RAYONIER INC — Director's Dealing 2004

Feb 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-02-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-11	Common Shares	I	9761.57	$41.60	Acquired	31274.95	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	389622.07	Direct

Footnotes

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