RAYONIER INC — Director's Dealing 2007

Jan 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-01-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-11	Common Shares	A	22500	—	Acquired	74653	Direct
2007-01-11	Common Shares	F	7541	$41.05	Disposed	67112	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	4581.21	Indirect

Footnotes

F1: Paid pursuant to 2004 Contingent Performance Share award.

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