#1Rayonier Value From The Ground Up™ Investor Presentation | August 2017#2Safe Harbor Statement 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, 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," "pro forma sales," "pro forma operating income," "pro forma net income," 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 Relations | August 2017 1#3Rayonier - Best-in-Class, Pure-Play Timber REIT Leading Pure-Play Timberland REIT Growing Timberland Base Attractive Real Estate Platform Strong Capital Structure Second-largest timber REIT with 2.7 million acres of high-quality timberland Geographic diversity - U.S. South, Pacific Northwest, New Zealand Timberlands strategically positioned in competitive fiber baskets Focus on recurring cash flow generation from timber harvest and HBU(1) sales • Profitably growing timberland base through disciplined acquisition process Approximately $1.6 billion of high-quality timberlands acquired since January 2011 Investing in advanced genetics to yield long- term volume growth Attractive HBU opportunities across U.S. South, including Florida and Georgia coastal corridor Stable and recurring base of annual rural land sales Two active development projects underway - Wildlight (mixed-use) and Belfast Commerce (industrial) Net debt to enterprise value of 20% at end of Q2 2017 Favorable financing facilities and access to capital Active portfolio management and nimble capital allocation strategy Rayonier (1) Higher and Better Use ("HBU"). 2 Investor Relations | August 2017#4Highly Productive, Geographically Diversified Timberlands 430 Rayonier 61 317 Total Rayonier = 2.7 million acres 18 92 22 13 722 278 67 182 146 384 Pacific Northwest U.S. South New Zealand 378,000 acres - Washington & Oregon; access to export markets 1.9 million acres - sawlog and pulpwood; Florida & Georgia coastal corridor HBU 430,000 acres - manage and own ~77% of joint venture Investor Relations | August 2017 3#5Leading "Pure-Play" Timberland REIT Rayonier - EBITDA* Composition (2014-16) Peer Group - EBITDA* Composition (2014-16) Other 29% 0 Timber Segments 71% Other 46% 0 Timber Segments 54% Rayonier is a leading “pure-play" timberland REIT that generates the significant majority of its EBITDA* from recurring timber harvest operations. Rayonier * Note: Timberland REIT Peer Group comprised of WY, PCL (legacy), PCH and CTT. Figures reflect aggregate Timberland REIT Peer Group 2014-2016 EBITDA excluding corporate expenses. Other includes real estate, manufacturing and other reported segments. WY excludes divested Cellulose Fibers business. Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Investor Relations | August 2017 4#6The Rayonier Roadmap to Success Mission Statement Provide industry-leading returns through intensive asset management and effective capital allocation Vision Preferred timberland investment vehicle for institutional investors Strategy Culture ► Long-term strategy focused on creating value from our timberlands and HBU portfolio Working together as a team with empowered people and strong core values ☐ Best-in-class assets, operations, disclosure and transparency Preferred employer for forestry and land management professionals Capital Allocation Building long-term value per share through nimble capital allocation Our focused long-term strategy, coupled with our strong culture, will chart the path to achieving our vision. Rayonier Investor Relations | August 2017 5#7Rayonier's Strategic Priorities Manage for Long-Term Value ☐ Design harvest strategy to achieve long-term, sustainable yield Balance biological growth, harvest cash flow and responsible stewardship ◉ Acquire High-Quality ■ Timberlands Optimize ◉ Portfolio Value ◉ Focus on Quality of Earnings Enhance Disclosure ◉ ■ 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 harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow ■ Establish Rayonier as industry leader in transparent disclosure ■ Provide investors with meaningful information about timberland portfolio Rayonier's goal is to provide an attractive, growing dividend funded from core, recurring cash flows in a tax-efficient REIT structure. Rayonier Investor Relations | August 2017#8Southern Timber - Segment Overview Map of Properties Historical Harvest Volume / Rate of Harvest Lake Charles Houston Acreage: 1.9mm acres Sustainable Yield(1): 5.5 - 5.8mm tons Planted/Plantable: 68% Average Site Index(2): 73 feet Mobile Montgomery Atlanta Macon vannah (tons in 000s) (tons per acre per year) 6,000 4.0 5,500 3.5 5,000 3.0 4,500 2.5 5,322 5,292 5,296 5,492 5,317 4,000 2.0 3,500 1.5 3,000 1.0 2012 2013 2014 Harvest 2015 Tons per Acre 2016 Historical EBITDA* / EBITDA per Ton Jacksonville ($ in millions) ($ per ton) $120 $25 $100 $20 $80 $60 $15 $98 $101 $40 $87 $93 $76 $10 $20 $5 2012 2013 2014 2015 2016 EBITDA EBITDA / Ton Rayonier's Southern Timber segment is the Company's largest segment with 2016 harvest volume of 5.3 million tons and Adjusted EBITDA of $93 million. Rayonier (1) Sustainable yield per 2016 10-K; excludes recent acquisition of 95, 100 acres in the U.S. South. (2) Site index reflects the average height of the dominant and codominant trees at a base age of 25 (U.S. South). Non-GAAP measure (see Appendix for definitions and reconciliations). Investor Relations | August 2017 7#9Rayonier Leads the Sector In U.S. South EBITDA* / Ton ■ EBITDA* per ton best captures profitability per unit of sales EBITDA* per acre can be misleading due to differential rates of harvest U.S. South EBITDA* / Ton U.S. South Rate of Harvest U.S. South EBITDA* / Acre ($ per ton harvested) (tons per acre per year) ($ per acre) $20 5.0 $70 4.5 $65 $18 4.0 $60 $16 3.5 $55 $14 3.0 $50 2.5 $45 $12 2.0 $40 $10 1.5 $35 $8 $30 1.0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 RYN WY PCL PCH ■RYN WY PCL PCH RYN WY PCL PCH Rayonier's sector-leading EBITDA* per Ton increased by over 20% from 2012 to 2016, while its rate of harvest remained relatively stable. Rayonier Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2012-15; PCH and PCL EBITDA based on historical public filings. Volume and acreage data for all peers based on historical public filings. Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Relations | August 2017#10Favorable Supply / Demand Dynamics in RYN Markets U.S. South Growth-Drain "Heat Map" Supply Exceeds Demand Balanced Demand Exceeds Supply Rayonier Key Observations ◉ ◉ VIRGINIA NORTH CAROLINA TENNESSEE ◉ Local market supply/demand dynamics determine price Logs typically travel less than 100 miles Supply/demand conditions vary widely across the region Tensioned markets yield better timber pricing OKLAHOMA 3. ARKANSAS TEXAS LOUISIANA ALABAMA MISSISSIPPI 0 ப 50 100 150 Miles 200 GEORGIA FLORIDA SOUTH CAROLINA Rayonier Source: USDA FIA; Rayonier research. 9 Investor Relations | August 2017#11RYN Markets Benefit from Strong and Stable Pulpwood Demand Major Pulpwood Consuming Mills Proximate to RYN Lands 3. Containerboard / Kraft Dissolving Pulp Pellets OSB Fluff Pulp Specialty Packaging Tissue Freesheet/Coated Paper Newsprint / Directory Rayonier Miles 50 100 150 Overview of Rayonier Pulpwood Consumers Facility Key End Product Containerboard / Kraft Pellets % of 2016 Harvest Long-Term Demand Trend 65% + 7% + Dissolving Pulp 7% + Fluff Pulp 7% + Specialty Packaging 6% + Oriented Strand Board (OSB) 4% + Other 3% + Tissue + Freesheet Coated Paper Newsprint Directory Total 100% NA Note: Estimated based on 2016 harvest. Rayonier's timberlands are strategically positioned near a variety of major pulpwood consumers that are manufacturing products for stable and/or growing end-markets. Rayonier Investor Relations | August 2017 10#12Growth of Pellet Mills Has Further Buoyed Demand Announced Under Construction Operating Rayonier Announced & Operating Pellet Mills ° Key Observations Majority of operating facilities are located in RYN markets, with a particular focus in Coastal GA Currently monitoring facilities announced and under construction in key markets Several announced facilities planning to locate near RYN properties Miles 0 50 100 150 Change in GA-2 Price vs. South Average ($ per ton, pine pulpwood) $16 $14 $12 $10 $8 $6 $4 2005 2006 2007 GA-2 Source: Timber Mart-South. Note: South-Wide Avg GA-2 represents South GA, including coastal areas. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Rayonier's markets have benefited from increased demand from pellet manufacturing facilities, particularly in Georgia and Texas. Rayonier Investor Relations | August 2017 11#13Consumption & Price Changes Vary Across the South ☐ Recession-induced demand declines have led to large drops in consumption for most areas in the South As a result, timber product prices have fallen with few exceptions Differences in consumption declines have caused regional market performance to vary across the South Change in Consumption by Region: 2005-2014 Change in Stumpage Price by Region: 2005-2016 Consumption Change <-30% -29% - -20% -19%-10% -9% -0% >0% Rayonier -24% -17% -41% -22% -40% 44% -27% -13% -1% -3% -29% -31% -21% -45% -29% 5% -22% -11% 1% -20% -4% Source: IMies 100 150 200 USDA FIA Timber Product Output; University of Georgia, Wood Demand Report; Rayonier estimates. Rayonier Price Change < -30% -29% --20% -19% -10% -9% -0% >0% Rayonier 7% -11% -11% 1% -33% -41% -22% -14% -22% -38% -44% -38% -30% -15% -30% -27% -19% -5% -9% -1% -6% 2% Mies 50 100 150 Source: Note: Timber Mart-South. Assumes composite mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber comparing average Timber Mart-South prices in 2016 versus 2005. Investor Relations | August 2017 12#14Total Inventory has Grown Significantly ■ Since 2005, many regions have gained inventory beyond levels experienced historically Inventory growth in these areas will take years to slow and will require new outlets for timber products ■ Timberland portfolio performance will be influenced by geographic distribution in the South Change in Total Inventory by Region: 2005-2014 Inventory Change Total <0% 0% - 9% 10% 19% 20%-29% > 30% Rayonier 17% 24% 12% 19% 7% 33% 25% 18% 3% 19% 20% 37% 34% 13% 17% 18% 21%*> 5% 11% 16% 50 150 200 18% Change in Total Inventory: RYN vs. South Avg. (1) 12% 5% 22% 18% 17% 13% Pulpwood Sawtimber Total ■US South Average ■Rayonier Source: USDA FIA data; Rayonier analysis. Rayonier (1) Chart illustrates average U.S. South inventory growth by product category versus weighted average inventory growth in Rayonier markets. Investor Relations | August 2017 13#15($ per ton) $25.00 $20.00 $15.00 $10.00 $5.00 383k ac. 723k ac. FL-1 GA-2 -50.0% 0.0% -10.0% -20.0% -30.0% -40.0% (20 (%) 20.0% 10.0% SC-2 NC-2 FL-2 LA-1 145k ac. VA-2 VA-1 LA-2 AL-2 266k ac. FL-1 GA-2 SC-2 NC-2 FL-2 Rayonier LA-1 VA-2 Notes: Source: Timber Mart-South. VA-1 LA-2 Composite price by region calculated based on assumed mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Relations | August 2017 While timber demand and pricing has generally declined across the South, regional market supply, demand and pricing trends vary significantly. AL-2 TX-1 SC-1 GA-1 2016 Price Change versus 2005 Average Price TX-1 SC-1 GA-1 183k ac. TX-2 MS-2 AL-1 AR-1 NC-1 Regional Market Price Trends Vary Significantly Timber Mart-South 2016 Composite Stumpage Price by Region Rayonier Top-5 Markets Average AR-2 MS-1 TN-1 TN-2 TX-2 MS-2 AL-1 AR-1 NC-1 AR-2 MS-1 44 TN-1 TN-2 14#16U.S. South Acquisitions Overview ■ ■ The Acquisitions In March 2017, Rayonier entered into three transactions with separate sellers to acquire a total of ~95,100 acres located in Florida, Georgia and South Carolina (the "Acquisitions") Acquisitions closed in March and April 2017; final purchase price of $214 million, or $2,250 per acre Acquisitions are comprised of highly productive timberlands located in some of the strongest timber markets in the U.S. South, primarily along the I-95 coastal corridor near Savannah, GA Strong markets Diverse customer base Highly productive lands Well-stocked inventory