#1INVESTOR CONFERENCE PRESENTATION March 2023 Rayonier More than trees™#2Forward-Looking Statements Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier's earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier's business strategies, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier's business strategies and other similar statements relating to Rayonier's future events, including any benefits associated with the particular acquisitions described in this presentation (the "Acquisitions"), developments or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "believe," "intend,” “project,” “anticipate" and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: our ability to realize the anticipated financial and other benefits of the Acquisitions; the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings, including any downturn in the housing market; entry of new competitors into our markets; changes in global economic conditions and world events, including the war in Ukraine; business disruptions arising from public health crises and outbreaks of communicable diseases, including the current outbreak of the virus known as the novel coronavirus; fluctuations in demand for our products in Asia, and especially China; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging, trucking and ocean freight services; the geographic concentration of a significant portion of our timberland; our ability to identify, finance and complete timberland acquisitions; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, and endangered species, that may restrict or adversely impact our ability to conduct our business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires, which can adversely affect our timberlands and the production, distribution and availability of our products; interest rate and currency movements; our capacity to incur additional debt; changes in tariffs, taxes or treaties relating to the import and export of our products or those of our competitors; changes in key management and personnel; our ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust ("REIT") and changes in tax laws that could adversely affect beneficial tax treatment; the cyclical nature of the real estate business generally; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida and Washington, which also may be affected by changes in law, policy and political factors beyond our control; unexpected delays in the entry into or closing of real estate transactions; changes in environmental laws and regulations that may restrict or adversely impact our ability to sell or develop properties; the timing of construction and availability of public infrastructure; and the availability of financing for real estate development and mortgage loans. For additional factors that could impact future results, please see Item 1A - Risk Factors in the Company's most recent Annual Report on Forms 10-K and 10-Q and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the "SEC"). Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent reports filed with the SEC. - Non-GAAP Financial and Net Debt Measures To supplement Rayonier's financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Rayonier has presented forward-looking statements regarding "Adjusted EBITDA," which is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, operating income (loss) attributable to noncontrolling interest in Timber Funds, the gain on investment in timber funds, Fund II Timberland Dispositions, costs related to the merger with Pope Resources, timber write-offs resulting from casualty events, costs related to shareholder litigation, gain on foreign currency derivatives, internal review and restatement costs, and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company's ongoing operating results. Rayonier is unable to present a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on Rayonier's future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the company's actual results and preliminary financial data set forth above may be material. Rayonier Investor Presentation | March 2023 1#3Rayonier At A Glance 2.8 Value-added Real Estate Platform Real Estate (21%) Trading (0%) Million $2.3 billion (1) of ~400 acres acquisitions since 2014 employees Sustainable