RAYONIER INC — Director's Dealing 2003

Aug 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2003-08-06

Reporting Person: WITTER JILL (Former Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-06	Common Shares	M	3500	$28.67	Acquired	5750.00	Direct
2003-08-06	Common Shares	S	3500	$34.94	Disposed	2250.00	Direct
2003-08-06	Common Shares	M	5000	$33.09	Acquired	7250.00	Direct
2003-08-06	Common Shares	S	5000	$34.94	Disposed	2250.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-06	01/16/01 Employee Stock Option	$28.67	M	3500	Disposed	2011-01-18	Common Shares (3500.00)	Direct
2003-08-06	Employee Stock Option	$33.09	M	5000	Disposed	2012-01-04	Common Shares (5000.00)	Direct

Footnotes

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

F2: Vests in one-third installments annually commencing 01/16/02.

F3: Vests in one-third installments annually commencing 1/2/03.