Complementary footprint Cash flow accretive Key Acquisition Highlights located in the top three Timber Mart-South regional markets(1) competitive wood basket with multiple pulpwood, grade and export customers 78' site index / 73% plantable / sustainable yield (2) of 450k tons 45 tons per acre of merchantable timber (2) / avg. plantation age of 14 years increases Rayonier's Coastal Atlantic market ownership by +15% target of $13mm EBITDA* / ~$10mm CAD* annually over medium term Rayonier Non-GAAP measure (see Appendix for definition). Based on Timber Mart-South weighted average composite stumpage price by region assuming product mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. References to "merchantable timber inventory" and "sustainable yield" are as defined in our most recent Annual Report on Form 10-K. Investor Relations | August 2017 15#17TX-1 Composite Price Acquisitions Located 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 2016 Composite Price Quartile Rankings TMS 2016 Composite Price by Region First Quartile Second Quartile Third Quartile Fourth Quartile Rayonier TN-1 TN-2 AR-2 SC-1 GA-1 SC-2 AR-1 MS-1 AL-1 LA-1 AL-2 GA-2 MS-2 TX-2 LA-2 100 150 200 FL-2 Miles FL-1 $25 VA-1 VA-2 Top 3 Markets $20 NC-1 NC-2 $15 $5 $10 FL-1 GA-2 SC-2 NC-2 FL-2 LA-1 VA-2 VA-1 LA-2 AL-2 TX-1 Acquisition Markets SC-1 GA-1 The Acquisitions are located in the top three U.S. South timber markets, ranked by Timber Mart-South average composite stumpage price by region. Rayonier Source: Timber Mart-South. Note: Composite stumpage price by region calculated based on assumed mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Relations | August 2017 TX-2 MS-2 AL-1 AR-1 NC-1 AR-2 MS-1 16 U.S. South Average TN-2 TN-1#18Key Value Drivers - Acquisitions Scorecard 40% U.S. South Valuation Sensitivity Analysis - % Change in $ per Acre by Key Value Driver 30% 78' 20% 10% 0% -10% -20% -30% 80' $20 $20 70% 70' $16 60' 60 -40% Site Index (feet) $12 Stumpage Pricing ($/ton) 14 16 H 80% 73% 70% 12 8 Wtd. Avg. Age 60% % Plantable The Acquisitions are comprised of well stocked, highly productive properties in some of the strongest timber markets in the U.S. South, which drives the relatively high value per acre. Rayonier Note: Blue bars represent estimated "average" quality industrial timberlands in the U.S. South. Green / red bars represent valuation sensitivity per acre for above / below average metrics for each value driver. Orange circles represent key metrics for the Acquisitions. Investor Relations | August 2017 17#19Acquisitions Upgrade Quality of U.S. South Portfolio Productivity - Site Index (1) Commercial Forest Area - % Plantable (2) 90 60 80 73 70 0 60 60 50 50 RYN U.S. South 90% 78 80% 73% 68% 70% Acquisitions Harvest Rate - Tons per Acre per Year (3) 6.0 5.0 4.0 3.1 3.0 2.0 1.0 RYN U.S. South 4.7 Acquisitions 60% 50% RYN U.S. South Acquisitions Inventory Stocking - Tons per Acre 40 10 IN WO 50 60 35 30 20 RYN U.S. South 45 Acquisitions The Acquisitions will improve the overall quality of Rayonier's U.S. South portfolio and will add meaningful scale in our strongest timber markets. Note: Comparison charts reflect data for the Acquisitions versus Rayonier's U.S. South portfolio as of 9/30/2016 or 12/31/2016 (as applicable) based on our most recent Form 10-K. Site index base age = 25 years for U.S. South. (1) (2) Rayonier Includes land classified as natural plantable. RYN U.S. South based on sustainable yield of 5.5 to 5.8 million tons (per 2016 10-K); Acquisitions based on forecasted long-term sustainable yield. Investor Relations | August 2017 18#20Pacific Northwest Timber - Segment Overview Map of Properties Historical Harvest Volume / Rate of Harvest (2) Hoquiam Coos Bay Port Angeles Seattle Tacoma Olympia Astoria € Longview Portland Eugene (tons in 000s) (tons per acre per year) 2,000 6.0 5.0 1,500 4.0 1,000 1,947 1,979 1,664 3.0 1,243 1,195 500 2.0 1.0 2012 2013 2014 Harvest 2015 Tons per Acre 2016 Historical EBITDA* / EBITDA per Ton ($ in millions) ($ per ton) $60 $40 $50 $35 $40 $30 $30 $25 $54 $51 $20 $43 $20 Acreage: 378k acres $10 $22 $21 $15 Sustainable Yield: 1.4mm tons $10 Planted/Plantable: 78% 2012 2013 2014 Average Site Index(1): 109 feet EBITDA 2015 EBITDA / Ton 2016 Following our portfolio repositioning in 2016, Rayonier expects to harvest roughly 1.3 million tons in the Pacific Northwest over the next five years. Site index reflects the average height of the dominant and codominant trees at a base age of 50 (Pacific Northwest). (2) 2013 and prior suite include height of the Nomi York timberlands. Rayonier Non-GAAP measure (see Appendix for definitions and reconciliations). Investor Relations | August 2017 19#21Rayonier's Northwest EBITDA* / Ton Has Declined ☐ Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest EBITDA* per ton and EBITDA* per acre have both declined as a result Northwest EBITDA* / Ton Northwest Rate of Harvest Northwest EBITDA* / Acre ($ per ton harvested) (tons per acre per year) ($ per acre) $60 5.5 $250 5.0 $50 $200 4.5 4.0 $40 $150 3.5 3.0 $30 $100 2.5 2.0 $20 $50 1.5 $10 1.0 $0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 RYN -WY Pope ■RYN WY Pope RYN WY Pope Rayonier's Northwest EBITDA* per ton has been below the peer group, due to its historical proportion of hemlock volume (vs. Douglas-fir) and, more recently, due to its reduced rate of harvest. Rayonier Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2012-15; 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. Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Relations | August 2017 20#22Pacific Northwest Demand and Pricing Have Recovered Pacific Northwest Log Demand & Pricing (BBF / $ per MBF) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q4-201 1-2012 Q2-2012 Q3-2012 Q4-2012 1-2013 Q1-2006 Q2-200 Q3-2006 Q4-2006 1-2007 Q2-2007 Q3-2007 Q4-2007 1-2008 Q2-2008 Q3-2008 4-2008 1-2009 Q2-2009 West Coast Lumber Production Douglas-fir Log Price (Log Lines Region #1 - #2 Sawlog) Q3-2009 Q4-2009 Q1-2010 $800 $700 $600 $500 $400 $300 $200 $100 Q2-2013 Q3-2013 -2013 1-2014 Q2-2014 Q3-2014 Log Exports (Lumber Basis) Western Hemlock Log Price (Log Lines Region #1 - #2 Sawlog) -2014 -2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016 Q4-2016 1-2017 Q2-2017 I Pacific Northwest log demand and pricing have generally recovered to near pre-recession levels due to increased export demand. Rayonier Source: Note: Forest Economic Advisors; RISI. Log exports converted to lumber basis assuming 2.35 recovery rate. Investor Relations | August 2017 21#23New Zealand Timber - Segment Overview Map of Properties Historical Harvest Volume / Rate of Harvest Whangarei Auckland Tauranga (tons in 000s) (tons per acre per year) 3,000 10.0 2,500 9.0 2,000 8.0 1,500 7.0 2,808 2,405 2,360 2,412 1,000 2,221 6.0 500 5.0 4.0 2012 2013 2014 Harvest 2015 Tons per Acre 2016 Wellington Historical EBITDA* / EBITDA per Ton ($ in millions) ($ per ton) $60 $30 $50 $25 Christchurch $40 $20 $30 $58 $15 $46 $46 $20 $10 $35 $33 $10 Acreage: 430k acres $5 Invercargill Sustainable Yield: 2.3mm tons Planted: 69% Average Site Index(1): 94 feet 2012 2013 2014 EBITDA 2015 EBITDA / Ton 2016 Rayonier's ~77%-owned joint venture in New Zealand provides geographic, species and market diversification. Rayonier Note: New Zealand Timber was consolidated on April 4, 2013 when we acquired a majority interest in the New Zealand JV. Prior to the acquisition date, we accounted for our 26% interest in the New Zealand JV as an equity method investment. The 2013 and 2012 information shown here reflects full year results for the JV. (1) Site index reflects the average height of the dominant and codominant trees at a base age of 20 (New Zealand). Non-GAAP measure (see Appendix for definitions and reconciliations). Investor Relations | August 2017 22#24Diversified Mix of Domestic & Export Markets Volume by Market Destination (FY 2016) RMF Domestic 37% Other 6% RMF Export 30% India 17% Trading Export 33% Korea 21% China 56% Over 60% of RMF's volume (including Trading volume) is sold into export markets, with China being the largest source of demand. Rayonier Investor Relations | August 2017 23#25Inventory Levels Drive Near-Term Price Fluctuations Inventory-to-Demand Ratio vs. Export Log Price Inventory-to-Demand Ratio (3-month Avg. Demand) 4.5 40 4.0 3.5 3.0 2.5 $180 $160 $140 $120 $100 $80 2.0 Supply demand range considered in balance $60 1.5 1.0 0.5 JFMAMJ JASOND J FMAMJ JASOND J FMAMJ JASONDJ FMAMJ JASOND J FMAMJ JASOND J FMAMJ JASOND J FMAMJ 2011 2012 2013 2014 2015 2016 2017 $40 Export supply/demand is generally considered in balance when the ratio of port inventory to average monthly demand is between 1.3 and 2.0 times. Inventory typically spikes around the Chinese New Year. Rayonier Investor Relations | August 2017 $20 EA China CFR US$/m³ JAS 24#26New Zealand Log Prices Trending Upward Historical New Zealand Log Prices (NZ$) NZD Log Price (NZ$/m3 FOB) $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 90 Rayonier Source: NZ Ministry of Primary Industries. Investor Relations | August 2017 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Over the last 10 years, New Zealand log prices have been trending upward based primarily on growing export market demand. Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 25#27Overview of Acquisition Strategy Location ◉ Timber end markets with favorable supply/demand tension Well-developed infrastructure, access to ports and other transportation hubs Asset Quality ◉ Softwood investments in regions with strong biological growth Complementary age-class distribution that improves sustainable harvest Optionality ◉ Fee simple ownership; avoid wood supply agreements Ability to market timber through delivered log or stumpage sales ◉ Ability to enhance returns through intensive silviculture and genetics Properties with HBU and non-timber income upside potential Value Creation ■ Financial Profile ◉ ■ Accretive to Cash Available for Distribution (CAD)* Focus on acquisitions with returns in excess of our cost of capital Rayonier Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Investor Relations | August 2017 26#28$1.6 Billion Acquired and $800 Million Sold Since 2011 Change in Acres by Location Since January 2011 (000 Acres) +3 +61 -74 +18 +62 -8 +1 -22 +67 +96 +144 -44 -128 Rayonier 27 Investor Relations | August 2017#29Productivity is a Key Driver of Timberland Value Rayonier Loblolly Pine Site Index 25 (feet) 85 Harvest Volume Increases with Site Index (2) 80 60 Site Index 25 (feet) 70 70 75 15 (tons per acre per year) 7.0 Recently 6.0 measured 5.0 stands(1) 4.0 3.0 2.0 1.0 RYN avg. measured loblolly site index = 73 60 65 70 75 80 85 Product Mix Improves with Site Index (2) (%) 100% 65 59 Recently harvested stands 80% 60% 40% 20% 60 0% 1981 1986 1991 1996 2001 Planting year 2006 2011 2016 60 65 Pine ST ■Pine CNS 70 75 80 85 Pine PW Hardwood Higher site index properties generate greater harvest yields and a more valuable product mix. Rayonier's site index has been steadily improving with each plantation year. Rayonier First physical site index measurement taken at age 11. (2) Yield predictions based on PMRC (Plantation Management Research Cooperative) Technical Report 1996-1 (Yield Prediction and Growth Projection for Site-Prepared Loblolly Pine Plantations in the Carolinas, Georgia, Alabama and Florida). Assumes 70% pine plantation and 30% hardwoods and non-forested areas. Investor Relations | August 2017 28#30Key Drivers of Value - Illustrative Examples 40% U.S. South Example - % Change in $ per Acre by Key Value Driver 80' 30% 20% 10% 0% 70' -10% -20% 60 60' -30% -40% Site Index (feet) $20 16 $16 12 $12 Stumpage Pricing ($/ton) 8 Wtd. Avg. Age 80% 70% 60% % Productive acres Pacific Northwest Example – % Change in $ per Acre by Key Value Driver 60% 130' 40% 20% 0% 110' -20% -40% 90' -60% Site Index (feet) $450 25 $350 20 H 85% 75% 65% $250 Stumpage Pricing ($/MBF) 15 Wtd. Avg. Age % Productive Acres Timberland value per acre