RAYONIER INC — Director's Dealing 2003

Dec 23, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-12-19

Reporting Person: NUTTER WALLACE LEE (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-19	Common Shares	A	44409	—	Acquired	336207.07	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	21435.00	Indirect

Footnotes

F1: Received pursuant to special dividend paid December 19, 2003 to shareholders of record on November 14, 2003.

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