RAYONIER INC — Director's Dealing 2004

May 21, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: GROSS RONALD M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-21	Common Shares	A	1000	—	Acquired	541529.00	Direct

Footnotes

F1: Award of 1,000 shares as equity component of director's annual retainer.

F2: Adjusted to reflect the actual number of shares received in connection with the December 19, 2003 special dividend.