yield of ~11 million tons annually Established in 1926 97 YEARS 1926 2023 New Zealand (16%) FY22 ADJ. EBITDA $314MM Pacific Northwest (18%) Rayonier U.S. South (45%) Sustainable Certifications SFI-00023 FSC www.fsc.org FSC® A000522 The mark of responsible forestry PEFC™ PEFC/40-23-6 Promoting Sustainable Forest Management www.pefc.org Mission: Provide industry-leading financial returns to our shareholders while serving as a responsible steward of the environment and a beneficial partner to the communities in which we operate (1) Includes total Pope Resources transaction value - i.e., consideration plus net debt assumed of $576 million. Investor Presentation | March 2023 2#4Highly Productive, Geographically Diversified Timberlands 2.8 MILLION TOTAL ACRES Rayonier 413 PACIFIC NORTHWEST 61 Acreage: 474k acres Sustainable Yield: 1.5 1.7mm tons NEW ZEALAND Acreage: 417k acres Sustainable Yield: 2.4-2.7mm tons Note: Acres as of December 31, 2022. U.S. SOUTH Acreage: 1.92mm acres Sustainable Yield: 6.8 - 7.2mm tons 91 2 16 272 711 285 148 394 3 Investor Presentation | March 2023#5Rayonier is the Only "Pure Play" Timber REIT Rayonier 2020-2022 EBITDA* Composition Peer Group EBITDA* Composition 100% 90% 26% 80% (2020-2022) Peer Group 2020-2022 EBITDA* Composition 70% 72% 60% Other 26% 50% Timber 40% Segments 74% 74% 30% 20% 10% 0% RYN ■Timber ■Real Estate 49% 12% 8% 39% Other 77% 20% WY PCH ■Manufacturing / Other Timber Segments 23% Over the last three years, Rayonier has generated 74% of its EBITDA* from timber operations (versus 23% for the peer group). Note: Timberland REIT Peer Group comprised of WY and PCH. Figures reflect aggregate Timberland REIT Peer Group EBITDA for 2020-2022, excluding corporate expenses. Other includes manufacturing and other reported segments. Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2023 4#6Rayonier Portfolio Highlights Sector-Leading U.S. South EBITDA* per Ton U.S. South: 2022 EBITDA* per Ton $26 $24 $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 Rayonier 12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 Sector-Leading HBU Value Realizations Real Estate Value per Acre Sold (2021 – 2022) $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 (1) Potlatch Rayonier Weyerhaeuser Weyerhaeuser Improving Harvest Profile (2) Historical & Projected Harvest Volumes (tons in MMs) 2018-2022 ■Southern Rayonier 2023-2027 ■Pacific Northwest ■New Zealand 60% 50% 40% 30% 20% 10% Potlatch Unique Exposure to China Export Market % of 2022 Volume Sold into China Market New Zealand Pacific Northwest Southern Total Rayonier Excludes Large Dispositions, Improved Development and Conservation Easements. Based on Rayonier estimates; assumes current portfolio with no acquisitions or divestitures. Based on estimated export volume sold into China market. * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2023 LO 5#7Rayonier's Strategic Priorities MANAGE FOR LONG-TERM VALUE ■ Design harvest strategy to achieve long-term, sustainable yield ◉ Balance biological growth, harvest cash flow and responsible stewardship ACQUIRE HIGH-QUALITY TIMBERLANDS OPTIMIZE PORTFOLIO VALUE ■ Pursue acquisitions that improve portfolio quality and sustainable yield Maintain disciplined approach to acquisitions; minimize HBU speculation ☐ Opportunistically monetize lands where premium valuations can be achieved Pursue value creation activities on select properties to enhance long-term value FOCUS ON QUALITY OF EARNINGS POSITION FOR LOW-CARBON ECONOMY BEST-IN-CLASS STEWARDSHIP & DISCLOSURE Rayonier ☐ Focus on harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow ☐ ☐ Capitalize on increasing demand for carbon solutions / sequestration Integrate ecosystem services opportunities into long-term strategic planning ☐ ☐ Develop and integrate robust ESG policies and best practices Establish Rayonier as industry leader in transparent disclosure Investor Presentation | March 2023 CO 6#8Conservative Capital Structure & Financial Policy Credit Highlights & Ratio Targets Current Credit Ratings ($ in millions) Capitalization & Maturity Profile 12/31/2022 S&P: Moody's: Credit Highlights BBB- Stable Baa3 Stable ■ Strong Adjusted EBITDA* margins ◉ High EBITDA-to-FCF conversion Significant asset coverage Total