#1INVESTOR PRESENTATION August 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, 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, 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; 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 and cost 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 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 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 | August 2023 1#3Rayonier Rayonier Today 2 Investor Presentation | August 2023#4Rayonier At A Glance Value-added Real Estate Platform Real Estate (21%) Trading (0%) 2.8 Million $2.3 billion (1) of ~400 acres acquisitions since 2014 employees New Zealand FY22 ADJ. EBITDA $314MM U.S. South (45%) (16%) Pacific Northwest (18%) Rayonier Sustainable yield of ~11 million tons annually Sustainable Certifications FSC www.fsc.org FSC A000522 SFI-00023 The mark of responsible forestry Established in 1926 97 YEARS 1926 2023 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 3 (1) Includes total Pope Resources transaction value - i.e., consideration plus net debt assumed of $576 million. Investor Presentation | August 2023#5Highly Productive, Geographically Diversified Timberlands 2.8 MILLION TOTAL ACRES 61 413 PACIFIC NORTHWEST Acreage: 474k acres Sustainable Yield: 1.5-1.7mm tons NEW ZEALAND Acreage: 419k acres Sustainable Yield: 2.4-2.7mm tons Rayonier Note: Acres as of June 30, 2023. U.S. SOUTH Acreage: 1.91mm acres Sustainable Yield: 6.8 - 7.2mm tons 97 91 2 16 263 710 282 147 396 4 Investor Presentation | August 2023#6Rayonier is the Only "Pure Play" Timber REIT Rayonier Peer Group EBITDA* Composition 100% - 2020 2022 EBITDA* Composition 90% 26% 80% (2020-2022) Peer Group 2020-2022 EBITDA* Composition Other 70% 72% 60% 26% 50% Timber 40% Segments 74% 74% 30% 20% 10% 49% 12% 8% 39% Other 77% 20% 0% RYN WY Timber Real Estate 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 | August 2023 5#7Timberland vs. Wood Products Volatility 50% 40% 30% 20% 10% Historical Timber vs. Wood Products Segment EBITDA* Margins (1) (10%) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (20%) 40% 30% 20% 10% ■Timber ■Wood Products Average EBITDA* Margin (2004 - 2022) 34.5% Timber Margin Volatility / Coefficient of Variation (2) 200% 150% 100% 11.2% 50% 11.4% Wood Products Timber 120.3% Wood Products Timberland operations generally yield high EBITDA* margins with very low volatility relative to wood products manufacturing. (1) (2) Rayonier Based on aggregate U.S. timber segments EBITDA margin versus aggregate manufacturing segments EBITDA margin of Rayonier, Weyerhaeuser, Potlatch Deltic, and legacy Plum Creek. Calculated as ratio of standard deviation to average. * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | August 2023#8Rayonier 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 86421 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 Weyerhaeuser Sector-Leading HBU Value Realizations $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 Real Estate Value per Acre Sold (2021 - 2022) || $500 (1) Potlatch Rayonier Weyerhaeuser Potlatch Improving Harvest Profile (2) Historical & Projected Harvest Volumes (tons in MMs) 2018-2022 ■Southern Rayonier 2023-2027 Pacific Northwest ■New Zealand Unique Exposure to China Export Market % of 2022 Volume Sold into China Market 60% 50% 40% 30% 20% 10% Excludes Large Dispositions, Improved Development and Conservation Easements. Based on Rayonier estimates; assumes current portfolio with no acquisitions or divestitures. Based on estimated export volume sold into China market. Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | August 2023 (3) New Zealand Pacific Northwest Southern Total Rayonier 7#9Rayonier's Strategic Priorities MANAGE FOR LONG-TERM VALUE ■ Design harvest strategy to achieve long-term, sustainable yield ■ Balance biological growth, harvest cash flow and responsible stewardship ACQUIRE HIGH-QUALITY TIMBERLANDS OPTIMIZE PORTFOLIO VALUE ■ Pursue acquisitions that improve portfolio quality and sustainable yield Maintain disciplined approach to acquisitions; minimize HBU speculation ◉ Opportunistically monetize lands where premium valuations can be achieved ■ Pursue value creation activities on select properties to enhance long-term value FOCUS ON QUALITY OF EARNINGS POSITION FOR LOW-CARBON ECONOMY ■ Focus on harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow ■ ■ Capitalize on increasing demand for carbon solutions / sequestration Integrate ecosystem services opportunities into long-term strategic planning BEST-IN-CLASS STEWARDSHIP & DISCLOSURE ■ Develop and integrate robust ESG policies and best practices Establish Rayonier as industry leader in transparent disclosure Rayonier Investor Presentation | August 2023#10Conservative Capital Structure & Financial Policy Credit Highlights & Ratio Targets Current Credit Ratings ($ in millions) Capitalization & Maturity Profile ■ S&P: ■ Moody's: Credit Highlights BBB- / Stable Baa3 / Stable ■ Strong Adjusted EBITDA* margins Total Debt (2) (-) Cash (2) Net Debt* 6/30/2023 $1,520.0 (88.4) $1,431.6 Credit / Valuation Data 2022 Adjusted EBITDA* $314.2 Shares/OP Units Outstanding 150.7 Enterprise Value (3) $6,164.8 Credit Statistics ■ ■ High EBITDA-to-FCF conversion