#1INVESTOR PRESENTATION May 2023 Rayonier More than trees#2Forward-Looking Statements Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier's earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier's business strategies, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier's business strategies and other similar statements relating to Rayonier's future events, including any benefits associated with the particular acquisitions described in this presentation (the "Acquisitions"), developments or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "believe," "intend," "project," "anticipate" and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: our ability to realize the anticipated financial and other benefits of the Acquisitions; the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings, including any downturn in the housing market; entry of new competitors into our markets; changes in global economic conditions and world events, including the war in Ukraine; business disruptions arising from public health crises and outbreaks of communicable diseases, including the outbreak of the virus known as the novel coronavirus; fluctuations in demand for our products in Asia, and especially China; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging, trucking and ocean freight services; the geographic concentration of a significant portion of our timberland; our ability to identify, finance and complete timberland acquisitions; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, and endangered species, that may restrict or adversely impact our ability to conduct our business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires, which can adversely affect our timberlands and the production, distribution and availability of our products; interest rate and currency movements; our capacity to incur additional debt; changes in tariffs, taxes or treaties relating to the import and export of our products or those of our competitors; changes in key management and personnel; our ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust ("REIT") and changes in tax laws that could adversely affect beneficial tax treatment; the cyclical nature of the real estate business generally; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida and Washington, which also may be affected by changes in law, policy and political factors beyond our control; unexpected delays in the entry into or closing of real estate transactions; changes in environmental laws and regulations that may restrict or adversely impact our ability to sell or develop properties; the timing of construction and availability of public infrastructure; and the availability 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 | May 2023 1#3Rayonier Rayonier Today 2 Investor Presentation | May 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 U.S. South (45%) Sustainable yield of ~11 million tons annually Established in 1926 97 YEARS 1926 2023 New Zealand FY22 ADJ. EBITDA $314MM (16%) Pacific Northwest (18%) Rayonier Sustainable Certifications SFI-00023 FSC www.fsc.org FSC® A000522 The mark of responsible forestry PEFC™ PEFC/40-23-6 Promoting Sustainable Forest Management www.polc.org Mission: Provide industry-leading financial returns to our shareholders while serving as a responsible steward of the environment and a beneficial partner to the communities in which we operate (1) Includes total Pope Resources transaction value - i.e., consideration plus net debt assumed of $576 million. Investor Presentation | May 2023 3#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 March 31, 2023. U.S. SOUTH Acreage: 1.91mm acres Sustainable Yield: 6.8 - 7.2mm tons 91 2 16 263 710 147 285 396 4 Investor Presentation | May 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 70% 72% 60% Other 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 | May 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 | May 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 I Weyerhaeuser Sector-Leading HBU Value Realizations Real Estate Value per Acre Sold (2021 - 2022) $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 (1) Potlatch Rayonier Weyerhaeuser Improving Harvest Profile (2) Historical & Projected Harvest Volumes (tons in MMs) 2018-2022 ■Southern Rayonier 2023-2027 Pacific Northwest ■New Zealand 60% 50% 40% 30% 20% 10% Potlatch Unique Exposure to China Export Market % of 2022 Volume Sold into China Market Excludes Large Dispositions, Improved Development and Conservation Easements. Based on Rayonier estimates; assumes current portfolio with no acquisitions or divestitures. Based on estimated export volume sold into China market. Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2023 (3) New Zealand Pacific Northwest Southern Total Rayonier 7#9Rayonier's Strategic Priorities MANAGE FOR LONG-TERM VALUE ACQUIRE HIGH-QUALITY TIMBERLANDS OPTIMIZE PORTFOLIO ■ Design harvest strategy to achieve long-term, sustainable yield ■ Balance biological growth, harvest cash flow and responsible stewardship ■ Pursue acquisitions that improve portfolio quality and sustainable yield ◉ Maintain disciplined approach to acquisitions; minimize HBU speculation Opportunistically monetize lands where premium valuations can be achieved ■ Pursue value creation activities on select properties to enhance long-term value VALUE FOCUS ON QUALITY OF ■ Focus on harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow EARNINGS POSITION FOR LOW-CARBON ECONOMY ■ Capitalize on increasing demand for carbon solutions / sequestration Integrate ecosystem services opportunities into long-term strategic planning BEST-IN-CLASS STEWARDSHIP & DISCLOSURE ◉ Develop and integrate robust ESG policies and best practices Establish Rayonier as industry leader in transparent disclosure Rayonier Investor Presentation | May 2023#10Conservative Capital Structure & Financial Policy Credit Highlights & Ratio Targets Current Credit Ratings ($ in millions) Capitalization & Maturity Profile ■ S&P: ■ Moody's: Credit Highlights BBB- / Stable Baa3 / Stable ■ Strong Adjusted EBITDA* margins ■ High EBITDA-to-FCF conversion Total Debt (2) 3/31/2023 $1,522.2 (-) Cash (2) (98.7) Net Debt* $1,423.5 Credit / Valuation Data 2022 Adjusted EBITDA* $314.2 Shares/OP Units Outstanding 150.5 Enterprise Value (3) $6,428.9 Credit Statistics ■ Significant asset coverage 3.1% weighted avg. cost of debt (~90% fixed) (1) Credit Ratio Targets Committed to maintaining an investment grade credit profile Net Debt* / Adj. EBITDA* 4.5x Net Debt* Enterprise Value 22% ($ 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 3/31/2023. 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 $32.96 as of 3/31/2023. Non-GAAP measure (see Appendix for definitions and reconciliations). Investor Presentation | May 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 Increased qtrly. dividend by 5.6% to $0.285 per share effective Q2 2022 Funded from recurring timber and real estate operations Large Dispositions* excluded from CAD* Manage Our Balance Sheet ■ Investment grade ratings with stable outlook Well-staggered maturity profile ■ ~3.1% weighted average cost of 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) 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 $31.31 as of 5/1/2023 and annualized dividend of $1.14 per share. (5) Weighted average cost of debt calculated as of 3/31/2023. * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Rayonier (3) RYN share price at time of transaction announcement was $32.72. 10 Investor Presentation | May 2023#12Rayonier ESG Highlights ENVIRONMENTAL GOVERNANCE EJO SOCIAL 14.7MM METRIC TONS OF CARBON SEQUESTERED Equal to removing 3.2MM cars from the road CO 347,809 METRIC TONS OF CARBON EMITTED Scope 1, 2, and 3 emissions of >90% ACCIDENT-FREE Worksites in the U.S. 34.8MM SEEDLINGS PLANTED IN 2021 Replanting harvested timber PROTECTING WILDLIFE 35-year Safe Harbor Agreement signed in Washington to protect the Marbled Murrelet THIRD-PARTY STANDARD CERTIFICATION 99% New Zealand timberlands & 96% U.S. timberlands are certified to third-party standards 16% REDUCTION YOY Total Recordable Incident Rate Y 35% REDUCTION YOY Lost Time Incident Rate 200* 60% Rayonier DIVERSE Board Diversity * COMMUNITY GIVING OVER 600 CONTRACTORS Participated in Contractor Safety Program and Educational Training $374K USD and $152K NZD donated to support local communities 88888888 >75% DIRECTOR NOMINEES 9 of 10 are independent" MEETING ATTENDANCE Director Attendance PROTECTING WATER Private Forest Accord signed in Oregon to enhance protection of water streams SUSTAINABLE HARVESTING 95,000 acres harvested= 3.5% of total acreage $ 19% INCREASE YOY Female leadership positions SUPREME AWARD: Improving Employment Conditions & Promoting Diversity Rayonier Matariki recognized by Ministry for Primary Industries and the Agricultural and Marketing Research