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: BOYNTON PAUL G (SR VP, Performance Fibers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-02	Common Shares	A	10000	—	Acquired	17478.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-02	Employee Stock Options	$41.58	A	20000	Acquired	2014-01-02	Common Shares (20000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2332.46	Indirect

Footnotes

F1: Grant of restricted shares to vest 01/02/2007 assuming Mr. Boynton's continued employment with Rayonier.

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

F3: Vests in one-third installments annually commencing 1/2/05.