RAYONIER INC — Director's Dealing 2004

Jan 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-01-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-16	Common Shares	A	32049	—	Acquired	90932.00	Direct
2004-01-16	Common Shares	F	12421	$39.99	Disposed	78511.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	87.62	Indirect

Footnotes

F1: Paid pursuant to 2001 Contingent Performance Share award.

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