RAYONIER INC — Director's Dealing 2007

Nov 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-10-31

Reporting Person: VANDENNOORT HANS E (SR VP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-31	Common Shares	F	4689	$48.29	Disposed	35390	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	78.2607	Indirect

Footnotes

F1: Shares are being withheld from Mr. Vanden Noort's 2004 restricted stock award which vested 10/31/2007. The award was previously reported as 10,000 shares on Form 5 filed January 24, 2005, but has been adjusted to reflect the stock split on 10/17/2005.

F2: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.