RAYONIER INC — Director's Dealing 2007

Feb 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-02-08

Reporting Person: BRANNON TIMOTHY H (SR VP, FOR RESRCS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-08	Common Shares	M	18696	$15.96	Acquired	140215	Direct
2007-02-08	Common Shares	S	11035	$45.15	Disposed	129180	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-08	Employee Stock Option	$15.96	M	18696	Disposed	2008-01-04	Common Shares (18696)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	33891.4719	Indirect

Footnotes

F1: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.