RAYONIER INC — Director's Dealing 2004

Jan 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-01-02

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-02	Employee Stock Options	$41.58	A	50000	Acquired	2014-01-02	Common Shares (50000.00)	Direct

Footnotes

F1: Vests in one-third installments annually commencing 1/2/05.