and Development Trust ANNUAL BONUS PROGRAM Incorporates ESG initiatives COMMITTEE CHAIRS 2 of 3 are chaired by women Note: All metrics reflect the year ended December 31, 2021 (per most recent sustainability report) unless otherwise noted. * Reflects the addition of a 10th director in November 2022. ESG OVERSIGHT Responsibility of Nominating and Corporate Governance Committee 11 Investor Presentation | May 2023#13U.S. South Acquisitions Overview Rayonier 12 Investor Presentation | May 2023#14Rayonier U.S. South Acquisitions - Executive Summary Rayonier Acquired ~137,800 Acres of Timberlands in Texas, Alabama, Georgia, and Louisiana for $454 million ■ Consists of two separate transactions referred to as Project Dionysus (129k acres) and Project Tigercat (9k acres) ☐ Acquisitions financed with cash on hand and proceeds from new $250 million term loan through Farm Credit System STRONG MARKETS HIGHLY PRODUCTIVE TIMBERLANDS WELL-STOCKED INVENTORY COMPLEMENTARY FOOTPRINT STRONG HARVEST & CASH FLOW METRICS SIGNIFICANT UPSIDE/ OPTIONALITY STRONG CAPITAL ALLOCATION FIT Acquisition Highlights Weighted-average TimberMart-South (TMS) market ranking of 5.3 (out of 22 markets) (1) Including acquisitions, approximately 71% of RYN's U.S. South acreage in top quartile markets ■ 72% plantable with an average expressed site index of 73 Sustainable yield of 4.8 tons per acre per year (versus 3.5 tons for RYN legacy U.S. South) Strong merchantable inventory stocking of 54 tons per acre; average grade mix of ~67% Mature age-class with average plantation age of ~18 years Improves U.S. South sustainable yield by ~11% to ~7.0 million tons Exceptional fit with Rayonier's existing footprint; improves economies of scale in core markets Average annual harvest volume of ~725k tons over the next 10 years Expected average annual Adj. EBITDA contribution of ~$23mm (timber-only) over next 10 years (2) No wood supply agreements encumber the properties, providing enhanced optionality Additional upside potential from HBU real estate and natural climate solutions opportunities Premier acquisition opportunity; provides added scale in strategically located markets Ideal use of balance sheet capacity and attractive Farm Credit debt; accretive to CAD per share Rayonier 2 Based on market ranking at time of acquisition announcement. Based on Rayonier estimates. Includes timber operations and customary non-timber revenue (e.g., recreational licenses). Excludes potential HBU and natural climate solutions opportunities. Investor Presentation | May 2023 13#15Acquisitions Provide Enhanced Scale in Strong Markets ~137,800 Fee Acres (TX/LA/AL/GA) Sabine TX/LA Properties (74,400 acres) LOUISIANA ** Houston ° wwww ° Birmingham Atlanta MISSISSIPPI ALABAMA GEORGIA Jackson Montgomery ° AL Properties (35,300 acres) Baton Rouge New Orleans Rayonier Investor Presentation | May 2023 Savannah GA Properties (28,200 acres) Columb FLORIDA Tallahassee Jacksonville Orlando N Acquisitions Rayonier Ownership 0 100 200 Miles 14#16Acquisitions Upgrade Quality of U.S. South Portfolio 80% Commercial Forest Area - % Plantable (1) Productivity - Site Index (2) 75% 70% 67% 65% 60% 55% 50% RYN Legacy U.S. South 72% Acquisitions Inventory Stocking - Tons per Acre 60 50 37 40 30 20 10 | RYN Legacy U.S. South 54 Acquisitions 80 75 72 70 65 60 55 50 RYN Legacy U.S. South 73 Acquisitions Sustainable Yield – Tons per Acre per Year (3) 6.0 5.0 4.0 3.5 3.0 2.0 1.0 RYN Legacy U.S. South 4.8 Acquisitions The Acquisitions improve the overall quality of Rayonier's U.S. South portfolio and add meaningful scale in some of our strongest timber markets. Rayonier Note: Charts reflect data for the Acquisitions versus Rayonier's legacy U.S. South portfolio (prior to acquisition). Includes land classified as natural plantable. Site index base age = 25 years for U.S. South. RYN legacy U.S. South based on sustainable yield of 6.1 to 6.5 million tons (per 2021 Form 10-K). Acquisitions based on forecasted long-term sustainable yield. Investor Presentation | May 2023 15#17Rayonier Acquisitions vs. Recent Peer Deals Acquisition Price per Acre Avg. Annual EBITDA per Acre (Nominal) (1) CatchMark (PCH): 5-Year / RYN & WY Acquisitions: 10-Year $4,000 $3,500 $200 $3,295 $3,280 $166 $175 $3,000 $150 $2,578 $2,500 $125 $2,000 $100 $1,500 $75 $1,000 $50 $500 $25 RYN Acquisitions CatchMark (PCH) Carolinas (WY) RYN Acquisitions EBITDA Yield (Nominal) (1) CatchMark (PCH): 5-Year / RYN & WY Acquisitions: 10-Year 6.0% 5.0% 5.0% 4.0% 3.0% 2.0% 1.0% 4.0% $104 $160 CatchMark (PCH) Carolinas (WY) EBITDA Multiple (1) CatchMark (PCH): 5-Year / RYN & WY Acquisitions: 10-Year 30.0x 4.9% 25.0x 20.0x 20.0x 15.0x 10.0x 5.0x RYN Acquisitions CatchMark (PCH) Carolinas (WY) 24.8x 20.5x RYN Acquisitions Catch Mark (PCH) Carolinas (WY) Key metrics for Rayonier's acquisitions compare favorably to other recent large-scale transactions in the U.S. South. Note: (1) Rayonier (2) Catch Mark (PCH) and Carolinas (WY) metrics based on publicly disclosed acquisition values and public guidance provided by acquirers (i.e., 5 years for CatchMark and 10 years for WY Carolinas). RYN Acquisitions metrics reflect estimates for timber/NTI-only Adj. EBITDA (i.e., excluding Real Estate Adj. EBITDA). Catch Mark timber-only EBITDA estimated based on PCH EBITDA guidance of $55 million and PCH commentary indicating that timber represents roughly 2/3rds of total. Investor Presentation | May 2023 16#18Rayonier Key Industry Trends 17 Investor Presentation | May 2023#192,500 Underbuilding a Key Difference From Prior Cycle Implied Population Adjusted Housing Starts vs. Actual Housing Starts 2,000 1,500 Annual Housing Starts (000s) 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 | May 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 18#20Repair & Remodel Demand Poised to Remain Strong 2022 U.S. Lumber Consumption by End-Use Homeowner Improvements & Repairs (1) (billion) $500 30% Multifamily Construction Mobile Home Shipments 1% $400 20% 5% Nonresidential Construction 4% $300 10% $200 0% $100 -10% -20% 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023E Four-Qtr Moving Total Four-Qtr Moving Rate of Change Industrial Production 22% Residential Improvements 40% Single Family Construction 28% U.S. Housing Stock has Aged Considerably Age (in Years) 35 30 4252250 15 10 27 29 29 30 31 31 32 34 35 37 38 39 40 42 2003 2005 2007 2009 2011 Median Age of Owner-Occupied Housing 2013 2015 2017 2019 2021 1995 1997 1999 2001 Residential improvements comprise the largest component of U.S. demand for lumber. Source: Forest Economic Advisors and Harvard Joint Center for Housing Studies. Rayonier (1) Reflects Leading Indicator of Remodeling Activity data from The Harvard Joint Center for Housing Studies. Investor Presentation | May 2023 19#21U.S. South Lumber Capacity Gaining Market Share Share of North American Lumber Capacity (1) (% of N. American Lumber Capacity) 2022 Average Production Costs by Region (2) (US$ 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 $250 Source: Forest Economic Advisors. (1) (2) Rayonier 2000 2002 2004 2006 2008 2010 Eastern Canada represents Canada East of Rockies as reflected by FEA. Canadian regional costs converted to US$ 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. Investor Presentation | May 2023 2012 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 $200 British Columbia U.S. West Coast Canada West Inland Eastern U.S. U.S. South 20#22U.S. South Well-Positioned with Increased Market Share North American Lumber Production & U.S. South Share (BBF) 80 00 (% U.S. South) 45% Correlation – Housing Starts vs. NA Lumber Production 80 75 70 0 60 50 40 Illustrative 2023 Scenarios 40% 35% 30% 25% 20% 30 15% Prior Peak (2005) U.S. South Production = 19.0BBF 20 10% 10 1 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 5% 0% ☐ ☐ NA Lumber Production (BBF) 70 65 60 55 50 45 40 35 30 0.00 0.50 1.00 y= 18.56x+36.32 R2 = 0.909 1.50 2.00 2.50 U.S. Housing Starts (millions) 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. Rayonier Source: WWPA, FEA, RYN Analysis. Investor Presentation | May 2023 21#23Availability of Viable B.C. Timber Has Declined Rapidly Inventory of Available Live and Dead Lodgepole Pine by Years Since Attack (million m³) 1,600 Economic "Shelf-Life" of Beetle Kill Wood = 8-12 Years 1,400 1,200 1,000 800 600 BC Interior AAC (million m3) % change 2000 2009 400 50.6 61.0 2022 41.7 '00-22 -18% '09-22 -32% 200 2010 - 2015: ~19% Decline in <12 yrs Dead Volume 2015-2020: -39% Decline in <12 yrs Dead Volume Lumber Capacity Curtailments Since 2015 ~3.5-4.0 billion board feet 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Duration Since Mortality: Live >12 yrs ■<8 yrs ■9-10 yrs 11-12 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 | May 2023 22#24China's Large Timber Supply Deficit is Growing China Total Timber Supply Deficit (million m3 RWE) 360 China Softwood Log and Lumber Imports (million m³ RWE) 90 320 280 240 200 160 120 80 60 40 40 80 60 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 | May 2023 23#25Chinese Log & Lumber Imports Rely on NZ and Russia Chinese Log Import Volumes (million m3 RWE) 60 Chinese Lumber Import Volumes (million m3 RWE) 60% 45 Russia New Zealand 40 USA 40 50 50 ROW 50% % New Zealand 35 55 40 40 30 30 20 20 10 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 40% 30 30 25 30% 20 20 20% 15 10 10% 5 Russia 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 | May 2023 50% 40% 30% 20% 10% 24#26Rayonier Properties Export by Destination China Japan 25 50 Miles 100 500,000 100,000 Positioned to Access Key Ports Pacific Northwest Log Exports Port and Destination - 2022 Pacific Northwest Exports by Destination Korea 1,500,000 Columbia-Snake, OR Cubic Meters 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 800 700 600 500 Wilmington, NC 400 300 Charleston, SC 200 Rayonier Properties Export by Destination 100 Savannah, GA China Vietnam I India 1,500,000 Cubic Meters Rayonier Source: Global Trade Atlas and Rayonier analysis. 500,000 100.000 Miles 0 50 100 200 Investor Presentation | May 2023 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 ■China Japan Korea 2021:1 2021:2 2021:3 2021:4 U.S. South Log Exports by Destination (thousand m³) 2017:1 2017:2 2017:3 2017:4 2018:1 2018:2 2018:3 2018:4 2019:1 2019:2 2019:3 2019:4 ■China India Vietnam 2020:1 2020:2 2020:3 2020:4 2021:1 2021:2 2021:3 2021:4 2022:1 2022:2 2022:3 2022:4 25 2022:1 2022:2 2022:3 2022:4#27European Spruce Beetle Epidemic China Softwood Log Imports from Europe (thousand m³) China Softwood Log Imports by Major Source (million m³) 25 2,500 2,000 1,500 1,000 500 Mar-20 Jun-20 ■Germany Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 ■Czech Republic Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Other Europe 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 | May 2023 26#28Deconstructing Timberland Returns Rayonier Investor Presentation | May 2023 27 27#29U.S. South Historical Valuation Snapshot U.S. South EBITDA per Acre (NCREIF) $60 $50 $40 $30 $20 $10 I 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 | May 2023 1990 1991 1992 1993 1994 1995 1996 1997 60x 50x Average 40x 30x 20x 10x 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 CAGR 3.9 % 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. = 36.6x 2010 2012 2014 2016 2018 2020 2022 2003 2004 2005 2006 U.S. South EBITDA Multiples (NCREIF) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 28#30Historical 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% T llun T dulh T 1990 1992 1994 1996 1998 2000 2002 T T T 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 | May 2023 29#31Components of Timberland Return - U.S. South Low Risk Scale Return Component Value Range Risk to Achieve Cash Return Expectation EBITDA Return (-) Capex Investment Current Cash Flow Return 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 | May 2023 30#32Productivity is a Key Driver of Timberland Value Rayonier U.S. South Pine Site Index 25 (feet) 80 15 75 Recently harvested stands Tons / Acre/ Year Harvest Volume Increases with Site Index (1) 6.0 5.0 4.0 3.0 2.0 1.0 Transition 70 to 75 over 25 years = 0.6% productivity CAGR Site Index 25 (feet) 70 70 65 65 99 70 75 80 85 99 Site Index 25 (feet) Product Mix Improves with Site Index (1) 100% 80% 60% 40% 60 60 20% 1993- 1996- 1999- 2001- 2005- 2008- 1995 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 | May 2023 31#33Rayonier 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% 2004 2005 2006 1.0% 0.9% 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 Avg. Avg. Avg. $4,267 $4,002 $2,675 $2,858 $3,242 $3,417 $3,579 $2,132 $2,149 $1,897 $2,453 $1,839 $2,186 $2,538 $2,536 $2,170 W $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 $15,000 per acre. Investor Presentation | May 2023 32#34Illustrative HBU Economics Example: 1 Million Acre U.S. South Portfolio ($ 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 % of Acreage Sold 0.75% (0.1%) 0.1% 0.3% 0.4% 0.6% 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. 