Significant asset coverage 3.1% weighted avg. cost of debt (~90% fixed) (1) Credit Ratio Targets Committed to maintaining an investment grade credit profile Net Debt* / Adj. EBITDA* 4.6x Net Debt*/ Enterprise Value 23% ($ in millions) $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 (1) (3) Weighted average cost of debt calculated as of 6/30/2023. Debt reflects principal on long-term debt, gross of deferred financing costs and unamortized discounts. Cash excludes $2.7 million of restricted cash held in escrow and $1.6 million of restricted cash held by LKE intermediaries. Enterprise value based on market capitalization (including Rayonier, L.P. "OP units") plus net debt based on RYN share price of $31.40 as of 6/30/2023. Non-GAAP measure (see Appendix for definitions and reconciliations). Investor Presentation August 2023#11Nimble 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 Qtly. dividend of $0.285 per share ■ Funded from ■ recurring timber and real estate operations Manage Our Balance Sheet ■ Investment grade ratings with stable outlook Well-staggered maturity profile ■ ~3.1% weighted Large Dispositions* average cost of excluded from CAD* debt (5) $45MM (1) annually for silviculture $2.3B (2) acquisitions since 2014 21.7MM net shares issued since 2014 3.6% yield (4) $1.14 per share annual dividend ~3.1% rate (5) average debt cost (1) (2) Rayonier Represents average annual investment in silviculture and replanting from 2021 2022. Includes total Pope Resources transaction value at closing (i.e., consideration plus net debt assumed of $576 million). (4) Based on share price of $31.59 as of 8/11/2023 and annualized dividend of $1.14 per share. (5) Weighted average cost of debt calculated as of 6/30/2023. * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). (3) RYN share price at time of transaction announcement was $32.72. Investor Presentation August 2023 10#12Rayonier ESG Highlights ENVIRONMENTAL 14.6MM METRIC TONS OF CARBON SEQUESTERED 290,000 METRIC TONS OF CARBON EMITTED Scope 1, 2, and 3 emissions 38.3MM SEEDLINGS PLANTED SUSTAINABLE HARVESTING 93,000 ACRES = 3% OF TOTAL ACREAGE LAND-BASED SOLUTIONS Executed our 1st CCS and solar leases ~26K acres under agreement for potential solar development WATER USE MANAGEMENT Nursery installed a new system to increase our water use efficiency by reducing excess water when we irrigate GOVERNANCE EJO SOCIAL 眉 Dod 50% YEAR-OVER-YEAR REDUCTION in contractor recordable injury count in the U.S. ZERO Nonconformances identified in N.Z. health and safety management system audit SUPPORTING LOCAL COMMUNITIES DONATED US$283K DONATED NZ$164K IMPROVED PARENTAL AND CAREGIVER LEAVE Increased fully paid leave up to five weeks MENTORSHIP PROGRAM PILOT PROGRAM CREATED IN 2022 WITH ROLLOUT IN EARLY 2023 INTERNSHIP PROGRAM 11 INTERNS ACROSS GEOGRAPHIES 60% DIVERSE BOARD DIVERSITY COMMITTEE CHAIRS 2 OF 3 ARE CHAIRED BY WOMEN ANNUAL BONUS PROGRAM INCORPORATES ESG-RELATED INITIATIVES HUMAN RIGHTS Policy development and training rollout in early 2023 CYBERSECURITY COMPREHENSIVE REVIEW PERFORMED ANNUALLY CYBER DASHBOARD REVIEWED REGULARLY OMBUDSMAN Two reports filed in 2022, led to no disciplinary or legal action Rayonier Note: All metrics reflect the year ended December 31, 2022 (per most recent Sustainability Report) unless otherwise noted. Investor Presentation | August 2023 11#13Rayonier Key Industry Trends 12 Investor Presentation | August 2023#14Annual Housing Starts (000s) 2,500 Underbuilding a Key Difference From Prior Cycle Implied Population Adjusted Housing Starts vs. Actual Housing Starts 2,000 1,500 1,000 500 1970 1972 Rayonier Source: FRED, U.S. Census Bureau. Single-Family Starts Average Total Starts Since 1970 1974 1976 1978 1980 1982 1984 Investor Presentation | August 2023 After the GFC, housing starts took more than a decade to return to historical average levels. Adjusted for population, housing starts have still not returned to "normalized" levels. 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 Multi-Family Starts Implied Normalized Starts (Avg. Starts/Pop. Ratio Since 1970) 2008 2010 2012 2014 2016 2018 2020 2022 13#15Availability of Viable B.C. Timber Has Declined Significantly 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 BC Interior AAC (million m3) % change 2000 2009 400 50.6 61.0 2023 38.9 '00-23 -23% '09-23 -36% 200 Lumber Capacity Curtailments Since 2015 ~3.5-4.0 billion board feet 2010 - 2015: ~19% Decline in <12 yrs Dead Volume 2015-2020: -39% Decline in <12 yrs Dead Volume Duration Since Mortality: Live 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 ■<8 yrs 9-10 yrs 11-12 yrs 2012 2013 2014 2015 2016 2017 2018 2019 2020 >12 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 | August 2023 14#16U.S. South Lumber Capacity Gaining Market Share Share of North American Lumber Capacity (1) (% of N. American Lumber Capacity) 2022 Average Production Costs by Region (2) (US$ per MBF) 45% $500 U.S. South British Columbia $450 40% U.S. West Coast Eastern Canada U.S. West Inland U.S. Other $400 35% 30% 25% 20% 15% 10% 5% $350 $300 $250 $200 U.S. South Source: Forest Economic Advisors. (1) (2) Rayonier 2000 2002 2004 2006 2008 2010 2012 Eastern Canada represents Canada East of Rockies as reflected by FEA. Canadian regional costs converted to US$ using 2022 average exchange rate of US$0.77 per CAD$1.00; British Columbia represents BC Interior as reflected by FEA; Eastern Canada reflects average of Ontario and Quebec as reflected by FEA. August 2023 Investor Presentation 2014 The U.S. South has gained significant market share over the past 20+ years and is well- positioned moving forward as the lowest cost region within North America. 