RAYONIER INC — Director's Dealing 2007

Apr 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-04-23

Reporting Person: NUTTER WALLACE LEE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-23	Common Shares	M	1000	$15.96	Acquired	873436.105	Direct
2007-04-23	Common Shares	S	1000	$44.269	Disposed	872436.105	Direct
2007-04-24	Common Shares	M	15425	$15.96	Acquired	887861.105	Direct
2007-04-24	Common Shares	M	3575	$17.06	Acquired	891436.105	Direct
2007-04-24	Common Shares	S	19000	$44	Disposed	872436.105	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-23	Employee Stock Option	$15.96	M	1000	Disposed	2008-01-04	Common Shares (1000)	Direct
2007-04-24	Employee Stock Option	$15.96	M	15425	Disposed	2008-01-04	Common Shares (15425)	Direct
2007-04-24	Employee Stock Option	$17.06	M	3575	Disposed	2009-01-06	Common Shares (3575)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	23443.63	Indirect

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 2, 2007.

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