RAYONIER INC — Director's Dealing 2004

May 28, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

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	10000	Direct
Common Shares	1183	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
01/02/01 Employee Stock Option	$21.52	2011-01-04	Common Shares (7122.00)		Direct
01/03/00 Employee Stock Options	$26.26	2010-01-05	Common Shares (4451.00)		Direct
5/17/99 Employee Stock Options	$27.14	2009-05-19	Common Shares (4451.00)		Direct
Employee Stock Option	$27.88	2012-01-04	Common Shares (8903.00)		Direct
Employee Stock Options	$25.84	2013-01-04	Common Shares (8903.00)		Direct
Employee Stock Options	$41.58	2014-01-02	Common Shares (20000.00)		Direct

Footnotes

F1: Grant of restricted shares to vest 01/02/2006 assuming Mr. Frazier's continued employment with Rayonier.

F2: Shares are held in the Rayonier Investment and Savings Plan for this person's account.

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

F4: Vest in one-third installments annually commencing 01/02/2004.

F5: Vests in one-third installments annually commencing 1/2/05.