2016 2018 2020 2022 $50 $100 $150 U.S. Eastern U.S. British Columbia West Coast Canada West Inland 15#171 (BBF) 80 70 70 U.S. South Well-Positioned with Increased Market Share North American Lumber Production & U.S. South Share Correlation – Housing Starts vs. NA Lumber Production (% U.S. South) 45% Illustrative 2023 Scenarios 40% 35% 60 30% 50 25% 40 20% 30 15% Prior Peak (2005) U.S. South Production = 19.0BBF 20 10% 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Flat) 2023 (Cons.) 2023 (1.11mm) U.S. South Rest of NA U.S. South Market Share Rayonier Source: WWPA, FEA, RYN Analysis. NA Lumber Production (BBF) 80 75 70 65 60 55 50 45 40 35 30 0.00 0.50 y= 18.56x+36.32 R2=0.909 5% 89 0% 1.50 1.00 U.S. Housing Starts (millions) 2.00 2.50 Historically, every 100,000 housing starts equates to ~1.86 billion board feet (BBF) of lumber production in North America. In 2022, the U.S. South produced 22.1 BBF, or ~38% of total North American production. Based on the U.S. South's increased share of North American production, a decline in housing to: 1.29mm units (consensus) = 20.3 BBF of production 1.11mm units 19.0 BBF of production (2005 equivalent) The U.S. South's advantageous cost position and significantly increased market share of lumber production mitigates the risk of a housing downturn. Investor Presentation | August 2023 16#18Repair & Remodel Remains a Key Market for Lumber Repair and Remodeling Market (1) 2022 U.S. Lumber Consumption by End-Use (billion) Multifamily Construction Mobile Home Shipments 1% $600 $500 5% $400 Nonresidential Construction 4% $300 $200 $100 Industrial Production 22% Residential Improvements 40% Single Family Construction 28% 2005 2006 Age (in Years) 1995 1997 1999 2001 2003 2005 2007 2009 2011 Median Age of Owner-Occupied Housing 2013 2015 2017 2019 U.S. Housing Stock has Aged Considerably 35 30 4252250 15 10 27 29 29 30 31 31 32 34 35 37 38 39 40 42 2007 2008 2009 2010 2011 ■Homeowner Expenditures Rental Property Owner Expenditures 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (e) 2023 (f) 2021 Residential improvements comprise the largest component of U.S. demand for lumber. Rayonier Source: Forest Economic Advisors and Harvard Joint Center for Housing Studies. (1) Improvements include remodels, replacements, additions, structural alterations, and other activities that increase the value of the housing stock. Estimate (e) and forecast (f) modeled using Leading Indicator of Remodeling Activity data from The Harvard Joint Center for Housing Studies. Investor Presentation August 2023 17#19China'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 60 80 40 40 60 80 70 70 60 60 50 50 40 40 30 50 Woodchips 20 20 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. 2002 2007 2012 2017 2021 2022E 2027F 2032F ■Logs Lumber Wood Panels ■Pulp Rayonier Source: Dana Ltd./Gingko Consulting and Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | August 2023 18#20Chinese Log & Lumber Imports Rely on NZ and Russia Chinese Log Import Volumes (million m3 RWE) 60 Russia Chinese Lumber Import Volumes (million m³ RWE) 60% 45 Russia 50 50 40 40 30 50 20 20 10 2008 2009 2010 2011 New Zealand 40 USA 40 ROW 50% % New Zealand 35 55 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 40% 30 30 25 25 30% 20 20 20% 15 10 10 10% 5 Canada Europe ROW 80% 70% % Russia 60% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 New Zealand has captured a growing share of China's log import volume. Rayonier Source: Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | August 2023 50% 40% 30% 20% 10% 19#21European Spruce Beetle Epidemic China Softwood Log Imports from Europe (thousand m³) 2,500 China Softwood Log Imports by Major Source (million m³) 25 2,000 1,500 1,000 500 Mar-20 Jun-20 Sep-20 ■Germany Dec-20 Jun-21 Sep-21 Dec-21 Mar-21 ■Czech Republic Mar-22 Jun-22 Sep-22 Dec-22 Other Europe Jun-23 Mar-23 20 20 15 10 5 New Russia Australia United Canada Uruguay Europe Zealand States ■2016 2017 2018 2019 2020 2021 ■2022 Competitive supply into China from the European spruce beetle epidemic has declined from the highs seen in 2020. Rayonier Source: China Bulletin. Investor Presentation | August 2023 20#2225 50 Positioned to Access Key Ports Pacific Northwest Log Exports Port and Destination - 2022 Pacific Northwest Exports by Destination Rayonier Properties Export by Destination China Japan 500,000 Korea 1,500,000 Columbia-Snake, OR Cubic Meters Miles 100 100,000 U.S. South Log Exports Port and Destination 2022 - Mobile, AL Jacksonville, FL (thousand m³) 1,600 1,400 Seattle, WA 1,200 1,000 800 600 400 200 Norfolk, VA (thousand m³) 800 700 600 500 Wilmington, NC 400 300 200 Charleston, SC Rayonier Properties Export by Destination 100 Savannah, GA China Rayonier Source: Global Trade Atlas and Rayonier analysis. Vietnam