RAYONIER INC — Director's Dealing 2007

Feb 5, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: MARGIOTTA CHARLES (SR VP, BUS DEV)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-02	Common Shares	M	16000	$14.35	Acquired	81492	Direct
2007-02-02	Common Shares	M	4062	$17.51	Acquired	85554	Direct
2007-02-02	Common Shares	S	600	$42.95	Disposed	84954	Direct
2007-02-02	Common Shares	S	600	$43.04	Disposed	84354	Direct
2007-02-02	Common Shares	S	800	$42.9	Disposed	83554	Direct
2007-02-02	Common Shares	S	800	$43.11	Disposed	82754	Direct
2007-02-02	Common Shares	S	1000	$42.92	Disposed	81754	Direct
2007-02-02	Common Shares	S	1162	$42.96	Disposed	80592	Direct
2007-02-02	Common Shares	S	1400	$43.17	Disposed	79192	Direct
2007-02-02	Common Shares	S	2800	$43.06	Disposed	76392	Direct
2007-02-02	Common Shares	S	5300	$42.98	Disposed	71092	Direct
2007-02-02	Common Shares	S	5600	$42.97	Disposed	65492	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-02	Employee Stock Option	$14.35	M	16000	Disposed	2011-01-04	Common Shares (16000)	Direct
2007-02-02	Employee Stock Option	$17.51	M	4062	Disposed	2010-01-05	Common Shares (4062)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	15969.697	Indirect

Footnotes

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