Debt (2) (-) Cash (2) Net Debt* $1,523.1 (114.3) $1,408.8 Credit / Valuation Data 2022 Adjusted EBITDA* $314.2 Shares/OP Units Outstanding 150.5 Enterprise Value (3) $6,369.0 Credit Statistics Net Debt* / Adj. EBITDA* 4.5x ◉ 3.0% weighted avg. cost of debt (~90% fixed) (1) Net Debt* / Enterprise Value 22% ($ in millions) Credit Ratio Targets Committed to maintaining an investment grade credit profile $500 $450 $400 $350 $300 Target credit metrics include: $250 $200 Net Debt* / Adj. EBITDA*: <4.5x $150 $100 - Net Debt* / Asset Value: ≤ 30% $50 2023 2024 2025 2026 2027 2028 2029 2030+ Maintaining a conservative capital structure and maximizing usage of Farm Credit financing provides for an attractive cost of debt relative to underlying timberland returns. Rayonier Weighted average cost of debt calculated as of 12/31/22. Debt reflects principal on long-term debt, gross of deferred financing costs and unamortized discounts. Cash excludes $0.5 million of restricted cash held by LKE intermediary. Enterprise value based on market capitalization (including Rayonier, L.P. "OP units") plus net debt based on RYN share price of $32.96 as of 12/31/22. Non-GAAP measure (see Appendix for definitions and reconciliations). Investor Presentation | March 2023 7#9Nimble Approach to Capital Allocation Invest in Our Business ■ ~$45 million invested annually in silviculture and regeneration ■ Capital focused on highest IRR opportunities Targeted investments to unlock HBU value Acquisitions ■ ~$2.3 billion of acquisitions since 2014 ■ ◉ Acquisitions complementary to age-class profile Improved portfolio site index and inventory stocking Share Buybacks/ Equity Issuance ■ 4.7MM shares repurchased @ $23.84 per share ■ 14.8MM shares issued in public offerings @ $33.05 per share ■ 11.6MM shares / OP units issued for Pope acq. (3) Dividends ■ Increased qtrly. dividend by 5.6% to $0.285 per share effective Q2 2022 ■ Funded from recurring timber and real estate operations ■ Large Dispositions* excluded from Manage Our Balance Sheet ■ Investment grade ☐ ratings with stable outlook Well-staggered maturity profile ■ ~3.0% weighted average cost of debt (5) $45MM (1) annually for silviculture $2.3B (2) acquisitions since 2014 CAD* 21.7MM net shares issued since 2014 3.4% yield (4) $1.14 per share annual dividend ~3.0% rate (5) average debt cost €2 (1) 2022. (2) Represents average annual investment in silviculture and replanting from 2021 Includes total Pope Resources transaction value at closing (i.e., consideration plus net debt assumed of $576 million). (4) Based on share price of $33.75 as of 2/27/2023 and annualized dividend of $1.14 per share. (5) Weighted average cost of debt calculated as of 12/31/22. * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Rayonier (3) RYN share price at time of transaction announcement was $32.72. Investor Presentation | March 2023 8#10Rayonier ESG Highlights SOCIAL ENVIRONMENTAL co 14.7MM METRIC TONS OF CARBON SEQUESTERED Equal to removing 3.2MM cars from the road CO 347,809 METRIC TONS OF CARBON EMITTED Scope 1, 2, and 3 emissions >90% ACCIDENT-FREE Worksites in the U.S. M35% REDUCTION YOY Lost Time Incident Rate 34.8MM SEEDLINGS PLANTED IN 2021 Replanting harvested timber PROTECTING WILDLIFE 35-year Safe Harbor Agreement signed in Washington to protect the Marbled Murrelet THIRD-PARTY STANDARD CERTIFICATION 99% New Zealand timberlands & 96% U.S. timberlands are certified to third-party standards M16% REDUCTION YOY Total Recordable Incident Rate 50% REDUCTION YOY New Zealand truck driver injuries PROTECTING WATER Private Forest Accord signed in Oregon to enhance protection of water streams SUSTAINABLE O HARVESTING 95,000 acres harvested= 3.5% of total acreage 19% INCREASE YOY Female leadership positions >4,000 HOURS Employee training development COMMUNITY GIVING $374K USD and $152K NZD donated to support local communities COLLABORATOR OF THE YEAR Named Pacific Education Institute's FieldSTEM Community Collaborator of the Year Washington GOVERNANCE 200° 60% Rayonier DIVERSE Board Diversity * >75% DIRECTOR NOMINEES ANNUAL BONUS PROGRAM * 9 of 10 are independent * MEETING ATTENDANCE Director Attendance Incorporates ESG initiatives COMMITTEE CHAIRS 2 of 3 are chaired by women Note: All metrics