India 1,500,000 Cubic Meters 500,000 100.000 Miles 0 50 100 200 Investor Presentation | August 2023 I 2017:1 2017:1 2017:2 2017:3 2017:4 2018:1 2018:2 2018:3 2018:4 2019:1 2019:2 2019:3 2019:4 2020:1 2020:2 2020:3 2020:4 2021:1 2021:2 2021:3 2021:4 2022:1 ■China Japan Korea 2022:2 2022:3 2022:4 2023:1 2023:2 U.S. South Log Exports by Destination 2017:2 2017:3 2017:4 2018:1 2018:2 2018:3 2018:4 2019:1 2019:2 2019:3 2019:4 2020:1 2020:2 2020:3 2020:4 ■China India Vietnam 2021:1 2021:2 2021:3 2021:4 2022:1 2022:2 2022:3 2022:4 2023:1 2023:2 21#23Emerging Opportunities For Land-Based Solutions GROWING USE OF WOOD-BASED PRODUCTS ALTERNATIVE LAND USES Mass timber as an alternative to concrete & steel Wood-based products/packaging as an alternative to single-use plastics ■ Carbon capture & storage (CCS) ■ Solar farms ■ Wind farms CARBON MARKETS FIBER FOR BIOENERGY / BIOFUELS Voluntary carbon markets (VCM) Compliance carbon markets / emissions trading schemes (ETS) Bioenergy with carbon capture & storage (BECCS) ■ Sustainable Aviation Fuels (SAF) ■ Wood pellets ENVIRONMENTAL PRESERVATION Rayonier Conservation easements Mitigation banking Investor Presentation | August 2023 22 22#24Deconstructing Timberland Returns Rayonier 23 Investor Presentation | August 2023#2560x 50x 40x 30x 20x 10x U.S. South Historical Valuation Snapshot U.S. South EBITDA per Acre (NCREIF) $60 $50 $40 $30 $20 $10 I CAGR = 3.9 % 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 U.S. South Value per Acre (NCREIF) $2,250 $2,000 $1,750 $1,500 CAGR 3.9% $1,250 $1,000 $750 $500 $250 2018 2020 2022 Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | August 2023 1990 1991 1992 1993 1994 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 33 years. Average = 36.6x 2010 2012 2014 2016 2018 2020 2003 2004 2005 2006 U.S. South EBITDA Multiples (NCREIF) 2022 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 24#26Historical Components of U.S. South Timberland Returns NCREIF South Historical Returns 25.0% 20.0% 15.0% 10.0% 5.0% 20-Year 10-Year ■EBITDA Return Appreciation Return Avg. EBITDA Return 2.6% 2.6% Avg. Appreciation Return 3.7% 2.7% (5.0%) (10.0%) 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 NCREIF South Historical EBITDA Returns vs. 10-Year Treasury 9.0% 8.0% 7.0% EBITDA Return 10-year UST Avg. EBITDA Return Avg. Spread to 10-yr UST 20-Year 2.6% (0.3%) 10-Year 2.6% 0.5% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% llun T T T . T T T 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 U.S. South timberlands have historically been bid to EBITDA cap rates in the range of 2.5% to 3.0%. Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | August 2023 25#27Components of Timberland Return - U.S. South Low Risk Scale Return Component Value Range Risk to Achieve EBITDA Return (-) Capex Investment Current Cash Flow Return Cash Return Expectation 2.0% - 4.0% ~(0.5%) 1.5% - 3.5% Comments High 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. Other Components of Return Productivity Gains 0.5% - 1.0% ● DOOO] Based on improved silviculture; higher gain potential on lower quality properties HBU Uplift 0.0% - 1.0% Long-Term "Real" Price Growth 0.0% - 1.0% Requires market for rural property; proximity to population centers is key "Return to trend" / long-term expectation of real price increases above inflation Total Return Expectation Typical "Real" Return Expectation (+) Assumed Long-Term Inflation "Nominal" Return Expectation 4.0% - 5.0% Varies ~2.0% 6.0% - 7.0% Varies 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 Rayonier Investor Presentation | August 2023 26#28Productivity is a Key Driver of Timberland Value Rayonier U.S. South Pine Site Index 25 (feet) 80 Harvest Volume Increases with Site Index (1) 6.0 5.0 Transition 70 to 75 over 25 years = 0.6% productivity CAGR 15 75 Site Index25 (feet) 70 70 65 Recently harvested stands Tons / Acre/ Year 4.0 3.0 2.0 1.0 I 65 59 70 75 80 85 95 Site Index 25 (feet) Product Mix Improves with Site Index (1) 100% 80% 60% 40% 60 60 20% 1993- 1995 1996- 1999- 2001- 2005- 2008- 1998 2001 2003 2007 2010 0% Planting Year 65 70 75 ■ Pine ST ■ Pine CNS 80 Pine PW ■ Hardwood 85 Higher site index properties generate greater harvest yields and a more valuable product mix. Improving site index by 5 feet over a 25-year harvest rotation implies ~0.6% annual productivity gain. (1) Rayonier 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 | August 2023 27#29Rayonier Historical Real Estate / HBU Summary Historical Acres Sold / % of Total Southern Acreage 43,708 35,906 35,633 33,055 30,026 30,923 2.2% 26,251 27,474 28,574 2.4% 25,292 23,800 25,126 26,671 24,291 1.8% 21,310 1.9% 1.6% 17,173 16,346 16,417 16,340 1.7% 1.6% 1.6% 17,106 17,122 1.5% 14,945 1.3% 1.3% 1.4% 1.4% 1.3% 1.3% 1.0% 0.9% 0.9% 0.9% 0.9% 1.0% 0.9% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 '04-'22 '13-'22 '18-'22 $6,755 Historical HBU Value per Acre / Premium to NCREIF Index $4,267 $4,002 $2,675 $2,858 $3,242 $3,417 $3,579 $2,132 $2,149 $1,897 $2,453 $2,186 $2,538 $2,536 $1,839 $2,170 Avg. Avg. Avg. $5,383 $4,140 $3,433 $2,989 $2,981 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Premium to NCREIF U.S. South Average Per Acre Value 139% 144% 239% 353% 92% 35% 24% 46% 20% 50% 25% 43% 42% 93% 100% 121% 21% 191% 106% '04-'22 '13-'22 '18-'22 Avg. Avg. Avg. 86% 67% 87% 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, Conservation Easements and New Zealand land sales. 