RAYONIER INC — Director's Dealing 2007

Mar 22, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-03-21

Reporting Person: TOWNSEND RONALD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-21	Common Shares	S	100	$43.15	Disposed	7737	Direct
2007-03-21	Common Shares	S	400	$43.16	Disposed	7337	Direct
2007-03-21	Common Shares	S	500	$43.17	Disposed	6837	Direct
2007-03-21	Common Shares	S	500	$43.123	Disposed	6337	Direct
2007-03-21	Common Shares	S	500	$43.1945	Disposed	5837	Direct
2007-03-21	Common Shares	S	500	$43.103	Disposed	5337	Direct
2007-03-21	Common Shares	S	612	$43.073	Disposed	4725	Direct