33 Investor Presentation | May 2023#35Deconstructing Timberland Returns - Illustrative Acquisitions Illustrative Acquisition Scenario A - Low Productivity Asset / Bottom Quartile Market Assumed Portfolio Profile Expected Components of Return 5.0% Location MS-1 4.5% 4.0% 1.3% Composite Stumpage Price (1) $10.48 3.5% 3.0% 0.5% Site Index 2.5% 65 1.0% 4.5% 2.0% (0.5%) Volume per Acre per Year (2) 3.2 1.5% 1.0% 2.2% 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 Return Components (% of Total) 28% 39% 33% ■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% 6% 3.0% 71% Site Index 80 2.5% 4.5% 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 $3,500 EBITDA Return (Capex) Productivity HBU Real Price Real Return Gains Uplift Increases ■Cash Yield Productivity / HBU ▪ Price Increases Rayonier (3) Based on TimberMart-South 3-year average (2020-2022) regional average composite stumpage price assuming mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes mix of plantation/hardwood acreage and loblolly / slash species based on Rayonier portfolio averages. Assumes non-timber income roughly offsets timber management costs for illustration purposes. Investor Presentation | May 2023 34#36Rayonier Timber Segments Overview 35 Investor Presentation | May 2023#37Southern Timber - Portfolio Overview Highlights/Location Acreage: 1.91 million acres Five-Year Performance Summary ($ in millions) (Tons in 000s) $180 7,000 ☐ 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 Adjusted EBITDA* $160 6,500 $140 6,000 $120 $100 5,500 $80 5,000 $60 4,500 Volume (Tons) $40 ☐ Sustainable Forestry Initiative Certification 4,000 $20 3,500 2018 2019 2020 2021 2022 Adjusted EBITDA Volume Rayonier Acres in 000s 300 250 200 150 100 50 Balanced Age Class Profile (2) 0-4 5-9 10-14 15-19 20-24 25+ Natural Pine Age Class in Years (1) Site index reflects the average height of the dominant and codominant trees at a base age of 25 (U.S. South). (2) Age class profile as of 09/30/22 per 2022 Form 10-K. Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2023 36#38OK-1 TX-1 2. ☐ 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 TN-1 TN-2 AR-2 SC-1 AR-1 GA-1 MS-1 AL-1 GA-2 AL-2 LA-1 MS-2 LA-2 VA-1 VA-2 $30 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 $5 FL-1 0 50 100 150 200 250 Miles FL-1 GA-2 FL-2 NC-2 AL-2 SC-2 SC-1 VA-2 ⚫% Change 2020-22 40% Acquisition Markets 30% 20% LA-1 TX-1 TX-2 VA-1 NC-1 AL-1 LA-2 GA-1 MS-2 AR-2 AR-1 MS-1 TN-2 TN-1 Le Approximately 71% of Rayonier's Southern timberlands are located in top quartile markets (ranked by TimberMart-South composite stumpage pricing). Rayonier Source: Note: TimberMart-South. Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | May 2023 10% 0% -10% -20% 37#39($ per ton) $28 $26 $24 $22 $20 $18 $16 $14 $12 $10 $8 2015:Q1 2015:Q2 2015:Q3 2015:Q4 2016:Q1 1st Quartile TimberMart-South. 2016:Q2 2016:Q3 Pricing Trends in Top Markets Have Remained Favorable TimberMart-South Composite Stumpage Prices by Quartile 2016:Q4 2017:Q1 2017:Q2 2nd Quartile 2017:Q3 2017:Q4 Avg. TMS Q4-22 Composite Price Prem / (Disc) to Median Price Three-Year Price Change 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile $23 49% 37% $16 4% 7% $14 (6%) 7% $10 (35%) (8%) U.S. South Median $15 12% RYN Acquisitions $18 14% 16% 2018:Q2 2018:Q1 2018:Q3 3rd Quartile 2018:Q4 Source: Note: Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. (1) Three-year price change reflects Q4 2022 TMS pricing compared to Q4 2019 TMS pricing. Investor Presentation | May 2023 2019:Q1 2019:Q4 2019:Q2 2019:Q3 4th Quartile 2020:Q1 2020:Q2 2020:Q3 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. 2020:Q4 2021:Q1 2021:Q3 2021:Q2 RYN Acquisitions (Weighted Average) 2021:Q4 2022:Q1 2022:Q2 2022:Q3 2022:Q4 Rayonier 38#40Lumber Capacity Expansion in U.S. South Active Mill Expansion in the U.S. South (1) Mill Expansion New Expansion Restart Capacity Increase < 25 MMBF 25 125 MMBF 125 250 MMBF 250+ MMBF Miles 0 50 100 150 200 U.S. South Lumber Production / Capacity (BBF) 25.0 22.5 20.0 17.5 100% 95% 90% 85% 15.0 80% 12.5 75% 10.0 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. (1) Rayonier Source: Reflects mill capacity announced since 2017. New capacity reflected as of announced start date and adjusted based on FEA estimates. Forest Economic Advisors (FEA), TMS, Forisk, ERA, and press release announcements. Investor Presentation | May 2023 70% 65% 60% 55% 50% 39#41$5 $45 $40 $35 $30 $25 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 $20 2000 U.S. South Pulpwood 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 U.S. South Sawtimber 2022 U.S. South Composite $10 $50 $40 $30 2005 2022: +54% $20 $10 I 2000 2001 2002 2003 2013 