is significantly impacted by productivity (site index) and stumpage prices. Other major drivers of value include age-class distribution and % productive acres. Rayonier Investor Relations | August 2017 29#31Disciplined Acquisition Process 150 130 Productivity - Site Index (1) 6.0 Improved Portfolio Harvest Rate - Tons per Acre per Year (2) 5.1 122 5.0 110 4.0 5.1 3.5 110 90 76 70 70 50 U.S. South IN WA 3.0 2.0 2.9 1.0 Pacific Northwest U.S. South ■Acquisitions ■Legacy Weighted Average Plantation Age Pacific Northwest ■Acquisitions ■Legacy Commercial Forest Area - % Productive (3) 22 25 100% 22 19 90% 20 15 15 12 80% 85% 76% 72% 67% 70% 10 10 60% 5 50% U.S. South Pacific Northwest ■Acquisitions ■Legacy U.S. South ■ Acquisitions Pacific Northwest ■Legacy Rayonier seeks to acquire property that improves quality of portfolio and produces strong recurring cash flow from sustainable harvest. Note: (1) Comparison charts reflect data for U.S. legacy per 2014 10-K and acquisitions from 2014 to June 30, 2017. Site index base age = 25 years for U.S. South and 50 years for Pacific Northwest. (2) Rayonier (3) Harvest rate for RYN Legacy assumes sustainable yield of 5.4 to 5.7 million tons for Southern Timber and 1.3 million tons for Pacific Northwest Timber (per 2014 10-K). Harvest rate for acquisitions based on projected 10-year harvest. Includes land classified as natural plantable. Investor Relations | August 2017 30#32Real 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 ■ Grow and sustain recurring 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 Rayonier Investor Relations | August 2017 Annual gross margin per acre Grow moderately 31#33Significant HBU Potential in FL and GA Coastal Corridor Rayonier landholdings Waycross Camden CO GEORGIA Hinesville Bryan Savannah CO Liberty CO Glynn CO 95 Nassau CO Duval Co 10 295 FLORIDA Mclintos CO Brunswick St. Marys-Kingsland Fernandina Beach Overview of Coastal Corridor Properties ☐ ☐ Jacksonville St. Johns St. Augustine Timberland ownership base of ~200,000 acres Approximately 40 miles of water frontage Approximately 250 miles of road and highway frontage Land holdings at five interchanges on I-95 and two planned future interchanges Residential, commercial, and industrial land-use entitlements in hand Proximity and connection to international airports and seaports, with multiple sites served by rail Intensive land classification effort has identified 25 distinct planning nodes spanning coastal corridor ownership Gainesville Rayonier CO Flagler .co Palm Coast Daytona Beach Investor Relations | August 2017 32#34I-95 Coastal Corridor: Active Portfolio Management BRYAN CO 20 40 Miles Savannah Hinesville LIBERTY CO LŨNG CÓ GEORGIA CAMDEN CO GLYNN CO 95 MCINTOSH CO as of 10/31/2016 Rayonier planning areas Other Rayonier properties Active projects (Improved) Active projects (Unimproved) Under evaluation Optimize timberland value Georgia Low County PLANNING NODES BRYAN COUNTY - US 17 2014/15/16 BELFAST Commerce Park - 830 ACRES RICHMOND HILL 1 2014/15 KILKENNY 2014/16 (Savannah, Richmond Hill, Bryan County) RICHMOND HILL 2 BELFAST Mixed Use 2014/15 ST MARYS / EXIT 1 GA 2014/16 Brunswick EAST NASSAU NORTHERN 2014 St. Marys- Kingsland WEST NASSAU 3 2014 ST MARYS BLUFF'S 2014 EAST NASSAU Residential / Hospitality EAST NASSAU REMAINDER CHESTER RD. - 1,202 ACRES 2014 Fernandina Beach WILDLIGHT - 261 ACRES NASSAU CO OUVAL CO EAST NASSAU SOUTHERN 2014 WEST NASSAU 1 2014/15 10 295 Jacksonville WEST NASSAU 2 2014 CRAWFORD DIAMOND 2014/15/16 FLORIDA NORTH ST. JOHNS - 1,670 ACRES SOUTH ST. JOHNS 1 St. Augustine ST JOHNS CO PEDRO MENENDEZ 2014 2014/16 ST. JOHNS COUNTY REMAINDER 2014/16 Gainesville Rayonier SOUTH ST. JOHNS 2 Palm Coast 1-95/US1 INTERCHANGE PELLICER CREEK FLAGLER CO Daytona Beach NEOGA LAKES 2014 2014/16 2014/16 2014 Florida Low County (St. Mary's, Nassau County) Heritage Florida [St. Johns County) Palm Coast Florida (Flagler County) 33 33#35Local Context: NE Florida's Growth Momentum is North Georgia Florida Wildlight Project Rayonier INTERSTATE 10 95 40mi Nassau Co 30mi ༄ད་ཁཋཀ ཀ Amelia Island 20mi Jacksonville Rayonier Land Holdings Urbanized Areas Environmental Areas Jacksonville MSA: 1,480,000 (2016 US Census Estimate) Int'l Airport 295 10mi River City Marketplace Single Family Building Permits 10,000 AIA Jacksonville MSA Nassau County 9,000 1,400 8,595 1,200 8,000 7,000 7,253 1,000 6,281 6,303 1,007 Jacksonville 6,000 800 800 5,000 4,579 St. Johns Jacksonville Beach 600 4,000 3,380 3,245 Town Center • 3,000 550 481 400 2,000 309 305 295 Ponte 244 200 1,000 Vedra Nassau %: 7.2% 9.5% 6.7% 7.7% 8.7% 11.0% 11.7% Beach 2010 2011 2012 2013 2014 2015 2016 301 10mi 20mi Durbin Crossing 30mi 95 Nocatee Atlantic Ocean N St. Augustine 0 10 20 34 mi#36Wildlight Master Plan: A 10 Year Program Regional Park 95 C AIA 0 0.1 0.3 0.4 0.5 Wildlight Elementary Nassau County Public School Village Center Wildlight Development Program November 2, 2016 - Subject to change Net Developable 261 ac Total Residential Total Commercial Total Civic/Park 148 ac 63 ac 50 ac 0 700 1,400 35#37Rayonier Financial Summary: 2014 - 2017 YTD (6/30) Pro Forma Sales* ($ in millions) $700 $600 $500 $582 $581 $545 $400 $300 $200 $100 Adjusted EBITDA* / % Margin ($ in millions) (% of pro forma sales) $300 60% $250 50% $240 $200 $214 $208 40% $150 $339 $144 30% $100 20% $50 10% 2014 2015 2016 2017 YTD 2014 2015 2016 2017 YTD ($ in millions) Capital Expenditures $80 $60 $64 $57 $59 $40 $20 (Adj. EBITDA - Capex) / % of Adj. EBITDA ($ in millions) (% of Adj. EBITDA) $200 90% $181 $150 $150 $151 $100 $30 $50 2014 2015 2016 2017 YTD 80% 70% $114 60% 50% 2014 2015 2016 2017 YTD Rayonier has historically generated strong Adjusted EBITDA* margins and high Adjusted EBITDA-to-free cash flow conversion. Rayonier Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Investor Relations | August 2017 36#38Adjusted EBITDA* by Segment: 2014 - 2017 YTD ($ in millions) $300 Adjusted EBITDA* by Segment Adjusted EBITDA* by Segment (% of Total) (% of total Adj. EBITDA) 100% $240 90% 20% 20% $214 31% $250 33% $208 80% $48 $85 70% 19% $200 $71 60% 14% 38% $46 23% $144 $150 50% 21% 10% $58 $33 $30 $51 40% $22 8% 10% $100 $21 $58 30% 44% 20% 40% $15 36% $50 $98 $101 $93 31% 10% $48 2014 2015 2016 2017 YTD ■Southern Pacific Northwest New Zealand Real Estate ■Trading Corporate ($31) ($20) ($19) ($9) 2014 2015 2016 2017 YTD ■Southern Pacific Northwest New Zealand Real Estate Trading Corporate ($31) ($20) ($19) Recent strength in the Real Estate and New Zealand Timber segments has offset harvest deferrals in the Pacific Northwest and Southern Timber segments. * Rayonier Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Investor Relations | August 2017 ($9) 37#39Low-Cost Debt Structure & Attractive Maturity Profile Debt Profile Balance @ Interest Annual Years to ($ in millions) 6/30/2017 Rate Interest % Fixed Maturity (1) Senior Notes due 2022 $325.0 3.75% $12.2 100.0% 4.8 Term Loan due 2024 (2) 350.0 3.33% 11.7 100.0% 7.1 ■ (3) Incremental Term Loan due 2026 300.0 2.82% 8.5 100.0% 8.8 Mortgage Notes due 2017 ■ 31.5 4.35% 1.4 100.0% 0.1 95% fixed-rate debt Revolving Credit Facility due 2020 (4) 50.0 2.50% 1.1 3.1 NZ Shareholder Loan (5) 11.9 ΝΑ ΝΑ ΝΑ ΝΑ Total/Weighted Avg. $1,068.4 3.25% $34.8 95.3% 6.5 Highlights Average rate of 3.25% Average maturity of 6.5 years (1) As of 6/30/17; weighted average excludes NZ shareholder loan. (2) Includes impact of interest rate swaps and estimated patronage payments. (3) Assumes $200mm at 2.93% and $100 million at 2.59%; includes impact of interest rate swaps and estimated patronage payments. (4) Interest on revolver includes unused facility fee of 0.175%. (5) Minority share of New Zealand shareholder loan; does not represent third-party indebtedness. ($ in millions) $400 $300 $200 $100 Maturity Profile Highlights Well-staggered maturity profile ■ Nearest significant 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+ maturity in 2022 No significant stacked maturities Rayonier has low-cost, primarily fixed-rate debt and a well-staggered maturity profile. Rayonier Investor Relations | August 2017 38#40Nimble Approach to Capital Allocation Invest in Our Business ~$34 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 Acquired over $750 million of timberlands since spin-off Acquisitions complementary to age-class profile Improved portfolio site index and inventory stocking ☐ $101 million of stock buybacks @ $23.76/share $160 million of equity issuance @$27.75/share Focused on generating NAV accretion Dividends ■ Dividend of $1.00 per share since Q4 2014 ■ Expect to fund from recurring timber and real estate operations ■ Large Dispositions* excluded from CAD* Manage Our Balance Sheet ■ Restructured $155 million of New Zealand debt ■ 95% of debt fixed; 3.25% avg. rate ■ Maintained investment grade rating with higher debt threshold $34MM(1) annually for silviculture $750MM acquisitions since spin-off $59MM net share issuance since spin-off 3.5% yield (2) $1.00 per share annual dividend 3.25% rate average debt cost Rayonier (1) Represents average annual investment in silviculture and replanting from 2013-2016. (2) Based on share price of $28.77 as of 6/30/2017. Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Investor Relations | August 2017 39#41Rayonier Appendix A: Industry Dynamics 40 Investor Relations | August 2017#42Improving Supply / Demand Dynamics on Horizon U.S. Housing Market Recovery Softwood Lumber Agreement Resolution Supply Reductions from Mountain Pine Beetle Sustained Demand from China ☐ U.S. housing starts ☐ ■ continue modest recovery following recession Recovery led by multi- family starts, which use one-third the lumber of single-family starts Shortage of labor and finished lots slowing the rate of recovery in single-family starts Housing starts expected to continue to grow at modest pace, reaching 1.5 million starts by end of decade One-year litigation moratorium expired in October 2016 Preliminary combined duties on Canadian lumber were announced averaging ~27% (~20% countervailing duties; ~6.9% antidumping duties) Two sides continue to work toward negotiated resolution Combination of higher lumber prices and lower Canadian market share in U.S. expected to drive higher sawlog prices over time Mountain Pine Beetle epidemic has resulted in mortality of over 50% of lodgepole pine in interior British Columbia Timber generally has an economic shelf life of ~10 years once it has been killed by beetle Expected decline in economically viable pine inventory will be more pronounced over next five years U.S. log exports to China were not present at the last peak in housing starts in 2005 U.S. log exports to China resumed in late 2009 after many years of little to no volume Current levels of U.S. log exports to China are at lower levels than the peak in 2011, but still represent a substantial component of demand Rayonier Investor Relations | August 2017 41#43$80 $70 $60 $50 $40 $30 $20 $10 $0 500 Rayonier Note: (starts in 000s / US$ per ton) 2,500 Housing Starts Are Key Driver of Sawtimber Pricing Annual Housing Starts vs. Real Pine Sawtimber Prices 2,000 1,500 1,000 500 1990 1991 1992 1993 1994 1995 Housing Starts 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1.5mm starts = $46 sawtimber 750 Pine Sawtimber 2006 2007 2008 2009 2010 Annual Housing Starts vs. Real Pine Sawtimber Prices – Regression Analysis - 1,000 Source: Timber Mart-South South-wide Average Sawtimber Prices. 