RAYONIER INC — Director's Dealing 2003

Aug 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-08-27

Reporting Person: NUTTER WALLACE LEE (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-27	Common Shares	M	10813	$20.90	Acquired	271798.07	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-27	10/14/93 Employee Stock Options	$20.90	M	10813	Disposed	2003-10-16	Common Shares (10813.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	18157.66	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.