RAYONIER INC — Director's Dealing 2007

Mar 26, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-03-22

Reporting Person: Frazier W. Edwin III (SR VP, Admin & Corp Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-22	Common Shares	I	2823.0951	$43	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	42869	Direct