2007 includes a 3,100 acre sale in west central Florida at $15,000 per acre. Investor Presentation August 2023 28#30Illustrative HBU Economics Example: 1 Million Acre U.S. South Portfolio ($ 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 $2,009 $2,009,000 1,000 $2,009 $2,009,000 0.75% % of (0.1%) 0.1% 0.3% 0.4% 0.6% Acreage Sold 1.00% (0.1%) 0.1% 0.4% 0.6% 0.8% 1.25% (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 $3,014 $3,516 Peer Group Real Estate Prices (2021 – 2022) (4) HBU Premium per Acre $1,005 $1,507 $5,000 $4,723 HBU Contribution to Return $4,500 HBU Sales Revenue $30,135 $52,736 $4,000 $3,719 $3,500 (2) (-) Real Estate Overhead Costs (3,014) (5,274) $3,000 $2,247 Implied Adjusted EBITDA $27,122 $47,463 $2,500 $2,000 (-) Acquire Replacement Timberlands (3) (20,090) (30,135) $1,500 Residual Cash Flow $7,032 $17,328 $1,000 $500 Residual Cash Flow / Total Asset Value 0.4% 0.9% Rayonier Weyerhaeuser Potlatch 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 (2) (1) Based on NCREIF U.S. South Timberland index average value per acre as of Q4 2022. (3) Assumes overhead costs of 10% of sales. (4) Assumes additional timberlands acquired to replace acreage sold as HBU. Represents average Real Estate segment sales price per acre for 2021 - 2022. 29 Investor Presentation | August 2023#31Deconstructing 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) 5.0% Location MS-1 4.5% 4.0% 1.3% Composite Stumpage Price (1) $10.48 3.5% 3.0% 0.5% 28% 39% Site Index 65 2.5% 1.0% 4.5% 2.0% (0.5%) Volume per Acre per Year (2) 3.2 1.5% 1.0% 2.2% 33% Implied EBITDA per Acre (3) $34 0.5% Assumed Value per Acre $1,500 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 Return Components (% of Total) 5.0% 4.5% Location FL-1 4.0% Composite Stumpage Price (1) $25.98 3.5% 0.3% 0.5% (0.5%) 0.5% 3.0% 2.5% Site Index 80 6% 4.5% 71% 2.0% 3.7% Volume per Acre per Year (2) 5.0 1.5% 22% 1.0% Implied EBITDA per Acre (3) $130 0.5% Assumed Value per Acre $3,500 EBITDA (Capex) Productivity HBU Return Gains Uplift Real Price Real Return Increases ■Cash Yield Productivity / HBU Price Increases (1) (2) Rayonier (3) Based on TimberMart-South 3-year average (2020-2022) 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 | August 2023 30#32Timber Segments Overview Rayonier Investor Presentation | August 2023 31#33Southern Timber - Portfolio Overview Highlights/Location Acreage: 1.91 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 4,000 $20 3,500 2018 2019 2020 2021 2022 Adjusted EBITDA Volume 300 250 200 150 100 50 50 Balanced Age Class Profile (2) 0-4 5-9 10-14 15-19 20-24 25+ Natural Pine Age Class in Years 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. Rayonier *Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation August 2023 32#34OK-1 TX-1 Rayonier 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 TN-1 TN-2 AR-2 SC-1 GA-1 2. AR-1 MS-1 AL-1 GA-2 AL-2 LA-1 MS-2 Source: Note: LA-2 0 50 100 150 200 250 TimberMart-South. 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 FL-2 $5 FL-1 Miles FL-1 FL-2 GA-2 NC-2 AL-2 SC-2 SC-1 VA-2 LA-1 TX-1 TX-2 VA-1 NC-1 AL-1 LA-2 GA-1 MS-2 % Change 2020-22 40% Acquisition Markets 30% 20% AR-2 AR-1 MS-1 TN-2 TN-1 Approximately 71% of Rayonier's Southern timberlands are located in top quartile markets (ranked by TimberMart-South composite stumpage pricing). Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | August 2023 33 10% 0% -10% -20%#35Pricing Trends in Top Markets Have Remained Favorable TimberMart-South Composite Stumpage Prices by Quartile ($ per ton) $28 $26 Avg. TMS Q4-22 Composite Price Prem / (Disc) to Median Price Three-Year Price Change 1 37% 49% $23 1st Quartile 2nd Quartile 7% 4% $16 7% $14 (6%) $24 3rd Quartile $10 (35%) (8%) 4th Quartile 12% $15 $22 U.S. South Median 16% 14% $18 RYN Acquisitions² $20 $18 $16 $14 $12 $10 $8 2015:Q1 2015:Q2 2015:Q3 2015:Q4 2016:Q1 1st Quartile 2016:Q2 2016:Q3 2016:Q4 2017:Q1 2017:Q2 2nd Quartile 2017:Q3 2017:Q4 2018:Q1 2018:Q2 3rd Quartile 봄 2018:Q3 2018:Q4 2019:Q1 2019:Q2 2019:Q3 4th Quartile 2020:Q4 2021:Q1 2021:Q2 2021:Q3 2021:Q4 2022:Q1 2022:Q2 2022:Q3 2022:Q4 RYN Acquisitions (Weighted Average) 2 Top quartile markets (ranked by average TMS composite stumpage pricing) have exhibited the strongest pricing momentum across the U.S. South over the past few years. Source: Note: Rayonier (2) TimberMart-South. Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Three-year price change reflects Q4 2022 TMS pricing compared to Q4 2019 TMS pricing. Reflect U.S. South acquisitions completed in Q4 2022. Investor Presentation | August 2023 2019:Q4 2020:Q1 2020:Q2 2020:Q3 34#36Lumber 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 15.0 100% 95% 90% 85% 80% 12.5 75% 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 2016 2017 2018 2019 2020 2021 2022 Capacity Production Operating Rate Lumber production and capacity in the U.S. South has grown significantly over the last several years. Reflects mill capacity announced since 2017. New capacity reflected as of announced start date and adjusted based on FEA estimates. Source: Forest Economic Advisors (FEA), TMS, Forisk, ERA, and press release announcements. (1) Rayonier Investor Presentation | August 2023 70% 65% 60% 55% 50% 35#372000 $25 $35 $30 $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 TMS FL1 Region $20 2005-2022: -12% $50 $15 $40 $10 $30 55 $20 $5 2001 2002 2003 2004 2005 2006 U.S. South Pulpwood 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -U.S. South Sawtimber 2018 2019 2020 2021 2022 U.S. South Composite $10 $50 $40 $30 2005 2022: +54% $20 $10 I 2000 2001 2002 2222 2014 2015 2016 - FL1 Pulpwood - FL1 Sawtimber FL1 Composite Weaker Markets Hinder Composite Pricing TMS MS1 Region 2005 2022: -44% 2000 2001 2002 2003 2004 2005 2006 -MS1 Pulpwood As sawtimber pricing eroded in the U.S. South, increased pulpwood pricing has helped support the overall composite price in strong markets where Rayonier focuses its ownership. Rayonier Source: TimberMart-South. Note: Composite pricing assumes 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | August 2023 2007 2008 2009 2010 2011 2012 2013 MS1 Sawtimber 2014 2015 2016 2017 לחון 2018 2019 2020 2021 2022 MS1 Composite 36 2017 2018 2019 2020 2021 2022#38U.S. South Pulpwood End Markets Major Pulpwood Consuming Mills Rayonier Pulpwood End Market Mix (1) Containerboard & Kraft Pellets Dissolving Pulp . Specialty Packaging Fluff Pulp · Tissue Freesheet Coated Paper OSB Rayonier Ownership Wood Demand at Capacity (tons) < 500,000 500,001 1,500,000 1,500,001 3,000,000 3,000,001 + Miles 0 50 100 150 200 Oriented Strand Board (OSB) Fluff Pulp 20% 14% Containerboard & Kraft 41% Dissolving Pulp 9% Rayonier provides pulpwood to a variety of facilities and diverse end markets with containerboard being the largest single component of demand. Rayonier (1) Calculated using Rayonier 2022 sales volumes to individual facilities and third-party estimates of end product mix by facility. Source: Forisk; RISI; RYN Analysis. Investor Presentation August 2023 Pellets 8% Specialty Packaging 5% Tissue 3% 37#39U.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 U.S. South EBITDA* / Acre $26 $24 U.S. South EBITDA* / Ton ($ per ton harvested) (tons per acre per year) 6.0 5.5 ($ per acre) $90 $85 $80 $75 5.0 4.5 $70 $65 $22 4.0 $60 3.5 $55 $20 $50 3.0 $18 2.5 $16 2.0 $14 1.5 1.0 $12 $10 2014 RYN 2015 2016 2017 WY 2018 2019 2020 2021 2022 CTT PCH Rayonier has consistently delivered sector-leading EBITDA* per ton in the U.S. South. 2014 2015 2016 2017 ■RYN WY PCH CTT "초 2018 2019 2020 2021 2022 $45 $40 $35 2014 2015 슬 2016 2017 WY "초 2018 2019 2020 74 2021 2022 CTT Rayonier Source: WY figures pro forma for PCL combination. CTT figures include a modest amount of acreage and harvest volume from the Pacific Northwest. EBITDA, harvest volume and acreage data for all peers based on public filings. Per acre data calculated based on estimated average acres for each year (i.e., average of year-end and prior year- end acres), adjusted for major acquisitions/dispositions (i.e., pro-rated from date of transaction). * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation August 2023 38#40Pacific Northwest Timber - Portfolio Overview Highlights/Location Five-Year Performance Summary ($ in millions) (Tons in 000s) Acreage: 474,000 acres $70 2,000 - 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 Adjusted EBITDA* $60 1,750 $50 1,500 $40 1,250 $30 1,000 $20 Volume (Tons) ◉ Sustainable Forestry Initiative Certification $10 750 500 2018 2019 2020 2021 2022 Adjusted EBITDA Volume Acres in 000s 2822 120 100 80 Improving Age Class Profile (2) 0-9 10-19 20-29 30-39 40+ Age Class in Years (1) Site index reflects the average height of the dominant and codominant trees at a base age of 50 (Pacific Northwest); based on King 1966 site index equation for Douglas-fir and Wiley 1978 site index equation for Western Hemlock. (2) Age class profile represents commercial forest acres as of 9/30/22 per 2022 Form 10-K. Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation August 2023 39#41Pacific Northwest Demand & Pricing Trends Pacific Northwest Log Demand & Pricing (BBF) (1) 14.0 12.0 10.0 8.0 6.0 60 4.0 2.0 I Q1-2007 Q3-2007 Q1-2008 Q3-2008 Q1-2009 Q3-2009 Q1-2010 Q3-2010 1-2011 Q3-2011 Q1-2012 Q3-2012 Q1-2013 Q3-2013 Q1-2014 Q3-2014 Q1-2015 Q3-2015 Q1-2016 Q3-2016 Q1-2017 Q3-2017 Q1-2018 Q3-2018 Q1-2019 (2) Q3-2019 Q1-2020 Q3-2020 Q1-2021 Q3-2021 Q1-2022 Q3-2022 Q1-2023 West Coast Lumber Production Douglas-fir Log Price (Log Lines Region #1 - #2 Sawlog) Log Exports (Lumber Basis) Western Hemlock Log Price (Log Lines Region #1 - #2 Sawlog) Pacific Northwest pricing increased in 2022 due to strong domestic and export market demand; however, it has moderated more recently. (1) (2) Rayonier Source: Production and export volume based on trailing four quarters. Log exports converted to lumber basis assuming 2.35 recovery rate. Forest Economic Advisors, RISI. Investor Presentation | August 2023 ($ per MBF) $1,200 $1,000 $800 $600 $400 $200 40#42☐ Pacific Northwest EBITDA* Benchmarking Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest Rayonier's Pacific Northwest EBITDA* per ton has historically been below the peer group due to its higher proportion of hemlock volume (vs. Doug-fir) and higher mix of cable logging Northwest EBITDA* / Ton Northwest Rate of Harvest Northwest EBITDA* / Acre ($ per ton harvested) (tons per acre per year) ($ per acre) $70 6.0 $240 $60 $50 $40 $30 $20 $10 2014 2015 RYN 2016 2017 2018 2019 WY 2020 2021 2022 Pope 5.0 4.0 3.0 2.0. 