#1INVESTOR PRESENTATION March 2020 Rayonier More than trees#2Forward-Looking Statements any, Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier's earnings guidance, if business and market conditions, outlook, expected dividend rate, Rayonier's business strategies, including expected harvest schedules, timberland acquisitions, sales of non-strategic timberlands, the anticipated benefits of Rayonier's business strategies, and other similar statements relating to Rayonier's future events, 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: 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; entry of new competitors into our markets; changes in global economic conditions and world events; fluctuations in demand for our products in Asia, and especially China; various lawsuits relating to matters arising out of our previously announced internal review and restatement of our consolidated financial statements; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging and trucking 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; a delayed or weak recovery in the housing market; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida, 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 Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission ("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 Measures - To supplement Rayonier's financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Rayonier uses certain non-GAAP measures, including "cash available for distribution," and "Adjusted EBITDA," which are defined and further explained in this communication. Reconciliation of such measures to the nearest GAAP measures can also be found in this communication. Rayonier's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Rayonier Investor Presentation | March 2020 1#3Forward-Looking Statements (continued) Important Additional Information and Where to Find It - In connection with the proposed merger, Rayonier and its subsidiary, Rayonier Operating Partnership LP, will file with the SEC a registration statement on Form S-4 to register the shares of Rayonier common stock and units representing partnership interests in Rayonier Operating Partnership LP to be issued in connection with the merger. The registration statement will include a proxy statement/prospectus which will be sent to the stockholders of Pope Resources seeking their approval of the merger-related proposals. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE RELATED PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT RAYONIER, POPE RESOURCES AND THE PROPOSED TRANSACTION. Investors and security holders may obtain copies of these documents free of charge through the website maintained by the SEC at www.sec.gov or from Rayonier at its website, www.rayonier.com, or from Pope Resources at its website, www.poperesources.com. Documents filed with the SEC by Rayonier will be available free of charge by accessing Rayonier's website at www.rayonier.com under the heading Investor Relations, or, alternatively, by directing a request by telephone or mail to Rayonier at 1 Rayonier Way, Wildlight, FL 32097, and documents filed with the SEC by Pope Resources will be available free of charge by accessing Pope Resources' website at www.poperesources.com under the heading Investor Relations or, alternatively, by directing a request by telephone or mail to Pope Resources at 19950 Seventh Avenue NE, Suite 200, Poulsbo, WA 98370. Participants in the Solicitation - Rayonier and Pope Resources and certain of their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Pope Resources in respect of the proposed transaction under the rules of the SEC. Information about Pope Resources' directors and executive officers is available in Pope Resources' Annual Report on Form 10-K and certain of its Current Reports on Form 8-K. Information about Rayonier's directors and executive officers is available in Rayonier's proxy statement dated April 1, 2019 for its 2019 Annual Meeting of Stockholders, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the merger when they become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Rayonier or Pope Resources using the sources indicated above. No Offer or Solicitation - This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Rayonier Investor Presentation | March 2020 2#4Rayonier Rayonier Today 3 Investor Presentation | March 2020#5Rayonier At A Glance 2.6 million $1.8 billion of acres timberlands acquired since 2011 ~350 employees Value-added Real Estate Platform Real Estate (22%) Trading (0%) FY19 ADJ. EBITDA U.S. South (44%) Sustainable yield of ~10 million tons annually Sustainable Certifications Established in 1926 00000 1926 94 YEARS 2020 New Zealand (28%) Rayonier $248MM Pacific Northwest (6%) 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 our lands 4 Investor Presentation | March 2020#6Highly Productive, Geographically Diversified Timberlands 2.6 MILLION TOTAL ACRES Rayonier 318 PACIFIC NORTHWEST 61 Acreage: 379k acres Sustainable Yield: 1.4mm tons NEW ZEALAND Acreage: 414k acres Sustainable Yield: 2.4-2.7mm tons U.S. SOUTH Acreage: 1.8mm acres Sustainable Yield: 6.1-6.5mm tons 92 18 67 240 705 184 128 394 5 Investor Presentation | March 2020#7Rayonier is the Leading "Pure Play" Timber REIT Rayonier Peer Group EBITDA* Composition (2017-2019) 100% 2017 2019 EBITDA* Composition 10% 90% 30% 29% 80% 43% 27% Peer Group - 2017 2019 EBITDA* Composition 70% 60% Other 30% 50% Timber Segments 70% 40% 70% 30% 20% 10% 13% 16% 63% 55% 44% RYN WY PCH CTT ■Timber ■Real Estate Manufacturing / Other Other Timber Segments 45% 55% Over the last three years, Rayonier has generated 70% of its EBITDA* from timber operations (versus 45% for the peer group). Note: Timberland REIT Peer Group comprised of WY, PCH and CTT. Figures reflect aggregate Timberland REIT Peer Group EBITDA for 2017 - 2019, excluding corporate expenses. Other includes real estate, manufacturing and other reported segments. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020#8Rayonier Portfolio Highlights Sector-Leading U.S. South EBITDA per Ton U.S. South: 2019 EBITDA per Ton $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 Rayonier Weyerhaeuser Potlatch Improving Harvest Profile (2) Sector-Leading HBU Value Realizations Real Estate Value per Acre Sold (2018 – 2019) $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 CatchMark Rayonier (1) Weyerhaeuser Potlatch CatchMark Unique Exposure to China Export Market % of 2019 Volume Sold into China Market Historical & Projected Harvest Volumes (tons in MMs) 12.0 40% 35% 10.0 30% 8.0 25% 6.0 20% 15% 4.0 10% 2.0 5% 2015-2019 ■Southern 2020-2024 Pacific Northwest ■New Zealand New Zealand Pacific Northwest (3) Southern Total Rayonier Rayonier Excludes Large Dispositions and Improved Development. Based on Rayonier estimates; assumes current portfolio with no acquisitions or divestitures. Based on estimated export volume sold into China market. Investor Presentation | March 2020 7#9Rayonier's Strategic Priorities MANAGE FOR LONG-TERM ■ Design harvest strategy to achieve long-term, sustainable yield ■ Balance biological growth, harvest cash flow and responsible stewardship VALUE ACQUIRE HIGH-QUALITY TIMBERLANDS ■ Pursue acquisitions that improve portfolio quality and sustainable yield ■ Maintain disciplined approach to acquisitions, minimize HBU speculation OPTIMIZE PORTFOLIO VALUE FOCUS ON QUALITY OF EARNINGS BEST-IN-CLASS STEWARDSHIP & DISCLOSURE Opportunistically monetize lands where premium valuations can be achieved ■ Pursue value creation activities on select properties to enhance long-term value ■ Focus on harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow Develop and integrate robust ESG policies and best practices ■ Establish Rayonier as industry leader in transparent disclosure Rayonier Investor Presentation | March 2020#1012/31/2019 $1,057.0 (68.7) $988.3 Prudent Capital Structure & Financial Policy Credit Highlights & Ratio Targets Current Credit Ratings ■ S&P: BBB-Stable ■ Moody's: Baa3 / Stable Credit Highlights ■ Strong Adj. EBITDA* margins ■ High EBITDA-to-FCF conversion Significant asset coverage Capitalization & Maturity Profile ($ in millions) Total Debt (-) Cash (1) Net Debt Credit Data 2019 Adjusted EBITDA* 2019 Interest Expense Credit Statistics Net Debt/ Adjusted EBITDA* $247.8 $31.7 4.0x ■ 3.3% weighted avg. cost of debt / 92% fixed Adj. EBITDA* / Interest Expense 7.8x Net Debt/ Enterprise Value (2) 19% $400 Credit Ratio Targets Committed to maintaining an investment grade credit profile $300 $200 ■ Target credit metrics include: - Net Debt / Adj. EBITDA*: ~4.5x $100 Net Debt / Asset Value: < 30% 2020 2021 2022 2023 2024 2025 2026 Rayonier has a strong, investment grade credit profile with significant asset coverage. (1) Excludes $0.8 million of restricted cash held by LKE intermediaries as of 12/31/19. Enterprise value based on market capitalization plus net debt as of 12/31/19. (2) Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 9#11Nimble Approach to Capital Allocation Invest in Our Business ~$35 million invested annually in silviculture and regeneration Capital focused on highest IRR opportunities ■ Targeted investments to unlock HBU value ■ ■ Timberland Acquisitions Share Buybacks/ Equity Issuance ~$1.0 billion of acquisitions since spin-off Acquisitions complementary to age-class profile Improved portfolio site index and inventory stocking $109 million of stock buybacks @ $23.94/share $160 million of equity issuance @$27.75/share Focused on generating NAV accretion ◉ Dividends Increased qtly. dividend by 8% to $0.27 per share effective Q2 2018 ■ Funded from recurring timber and real estate operations Manage Our Balance Sheet ■ Restructured $155 million of New Zealand debt ■ 92% of debt fixed; 3.3% avg. rate ■ Maintained investment grade rating with higher Large Dispositions* debt threshold excluded from $35MM (1) annually for silviculture CAD* $1.0B acquisitions since spin-off $50MM net share issuance since spin-off 4.1% yield (2) $1.08 per share annual dividend 3.3% rate average debt cost (1) (2) Represents average annual investment in silviculture and replanting from 2015-2019. Based on share price of $26.44 as of 02/27/20 and annualized dividend of $1.08 per share. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 10#12Rayonier to Acquire Pope Resources Rayonier + POPE Strategic Benefits Significantly expands the scale of Rayonier's Pacific Northwest timberland portfolio - Adds 125k (1) acres of fee ownership - Increases PNW sustainable yield by 57 MMBF Significantly improves quality of Rayonier's Pacific Northwest portfolio Increases proportion of Douglas-fir merchantable inventory from 60% to 68% - Increases proportion of ground-based logging, with significantly lower operating costs - Improves geographic and log market diversity ■ Adds 17k "look-through" (2) acres from timber fund business Opportunity to leverage regional expertise in silvicultural practices, log marketing and logistics ■ Enhances pipeline of value-added HBU and real estate development opportunities ■ Stronger Company Financial Benefits Expected synergies of $5 million (3) annually - Reduction of overhead expenses Elimination of redundant public company costs Improves PNW cash flow per acre due to strong markets, favorable species mix and lower operating costs Expected five-year average annual financial impact: - Adjusted EBITDA*: - CAD*: +$38 million +$25 million Expected to be accretive to CAD* / share in first full year(3) ■ Limits incremental leverage with minimum equity consideration of 70% - Opportunity to reduce debt through portfolio optimization / large dispositions ■ UPREIT structure offers tax deferral option for Pope unitholders and facilitates future timberland acquisition opportunities for Rayonier Includes approx. 