RAYONIER INC — Director's Dealing 2007

Jan 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-01-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-29	Common Shares	I	1504.7407	$43.27	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	29397	Direct

Footnotes

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