reflect the year ended December 31, 2021 (per most recent sustainability report) unless otherwise noted. *Reflects the addition of a 10th director in November 2022. ESG OVERSIGHT Responsibility of Nominating and Corporate Governance Committee 9 Investor Presentation | March 2023#11Southern Timber - Portfolio Overview Highlights/Location Acreage: 1.92 million acres Sustainable Yield: 6.8 - 7.2 million tons Planted/Plantable: 67% Average Site Index: 73 feet at age 25 (1) 2022 EBITDA*: $156.9 million Sustainable Forestry Initiative Certification Adjusted EBITDA* Acres in 000s Five-Year Performance Summary ($ in millions) (Tons in 000s) $180 7,000 $160 6,500 $140 6,000 $120 $100 5,500 $80 5,000 $60 4,500 Volume (Tons) $40 $20 4,000 3,500 2018 2019 2020 2021 2022 Adjusted EBITDA Volume 300 250 200 150 100 1586 50 Balanced Age Class Profile (2) 0-4 5-9 10-14 15-19 20-24 25+ Natural Pine Age Class in Years (1) (2) Rayonier Site index reflects the average height of the dominant and codominant trees at a base age of 25 (U.S. South). Age class profile as of 09/30/22 per 2022 Form 10-K. Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2023 10#12OK-1 TX-1 RYN Concentrated in Strongest U.S. South Markets ■ Supply/demand dynamics are highly localized, as logs generally travel less than 100 miles ■ Timber consumption vs. inventory growth remains much more tensioned in Coastal Atlantic markets TMS 2022 Composite Price Quartile Rankings Composite Price First Quartile Second Quartile Third Quartile Fourth Quartile Rayonier Acquisitions VA-1 VA-2 $30 AR-1 TN-1 TN-2 AR-2 SC-1 GA-1 MS-1 AL-1 GA-2 AL-2 LA-1 MS-2 LA-2 TMS 2022 Composite Price by Region $35 Top Quartile Markets 60% ~71% of RYN Southern Lands in Top Quartile Markets 50% $25 NC-1 NC-2 SC-2 $20 $15 $10 $5 FL-2 FL-1 Miles 0 50 100 150 200 250 FL-1 FL-2 GA-2 NC-2 AL-2 SC-2 SC-1 VA-2 LA-1 TX-1 TX-2 ⚫% Change 2020-22 40% Acquisition Markets 30% 20% VA-1 NC-1 AL-1 LA-2 GA-1 MS-2 AR-2 AR-1 MS-1 TN-2 TN-1 Approximately 71% of Rayonier's Southern timberlands are located in top quartile markets (ranked by TimberMart-South composite stumpage pricing). Source: Rayonier Note: TimberMart-South. Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | March 2023 10% 0% -10% -20% 11#13Lumber Capacity Expansion in U.S. South Active Mill Expansion in the U.S. South (1) Mill Expansion New Expansion Restart Capacity Increase <25 MMBF 25 125 MMBF 125 250 MMBF 250+ MMBF Miles 0 50 100 150 200 U.S. South Lumber Production / Capacity (BBF) 25.0 22.5 20.0 17.5 100% 95% 90% 85% 15.0 80% 12.5 75% 10.0 70% 7.5 65% 5.0 2.5 I 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Capacity Production 2019 2020 2021 Operating Rate Lumber production and capacity in the U.S. South has grown significantly over the last several years. (1) Rayonier Source: Reflects mill capacity announced since 2017. New capacity reflected as of announced start date and adjusted based on FEA estimates. Forest Economic Advisors (FEA), TMS, Forisk, ERA, and press release announcements. Investor Presentation | March 2023 2022 60% 55% 50% 12#14Rayonier U.S. South Acquisitions - Executive Summary Rayonier Acquired ~137,800 Acres of Timberlands in Texas, Alabama, Georgia, and Louisiana for $454 million Consists of two separate transactions referred to as Project Dionysus (129k acres) and Project Tigercat (9k acres) Acquisitions financed with cash on hand and proceeds from new $250 million term loan through Farm Credit System ☐ STRONG MARKETS HIGHLY PRODUCTIVE TIMBERLANDS WELL-STOCKED INVENTORY COMPLEMENTARY FOOTPRINT STRONG HARVEST & CASH FLOW METRICS SIGNIFICANT UPSIDE / OPTIONALITY STRONG CAPITAL ALLOCATION FIT ☐ Acquisition Highlights Weighted-average TimberMart-South (TMS) market ranking of 5.3 (out of 22 markets) (1) Including acquisitions, approximately 71% of RYN's U.S. South acreage in top quartile markets 72% plantable with an average expressed site index of 73 Sustainable yield of 4.8 tons per acre per year (versus 3.5 tons for RYN legacy U.S. South) Strong merchantable inventory stocking of 54 tons per acre; average grade mix of ~67% Mature age-class with average plantation age of ~18 years Improves U.S. South sustainable yield by ~11% to ~7.0 million tons Exceptional fit with Rayonier's existing footprint; improves