6,000 acres representing long-term timber deeds, timber reservations from prior land sales, and lands located within real estate project areas. "Look-through" represents pro-rata ownership of the funds. Excludes transaction costs and costs required to achieve synergies. Rayonier Non-GAAP measure (see Appendix for definitions). Investor Presentation | March 2020 11#13Rayonier Key Industry Trends 12 Investor Presentation | March 2020#14Median Home Price to Annual Rent Housing Indicators Continue to Improve Housing Sector is Underbuilt 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 Housing Starts SAAR (MM) 0.6 0.4 0.2 www 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 Housing Starts Underlying Demand Home Inventory Has Diminished 12 20 % 765- 11 10 Existing Homes for Sale 2 1 www 2000 2002 2004 Recession 2006 2008 2010 2012 2014 2016 2018 Existing Homes for Sale in Months at Current Sales Pace Homeownership Economics Are Favorable 26x U.S. Housing Stock has Aged Considerably 45 16 10x 20x 16x 14x 12x ོ ༔ སློ ༔ ༅ ༄ བཽ སཽ ༄ 24x 22x 40 40 35 прив Age (in Years) 30 27 25 20 20 15 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Recession Median Home Price to Annual Rent 10 Rayonier 40 39 37 35 34 32 31 31 20 29 29 29 30 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Median Age of Owner-Occupied Housing Source: U.S. Census Bureau, Forest Economic Advisors, 2017 American Housing Survey, U.S. Department of Housing and Urban Development and National Association of Realtors. Investor Presentation | March 2020 13#15Housing Starts Continue to Move Higher 2,500 2,000 1966 Trough • 1.16mm Starts ⚫779k SF Starts ⚫5.9 per 1,000 Historical Annual Housing Starts 1975 Trough 1.16mm Starts .892k SF Starts ⚫ 5.4 per 1,000 1982 Trough ⚫1.06mm Starts ⚫663k SF Starts ⚫ 4.6 per 1,000 1991 Trough ⚫1.01mm Starts .840k SF Starts ⚫ 4.0 per 1,000 Annual Housing Starts (000s) 1,500 1,000 500 1959 1961 1963 1965 1967 1969 1971 1973 1975 Single-Family 1977 1979 1981 1983 1985 Multi-Family 1987 1989 1991 1993 1995 1997 1999 2001 2009 Trough • 554k Starts ⚫ 445k SF Starts ⚫ 1.8 per 1,000 2019 Current • 1.29mm Starts .894k SF Starts • 3.9 per 1,000 12.5 10.0 2003 2005 2007 2009 2011 2013 2015 2017 2019 Starts per 1,000 of Population While total U.S. housing starts have increased for ten consecutive years, starts per capita remain below prior trough levels. Rayonier Source: U.S. Census Bureau, Forest Economic Advisors. Investor Presentation | March 2020 I 7.5 5.0 2.5 14 Starts per 1,000 of Population#16Availability of Viable B.C. Timber Has Declined Rapidly Inventory of Available Live and Dead Lodgepole Pine by Years Since Attack (million m³) 1,600 Economic "Shelf-Life" of Beetle Kill Wood = 8-12 Years 1,400 1,200 1,000 800 600 400 67.1 BC Interior AAC (million m3) 2000 2009 50.6 2020 % change '00-20 '09-20 44.3 -13% -34% 200 Lumber Capacity Curtailments 2015-2019 3.0 billion board feet 2010-2015: -19% Decline in <12 yrs Dead Volume 2015-2020: -39% Decline in <12 yrs Dead Volume 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■9-10 yrs 11-12 yrs >12 yrs Duration Since Mortality: ■Live <8 yrs The mountain pine beetle epidemic is expected to significantly constrain the availability of economically viable pine inventory in B.C. for many decades. Rayonier Source: B.C. Ministry of Forests, Forest Economic Advisors. Investor Presentation | March 2020 15#17China's Large Timber Supply Deficit is Growing China Total Timber Supply Deficit (million m3 RWE) China Softwood Log and Lumber Imports (million m RWE) 300 250 200 150 100 50 60 00 90 60 80 70 70 660 50 40 40 30 30 20 20 10 2000 2005 2010 2015 2020F 2025F ■Logs Lumber Wood Panels ■Pulp Woodchips 2006 2008 2010 2012 2014 2016 2018 Russia ■New Zealand United States ■Canada ■ROW Softwood log and lumber imports into China are expected to remain strong given its growing timber supply deficit. Rayonier Source: Investor Presentation | March 2020 RISI and Forest Economic Advisors. RWE defined as roundwood equivalent. 16#18Chinese Log & Lumber Imports Rely on NZ and Russia Chinese Log Import Volumes (million m3 RWE) 50 Russia New Zealand Chinese Lumber Import Volumes (million m3 RWE) 45% 45 Russia Canada 45 45 40 40 35 50 30 40 40 Europe ROW % Russia 80% 70% 60% 50% 40% 20 20 25 25 USA 15 10 10 5 Rayonier Source: Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | March 2020 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 New Zealand has captured a significant share of the growth in China's log import volume. 2016 2017 2018 2019 5% 5 10% 10 15% 15 20% 20 20 25% 25 25 ROW % New Zealand 35% 35 35 40% 30% 30 30 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 10% 20% 30% 17#19European Spruce Beetle Epidemic China Softwood Log Imports from Europe (thousand MT) 1,000 China Softwood Log Imports by Major Source (million MT) 14 800 600 400 200 12 10 8 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 ■Germany Czech Republic Other Impacted Countries Other Europe Mar-19 May-19 Jul-19 Sep-19 Nov-19 European spruce beetle epidemic has driven increased competitive supply into China market. Investor Presentation | March 2020 IHS Markit Global Trade Atlas; "Other Impacted Countries" include: Germany, Czech Republic, France, Belgium, Poland, Slovakia, Slovenia, Switzerland, Italy, Croatia, Netherlands, Romania, Austria, Luxembourg. 2 4 6 New Zealand Russia Australia United States Europe ■2016 2017 2018 2019 Source: Rayonier 18#20Rayonier Deconstructing Timberland Returns 19 Investor Presentation | March 2020#21$10 I 1990 60x 50x 40x 30x 20x 10x 1992 1994 1996 1998 2000 2002 2004 2006 U.S. South EBITDA per Acre (NCREIF) $60 $50 $40 CAGR 4.1% $30 $20 1990 1991 1992 1993 Average 36.6x 2008 2010 2012 2014 2016 2018 U.S. South Historical Valuation Snapshot 1994 Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | March 2020 1995 1996 1997 1998 1999 2000 2001 2002 U.S. South timberlands have traded at an average EBITDA multiple (excluding land sales) of ~37x over the last 30 years. U.S. South EBITDA Multiples (NCREIF) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 U.S. South Value per Acre (NCREIF) $2,000 $1,750 $1,500 CAGR=3.9% $1,250 $1,000 $750 $500 $250 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2016 2017 2018 2019 20#22Historical Components of U.S. South Timberland Returns NCREIF South Historical Returns 25.0% 20.0% 15.0% 10.0% 5.0% (5.0%) (10.0%) 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 20-Year 10-Year ■EBITDA Return Appreciation Return Avg. EBITDA Return 2.6% 2.5% Avg. Appreciation Return 2.7% 0.8% T 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 NCREIF South Historical EBITDA Returns vs. 10-Year Treasury EBITDA Return 10-year UST Avg. EBITDA Return Avg. Spread to 10-yr UST 20-Year 10-Year 2.6% 2.5% (0.9%) (0.1%) اااااا Hallo 101 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 U.S. South timberlands have historically been bid to EBITDA cap rates in the range of 2.5% to 3.0%, which is generally in line with the average 10-year treasury yield over the last decade. Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | March 2020 21#23Components of Timberland Return - U.S. South Return Component Value Range Risk to Achieve Low Comments Risk Scale Cash Return Expectation High EBITDA Return (-) Capex Investment Current Cash Flow Return Productivity Gains HBU Uplift 2.0% -4.5% ~(0.5%) 1.5% - 4.0% DOO Other Components of Return - 0.5% 1.0% 0.0% - 1.0% Return to Trend Pricing 0.0% 1.5% Long-Term "Real" Price Growth 0.0% -0.5% EBITDA yield for Southern timber, including timber harvest and non-timber income Average annual cost of replanting / silviculture; can vary based on site Varies based on market quality, site index / productivity, stocking, etc. Based on improved silviculture; higher gain potential on lower quality properties Requires market for rural property; proximity to population centers is key Higher "return-to-trend" expectation is common in more depressed markets Long-term expectation of real price increases above inflation Total Return Expectation Typical "Real" Return Expectation (+) Assumed Inflation 4.5% -5.5% Varies ~2.0% "Nominal" Return Expectation 6.5% -7.5% Varies Rayonier Investor Presentation | March 2020 Represents typical timberland real discount rate range Based on long-term historical spread between treasuries and TIPS Represents expected long-term, unlevered return on timberland investments 22#24Productivity is a Key Driver of Timberland Value Rayonier U.S. South Pine Site Index 25 (feet) Harvest Volume Increases with Site Index (2) Site Index 25 (feet) 80 70 10 Recently harvested stands Tons Acre/Year 6.0 5.0 4.0 3.0 2.0 1.0 I Transition 65 to 75 over 25 years = 1.1% productivity CAGR 60 65 70 75 80 85 Site Index 25 (feet) Product Mix Improves with Site Index (2) 60 60 100% 80% 60% 40% 20% 50 1990- 1992 1993- 1996- 1999- 2002- 2005- 1995 1998 2001 2004 2007 Planting Year 60 65 Pine ST 70 75 80 ■Pine CNS Pine PW ■ Hardwood 85 Higher site index properties generate greater harvest yields and a more valuable product mix. Improving site index by 10 feet over a 25-year harvest rotation implies ~1% annual productivity gain. Rayonier (1) First physical site index measurement taken at age 11. Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes mix of plantation / hardwood acreage and loblolly / slash species based on Rayonier portfolio averages. Investor Presentation | March 2020 23#25Rayonier Historical Real Estate / HBU Summary Historical Acres Sold / % of Total Southern Acreage 35,906 30,026 26,251 35,633 33,055 30,923 27,474 25,292 28,574 23,800 2.2% 21,310 1.8% 17,173 1.9% 16,346 16,417 16,340 1.7% 1.6% 1.6% 1.5% 1.3% 1.3% 1.0% 0.9% 0.9% 0.9% 25,102 25,951 27,634 17,106 1.6% 1.4% 1.4% 1.5% 1.3% 0.9% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2004-19 2010-19 2015-19 Average Average Average $4,267 $2,675 $2,858 $6,755 Historical HBU Value per Acre / Premium to NCREIF Index $4,004 $3,417 $3,579 $3,242 $2,940 $3,086 $2,132 $1,897 $2,149 $1,839 $2,453 $2,186 $2,538 $2,536 $2,631 2004 2005 2006 2007 2008 2009 Premium to NCREIF U.S. South Average Per Acre Value 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2004-19 2010-19 2015-19 Average Average Average 139% 144% 239% 353% 92% 35% 24% 46% 20% 50% 25% 43% 42% 93% 100% 121% 88% 55% 73% Rayonier has generally sold 1.0% to 2.0% of its Southern land base annually at premiums in the range of ~50% above timberland value, with premiums improving more recently. Rayonier Notes: Excludes Large Dispositions, Improved Development and New Zealand land sales. 2007 includes a 3,100 acre sale in west central Florida at $15,000 per acre. Investor Presentation | March 2020 24#26Illustrative HBU Economics Example: 1 Million Acre U.S. South Portfolio ($ in 000s, excepts per acre values) Sales Pace / Premium Illustrative Asset Profile U.S. South Portfolio Acres (000s) Timberland Value per Acre Implied Total Asset Value (1) HBU Incremental Return Sensitivity Analysis (% incremental return) Premium to Timberland Value 1.0% / 50.0% 1.5% / 75.0% 25% 50% 75% 100% 0.50% (0.1%) 0.1% 0.2% 0.3% 0.4% 1,000 1,000 % of 0.75% (0.1%) 0.1% 0.3% 0.4% 0.6% $1,810 $1,810 1.00% Acreage (0.1%) 0.1% 0.4% 0.6% 0.8% $1,810,000 $1,810,000 1.25% Sold (0.1%) 0.2% 0.4% 0.7% 1.0% 1.50% (0.2%) 0.2% 0.5% 0.9% 1.2% Implied HBU Inputs # of Acres Sold Annually 10,000 15,000 Implied HBU Price per Acre $2,715 $3,168 Peer Group Real Estate Prices (2018 – 2019) (4) HBU Premium per Acre $905 $1,358 $4,500 $3,921 HBU Contribution to Return $4,000 HBU Sales Revenue $27,150 $47,513 $3,500 (2) $3,000 (-) Real Estate Overhead Costs (2,715) (4,751) $2,500 Implied Adjusted EBITDA $24,435 $42,761 $2,000 $1,986 $1,769 $1,811 (-) Acquire Replacement Timberlands (18,100) (27,150) $1,500 Residual Cash Flow $6,335 $15,611 $1,000 $500 Residual Cash Flow / Total Asset Value 0.4% 0.9% Rayonier Weyerhaeuser Potlatch CatchMark A well-designed HBU program should be able to generate roughly 0.5% to 1.0% of incremental return relative to underlying timberland returns (depending on the quality of HBU product). Rayonier (1) (2) Based on NCREIF U.S. South Timberland index average value per acre as of Q4 2019. Assumes overhead costs of 10% of sales. (3) Assumes additional timberlands acquired to replace acreage sold as HBU. Represents average Real Estate segment sales price per acre for 2018 - 2019. Investor Presentation | March 2020 25#27Deconstructing Timberland Returns - Illustrative Acquisitions Illustrative Acquisition Scenario A - Low Productivity Asset / Bottom Quartile Market Assumed Portfolio Profile Expected Components of Return Return Components (% of Total) 6.0% Location MS-1 5.0% Composite Stumpage Price (1) 1.7% $10.11 4.0% 34% 36% 3.0% 0.5% Site