RAYONIER INC — Director's Dealing 2007

Mar 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-02-28

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-28	Common Shares	A	10000	—	Acquired	42869	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2660.4374	Indirect

Footnotes

F1: Grant of restricted shares to vest 02/28/2010 assuming Mr. Frazier's continued employment with Rayonier.

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