RAYONIER INC — Director's Dealing 2003

Sep 17, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-09-15

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-15	9/15/03 Employee Stock Options	$40.11	A	5000	Acquired	2013-09-17	Common Shares (5000.00)	Direct

Footnotes

F1: Vests in one-third installments annually commencing 9/15/04.