economies of scale in core markets Average annual harvest volume of ~725k tons over the next 10 years Expected average annual Adj. EBITDA contribution of ~$23mm (timber-only) over next 10 years (2) No wood supply agreements encumber the properties, providing enhanced optionality Additional upside potential from HBU real estate and natural climate solutions opportunities Premier acquisition opportunity; provides added scale in strategically located markets Ideal use of balance sheet capacity and attractive Farm Credit debt; accretive to CAD per share Rayonier 2 Based on market ranking at time of acquisition announcement. Based on Rayonier estimates. Includes timber operations and customary non-timber revenue (e.g., recreational licenses). Excludes potential HBU and natural climate solutions opportunities. Investor Presentation | March 2023 13#15Acquisitions Provide Enhanced Scale in Strong Markets ~137,800 Fee Acres (TX / LA/AL/GA) Sabine TX/LA Properties (74,400 acres) LOUISIANA Houston ° www Birmingham Atlanta Savannah MISSISSIPPI ALABAMA GEORGIA Montgomery Jackson o AL Properties (35,300 acres) GA Properties* (28,200 acres) Baton Rouge New Orleans Rayonier Investor Presentation | March 2023 Columb FLORIDA Tallahassee Jacksonville N Orlando Acquisitions Rayonier Ownership 100 200 Miles 14#16Acquisitions Upgrade Quality of U.S. South Portfolio Commercial Forest Area - % Plantable (1) Productivity - Site Index (2) 80% 75% 70% 67% 65% 60% 55% 50% RYN Legacy U.S. South 72% Acquisitions Inventory Stocking - Tons per Acre 60 50 37 40 30 20 10 I RYN Legacy U.S. South 54 Acquisitions 80 75 72 70 65 60 55 50 RYN Legacy U.S. South 73 Acquisitions Sustainable Yield - Tons per Acre per Year (3) 6.0 5.0 4.0 3.5 3.0 2.0 1.0 RYN Legacy U.S. South 4.8 Acquisitions The Acquisitions improve the overall quality of Rayonier's U.S. South portfolio and add meaningful scale in some of our strongest timber markets. Note: (1) Charts reflect data for the Acquisitions versus Rayonier's legacy U.S. South portfolio (prior to acquisition). Includes land classified as natural plantable. Rayonier Site index base age = 25 years for U.S. South. RYN legacy U.S. South based on sustainable yield of 6.1 to 6.5 million tons (per 2021 Form 10-K). Acquisitions based on forecasted long-term sustainable yield. Investor Presentation | March 2023 15#17Pacific Northwest Timber - Portfolio Overview Highlights/Location ☐ Acreage: 474,000 acres ☐ ☐ Sustainable Yield: 1.5-1.7 million tons Planted/Plantable: 78% Average Site Index: 116 feet at age 50 (1) 2022 EBITDA*: $63.9 million Sustainable Forestry Initiative Certification Natali Gla Acres in 000s Five-Year Performance Summary ($ in millions) (Tons in 000s) $70 2,000 $60 1,750 $50 1,500 $40 1,250 $30 1,000 $20 $10 750 500 2018 2019 2020 2021 2022 Adjusted EBITDA Volume 28812 120 100 Improving Age Class Profile (2) 0-9 10-19 20-29 30-39 40+ Age Class in Years Site index reflects the average height of the dominant and codominant trees at a base age of 50 (Pacific Northwest); based on King 1966 site index equation for Douglas-fir and Wiley 1978 site index equation for Western Hemlock. (1) (2) Age class profile represents commercial forest acres as of 9/30/22 per 2022 Form 10-K. Investor Presentation | March 2023 Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). 16#18Pacific Northwest Demand & Pricing Trends Pacific Northwest Log Demand & Pricing (BBF) (1) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 I ($ per MBF) $1,200 $1,000 $800 $600 $400 $200 Q1-2007 Q3-2007 Q1-2008 Production and export volume based on trailing four quarters. Log exports converted to lumber basis assuming 2.35 recovery rate. Forest Economic Advisors, RISI. Q3-2008 Q1-2009 Q3-2009 Q1-2010 Q3-2010 Q1-2011 Q3-2011 Q1-2012 Q3-2012 Q1-2013 Q3-2013 Q1-2014 Q3-2014 Q1-2015 Q3-2015 Q1-2016 Q3-2016 Q1-2017 Q3-2017 Q1-2018 West Coast Lumber Production Douglas-fir Log Price (Log Lines Region #1 - #2 Sawlog) Log Exports (Lumber Basis) Western Hemlock Log Price (Log Lines Region #1 - #2 Sawlog) Pacific Northwest pricing remained strong in 2022 due to strong domestic lumber markets and continued export market demand. Investor Presentation | March 2023 Q3-2018 Q1-2019 Q3-2019 Q1-2020 Q3-2020 Q1-2021 Q3-2021 Q1-2022 