1.0 I 2014 2015 2016 ■RYN WY ■ Pope 2017 2018 2019 2020 2021 2022 $200 $160 $120 $80 $40 2014 2015 2016 RYN WY Pope 2017 2018 2019 2020 2021 2022 EBITDA* per ton and EBITDA* per acre have both trended higher since 2019 as a result of the Pope acquisition and higher pricing. Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2014 - 2015. Volume and acreage data for all peers based on historical public filings. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | August 2023 41#43New Zealand Timber - Portfolio Overview Highlights/Location • Acreage: 419,000 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™M Certification ☐ Appraised value as of 12/31/22: NZ$1,872 million (3) Adjusted EBITDA* Five-Year Performance Summary ($ in millions) (Tons in 000s) $100 3,000 $80 2,800 $60 2,600 $40 2,400 Volume (Tons) $20 2,200 2,000 2018 2019 2020 2021 2022 Adjusted EBITDA Volume Rayonier Acres in 000s Balanced Age Class Profile (Radiata) (2) 80 70 60 50 40 30 20 10 In 0-4 5-9 10-14 15-19 20-24 25+ Other Species Age Class in Years Site index reflects the average height of the dominant and codominant trees at a base age of 20 (New Zealand). Age class profile as of 12/31/22 per 2022 Form 10-K. Annual appraisals are obtained by Matariki Forestry Group for compliance with statutory financial reporting requirements. Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation August 2023 42#44Diversified Mix of Domestic & Export Markets Volume by Market Destination (2022) Korea 10% RMF Domestic 35% RMF Export 50% Trading 15% China 87% Other 3% Over half of the New Zealand segment's volume (excluding Trading volume) is sold into export markets, with China being the largest source of demand. Rayonier Investor Presentation | August 2023 43#45Inventory Levels Drive Near-Term Price Fluctuations Inventory-to-Demand Ratio vs. Export Log Price Inventory-to-Demand Ratio (Avg. Monthly Demand) (2) 6.0 5.0 4.0 3.0 2.0 1.0 FOB A-Grade Export Log Price (US$/ m3 JAS) (1) $200 $175 $150 $125 $100 $75 Supply demand range considered in balance $50 3 3 3 3 3 3 3 3 3 3 3 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $25 Export supply/demand is generally considered in balance when the ratio of port inventory to average monthly demand is between 1.4 and 1.9 times. Inventory typically spikes around the Chinese New Year. (1) (2) Rayonier Source: FOB log price calculated based on CFR delivered price less ocean freight costs. Demand calculated based on 3-month moving average. Forest Economic Advisors and Rayonier estimates. Investor Presentation August 2023 China FOB US$ / m3 JAS 44#46New Zealand Productivity Strong Relative to U.S. Plantation Tons / Acre @ Rotation Age Plantation Tons / Acre / Year (tons / acre) 300 250 200 150 135 100 50 50 190 U.S. South Pacific Northwest ■Volume / Acre @ Optimal Rotation Age (rotation age) (tons/acre/year) 45 12.0 255 40 40 о 10.0 35 8.0 50 5.8 30 6.0 25 25 4.0 20 20 2.0 15 New Zealand ●Rotation Age 4.6 9.1 U.S. South Pacific Northwest New Zealand 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 | August 2023 45#47Rayonier Real Estate / HBU Strategy 46 Investor Presentation | August 2023#48Real Estate Strategy - Capture Premiums to Timberland Higher and Better Use Timberlands Rural 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 | August 2023 47#49Rural HBU Opportunities ■ Rural Properties: 25+ acre tracts; capture premiums to timberland values through broker listings and unsolicited offers; strong demand from conservation-oriented buyers and high net worth individuals Rural Places: 1-acre to 25-acre rural homesteads and smaller recreational tracts; maximize premium to timberland values with minimal incremental investment (e.g., driveway apron, culvert, gate, etc.) ◉ Rural Properties Rural Places "Game Preserve" Walker County, TX house Pond garden chicken coop four-wheeler trail Rural Place Conceptual Rendering Our portfolio is well positioned to benefit from strong demand for rural land, particularly in Florida, Texas, Georgia, and Louisiana. Rayonier Investor Presentation | August 2023 48#50S Real Estate Development: Favorable Migration Trends Top 10 Fastest Growing Markets in the U.S. (April 2020 to July 2022) (1) (% pop. growth) 12% I # 6 10% 9.0% i I I 8% 7.3% 7.1% I I #9 ! I I I I 5.8% I 6% 4.9% : 4.2% i 4.0% 4.0% '3.8%' 3.8% 4% 2% 0% Myrtle Beach-Conway Cape Coral-Fort Myers-Naples 0 10 ┫ Miles Raleigh-Durham-Cary Savannah-Hinesville-Statesboro North Port-Sarasota Boise City-Mountain Home-Ontario Wildlight Proximity to Jacksonville Orlando-Lakeland-Deltona Jacksonville-St. Marys-Palatka Dallas-Fort Worth (1) Rayonier Source: -22 miles/~30-minute drive Jacksonville 0 10 Rayonier Ownership Miles San Antonio-New Braunfels-Pearsall Heartwood Proximity to Savannah Calculated based on percentage of population growth for combined statistical areas with populations exceeding 500,000. U.S. Census Bureau; Rayonier Analysis. Investor Presentation August 2023 