2014 2015 2016 2017 FL1 Pulpwood FL1 Sawtimber FL1 Composite Weaker Markets Hinder Composite Pricing TMS MS1 Region 2005 2022: -44% 2000 2001 2002 2003 2004 2005 2006 -MS1 Pulpwood 2007 2008 2009 As sawtimber pricing eroded in the U.S. South, increased pulpwood pricing has helped support the overall composite price in strong markets where Rayonier focuses its ownership. Rayonier Source: TimberMart-South. Note: Composite pricing assumes 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | May 2023 2010 2011 2012 2013 MS1 Sawtimber 2014 2015 2016 2017 2018 2019 2020 2021 2022 MS1 Composite 40 2018 2019 2020 2021 2022#42U.S. South EBITDA* Benchmarking ■ EBITDA* per ton best captures profitability per unit of sales EBITDA* per acre can be misleading due to differential rates of harvest U.S. South Rate of Harvest U.S. South EBITDA* / Acre U.S. South EBITDA* / Ton ($ per ton harvested) (tons per acre per year) $26 $24 $22 6.0 5.5 ($ per acre) $90 $85 $80 $75 5.0 4.5 $70 $65 4.0 $60 $20 3.5 $55 3.0 $50 $18 2.5 $16 2.0 $14 $12 1.5 1.0 $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 ■RYN WY PCH CTT 2017 "초 2018 2019 2020 2021 2022 $45 $40 $35 2014 2015 슬 2016 2017 WY "초 2018 2019 PCH 2020 2021 2022 CTT Rayonier Source: WY figures pro forma for PCL combination. CTT figures include a modest amount of acreage and harvest volume from the Pacific Northwest. EBITDA, harvest volume and acreage data for all peers based on public filings. Per acre data calculated based on estimated average acres for each year (i.e., average of year-end and prior year- end acres), adjusted for major acquisitions/dispositions (i.e., pro-rated from date of transaction). * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2023 41#43Pacific Northwest Timber - Portfolio Overview Highlights/Location Five-Year Performance Summary ($ 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 Sustainable Forestry Initiative Certification Adjusted EBITDA* $60 1,750 $50 1,500 $40 1,250 $30 1,000 $20 Volume (Tons) $10 750 500 2018 2019 2020 2021 2022 Adjusted EBITDA Volume Acres in 000s 60 40 20 2882 120 100 80 Improving Age Class Profile (2) וויו 0-9 10-19 20-29 Age Class in Years 30-39 40+ (1) Site index reflects the average height of the dominant and codominant trees at a base age of 50 (Pacific Northwest); based on King 1966 site index equation for Douglas-fir and Wiley 1978 site index equation for Western Hemlock. (2) Age class profile represents commercial forest acres as of 9/30/22 per 2022 Form 10-K. Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2023 42#44Pacific Northwest Demand & Pricing Trends (BBF) (1) 14.0 Pacific Northwest Log Demand & Pricing 12.0 10.0 8.0 6.0 4.0 2.0 ($ per MBF) $1,200 $1,000 $800 $600 $400 I Q3-2012 Q1-2013 Q3-2013 Q1-2014 Q3-2014 Q1-2015 Q3-2015 Q1-2016 Q3-2016 Q1-2017 Q3-2017 Q1-2018 Q1-2007 Q3-2007 Q1-2008 Q3-2008 Q1-2009 Q3-2009 Q1-2010 Q3-2010 Q1-2011 Q3-2011 Q1-2012 West Coast Lumber Production Douglas-fir Log Price (Log Lines Region #1 - #2 Sawlog) Q3-2018 Q1-2019 Q3-2019 Q1-2020 Q3-2020 Q1-2021 Q3-2021 Q1-2022 Q3-2022 Log Exports (Lumber Basis) (2) Q1-2023 Western Hemlock Log Price (Log Lines Region #1 - #2 Sawlog) $200 Pacific Northwest pricing remained strong in 2022 due to strong domestic lumber markets and continued export market demand. (1) (2) Rayonier Source: Production and export volume based on trailing four quarters. Log exports converted to lumber basis assuming 2.35 recovery rate. Forest Economic Advisors, RISI. Investor Presentation | May 2023 43#45☐ Pacific Northwest EBITDA* Benchmarking Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest Rayonier's Pacific Northwest EBITDA* per ton has historically been below the peer group due to its higher proportion of hemlock volume (vs. Doug-fir) and higher mix of cable logging Northwest EBITDA* / Ton Northwest Rate of Harvest Northwest EBITDA* / Acre ($ per ton harvested) (tons per acre per year) ($ per acre) $70 6.0 $240 5.0 $200 $160 $120 $60 $50 $40 $30 $20 $10 2014 2015 RYN 2016 2017 2018 2019 WY 2020 2021 2022 Pope 4.0 3.0 2.0. 1.0 I 2021 2014 2015 2016 ■RYN WY Pope 2017 2018 2019 2020 2022 $80 $40 2020 2021 2022 2014 2015 2016 RYN WY Pope 2017 2018 2019 EBITDA* per ton and EBITDA* per acre have both trended higher since 2019 as a result of the Pope acquisition and higher pricing. Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2014 - 2015. Volume and acreage data for all peers based on historical public filings. Investor Presentation | May 2023 Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). 