RAYONIER INC — Director's Dealing 2007

Feb 1, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-01-30

Reporting Person: BOYNTON PAUL G (SR VP, Performance Fibers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-30	Common Shares	M	26708	$18.5867	Acquired	93820	Direct
2007-01-30	Common Shares	M	5342	$14.3467	Acquired	99162	Direct
2007-01-30	Common Shares	S	300	$43.31	Disposed	98862	Direct
2007-01-30	Common Shares	S	400	$43.29	Disposed	98462	Direct
2007-01-30	Common Shares	S	31350	$43.3	Disposed	67112	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-30	Employee Stock Option	$14.3467	M	5342	Disposed	2011-01-04	Common Shares (5342)	Direct
2007-01-30	Employee Stock Option	$18.5867	M	26708	Disposed	2012-01-04	Common Shares (26708)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	4620.3032	Indirect

Footnotes

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