Q3-2022 Rayonier Source: 17#19Pope Resources Post-Acquisition Highlights Indicative Enterprise Value Breakdown (~$656 MM Enterprise Value @ Announcement - Jan. 2020) (1) 9% 7% 4% Fee Timber Strong growth in PNW Timber Segment EBITDA* per Acre / Ton EBITDA / Acre $150 $60 $125 $100 EBITDA per Acre EBITDA per Ton $50 $40 $75 $30 $50 $20 $25 $10 2019 2020 2021 2022 POPE E Timber Funds Fully exited the Funds business for total proceeds of $73mm ($ in millions) $80 $14 $60 $23 $40 $73 $20 $36 80% ■ Partnership Timber ■Fund Co-Investment ■ Real Estate / HBU ■ Other (1) (2) Rayonier Funds III & IV Fund II Carried Interest Total EBITDA/Ton Real Estate / HBU Realized HBU sales of $57mm (vs implied Real Estate valuation of $45mm @ acquisition); significant HBU acreage remaining ($ in 000's, except per acre values) Arborwood Other HBU sales Total HBU Sales Revenue Acres $ 37,500 6,990 Price/Acre 359 $ 104,579 436 16,051 $ 44,491 794 $ 56,027 Conservation Easements 6,954 2,165 3,212 Other (2) 5,778 NA NA Total Revenue $ 57,223 NA NA Implied Enterprise Value and breakdown as of announcement date (1/15/2020). For more details, see Pope Resources Acquisition presentation dated January 2020. Includes deferred cash consideration of $1.5 million for the Arborwood transaction and cash distributions to Rayonier of $4.3 million from the Bainbridge Landing JV. * Non-GAAP measure (See Appendix for definitions and reconciliation.) Investor Presentation | March 2023 18#20New Zealand Timber – Portfolio Overview Highlights/Location - Acreage: 417,000 acres (297,000 productive acres) Sustainable Yield: 2.4 - 2.7 million tons Planted/Plantable: 71% Average Site Index: 95 feet at age 20 (1) 2022 EBITDA*: $54.5 million FSC® and PEFC™ Certification Appraised value as of 12/31/22: NZ$1,872 million (3) Acres in 000s Five-Year Performance Summary ($ in millions) (Tons in 000s) $100 3,000 Adjusted EBITDA* $80 2,800 $60 2,600 $40 2,400 Volume (Tons) $20 2,200 2,000 2018 2019 2020 2021 2022 Adjusted EBITDA Volume Balanced Age Class Profile (Radiata) (2) 80 70 60 50 40 30 20 10 0-4 5-9 10-14 15-19 20-24 25+ Other Species Age Class in Years Rayonier Site index reflects the average height of the dominant and codominant trees at a base age of 20 (New Zealand). Age class profile as of 12/31/22 per 2022 Form 10-K. Annual appraisals are obtained by Matariki Forestry Group for compliance with statutory financial reporting requirements. Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2023 19#21Diversified Mix of Domestic & Export Markets Volume by Market Destination (2022) RMF Domestic 35% RMF Export 50% Trading 15% Korea 10% Other 3% China 87% Over half of the New Zealand segment's volume (excluding Trading volume) is sold into export markets, with China being the largest source of demand. Rayonier Investor Presentation | March 2023 20 20#22China's Large Timber Supply Deficit is Growing China Total Timber Supply Deficit (million m3 RWE) 360 China Softwood Log and Lumber Imports (million m3 RWE) 90 320 280 240 200 160 120 80 40 40 80 70 60 60 Woodchips 2002 2007 2012 2017 2021 2022E 2027F 2032F ■Logs Lumber Wood Panels ■Pulp 50 50 40 40 30 20 20 10 10 2008 2010 2012 2014 2016 2018 2020 2022 Russia New Zealand United States Canada ■ROW Softwood log and lumber imports into China are expected to recover in 2023 and the long- term outlook remains positive given its growing timber supply deficit. Rayonier Source: Dana Ltd./Gingko Consulting and Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | March 2023 24 21#23Real Estate Strategy - Capture Premiums to Timberland Higher and Better Use Timberlands Rural BOARD OF COUNTY COMMISSIONERS Unimproved Development Improved Development Timberland & Non-Strategic Large Dispositions Sale of rural places & properties Limited to no investment to capture premiums above timberland values On average, 1% to 2% of Southern land base annually • Sale of properties with development rights Minor investments to catalyze demand and create optionality in select markets Low volume and very lumpy sales pipeline due to lengthy process Sale of developed land parcels Investment in horizontal infrastructure and amenities in very select markets with scale Growing sales pipeline in Wildlight & Heartwood Sale of timberland & non-strategic assets Monetize and repurpose "dead capital" Conservation Easements Sale of development rights (precludes future development on the underlying land) Reserve our rights to continue to grow and harvest timber Primarily in select areas with strong timber markets and conservation interest Limited volume due to strength of portfolio Strategic sales of timberland packages Upgrade portfolio and/or deleverage balance sheet Excluded from Adj. EBITDA and pro-forma financials Our Real Estate strategy is focused on creating and capturing significant premiums to timberland values. Rayonier Investor Presentation | March 2023 22 22#24Real Estate Development: Focused Strategy Florida HBU Portfolio 95 Yulee Georgia HBU Portfolio 15A 158 178 117A 15 REMAINING PUD AREA 10 ~24,000 acres north of Jacksonville, FL ~20,000 acres south of Savannah, GA Rayonier has two unique HBU land portfolios located in close proximity to I-95 north of Jacksonville, FL and south of Savannah, GA, which provide long-term development opportunities. Rayonier Investor Presentation | March 2023 23 23#25Appendix Rayonier 24 24 Investor Presentation | March 2023#26Definitions of Non-GAAP Measures & Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, operating loss (income) attributable to noncontrolling interests in Timber Funds, costs related to the merger with Pope Resources, timber write-offs resulting from casualty events, the gain on investment in Timber Funds, Fund II Timberland Dispositions, costs related to shareholder litigation, gain on foreign currency derivatives, gain associated with the multi-family apartment sale attributable to NCI, internal review and restatement costs, net income from discontinued operations and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes the impact of specific items that management believes are not indicative of the Company's ongoing operating results. Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments), CAD attributable to noncontrolling interests in Timber Funds, and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common stock dividends, distributions to Operating Partnership unitholders, distributions to noncontrolling interests, repurchase of the Company's common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods. Costs related to shareholder litigation is defined as expenses incurred as a result of the shareholder litigation, shareholder derivative demands and Rayonier's response to an SEC subpoena. See Note 10 - Contingencies of Item 8 - Financial Statements and Supplementary Data in the Company's 2018 Annual Report on Form 10-K. Gain associated with the multi-family apartment sale attributable to NCI represents the gain recognized in connection with the sale of property by the Bainbridge Landing joint venture attributable to noncontrolling interests. Gain on foreign currency derivatives is the gain resulting from the foreign exchange derivatives the Company used to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand subsidiary. Fund II Timberland Dispositions represent the disposition of Fund II Timberland assets, which we managed and owned a co-investment stake in. Fund II Timberland Dispositions attributable to Rayonier represents the proportionate share of Fund II Timberland Dispositions that are attributable to Rayonier. Gain on investment in Timber Funds reflects the gain recognized on Fund II carried interest incentive fees as well as the gain recognized on the sale of Timber Funds III & IV. Costs related to the merger with Pope Resources include legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Net Debt is calculated as total debt less cash and cash equivalents. Timber write-offs resulting from casualty events include the write-off of merchantable and pre-merchantable timber volume destroyed by casualty events which cannot be salvaged. Rayonier Investor Presentation | March 2023 25 25#27Reconciliation of Net Debt ($ in millions) Q4 2022 Current maturities of long-term debt |Long-term debt, net of deferred financing costs and unamortized discounts - Plus deferred financing costs Plus unamortized discounts Total Debt (Principal Only) Cash and cash equivalents Net Debt (1) (1) Non-GAAP measure or pro forma item. Rayonier 1,514.7 5.3 33.1 $1,523.1 (114.3) $1,408.8 26 Investor Presentation | March 2023 26#28Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2022 Operating income Depreciation, depletion & amortization Non-cash cost of land and improved development Gain associated with the multi-family apartment sale attributable to NCI (1) Timber write-offs resulting from a casualty event (1) Large Dispositions (1) $96.6 60.3 $15.2 $30.6 48.0 23.9 Pacific New Southern Northwest Zealand Timber Timber Timber Timber Funds Real Estate Corporate Trading and Other Total $58.5 $0.4 13.9 ($35.5) 1.3 $165.8 147.3 28.4 28.4 (11.5) (11.5) 0.7 0.7 (16.6) (16.6) $156.9 $63.9 $54.5 $72.7 $0.4 ($34.2) $314.2 Adjusted EBITDA (1) 2021 Operating income Depreciation, depletion & amortization $66.1 $6.8 $51.5 $63.3 $112.5 $0.1 ($30.6) $269.8 54.1 50.5 27.0 2.4 7.9 1.2 143.2 Non-cash cost of land and improved development 25.0 25.0 Operating income attributable to NCI in Timber Funds (45.6) (45.6) Gain on investment in Timber Funds (1) Fund II Timberland Dispositions attributable to Rayonier (1) Large Dispositions (1) (7.5) (10.3) (7.5) (10.3) - Adjusted EBITDA (1) $120.2 $57.3 $78.5 $2.3 (44.8) $100.7 (44.8) $0.1 ($29.4) $329.8 2020 Operating income (loss) Depreciation, depletion & amortization Non-cash cost of land and improved development Operating loss attributable to NCI in Timber Funds Timber write-offs resulting from casualty events attributable to Rayonier (1) 6.0 11.6 1.8 Costs related to the merger with Pope Resources (1) Large Dispositions (1) Adjusted EBITDA (1) $41.3 61.8 ($10.0) 47.1 $30.0 25.0 ($13.2) $72.0 ($0.5) ($45.2) $74.4 1.6 17.7 1.4 154.7 - 30.4 30.4 11.6 7.9 17.2 17.2 - (28.7) (28.7) $109.1 $37.1 $55.0 $1.8 $91.4 ($0.5) ($26.6) $267.4 Rayonier (1) Non-GAAP measure or pro forma item. Investor Presentation | March 2023 27#29Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2019 Operating income (loss) $57.8 ($12.4) $48.0 Depreciation, depletion & amortization 61.9 29.2 27.8 Non-cash cost of land and improved development Adjusted EBITDA (1) $119.7 $16.7 $75.8 Pacific New Southern Northwest Zealand Timber Timber Timber Timber Funds Real Estate Corporate Trading and Other Total $38.7 8.2 ($25.1) 1.2 $107.0 128.2 ― 12.6 ― 12.6 $59.5 ($23.9) $247.8 2018 Operating income Depreciation, depletion & amortization Non-cash cost of land and improved development Adjusted EBITDA (1) - - $102.8 $40.9 $44.2 $8.1 $62.8 $76.2 $1.0 58.6 32.8 28.0 23.6 ($22.3) 1.2 $170.1 144.1 23.6 — 23.6 $90.8 $123.4 $1.0 ($21.1) $337.7 2017 Operating income $42.2 $1.1 $57.6 $130.9 $4.6 ($20.9) $215.5 Depreciation, depletion & amortization 49.4 32.0 27.5 17.9 0.8 127.6 Non-cash cost of land and improved development 13.7 13.7 Costs related to shareholder litigation (1) 0.7 0.7 Large Dispositions (1) (67.0) - (67.0) Adjusted EBITDA (1) $91.6 $33.1 $85.1 $95.5 $4.6 ($19.4) $290.5 (1) Non-GAAP measure or pro forma item. Rayonier 28 Investor Presentation | March 2023#30Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Pacific New ($ in millions) 2016 Southern Northwest Zealand Timber Timber Timber Timber Funds Real Estate Corporate Trading and Other Total Operating income (loss) $43.1 ($4.0) $33.0 Depreciation, depletion & amortization 49.8 25.2 23.4 Non-cash cost of land and improved development Costs related to shareholder litigation (1) Gain on foreign currency derivatives (1) Large Dispositions (1) Adjusted EBITDA (1) $202.4 $2.0 ($20.8) $255.8 16.3 0.4 115.1 11.7 11.7 2.2 2.2 (1.2) (1.2) (143.9) (143.9) $92.9 $21.2 $56.5 $86.6 $2.0 ($19.4) $239.7 2015 Operating income $46.7 $6.9 $1.6 $45.5 $1.2 ($24.1) $77.8 Depreciation, depletion & amortization 54.3 14.8 25.5 18.7 0.4 113.7 Non-cash cost of land and improved development 12.5 12.5 Costs related to shareholder litigation (1) 4.1 4.1 Adjusted EBITDA (1) $101.0 $21.7 $27.1 $76.7 $1.2 ($19.6) $208.1 2014 Operating income $45.7 $29.5 $8.7 $48.3 $1.7 ($35.6) $98.3 Depreciation, depletion & amortization 52.2 21.3 32.2 13.4 0.9 120.0 Non-cash cost of land and improved development 13.2 13.2 Large Dispositions (1) (21.4) (21.4) Internal review and restatement costs Adjusted EBITDA (1) (1) Non-GAAP measure or pro forma item. $97.9 $50.8 $40.9 $53.5 $1.7 3.4 ($31.3) 3.4 $213.5 Rayonier Investor Presentation | March 2023 29 29