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: O GRADY JOHN P (SR VP, Administration)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-16	Common Shares	A	26708	—	Acquired	97007.50	Direct
2004-01-16	Common Shares	F	12008	$39.99	Disposed	84999.50	Direct

Footnotes

F1: Paid pursuant to 2001 Contingent Performance Share award.