RAYONIER INC — Director's Dealing 2004

Apr 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-04-14

Reporting Person: NUTTER WALLACE LEE (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-14	Common Shares	M	20000	$16.22	Acquired	409622.07	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-14	05/20/94 Employee Stock Options	$16.22	M	20000	Disposed	2004-05-22	Common Shares (20000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	32210.24	Indirect

Footnotes

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