Index 65 5.0% 1.0% 2.0% (0.5%) Volume per Acre per Year (2) 3.2 1.0% 2.3% Implied EBITDA per Acre (3) $32 Assumed Value per Acre $1,500 30% EBITDA (Capex) Productivity Return Gains HBU Uplift Real Price Real Return Increases ■Cash Yield Productivity / HBU Price Increases Illustrative Acquisition Scenario B – High Productivity Asset / Top Quartile Market Assumed Portfolio Profile Expected Components of Return 6.0% Location FL-1 5.0% Composite Stumpage Price (1) $20.48 4.0% 0.3% 0.5% (0.5%) 0.5% Return Components (% of Total) 6% 20% Site Index 80 3.0% 5.0% 2.0% 4.2% Volume per Acre per Year (2) 5.0 74% 1.0% Implied EBITDA per Acre (3) $102 Assumed Value per Acre $2,500 EBITDA Return (Capex) Productivity HBU Gains Uplift Real Price Real Return Increases " ■ Cash Yield Productivity / HBU ▪ Price Increases (1) (2) Rayonier (3) Based on TimberMart-South 2019 regional average composite stumpage price assuming mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes mix of plantation/hardwood acreage and loblolly / slash species based on Rayonier portfolio averages. Assumes non-timber income roughly offsets timber management costs for illustration purposes. Investor Presentation | March 2020 26#28Rayonier Timber Segments Overview 27 Investor Presentation | March 2020#29Southern Timber - Portfolio Overview Highlights Location Acreage: 1.8 million acres ▪ Sustainable Yield: 6.1 6.5 million tons - ▪ Planted / Plantable: 67% ■ Average Site Index: 72 feet at age 25(1) ■ 2019 EBITDA*: $119.7 million ☐ ☐ Sustainable Forestry Initiative Certification 75 60 45 Site Index in Feet (1) 30 30 15 Strong Productivity Characteristics 300 250 200 150 100 Acres in 000s 50 50 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 09/30/19 per 2019 Form 10-K. Source: U.S. Dept. of Agriculture, Society of American Foresters Journal of Forestry. (2) Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 Southern Yellow Industrially-Managed Pine Regional Avg. SYP Average Rayonier SYP Average Balanced Age Class Profile (2) 0-4 5-9 10-14 15-19 20-24 25+ Natural Pine Age Class in Years 28#30U.S. South Softwood Inventory Build ■ Timber markets across the South have experienced differing levels of inventory and demand changes ☐ ■ U.S. South removals are at pre-recession level; however, inventory has increased by over 1 billion tons Standing timber inventories have increased disproportionately in the Inland Gulf area Removals & Inventory (2000 - 2018) (million tons) (years) 300 20 0-10% Increase 11-20% Increase 250 21 30% Increase 15 200 31-40% Increase >40 % Increase Rayonier 150 10 100 5 50 (billion tons) 543211 2000 2001 2002 2003 2004 Inventory Change % (2009 - 2018) Removals 2005 Removals Years of Removals (years) 88% 109% 42% 29% 31% 19% 15% 29% 56% 41% 20 20% 12% 15 13% 24% 31% 10 5 8% 41% 8% 5% Inventory 2005 2006 2007 2008 2009 2010 2011 2005 Inventory 2012 2013 2014 2015 2016 2017 2018 Years of Removals Removals have recovered to pre-recession level; however, total U.S. South inventory has increased significantly. Weaker markets are experiencing disproportionate inventory build. Rayonier Source: USDA FIA, Rayonier Analysis. Investor Presentation | March 2020 Mies 50 150 200 29 75% 39% 30% 33%#31RYN 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 2019 Composite Price Quartile Rankings $25 TMS 2019 Composite Price by Region Composite Price First Quartile Second Quartile Third Quartile Fourth Quartile Rayonier OK-1 AR-2 TX-1 AR-1 VA-1 VA-2 Top 2 Markets $20 TN-1 TN-2 SC-1 NC-1 NC-2 $15 GA-1 SC-2 MS-1 AL-1 $10 GA-2 AL-2 LA-1 MS-2 LA-2 FL-2 FL-1 Mies 50 100 150 200 $5 FL-1 GA-2 NC-2 60% of RYN Southern Lands in Top 2 Markets U.S. South Average SC-2 FL-2 VA-2 TX-1 VA-1 LA-1 TX-2 LA-2 AL-2 GA-1 SC-1 NC-1 MS-2 AR-1 AR-2 AL-1 MS-1 Approximately 60% of Rayonier's Southern timberlands are located in the top two markets (ranked by Timber Mart-South composite stumpage pricing). Rayonier Source: Note: TimberMart-South. Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | March 2020 TN-1 TN-2 30#32U.S. South Market Quartiles Relative Position Current Inventory Status (Years of Harvest) and Inventory Trend (Growth / Drain) Growth Drain Ratio 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 % U.S. South Inventory by Market Quartile* First Quartile Second Quartile Third Quartile Fourth Quartile 33% 28% 17% 21% U.S. South Average G/D Balanced 0.6 10 12 14 16 18 20 22 Years of Harvest in Inventory 24 24 26 26 28 Inventory build and growth / drain ratios differ significantly among U.S. South markets. Source: FIA, Rayonier Analysis. Percentages/bubble sizes represent relative proportion of total pine growing stock at year-end 2018. Market quartiles are grouped as displayed in the prior price chart. Southeast OK is included in the third quartile grouping but is not covered by a TMS reporting zone. Investor Presentation | March 2020 Rayonier Note: 30 50 31#33Lumber Capacity Expansion in U.S. South Active Mill Expansion in the U.S. South (1) Production Growth Supports Incremental Capacity (BBF) Mill Expansion New Expansion Restart Capacity Increase < 25 MMBF 25 125 MMBF 125 250 MMBF 250+ MMBF Miles 0 50 100 150 200 25.0 22.5 20.0 17.5 15.0 100% 95% 90% 85% 80% 75% 12.5 10.0 7.5 5.0 2.5 I 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Capacity Production Operating Rate Lumber production and capacity in the U.S. South has grown significantly over the last several years. Rayonier (1) Source: Reflects mill capacity announced since 2017. New capacity reflected as of announced start date and adjusted based on FEA estimates. Forisk Consulting, Forest Economic Advisors, Rayonier Analysis. Investor Presentation | March 2020 70% 65% 60% 55% 50% 32#34Softwood Pulpwood Demand Growth Has Been Strong Historical Demand for Softwood and Hardwood Fiber 300 250 Demand (MM green tons) 100 150 200 200 50 60 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Softwood Roundwood Demand Sftwd Log Demand (Indexed to '00) Softwood Residuals Hdwd Fiber Demand (Indexed to '00) Hardwood Fiber Demand 150% 125% 100% 75% 50% 25% U.S. South growth in demand for softwood pulpwood has remained strong and is poised