RAYONIER INC — Director's Dealing 2003

Sep 11, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: BRANNON TIMOTHY H (SR VP Forest Resrcs & Wood Pro)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-09	Common Shares	M	6067	$22.25	Acquired	28012.00	Direct
2003-09-09	Common Shares	S	4112	$39.76	Disposed	23900.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-09	01/02/96 Employee Stock Options	$22.25	M	6067	Disposed	2006-01-04	Common Shares (6067.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	15617.67	Indirect

Footnotes

F1: Adjusted to reflect a 3-for-2 stock split effective June 12, 2003.

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