RAYONIER INC — Director's Dealing 2003

Aug 26, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-08-22

Reporting Person: GROSS RONALD M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-22	Common Shares	M	7500	$19.25	Acquired	201690.00	Direct
2003-08-22	Common Shares	M	66000	$20.00	Acquired	267690.00	Direct
2003-08-22	Common Shares	M	67500	$20.00	Acquired	335190.00	Direct
2003-08-22	Common Shares	M	67500	$25.42	Acquired	402690.00	Direct
2003-08-22	Common Shares	M	67500	$28.42	Acquired	470190.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-22	01/02/96 Employee Stock Options	$22.25	M	67500	Disposed	2006-01-04	Common Shares (67500.00)	Direct
2003-08-22	01/02/97 Employee Stock Option	$25.42	M	67500	Disposed	2007-01-04	Common Shares (67500.00)	Direct
2003-08-22	01/02/98 Employee Stock Option	$28.42	M	67500	Disposed	2008-01-04	Common Shares (67500.00)	Direct
2003-08-22	01/03/95 Employee Stock Options	$20.00	M	66000	Disposed	2005-01-05	Common Shares (66000.00)	Direct
2003-08-22	05/20/94 Employee Stock Options	$19.25	M	7500	Disposed	2004-05-22	Common Shares (7500.00)	Direct

Footnotes

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