to accelerate on expanding OSB capacity investments. Rayonier Source: Forest Economic Advisors. Investor Presentation | March 2020 Demand (Indexed to 2000) 33#35$5 $30 $35 $40 $45 TimberMart-South South-wide Average Pulpwood Supports Composite Prices in Strong Markets $50 U.S. South-wide Average Stumpage Pricing Strong Markets Support Composite Pricing $25 $20 2005-2019: -23% $50 $15 $40 $10 $30 $20 2000 2001 2002 2003 2004 U.S. South Pulpwood 2005 2006 2007 2008 2009 2010 2011 2012 -U.S. South Sawtimber 2013 2014 2015 2016 2017 2018 2019 U.S. South Composite $10 $50 $40 $30 $20 $10 2000 2001 2002 2003 2004 2005 2006 2007 2008 FL1 Pulpwood 2005 2019: +1% 2009 2010 2011 2012 2013 FL1 Sawtimber TMS FL1 Region 2014 2015 2016 2017 2018 2019 Weaker Markets Hinder Composite Pricing TMS MS1 Region 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 MS1 Pulpwood 2005-2019: -50% As sawtimber pricing has eroded in the U.S. South, increased pulpwood pricing has offset the overall composite price decline in strong markets where Rayonier focuses its ownership. Source: Note: TimberMart-South. Rayonier Composite pricing assumes 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | March 2020 2010 2011 2012 MS1 Sawtimber 2013 2014 2015 2016 2017 2018 MS1 Composite 34 2019 FL1 Composite#36U.S. South EBITDA* Benchmarking ■ EBITDA* per ton best captures profitability per unit of sales EBITDA* per acre can be misleading due to differential rates of harvest U.S. South Rate of Harvest $20 U.S. South EBITDA* / Ton ($ per ton harvested) (tons per acre per year) 5.5 U.S. South EBITDA* / Acre ($ per acre) $80 5.0 $75 $18 $70 4.5 $65 $16 4.0 $60 3.5 $14 $55 3.0 $50 $12 2.5 $45 2.0 $40 $10 1.5 $35 $8 1.0 $30 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 RYN WY PCH CTT ■RYN WY PCH ■CTT RYN WY PCH CTT Rayonier's sector-leading EBITDA* per Ton has increased 20% since 2013. Rayonier Source: WY figures pro forma for PCL combination. CTT figures include Pacific Northwest. EBITDA, harvest volume and acreage data for all peers based on public filings. Per acre data calculated based on estimated average acres for each year (i.e., average of year-end and prior year-end acres), adjusted for major acquisitions/dispositions (i.e., pro-rated from date of transaction). * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 35#37Pacific Northwest Timber - Portfolio Overview Highlights Location Strong Productivity Characteristics Acreage: 379,000 acres Sustainable Yield: 1.4 million tons Planted/Plantable: 79% Average Site Index: 116 feet at age 50 (1) -2019 EBITDA*: $16.7 million O Sustainable Forestry Initiative Certification Acres in 000s Site Index in Feet (1) 50 50 G 75 125 100 268 90 80 70 60 50 40 30 20 10 25 Douglas-fir Regional Avg. Industrially-Managed Douglas-fir Avg. Rayonier Douglas-fir Avg. Improving Age Class Profile (2) 0-9 10-19 20-29 30-39 40+ Age Class in Years Rayonier (1) (2) 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. Age class profile as of 9/30/19 per 2019 Form 10-K. Source: U.S. Dept. of Agriculture, Society of American Foresters Journal of Forestry. * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 36#38Diverse Species & End Markets Pacific Northwest Inventory by Species (2019) Other 13% Hemlock 27% Douglas-fir 60% Volume by Destination (2019) Export 17% Domestic 84% Rayonier's Pacific Northwest portfolio provides diversity of products and end-markets. Rayonier Investor Presentation | March 2020 37#39Pope Timberlands Significantly Enhance Rayonier Portfolio Acres and % by Age-Class (2) Pro Forma Sustainable Yield (1) (MMBF/year) 300 (000 Acres) 70 ■Rayonier Pope 250 40 60 57 235 50 40 200 178 30 150 20 10 100 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35+ 50 RYN 14% 14% 15% 10% 8% 10% 15% 14% Rayonier Pope Combined POPE 14% 8% 10% 10% 14% 7% 16% 21% Rayonier Pope Combined % Productive Forest 78% 79% 83% 65% 70% 75% 80% 85% 90% Merchantable Volume Species Mix (2) Rayonier Pope Combined 60% 68% 83% 26% 20% 8% 20% Douglas-fir Hemlock 40% Other Conifer 60% 80% 100% ■Cedar ■ Hardwood Pope Resources' partnership timberland complements Rayonier's existing age-class distribution and materially upgrades the quality of our Pacific Northwest portfolio. (1) See definition of sustainable yield in Rayonier's most recent Form 10-K. (2) Rayonier Rayonier age class and 35+ year old merchantable volume as of 09/30/19. Pope age class and 35+ year old merchantable volume represents partnership / fee timber only and is projected as of 12/31/19. Investor Presentation | March 2020 38#40Pacific Northwest Demand & Pricing Trends Pacific Northwest Log Demand & Pricing (BBF) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 Q1-2006 Q3-2006 Q1-2007 Q3-2007 Q1-2008 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 Q3-2018 Q1-2019 Q3-2019 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 has been impacted recently by the decline in export demand. Source: Forest Economic Advisors, RISI. Rayonier Note: Log exports converted to lumber basis assuming 2.35 recovery rate. Investor Presentation | March 2020 ($ per MBF) $900 $800 $700 $600 $500 $400 $300 $200 39 $100#41Pacific Northwest EBITDA* Benchmarking Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest EBITDA* per ton and EBITDA* per acre both declined as a result of reduced harvest and, more recently, due to significant decline in pricing Northwest EBITDA* / Ton ($ per ton harvested) $60 Northwest Rate of Harvest Northwest EBITDA* / Acre ($ per acre) $250 (tons per acre per year) 5.5 5.0 $50 $200 4.5 4.0 $40 $150 3.5 3.0 $30 $100 2.5 $20 2.0 $50 1.5 $10 1.0 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 RYN WY Pope ■RYN WY Pope RYN WY Pope Rayonier's Pacific Northwest EBITDA* per ton has historically been below the peer group due to its higher proportion of hemlock volume (vs. Doug-fir) and higher mix of cable logging. Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2013 - 2015; Pope EBITDA based on historical public filings. Volume and acreage data for all peers based on historical public filings; assumes 8.0 tons per MBF for Pope. