herein by reference as indicated or filed herewith.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><U>Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>Description</U></TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Michael R. Herman, Vice President and General Counsel of the Registrant, as to the
legality of the securities registered hereby, including consent of such counsel.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.40
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 Rayonier Incentive Stock and Management Bonus Plan (incorporated by reference to
Exhibit&nbsp;10.21 to the Registrant&#146;s December&nbsp;31, 2003 Form&nbsp;10-K).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Michael R. Herman, Vice President and General Counsel of the Registrant (See
Exhibit&nbsp;5).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page).</TD>
</TR>
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</TABLE>
</DIV>

<!-- link2 " Item&nbsp;9 Undertakings" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9 Undertakings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or
events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the
Registration Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purpose of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
the Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<P align="center" style="font-size: 10pt">-5-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director, officer, or
controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Jacksonville, State of Florida, on
October&nbsp;21, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Rayonier Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ W. Lee Nutter
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" valign="top">Name:&nbsp;&nbsp; W. Lee Nutter</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" valign="top">Title:&nbsp;&nbsp; Chairman, President and Chief Executive Officer</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">POWER OF ATTORNEY
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature to this Registration Statement appears below hereby constitutes
and appoints W. Lee Nutter and Michael R. Herman, or either of them, as such person&#146;s true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for such
person and in such person&#146;s name, place and stead, in any and all capacities, to sign any and all
amendments to the Registration Statement, including post-effective amendments, and registration
statements filed pursuant to Rule&nbsp;462 under the Securities Act, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Commission, and does hereby
grant unto each said attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as such person might or could do in person, hereby ratifying and confirming
all that each said attorney-in-fact and agent, or any substitute therefor, may lawfully do or cause
to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the date indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"  style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ W. Lee Nutter
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Lee Nutter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, President
and Chief Executive
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gerald J. Pollack
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gerald J. Pollack
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President
and Chief Financial
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Hans E. Vanden Noort
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hans E. Vanden Noort
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President
and Chief Accounting
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-6-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Rand V. Araskog
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand V. Araskog
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ronald M. Gross
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald M. Gross
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James H. Hance
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James H. Hance
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard D. Kincaid
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard D. Kinkaid
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul G. Kirk
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul G. Kirk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Thomas I. Morgan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas I. Morgan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Katherine D. Ortega
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Katherine D. Ortega
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Carl S. Sloane
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Carl S. Sloane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ronald Townsend
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald Townsend
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;21, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-7-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "INDEX OF EXHIBITS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX OF EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibits</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Michael R. Herman, Vice President and General Counsel of the Registrant, as to the
legality of the securities registered hereby, including consent of such counsel.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.40
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 Rayonier Incentive Stock and Management Bonus Plan (incorporated by reference to
Exhibit&nbsp;10.21 to the Registrant&#146;s December&nbsp;31, 2003 Form&nbsp;10-K).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Michael R. Herman, Vice President and General Counsel of the Registrant (See
Exhibit&nbsp;5).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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{"company-data": {"conformed-name": "RAYONIER INC", "cik": "0000052827", "assigned-sic": "6798", "irs-number": "132607329", "state-of-incorporation": "NC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-129176", "film-number": "051149765"}, "business-address": {"street1": "50 NORTH LAURA ST", "street2": "SUITE 1900", "city": "JACKSONVILLE", "state": "FL", "zip": "32202", "phone": "9043579100"}, "mail-address": {"street1": "50 NORTH LAURA ST", "street2": "SUITE 1900", "city": "JACKSONVILLE", "state": "FL", "zip": "32202"}, "former-company": [{"former-conformed-name": "ITT RAYONIER INC /CT/", "date-changed": "19940422"}, {"former-conformed-name": "ITT RAYONIER INC", "date-changed": "19920703"}]}
FORM S-8
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Rayonier Inc.
(Exact Name of Registrant as Specified in its Charter)
North Carolina
13-2607329
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
50 North Laura St.
Jacksonville, FL 32202
(Address of Principal Executive Offices) (Zip Code)
2004 Rayonier Incentive Stock and Management Bonus Plan
(Full Title of the Plan)
Joshua H. DeRienzis, Esq.
Senior Counsel and Corporate Secretary,
Rayonier Inc.
50 North Laura St.
Jacksonville, FL 32202
(Name and Address of Agent For Service)
(904) 357-9100
(Telephone Number, Including Area Code, of Agent for Service)
Copy to Martin L. Budd, Esq.
