RAYONIER INC - Director's Dealing 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-12-05

Reporting Person: BOYNTON PETER G (SR VP, Performance Fibers)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-05	Common Shares	M	5342	$25.13	Acquired	11642.00	Direct
2003-12-05	Common Shares	M	8903	$26.26	Acquired	20545.00	Direct
2003-12-05	Common Shares	M	1781	$24.71	Acquired	22326.00	Direct
2003-12-05	Common Shares	M	3561	$21.52	Acquired	25887.00	Direct
2003-12-05	Common Shares	S	300	$37.55	Disposed	25587.00	Direct
2003-12-05	Common Shares	S	300	$37.57	Disposed	25287.00	Direct
2003-12-05	Common Shares	S	300	$37.58	Disposed	24987.00	Direct
2003-12-05	Common Shares	S	200	$37.59	Disposed	24787.00	Direct
2003-12-05	Common Shares	S	600	$37.60	Disposed	24187.00	Direct
2003-12-05	Common Shares	S	800	$37.61	Disposed	23387.00	Direct
2003-12-05	Common Shares	S	300	$37.62	Disposed	23087.00	Direct
2003-12-05	Common Shares	S	600	$37.64	Disposed	22487.00	Direct
2003-12-05	Common Shares	S	4387	$37.65	Disposed	18100.00	Direct
2003-12-05	Common Shares	S	600	$37.66	Disposed	17500.00	Direct
2003-12-05	Common Shares	S	200	$37.67	Disposed	17300.00	Direct
2003-12-05	Common Shares	S	1100	$37.69	Disposed	16200.00	Direct
2003-12-05	Common Shares	S	1800	$37.70	Disposed	14400.00	Direct
2003-12-05	Common Shares	S	600	$37.71	Disposed	13800.00	Direct
2003-12-05	Common Shares	S	1100	$37.72	Disposed	12700.00	Direct
2003-12-05	Common Shares	S	600	$37.73	Disposed	12100.00	Direct
2003-12-05	Common Shares	S	900	$37.74	Disposed	11200.00	Direct
2003-12-05	Common Shares	S	700	$37.75	Disposed	10500.00	Direct
2003-12-05	Common Shares	S	600	$37.76	Disposed	9900.00	Direct
2003-12-05	Common Shares	S	3100	$37.77	Disposed	6800.00	Direct
2003-12-05	Common Shares	S	500	$37.78	Disposed	6300.00	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-05	Employee Stock Options	$25.13	M	5342	Disposed	2009-04-22	Common Shares (5342.00)	Direct
2003-12-05	Employee Stock Options	$26.26	M	8903	Disposed	2010-01-05	Common Shares (8903.00)	Direct
2003-12-05	Employee Stock Options	$24.71	M	1781	Disposed	2010-04-22	Common Shares (1781.00)	Direct
2003-12-05	Employee Stock Options	$21.52	M	3561	Disposed	2011-01-04	Common Shares (3561.00)	Direct

Security	Shares	Ownership
Common Shares	2278.98	Indirect

F1: Mr. Boynton's current holdings have been adjusted to reflect a 3-for-2 stock split effective June 12, 2003.

F2: Adjusted to reflect a 3-for-2 stock split effective June 12, 2003 and a 0.187 shares per share special dividend effective November 14, 2003.

F3: Shares are held in the Rayonier Investment and Savings Plan for this person's account.

F4: Vests in one-third installments annually commencing 1/2/02.