RAYONIER INC — Director's Dealing 2004

Mar 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-03-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-16	Common Shares	M	24927	$23.94	Acquired	103438.00	Direct
2004-03-16	Common Shares	S	24800	$42.00	Disposed	78638.00	Direct
2004-03-16	Common Shares	S	127	$42.19	Disposed	78511.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-16	01/02/98 Employee Stock Option	$23.94	M	24927	Disposed	2008-01-04	Common Shares (24927.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	91.78	Indirect

Footnotes

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

F2: Vests in one-third installments annually commencing 01/04/99.