RAYONIER INC — Director's Dealing 2004

Aug 25, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-08-24

Reporting Person: POLLACK GERALD J (SR VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-24	Common Shares	M	10200	$26.26	Acquired	88711.00	Direct
2004-08-24	Common Shares	S	2900	$46.00	Disposed	85811.00	Direct
2004-08-24	Common Shares	S	100	$46.04	Disposed	85711.00	Direct
2004-08-24	Common Shares	S	500	$46.05	Disposed	85211.00	Direct
2004-08-24	Common Shares	S	600	$46.09	Disposed	84611.00	Direct
2004-08-24	Common Shares	S	700	$46.10	Disposed	83911.00	Direct
2004-08-24	Common Shares	S	1000	$46.15	Disposed	82911.00	Direct
2004-08-24	Common Shares	S	300	$46.17	Disposed	82611.00	Direct
2004-08-24	Common Shares	S	3700	$46.18	Disposed	78911.00	Direct
2004-08-24	Common Shares	S	300	$46.19	Disposed	78611.00	Direct
2004-08-24	Common Shares	S	100	$46.20	Disposed	78511.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-24	01/03/00 Employee Stock Options	$26.26	M	10200	Disposed	2010-01-05	Common Shares (10200.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	111.73	Indirect

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan for this person's account.