1,250 1,500 1,750 2011 2012 2013 2014 2015 2016 2017 y= 0.0239x+ 10.021 R = 0.5816 U.S. South sawtimber pricing has historically trended in line with residential construction: ~1.5 million starts = ~$46 sawtimber. Prices are adjusted for inflation and coverted to 2014 dollars based on the Producer Price Index (PPI). Investor Relations | August 2017 2,000 2,250 42 $80 $70 $60 $50 $40 $30 $20 $10#44Residential Construction Improving, But Still Long Way to Go Historical Annual Housing Starts 2,500 2,000 1966 Trough .1.16mm Starts ⚫779k SF Starts • 5.9 per 1,000 1975 Trough .1.16mm Starts 892k SF Starts • 5.4 per 1,000 1982 Trough •1.06mm Starts ⚫663k SF Starts ⚫ 4.6 per 1,000 1991 Trough 1.01mm Starts .840k SF Starts • 4.0 per 1,000 1,500 Annual Housing Starts (000s) 1,000 500 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 Single-Family 1979 1981 1983 1985 Multi-Family 1987 1989 1991 1993 1995 1997 1999 2001 2009 Trough • 554k Starts ⚫445k SF Starts ⚫ 1.8 per 1,000 2016/Current .1.2mm Starts ⚫782k SF Starts • 3.7 per 1,000 12.5 10.0 2003 2005 2007 2009 2011 2013 2015 2017 YTD Starts per 1,000 of Population While housing starts have improved significantly from 2009 lows, the current pace of construction remains at or below historical trough levels. Rayonier Source: U.S. Census Bureau. Investor Relations | August 2017 2.5 43 5.0 45 7.5 Starts per 1,000 of Population#45Lumber Margins Have Recovered, Timber Poised To Follow U.S. South Sawmill Variable Costs / Margin vs. Lumber & Sawtimber Prices ($ per MBF) ($ per ton) $450 $90 Mill Variable Costs / Composite Lumber Price $400 $350 $300 $250 $200 $150 $100 $50 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q2 Wood Cost (Stumpage) Other Variable Costs - Variable Margin RL Composite Price Sawtimber Price $80 $70 $60 $50 $40 $30 $20 $10 Sawtimber Stumpage Price While sawtimber prices have been relatively stagnant over the last year, increases in sawmill margins should accrue to timber suppliers over time. Rayonier Source: Forest Economic Advisors, RISI, Random Lengths, Timber Mart-South and Rayonier analysis. Investor Relations | August 2017 44#46Following SLA Expiration, Canadian Imports Have Surged Major Sources of U.S. Lumber Supply IU.S. Lumber Production 70 60 50 20 BBF 40 440 30 20 10 Imports from Canada Imports from Offshore % Share of Imports from Canada 40% 35% 30% 25% 20% % Share of Imports from Canada 15% 10% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD* Year-over-Year Change U.S. Production Canadian Imports (4%) (9%) (17%) (21%) 8% 7% 7% 5% 5% 0% (3%) (6%) (17%) (30%) (29%) 9% (2%) 8% 15% 11% 9% 13% 5% Increased housing starts and corresponding increases in U.S. lumber consumption have largely been offset by increased imports from Canada following the SLA expiration. Rayonier Source: Western Wood Products Association, Forest Economic Advisors. Investor Relations | August 2017 45#47Availability of Viable B.C. Timber Is Expected to Decline Rapidly Inventory of Available Live and Dead Lodgepole Pine by Years Since Attack (Mil m3) 1,600 Economic "Shelf-Life" of Beetle Kill Wood = 8-12 Years 1,400 1,200 1,000 800 600 400 200 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 Relations | August 2017 46#48Log and Lumber Export Volume Has Surged BBF (Logs) U.S. Pacific Northwest Log Exports North American Lumber Exports 2.0 500 10.0 500 2014-16 Avg. China Demand = ~100k Starts 2014-16 Avg. China Demand 210k Starts 1.8 450 9.0 450 1.6 1.4 1.2 10 1.0 0.8 0.6 0.4 0.2 2005 2006 400 350 300 250 200 150 100 50 50 2007 2008 2009 2010 China 2011 2012 2013 Housing Start Equivalents 2014 2015 2016 Rest of World Housing Start Equivalents (000s) BBF (Lumber) 8.0 7.0 6.0 00 5.0 4.0 3.0 20 2.0 1.0 2005 2006 2007 Rest of World 400 350 300 250 200 8གླུ 150 100 50 50 2008 2009 2010 China 2011 2012 2013 Housing Start Equivalents 2014 2015 2016 China has driven substantial growth in log and lumber exports from North America over the last decade, with average annual demand over the last three years equivalent to roughly 310,000 single-family housing starts. Source: Forest Economic Advisors. Rayonier Note: Housing start equivalents calculated based on 18 MBF of lumber per single-family start and log-to-lumber recovery rate of 2.35. Investor Relations | August 2017 Housing Start Equivalents (000s) 47#49Appendix B: Reconciliation of Non-GAAP Measures Rayonier 48 Investor Relations | August 2017#50Definitions of Non-GAAP Measures and Pro Forma Items Pro Forma Sales is defined as revenue adjusted for Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of ongoing operating results. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, costs related to shareholder litigation, the gain on foreign currency derivatives, Large Dispositions, internal review and restatement costs, costs related to spin-off of the Performance Fibers business, the gain related to the consolidation of the New Zealand JV 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. Last twelve months (LTM) Adjusted EBITDA is a non-GAAP financial measure that Rayonier believes provides investors with useful information to evaluate the Company's ability to service its debt. For purposes of this calculation LTM Adjusted EBITDA is used as an indicator of the Company's performance over the most recent twelve months and debt net of cash is presented as an indicator of Rayonier's current leverage. Pro Forma Interest Expense is calculated as Rayonier's current run rate of interest on outstanding indebtedness as of June 30, 2017, and assumes that the Company issues no additional debt. This estimate could vary widely depending upon future financing activities. Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and spending on the Rayonier office building) and working capital and other balance sheet changes. CAD is a non-GAAP measure that management uses to measure cash generated during a period that is available for dividend distribution, repurchase of the Company's common shares, debt reduction and strategic acquisitions. CAD is not necessarily indicative of the CAD that may be generated in future periods. Costs related to shareholder litigation is defined expenses incurred as a result of the securities litigation and the shareholder derivative demands. See Note 8 - Contingencies of Item 8 - Financial Statements and Supplementary Data in the Company's most recent Annual Report on Form 10-K. In addition, these costs include the costs associated with the Company's response to a subpoena it received from the SEC in November 2014. In July 2016, the Division of Enforcement of the SEC notified the Company that it had concluded its investigation into the Company. 