RAYONIER INC — Director's Dealing 2003

Sep 4, 2003

SEC Form 4/A — Form 4/A

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-08-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-26	Common Shares	S	4340	$39.05	Disposed	19500.00	Direct

Footnotes

F1: Due to a clerical error, the transaction code reported in the original Form 4 filing was an 'F' and should have been an 'S', as now reflected.