RAYONIER INC — Director's Dealing 2003

Aug 28, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

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	M	6750	$20.00	Acquired	23840.00	Direct
2003-08-26	Common Shares	F	4340	$39.05	Disposed	19500.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-26	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	15741.60	Indirect

Footnotes

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

F2: Administrator of Plan inadvertently reported the wrong number of shares on Mr. Brannon's August 19, 2003 Form 4. The correct number of shares should have been 15,671.48.

F3: Shares are held in the Rayonier Investment and Savings Plan for this person's account.