Day, Berry & Howard LLP
One Canterbury Green
Stamford, Connecticut 06901
(203) 977-7300
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title Of Securities
Amount To Be
Offering
Aggregate
Amount Of
To Be Registered
Registered (1)
Price Per Share
Offering Price
Registration Fee(2)
Common Stock
4,500,000 shares
$52.77
$237,465,000.00
$
27,949.63
(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration Statement
also relates to such indeterminate number of additional shares of Common Stock of the Registrant as
may be issuable in the event of a stock dividend, stock split, recapitalization, or other similar
changes in the capital structure, merger, consolidation, spin-off, split-off, spin-out, split-up,
reorganization, partial or complete liquidation, or other distribution of assets, issuance of
rights or warrants to purchase securities, or any other corporate transaction or event having an
effect similar to any of the foregoing.
(2) The price per share for the shares registered hereby is calculated in accordance with Rule
457(c) under the Securities Act of 1933, as amended, based on the average of the high and low sales
prices of the Common Stock of the Registrant, as reported on the New York Stock Exchange on October
14, 2005.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1 Plan Information
Omitted.
Item 2 Registrant Information and Employee Plan Annual Information
Omitted.
-2-
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
2004 Rayonier Incentive Stock and Management Bonus Plan
This Registration Statement on Form S-8 is filed for the purpose of registering shares of
common stock (the "Common Stock"), of Rayonier Inc. (the "Registrant") to be issued pursuant to
awards granted under the 2004 Rayonier Incentive Stock and Management Bonus Plan (the "Plan"), to
key employees of the Registrant and its subsidiaries. An aggregate of up to 4,500,000 shares of
Common Stock may be issued upon the exercise of the options granted, as well as in connection with
grants of restricted stock, performance shares, restricted stock units and limited stock
appreciation rights pursuant to the Plan. The aggregate number of shares that may be issued under
the Plan is subject to adjustment in the event of a stock dividend, stock split, recapitalization
or similar change in the outstanding shares of Common Stock.
Item 3 Incorporation of Documents by Reference
The following documents previously filed with the Securities and Exchange Commission (the
"Commission") by the Registrant are incorporated by reference in this Registration Statement:
(a) The Registrant's Annual Report on Form 10-K, filed with the Commission on March 9, 2005
(File No. 001-06780).
(b) The Registrant's Quarterly Reports on Form 10-Q and amendments thereto for the quarters
ended March 31, 2005 and June 30, 2005.
(c) The Registrant's Current Reports on Form 8-K and amendments thereto filed with the
Commission on January 25, 2005, February 25, 2005, April 26, 2005, May 9, 2005, May 24, 2005, May
25, 2005, July 20, 2005, July 26, 2005, August 1, 2005, September 1, 2005, September 15, 2005 and
October 4, 2005, provided, however, that information that is deemed furnished but not filed for
purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") shall not be
deemed incorporated by reference.
(d) The description of the Common Stock contained in the Registrant's Registration Statement
on Form 8-A, registering the shares of Common Stock under the Exchange Act, and all amendments
thereto.
All documents subsequently filed by the Registrant pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all shares of Common Stock offered have been sold, or which deregisters all shares
of Common Stock then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date of filing of such documents. Any
statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed document which also is
incorporated or deemed to be incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities
Not applicable.
Item 5 Interests of Named Experts and Counsel
Mr. Michael R. Herman, who has provided the opinion as to the legality of the securities
issued hereby attached hereto as Exhibit 5, is the Vice President and General Counsel of the
Registrant. As such, he has received options exercisable for Common Stock and restricted stock
awards under the Plan.
-3-
Item 6 Indemnification of Directors and Officers
The Registrant is incorporated in North Carolina and consequently is subject to the North
Carolina Business Corporation Act. The North Carolina Business Corporation Act provides that the
Registrant may indemnify officers and directors who are parties in actual or threatened lawsuits
and other proceedings against reasonable expenses, judgments, penalties, fines and amounts paid in
settlement. North Carolina law further provides that a corporation may purchase insurance,
providing for the indemnification of officers and directors whether or not the corporation would
have the power to indemnify them against such liability under the provisions of the North Carolina
law.
The Registrant's Amended and Restated Articles of Incorporation, provide, in effect, that the
Registrant shall indemnify its directors and officers to the maximum extent permitted by law.
Article VI of the Amended and Restated Articles of Incorporation of the Registrant provides as
follows:
"(a) The Corporation shall, to the fullest extent permitted from time to time by law,
indemnify its Directors and officers against all liabilities and expenses in any suit or
proceeding, whether civil, criminal, administrative or investigative, and whether or not brought by
or on behalf of the Corporation, including all appeals therefrom, arising out of their status as
such or their activities in any of the foregoing capacities, unless the activities of the person to
be indemnified were at the time taken known or believed by him to be clearly in conflict with the
best interests of the Corporation. The Corporation shall likewise and to the same extent indemnify
any person who, at the request of the Corporation, is or was serving as a director, officer,
partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint
venture, trust or other enterprise, or as a trustee or administrator under any employee benefit
plan.
(b) The right to be indemnified hereunder shall include, without limitation, the right of a
Director or officer to be paid expenses in advance of the final disposition of any proceeding upon
receipt of an undertaking to repay such amount unless it shall ultimately be determined that he is
entitled to be indemnified hereunder.
