RAYONIER INC — Director's Dealing 2007

Jan 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2007-01-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-02	Common Shares	F	3654	$41.05	Disposed	52153	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	4556.89	Indirect

Footnotes

F1: Shares are being withheld from Mr. Boynton's 2004 restricted stock award which vested 1/2/2007. The award was previously reported as 10,000 shares on Form 4 filed 1/6/2004, but has been adjusted to reflect the stock split on 10/17/2005.

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