Savannah -26 miles/~30-minute drive Rayonier Ownership 49#51Real Estate Development: Focused Strategy Wildlight Portfolio (North of Jacksonville, Florida) Heartwood Portfolio (South of Savannah, Georgia) 10 Miles 5 Miles 17 95 Wildlight to Jacksonville Airport 12 miles ~15 min drive A1A Wildlight to Amelia Island 12 miles -20 min drive Legend Current Phase Rayonier Ownership 10 Miles Heartwood to Hyundai Meta Plant 28 miles ~30 min drive 5 Miles 95 17 Heartwood to Port of Savannah 27 miles ~30 min drive 144 Legend Current Phase Commerce Park Rayonier Ownership ~26,000 acres owned within a 5-mile radius ~55,000 acres owned within a 10-mile radius ~13,000 acres owned within a 5-mile radius ~20,000 acres owned within a 10-mile radius 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 50 Investor Presentation | August 2023 N#52Overview of Wildlight Development ☐ wildlight Initial phase commenced development in March 2016 ■ Well positioned in a growing sub-market Wildlight Elementary School & Rayonier HQ Office Building completed August 2017 6-lane A1A highway and improved Interstate 95 interchange completed in 2021 ■ Publix grocery store at Wildlight opened June 2022 Project Sales to Date: $80.9 Million (1) ($ in millions) Rayonier Corporate Headquarters Marketing Fees $1.7 Residential $38.2 (2) Commercial $29.9 Lot Price True-Ups $3.8 Industrial $7.3 (1) Includes sales from 2017 - Q2 2023 totaling 542 gross acres. Rayonier (2) Includes multi-family and build-to-rent parcels totaling 81 acres for $14.2 million. Investor Presentation | August 2023 Founder's Park Neighborhood 51#53Overview of Heartwood Development HEARTWOOD AT RICHMOND HILL ☐ Belfast Commerce Park (west of I-95) largely sold out ■ Initial residential and commercial phase (east of I-95) commenced development in 2021 ■ Interstate 95 interchange opened in January 2022 Two Hyundai facilities within a 30-minute drive of Heartwood under construction; estimated 9,500 new jobs expected Project Sales to Date: $71.2 Million (1) ($ in millions) Lot Price True-Ups $1.6 Residential $9.7 Industrial $50.5 (2) Commercial $9.3 Marketing Fees $0.2 Medline Distribution Center at Belfast Commerce Park (1) Rayonier (2) Includes sales from 2013 - Q2 2023 totaling 1,379 gross acres. Includes multi-family parcels totaling 27 acres for $4.5 million. Investor Presentation | August 2023 and pop Heartwood Community Amenity 52#54Rayonier Appendix Investor Presentation | August 2023 53 53#55Definitions 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 $20 million in size and do not have a demonstrable premium relative to timberland value. Net Debt is calculated as total debt less cash and cash equivalents. Timber write-offs resulting from casualty events include the write-off and adjustments of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. Rayonier Investor Presentation | August 2023 54#56Reconciliation of Net Debt ($ in millions) Q2 2023 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 1,512.2 4.9 2.9 $1,520.0 (88.4) $1,431.6 55 Investor Presentation | August 2023#57Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ 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 54.1 50.5 27.0 2.4 7.9 ($30.6) 1.2 $269.8 143.2 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) (7.5) (7.5) Fund II Timberland Dispositions attributable to Rayonier (1) (10.3) (10.3) Large Dispositions (1) (44.8) (44.8) Adjusted EBITDA (1) $120.2 $57.3 $78.5 $2.3 $100.7 $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) Costs related to the merger with Pope Resources (1) 6.0 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 11.6 1.8 7.9 17.2 17.2 - $109.1 $37.1 $55.0 $1.8 (28.7) $91.4 (28.7) ($0.5) ($26.6) $267.4 Rayonier (1) Non-GAAP measure or pro forma item. Investor Presentation | August 2023 56#58Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ 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 ($25.1) $107.0 1.2 128.2 12.6 ($23.9) $247.8 $38.7 8.2 12.6 $59.5 2018 Operating income $44.2 $8.1 $62.8 $76.2 $1.0 Depreciation, depletion & amortization 58.6 32.8 28.0 23.6 ($22.3) 1.2 $170.1 144.1 Non-cash cost of land and improved development Adjusted EBITDA (1) ― ― 23.6 - - 23.6 $102.8 $40.9 $90.8 $123.4 $1.0 ($21.1) $337.7 2017 Operating income Depreciation, depletion & amortization Non-cash cost of land and improved development Costs related to shareholder litigation (1) Large Dispositions (1) Adjusted EBITDA (1) $42.2 $1.1 $57.6 $130.9 $4.6 ($20.9) $215.5 49.4 32.0 27.5 17.9 0.8 127.6 13.7 13.7 0.7 0.7 (67.0) (67.0) $91.6 $33.1 $85.1 $95.5 $4.6 ($19.4) $290.5 (1) Non-GAAP measure or pro forma item. Rayonier 57 Investor Presentation | August 2023#59Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2016 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) Pacific New Southern Northwest Zealand Timber Timber Timber Timber Funds Real Estate Corporate Trading and Other Total $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 Depreciation, depletion & amortization 54.3 14.8 25.5 18.7 ($24.1) 0.4 $77.8 113.7 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 - 3.4 3.4 Adjusted EBITDA (1) (1) Non-GAAP measure or pro forma item. $97.9 $50.8 $40.9 $53.5 $1.7 ($31.3) $213.5 Rayonier Investor Presentation | August 2023 58