RAYONIER INC — Director's Dealing 2003

Sep 25, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-09-24

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-24	Common Shares	P	500	$40.66	Acquired	500.00	Direct
2003-09-24	Common Shares	P	250	$40.65	Acquired	750.00	Direct