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 JV. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Rayonier 49 Investor Relations | August 2017#51Reconciliation of Net Debt to LTM Adjusted EBITDA Q2 2017 ($ in millions) 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 $31.5 1,033.6 3.3 $1,068.4 (136.6) $931.8 Q3 Q4 Q1 Q2 ($ in millions) 2016 2016 2017 2017 Total Net income $40.6 $50.5 $35.1 $30.8 $157.0 Interest, net 8.3 8.2 7.9 8.2 32.6 Income tax expense 0.8 2.8 6.3 7.5 17.4 Depreciation, depletion and amortization 32.0 31.5 30.8 37.1 131.4 Non-cash cost of land and improved development 4.3 1.6 4.5 2.8 13.2 Costs related to shareholder litigation' (1) 1.2 0.7 1.9 Large Dispositions (1) Adjusted EBITDA (1) Net Debt/ Adjusted EBITDA (1) (42.6) (28.2) (70.8) $87.2 $52.0 $57.1 $86.4 $282.7 3.3x (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier 50 Investor Relations | August 2017#52Reconciliation of Net Income to Adjusted EBITDA ($ in millions) Net income Interest, net Income tax expense Depreciation, depletion and amortization Non-cash cost of land and improved development Costs related to shareholder litigation (1) Gain on foreign currency derivatives Large Dispositions (1) (1) Costs related to the spin-off of Performance Fibers (1) Internal review and restatement costs (1) Gain on Consolidation of New Zealand JV (1) Net income from discontinued operations' Adjusted EBITDA (1) (1) (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Q2 YTD 2017 2016 2015 2014 2013 2012 $65.9 $217.8 $43.9 $97.8 $373.8 16.3 33.0 34.7 49.7 38.5 $278.7 42.3 13.7 5.0 (0.9) (9.6) (35.7) (27.1) 67.9 115.1 113.7 120.0 116.9 84.6 7.4 11.7 12.5 13.2 10.2 4.7 0.7 2.2 4.1 (1.2) (28.2) (143.9) (21.4) (25.7) 3.8 3.4 (16.2) (43.4) (267.9) (261.8) $143.7 $239.7 $208.0 $213.5 $193.9 $121.4 Rayonier 51 Investor Relations | August 2017#53Reconciliation of Pro Forma Sales and Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Corporate and Other Total 2017 Sales $63.5 $44.2 $117.9 $79.9 $75.7 $381.2 Large Dispositions (1) (42.0) (42.0) (1) Pro Forma Sales $63.5 $44.2 $117.9 $37.9 $75.7 $339.2 Operating Income $23.6 ($2.4) $37.1 $45.8 $2.2 ($10.1) $96.2 Non-operating expense ($0.3) ($0.3) Depreciation, depletion & amortization 24.4 17.3 20.8 5.2 0.2 67.9 Non-cash cost of land and real estate sold 0.1 7.3 7.4 Costs related to shareholder litigation (1) 0.7 0.7 Large Dispositions (1) (28.2) (28.2) Adjusted EBITDA (1) $48.0 $14.9 $57.7 $30.1 $2.2 ($9.2) $143.7 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier 52 Investor Relations | August 2017#54Reconciliation of Pro Forma Sales and Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2016 Pacific Southern Timber Northwest New Zealand Timber Timber Real Estate Trading Corporate and Other Total Sales $132.9 $75.2 $172.5 Large Dispositions (1) $299.4 (207.3) $108.3 $788.3 (207.3) (1) Pro Forma Sales $132.9 $75.2 $172.5 $92.1 $108.3 $581.0 Operating Income $43.1 ($4.0) $33.1 $202.4 $2.0 ($20.8) $255.8 Depreciation, depletion & amortization Non-cash cost of land and real estate sold 49.8 25.2 23.4 16.3 0.4 115.1 1.8 9.9 11.7 Costs related to shareholder litigation (1) 2.2 2.2 Large Dispositions Gain on foreign currency derivatives (1) (1.2) (1.2) (143.9) (143.9) Adjusted EBITDA EBITDA Margin (1) $92.9 $21.2 $58.3 $84.7 $2.0 ($19.4) $239.7 (2) 70% 28% 34% 92% 2% 41% 2015 Sales Large Dispositions $139.1 $76.5 $161.6 $86.5 $81.2 $544.9 Pro Forma Sales (1) $139.1 $76.5 $161.6 $86.5 $81.2 $544.9 Operating Income $46.7 $6.9 $2.8 $44.3 $1.2 ($24.1) $77.8 Non-operating expense (0.1) (0.1) Depreciation, depletion & amortization 54.3 14.8 29.7 14.5 0.4 113.7 Non-cash cost of land and real estate sold 0.5 12.0 12.5 Costs related to shareholder litigation (1) 4.1 4.1 Adjusted EBITDA (1) $101.0 $21.7 $33.0 $70.8 $1.2 ($19.7) $208.0 EBITDA Margin (2) 73% 28% 20% 82% 1% 38% (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). (2) EBITDA Margin is calculated as Adjusted EBITDA divided by Pro Forma Sales. Rayonier Investor Relations | August 2017 53#55Reconciliation of Pro Forma Sales and Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2014 Pacific Southern Timber Northwest New Zealand Timber Timber Real Estate Trading Corporate and Other Total Sales $141.8 $102.2 $182.4 $77.3 $103.7 ($3.9) $603.5 Large Dispositions (1) (22.0) (22.0) Pro Forma Sales (1) $141.8 $102.2 $182.4 $55.3 $103.7 ($3.9) $581.5 Operating Income $45.7 $29.5 $9.5 $47.5 $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 4.3 8.9 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 $46.0 $48.4 $1.7 ($31.3) $213.5 EBITDA Margin (2) 69% 50% 25% 88% 2% 37% 2013 Sales $123.8 $110.5 $147.7 $149.0 $131.7 ($3.0) $659.7 Large Dispositions (1) (80.0) (80.0) Pro Forma Sales (1) $123.8 $110.5 $147.7 $69.0 $131.7 ($3.0) $579.7 Operating Income $37.8 $32.7 $10.6 $55.9 $1.8 ($30.1) $108.7 Depreciation, depletion & amortization 49.4 21.4 27.7 17.4 1.0 116.9 Non-cash cost of land and real estate sold 10.2 10.2 (1) Large Dispositions (25.7) (25.7) Gain on Consolidation of New Zealand JV (1) (16.2) (16.2) Adjusted EBITDA (1) $87.2 $54.1 $38.3 $57.8 $1.8 ($45.3) $193.9 EBITDA Margin (2) 70% 49% 26% 84% 1% 33% (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). (2) EBITDA Margin is calculated as Adjusted EBITDA divided by Pro Forma Sales. Rayonier Investor Relations | August 2017 54#56Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2012 Operating Income Depreciation, depletion & amortization Non-cash cost of land and real estate sold Adjusted EBITDA (1) Pacific Southern Northwest New Zealand Timber Timber Timber Real Estate Trading Corporate and Other Total $23.4 $20.6 $2.0 $32.0 ($0.1) 52.7 22.2 0.2 8.1 ($45.8) 1.4 $32.1 84.6 4.7 4.7 $76.1 $42.8 $2.2 $44.8 ($0.1) ($44.4) $121.4 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier 55 Investor Relations | August 2017