RAYONIER INC — Director's Dealing 2007

Feb 9, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-02-07

Reporting Person: VANDENNOORT HANS E (SR VP & CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-07	Common Shares	M	8013	$18.59	Acquired	37410	Direct
2007-02-07	Common Shares	S	500	$44.73	Disposed	36910	Direct
2007-02-07	Common Shares	S	600	$44.72	Disposed	36310	Direct
2007-02-07	Common Shares	S	700	$44.69	Disposed	35610	Direct
2007-02-07	Common Shares	S	700	$44.7	Disposed	34910	Direct
2007-02-07	Common Shares	S	5513	$44.6607	Disposed	29397	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-07	Employee Stock Option	$18.59	M	8013	Disposed	2012-01-04	Common Shares (8013)	Direct