RAYONIER INC — Director's Dealing 2007

Jan 26, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-01-24

Reporting Person: NUTTER WALLACE LEE (Director, CHMN, PRES & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-24	Common Shares	M	5000	$15.96	Acquired	877436.105	Direct
2007-01-24	Common Shares	S	5000	$42.69	Disposed	872436.105	Direct
2007-01-25	Common Shares	M	5000	$15.96	Acquired	877436.105	Direct
2007-01-25	Common Shares	S	100	$42.9	Disposed	877336.105	Direct
2007-01-25	Common Shares	S	100	$42.76	Disposed	877236.105	Direct
2007-01-25	Common Shares	S	100	$42.64	Disposed	877136.105	Direct
2007-01-25	Common Shares	S	100	$42.79	Disposed	877036.105	Direct
2007-01-25	Common Shares	S	100	$42.92	Disposed	876936.105	Direct
2007-01-25	Common Shares	S	100	$42.83	Disposed	876836.105	Direct
2007-01-25	Common Shares	S	300	$42.75	Disposed	876536.105	Direct
2007-01-25	Common Shares	S	300	$42.84	Disposed	876236.105	Direct
2007-01-25	Common Shares	S	400	$42.94	Disposed	875836.105	Direct
2007-01-25	Common Shares	S	500	$42.69	Disposed	875336.105	Direct
2007-01-25	Common Shares	S	800	$42.78	Disposed	874536.105	Direct
2007-01-25	Common Shares	S	1000	$42.64	Disposed	873536.105	Direct
2007-01-25	Common Shares	S	1100	$42.6	Disposed	872436.105	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-24	Employee Stock Option	$15.96	M	5000	Disposed	2008-01-04	Common Shares (5000)	Direct
2007-01-25	Employee Stock Option	$15.96	M	5000	Disposed	2008-01-04	Common Shares (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	22429.4063	Indirect

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 3, 2006.

F2: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.