RAYONIER INC — Director's Dealing 2004

Sep 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-09-07

Reporting Person: O GRADY JOHN P (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-07	Common Shares	M	23147	$21.42	Acquired	108146.50	Direct
2004-09-07	Common Shares	S	20747	$47.45	Disposed	87399.50	Direct
2004-09-07	Common Shares	S	2400	$47.46	Disposed	84999.50	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-07	01/02/97 Employee Stock Option	$21.42	M	23147	Disposed	2007-01-04	Common Shares (23147.00)	Direct