RAYONIER INC — Director's Dealing 2003

Sep 4, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-09-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-02	Common Shares	M	6750	$20.00	Acquired	26250.00	Direct
2003-09-02	Common Shares	S	4305	$39.61	Disposed	21945.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-02	01/03/95 Employee Stock Options	$20.00	M	6750	Disposed	2005-01-05	Common Shares (6750.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	15690.71	Indirect

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan for this person's account.