RAYONIER INC — Director's Dealing 2004

Jun 2, 2004

SEC Form 3/A — Form 3/A

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-05-21

Reporting Person: Frazier W. Edwin III (VP, Governance & Corp Sec)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	13561	Direct

Footnotes

F1: Restricted shares to vest as follows: 3,561 shares on 01/02/2006 and 10,000 shares on 01/02/2007, assuming Mr. Frazier's continued employment with Rayonier.

F2: Due to a clerical error, the number of shares reported in the original Form 3 filing was incorrect and the correct number is now reflected.