(c) A person entitled to indemnification hereunder shall also be paid reasonable costs,
expenses and attorneys' fees (including expenses) in connection with the enforcement of rights to
the indemnification granted hereunder.
(d) The foregoing rights of indemnification shall not be exclusive of any other rights to
which those seeking indemnification may be entitled and shall not be limited by the provisions of
Section 55-8-51 of the General Statutes of North Carolina or any successor statute.
(e) The Board of Directors may take such action as it deems necessary or desirable to carry
out these indemnification provisions, including adopting procedures for determining and enforcing
the rights guaranteed hereunder, and the Board of Directors is expressly empowered to adopt,
approve and amend from time to time such bylaws, resolutions or contracts implementing such
provisions or such further indemnification arrangement as may be permitted by law.
(f) Neither the amendment or repeal of this Article, nor the adoption of any provision of
these Articles of Incorporation inconsistent with this Article, shall eliminate or reduce any right
to indemnification afforded by this Article to any person with respect to their status or any
activities in their official capacities prior to such amendment, repeal or adoption."
Item 7 Exemption from Registration Claimed
Not applicable.
-4-
Item 8 Exhibits
The following exhibits are incorporated herein by reference as indicated or filed herewith.
Exhibit No.
Description
5
Opinion of Michael R. Herman, Vice President and General Counsel of the Registrant, as to the
legality of the securities registered hereby, including consent of such counsel.
10.40
2004 Rayonier Incentive Stock and Management Bonus Plan (incorporated by reference to
Exhibit 10.21 to the Registrant's December 31, 2003 Form 10-K).
23.1
Consent of Deloitte & Touche LLP.
23.2
Consent of Michael R. Herman, Vice President and General Counsel of the Registrant (See
Exhibit 5).
24.1
Power of Attorney (see signature page).
Item 9 Undertakings
A.         The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i)
To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933, as amended (the "Securities
Act");
(ii)
To reflect in the prospectus any facts or
events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement; and
(iii)
To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement.
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the
Registration Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
B.       The
undersigned Registrant hereby undertakes that, for purpose of determining any liability
under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
the Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
-5-
C.    Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director, officer, or
controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Jacksonville, State of Florida, on
October 21, 2005.
Rayonier Inc.
By:
/s/ W. Lee Nutter
Name:   W. Lee Nutter
Title:   Chairman, President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature to this Registration Statement appears below hereby constitutes
and appoints W. Lee Nutter and Michael R. Herman, or either of them, as such person's true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for such
person and in such person's name, place and stead, in any and all capacities, to sign any and all
amendments to the Registration Statement, including post-effective amendments, and registration
statements filed pursuant to Rule 462 under the Securities Act, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Commission, and does hereby
grant unto each said attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as such person might or could do in person, hereby ratifying and confirming
all that each said attorney-in-fact and agent, or any substitute therefor, may lawfully do or cause
to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the date indicated.
Signature
Title
Date
/s/ W. Lee Nutter
W. Lee Nutter
Chairman, President
and Chief Executive
Officer
October 21, 2005
/s/ Gerald J. Pollack
Gerald J. Pollack
Senior Vice President
and Chief Financial
Officer
October 21, 2005
/s/ Hans E. Vanden Noort
Hans E. Vanden Noort
Senior Vice President
and Chief Accounting
Officer
October 21, 2005
-6-
Signature
Title
Date
/s/ Rand V. Araskog
Rand V. Araskog
Director
October 21, 2005
/s/ Ronald M. Gross
Ronald M. Gross
Director
October 21, 2005
/s/ James H. Hance
James H. Hance
Director
October 21, 2005
/s/ Richard D. Kincaid
Richard D. Kinkaid
Director
October 21, 2005
/s/ Paul G. Kirk
Paul G. Kirk
Director
October 21, 2005
/s/ Thomas I. Morgan
Thomas I. Morgan
Director
October 21, 2005
/s/ Katherine D. Ortega
Katherine D. Ortega
Director
October 21, 2005
/s/ Carl S. Sloane
Carl S. Sloane
Director
October 21, 2005
/s/ Ronald Townsend
Ronald Townsend
Director
October 21, 2005
-7-
INDEX OF EXHIBITS
Exhibit
Number
Description of Exhibits
5
Opinion of Michael R. Herman, Vice President and General Counsel of the Registrant, as to the
legality of the securities registered hereby, including consent of such counsel.
10.40
2004 Rayonier Incentive Stock and Management Bonus Plan (incorporated by reference to
Exhibit 10.21 to the Registrant's December 31, 2003 Form 10-K).
23.1
Consent of Deloitte & Touche LLP.
23.2
Consent of Michael R. Herman, Vice President and General Counsel of the Registrant (See
Exhibit 5).
24.1
Power of Attorney (see signature page).