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 40#42New Zealand Timber - Portfolio Overview ☐ 1 B Highlights Location ▪ Acreage: 414,000 acres (295,000 productive acres) ▪ Sustainable Yield: 2.4 -2.7 million tons ▪ Planted / Plantable: 71% ▪ Average Site Index: 94 feet at age 20 (1) ■ 2019 EBITDA*: $75.8 million ☐ ▪ FSC® and PEFC™ Certification Appraised value as of 12/31/19: NZ$1,514 million (NZ$5,138 / productive acre) (3) Site Index in Feet (1) 125 100 75 50 25 Strong Productivity Characteristics Radiata Pine Regional Avg. Industrially-Managed Radiata Average Rayonier Radiata Average Acres in 000s Balanced Age Class Profile (Radiata) (2) 70 60 50 40 30 NW 20 10 Jull 0-4 5-9 10-14 15-19 20-24 25+ Other Rayonier (1) (2) (3) 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 12/31/19 per 2019 Form 10-K. Annual appraisals are obtained by Matariki Forestry Group for compliance with statutory financial reporting requirements. Source: NZ Ministry for Primary Industries, New Zealand Journal of Forestry. * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Age Class in Years Investor Presentation | March 2020 41#43Diversified Mix of Domestic & Export Markets Volume by Market Destination (2019) RMF Domestic 34% Other RMF Export 37% 9% India 13% Trading 29% Korea 12% China 66% 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 2020 42#44Inventory Levels Drive Near-Term Price Fluctuations Inventory-to-Demand Ratio vs. Export Log Price 4.5 Inventory-to-Demand Ratio (Avg. Monthly Demand) 0.5 1.0 && 2.5 3.0 3.5 4.0 $180 $160 $140 $120 $100 $80 2.0 Supply demand range considered in balance 1.5 $60 2011 2012 2013 2014 2015 2016 2017 2018 2019 $40 $20 GA Export supply/demand is generally considered in balance when the ratio of port inventory to average monthly demand is between 1.4 and 1.9 times. Inventory typically spikes around the Chinese New Year and has remained elevated recently due to the coronavirus outbreak. Rayonier Source: Rayonier estimates. Investor Presentation | March 2020 China CFR US$/m³ JAS 43#45New Zealand Productivity Strong Relative to U.S. Plantation Tons / Acre @ Rotation Age Plantation Tons / Acre / Year (tons / acre) 300 250 200 150 140 100 50 50 U.S. South 210 Pacific Northwest ■Volume / Acre @ Optimal Rotation Age (rotation age) (tons/acre/year) 45 10.0 250 40 40 O 35 30 8.0 60 5.8 6.0 5.4 25 40 4.0 20 20 2.0 8.9 15 New Zealand U.S. South Pacific Northwest New Zealand ●Rotation Age In addition to providing market diversification, New Zealand offers superior softwood plantation productivity relative to the U.S. Rayonier Source: Rayonier estimates based on long-range harvest forecast. Investor Presentation | March 2020 44#46Rayonier Real Estate / HBU Strategy 45 Investor Presentation | March 2020#47Real Estate Strategy - Optimize Value & Create Optionality Timberlands Real Estate BOARD OF COUNTY COMMISIONERS Large Dispositions Strategic sales of timberland Opportunistic-only for capital allocation O Upgrade portfolio Excluded from Adj. EBITDA and pro- forma financials Timberland value Opportunistic ■ Non-Strategic / Timberlands Sale of non-strategic and timberland assets Timberland: capture a financial premium Non-Strategic: monetize and repurpose "dead- capital" Rural Places + Properties Sale of rural properties Stable and recurring source of cash flows Build a pipeline of enhanced rural properties in higher potential markets HBU premium + ROI Timberland premium Reduce reliance Grow moderately Unimproved Development Sale of properties with development rights Invest in securing development rights Build a pipeline of entitled properties in higher potential markets HBU premium + ROI Grow in select markets Improved Development Sale of developed land parcels Invest in infrastructure and amenities ■ Enhance value and create optionality of adjacent RYN properties HBU premium + ROI + optionality Grow in very select markets Land Resources Sale of access to use properties / extract resources ■Maximize and grow annual gross margin/ac ■ Build diverse portfolio of cash flows ☐ Develop new business growth Annual gross margin per acre Rayonier Investor Presentation | March 2020 Grow moderately 46#48Strategic Focus on Maximizing HBU Premium ($ per acre) 2012-2016 Price per Acre Average Price: $2,310/ac $2,074(1) $2,341 $9,210 ($ per acre) +47% 2017-2019 Price per Acre Average Price: $3,863/ac +67% +42% +60% $13,113 $3,747 $3,055 (1) Non-Strategic / Timberlands Rural Development Non-Strategic / Rural Development Timberlands Rayonier has significantly improved its average HBU price realizations in recent years. Rayonier (1) Note: Price per acre based on weighted average sales price over the periods shown. Acres sold and price per acre for NS / Timberlands only, excludes Large Dispositions. Investor Presentation | March 2020 47#49I-95 Coastal Corridor - Active Portfolio Management BRYAN CO 20 40 Miles Savannah Hinesville LIBERTY CO LONG CÓ GEORGIA CAMDEN CO NASSAU CO MCINTOSH CO GLYNN CO 95 OUVAL CO Brunswick St. Marys- Kingsland Fernandina Beach PLANNING NODES BRYAN COUNTY - US 17 BELFAST Commerce Park BELFAST 1 KILKENNY BELFAST 2 RICHMOND HILL Mixed Use ST MARYS / CAMDEN GA EAST NASSAU NORTHERN WEST NASSAU 3 ST MARYS BLUFF'S EAST NASSAU Residential / Hospitality EAST NASSAU REMAINDER CHESTER RD. WILDLIGHT EAST NASSAU SOUTHERN Rayonier planning areas Other Rayonier properties Active projects (Improved) Active projects (Unimproved) Under evaluation Optimize timberland value Georgia Low County (Savannah, Richmond Hill, Bryan County) Florida Low County (St. Mary's, Nassau County) WEST NASSAU 1 10 295 Jacksonville WEST NASSAU 2 • • CRAWFORD DIAMOND sold Wildlight Richmond Hill Belfast 1 FLORIDA NORTH ST. JOHNS • DEEP CREEK sold • St. Augustine ST.JOHNS SOUTH ST. JOHNS 1 sold Belfast Com. Ctr. North St. Johns Crawford Diamond South St. Johns CO SOUTH ST. JOHNS 2 sold Deep Creek Selected Transactions (2013-2019) 91 ac | $222,301/ac 6.86 ac | $145,773/ac 8.8 ac $91,429/ac 187 ac $35,244/ac 1,383 ac | $18,323/ac 2,209 ac | $10,000/ac 11,488 ac 1,994 ac $3,644/ac $3,200/ac Gainesville ST. JOHNS REMAINDER Palm Coast SOUTH ST. JOHNS 3 sold Rayonier SOUTH ST. JOHNS 4 sold 48 FLAGLER CO Daytona Beach NEOGA LAKES#50Real Estate Development: Focused Strategy Florida HBU Portfolio Georgia HBU Portfolio WHITE OAK PLANTATION A1A THREE RIVERS CREEK RIVER CARTISAN POINTS 17 Yulee HIDEWAY TRADEPLEX A1A MEADOWFIELD GLEN HERON ESLES LOFTON PIRATES WOODS VILLAGE NORTH HAMPTON PARKE AMELIA NATIONAL WALK ~24,000 acres north of Jacksonville, FL 95 15B 15A 17B 17A BELFAST KELLE REMAINING PUD AREA T 10 10 BELFAST TRAIL ROAD ~20,000 acres south of Savannah, GA 11 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 2020 49#51Overview of Wildlight Community Development WILDLIGHT FLORIDA LOWCOUNTRY LIVING ■ 261 net-acre Wildlight Village Center commenced development in March 2016 ■ Well positioned in a growing sub-market ■ Rayonier owns ~25,000 acres in a 5-mile radius ■ Land use entitlements in place to support future growth ■ Total Sales Project-To-Date*: ■ Commercial: $16.4MM gross sales (78 gross ac) (76 net ac) Residential: $3.9MM gross sales (84 lots) (13 gross & net ac) Wildlight Elementary School & Rayonier HQ Office Building completed August 2017 ■ 6-lane A1A highway and new Interstate 95 interchange under construction completing end of 2020 Our strategy is to target Northeast Florida market demand and catalyze value across our significant land holdings over time. Rayonier * Includes sales from 6/30/17 - 12/31/19. Investor Presentation | March 2020 50#52Wildlight Village Center - Catalytic Uses and Design Pool Amenity Rayonier Office Wildlight Elementary School The Lofts Apartments Shopping & Dining Florida Public Utilities Office First Federal Bank Catholic Pre-K Learning Center UF Health Ambulatory Rayonier UF Health UF Health YMCA Marriott Branded Hotel Kindercare Childcare Heartland Dental Investor Presentation | March 2020 51#53Appendix Rayonier 52 Investor Presentation | March 2020#54Definitions 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, costs related to shareholder litigation, the gain on foreign currency derivatives, Large Dispositions, internal review and restatement costs and discontinued operations. 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 removes the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis. EBITDA by segment is calculated as operating income less depreciation, depletion, amortization and specific items that are not indicative of ongoing operating results. EBITDA by segment for Rayonier is equal to Adjusted EBITDA. 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) 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 the New Zealand minority shareholder, 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 on an SEC subpoena. 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. Rayonier Investor Presentation | March 2020 53#55Reconciliation of Net Debt ($ in millions) Q4 2019 Current maturities of long-term debt Long-term debt, net of deferred financing costs Deferred financing costs Total Debt Cash and cash equivalents Net Debt $82.0 $973.1 1.9 $1,057.0 (68.7) $988.3 Rayonier 54 Investor Presentation | March 2020#56Reconciliation of Net Income to Adjusted EBITDA ($ in millions) 2019 2018 2017 2016 2015 2014 Net income $67.7 $117.3 $161.5 $217.8 $43.9 $97.8 Interest, net, continuing operations 29.1 29.7 32.2 33.0 34.7 49.7 Income tax expense (benefit), continuing operations Depreciation, depletion and amortization 12.9 25.2 21.8 5.0 (0.9) (9.6) 128.2 144.1 127.6 115.1 113.7 120.0 Non-cash cost of land and improved development 12.6 23.6 13.7 11.7 12.5 13.2 Non-operating (income) / expense (2.7) (2.2) 0.1 3.8 Costs related to shareholder litigation (1) 0.7 2.2 4.1 Gain on foreign currency derivatives (1) (1.2) Large Dispositions (1) (67.0) (143.9) (21.4) (1) Internal review and restatement costs 3.4 Net income from discontinued operations (1) (43.4) Adjusted EBITDA (1) $247.8 $337.7 $290.5 $239.7 $208.1 $213.5 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier 55 Investor Presentation | March 2020#57Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Southern Pacific Northwest ($ in millions) 2019 Operating Income (loss) Timber Timber New Zealand Timber Real Estate Trading Corporate and Other Total $57.8 ($12.4) $48.0 $38.7 $0.0 ($25.1) $107.0 Depreciation, depletion & amortization 61.9 29.2 27.8 8.2 1.2 128.2 Non-cash cost of land and real estate sold 12.6 12.6 Adjusted EBITDA (1) $119.7 $16.7 $75.8 $59.5 $0.0 ($23.9) $247.8 2018 Operating Income $44.2 $8.1 $62.8 $76.2 $1.0 ($22.3) $170.1 Depreciation, depletion & amortization 58.6 32.8 28.0 23.6 1.2 144.1 Non-cash cost of land and real estate sold 23.6 23.6 Adjusted EBITDA (1) $102.8 $40.9 $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 real estate sold 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 2016 Operating Income (loss) $43.1 ($4.0) $33.0 $202.4 $2.0 ($20.8) $255.8 Depreciation, depletion & amortization 49.8 25.2 23.4 16.3 0.4 115.1 Non-cash cost of land and real estate sold 11.7 11.7 (1) Costs related to shareholder litigation 2.2 2.2 Gain on foreign currency (1) derivatives (1) (1.2) (1.2) Large Dispositions (143.9) (143.9) Adjusted EBITDA (1) $92.9 $21.2 $56.5 $86.6 $2.0 ($19.4) $239.7 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier Investor Presentation | March 2020 56#58Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2015 Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Corporate and Other Total 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 real estate sold 12.5 12.5 (1) Costs related to shareholder litigation 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 real estate sold 13.2 13.2 Large Dispositions (1) (21.4) (21.4) (1) Internal review and restatement costs 3.4 3.4 Adjusted EBITDA (1) $97.9 $50.8 $40.9 $53.5 $1.7 ($31.3) $213.5 2013 Operating Income Depreciation, depletion & amortization Non-cash cost of land and real estate sold $37.8 49.4 $32.7 $10.6 $55.9 $1.8 ($30.1) $108.7 21.4 27.7 17.4 1.0 116.9 10.2 10.2 Large Dispositions (1) (25.7) (25.7) (1) Gain on Consolidation of New Zealand JV (16.2) (16.2) Adjusted EBITDA (1) $87.2 $54.1 $38.3 $57.8 $1.8 ($45.3) $193.9 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). 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