44#46New Zealand Timber - Portfolio Overview Highlights/Location Five-Year Performance Summary ($ in millions) (Tons in 000s) ☐ Acreage: 419,000 acres (297,000 productive acres) $100 3,000 ☐ 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* $80 2,800 $60 2,600 $40 2,400 Volume (Tons) $20 2,200 2,000 2018 2019 2020 2021 2022 Adjusted EBITDA Volume Rayonier Acres in 000s Balanced Age Class Profile (Radiata) (2) 80 70 60 50 40 30 20 10 0-4 5-9 10-14 15-19 20-24 25+ Other Species Age Class in Years Site index reflects the average height of the dominant and codominant trees at a base age of 20 (New Zealand). Age class profile as of 12/31/22 per 2022 Form 10-K. Annual appraisals are obtained by Matariki Forestry Group for compliance with statutory financial reporting requirements. Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2023 45#47Diversified Mix of Domestic & Export Markets Volume by Market Destination (2022) Korea 10% RMF Domestic 35% RMF Export 50% Trading 15% China 87% Other 3% Over half of the New Zealand segment's volume (excluding Trading volume) is sold into export markets, with China being the largest source of demand. Rayonier Investor Presentation | May 2023 46#48Inventory Levels Drive Near-Term Price Fluctuations 6.0 Inventory-to-Demand Ratio vs. Export Log Price FOB A-Grade Export Log Price (US$/ m3 JAS) (1) 5.0 Inventory-to-Demand Ratio (Avg. Monthly Demand) (2) 4.0 3.0 2.0 10 1.0 $200 $175 $150 $125 $100 $75 Supply demand range considered in balance $50 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $25 China FOB US$ / m3 JAS 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 | May 2023 47#49New 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 (rotation age) (tons/acre/year) 45 12.0 255 40 40 о 10.0 35 8.0 U.S. South Pacific Northwest ■Volume / Acre @ Optimal Rotation Age New Zealand ●Rotation Age 50 5.8 30 6.0 25 25 4.0 20 20 15 15 2.0 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 | May 2023 48#50Rayonier Real Estate / HBU Strategy Investor Presentation | May 2023 49#51Real 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 | May 2023 50#52Favorable Migration Patterns Support HBU Values 2021 Domestic Migration Net Migration Inflow >50,000 Outflow 50,000 Inflow 50,000 Outflow >50,000 HEARTWOOD AT RICHMOND HILL wildlight Our Real Estate holdings are benefiting from favorable migration patterns, which we expect to continue post-pandemic. Rayonier Source: Harvard Joint Center for Housing Studies tabulations of US Census Bureau, 2021 Population Estimates Program. Investor Presentation | May 2023 51#53Real Estate Development: Focused Strategy Florida HBU Portfolio Vulcs 95 ~24,000 acres north of Jacksonville, FL Georgia HBU Portfolio 15A 17B REMAINING PUD AREA 10 ~20,000 acres south of Savannah, GA Rayonier has two unique HBU land portfolios located in close proximity to I-95 north of Jacksonville, FL and south of Savannah, GA, which provide long-term development opportunities. Rayonier Investor Presentation | May 2023 52#54Overview of Wildlight Development wildlight ◉ Initial phase commenced development in March 2016 ■ Well positioned in a growing sub-market ◉ Rayonier owns ~24,000 acres in a 5-mile radius ■ Total Sales Project-To-Date (1): ■ Residential: $32.9MM gross sales (206 gross ac) ■ Commercial (2): $29.9MM gross sales (152 gross ac) " Industrial: $7.3MM gross sales (87 gross ac) " Lot Price True-Ups: $2.9MM Wildlight Elementary School & Rayonier HQ Office Building completed August 2017 ■ 6-lane A1A highway and new Interstate 95 interchange completed in 2021 ■ Publix grocery store at Wildlight opened June 2022 W Our strategy is to target Northeast Florida market demand and catalyze value across our significant land holdings in the area over time. (1) Includes sales from 2017 - Q1 2023. Excludes marketing fees. Rayonier (2) Includes multi-family and build-to-rent parcels totaling 81 acres for $14.2 million. Investor Presentation | May 2023 53#55Overview of Heartwood Development HEARTWOOD AT RICHMOND HILL ■ Belfast Commerce Park (west of I-95) largely sold out ■ Initial residential and commercial phase consisting of 114 lots and community amenities (east of I-95) commenced development in 2021 Rayonier owns ~20,000 acres in a 5-mile radius ■ Total Sales Project-To-Date (1): Residential: Commercial (2): Industrial: $2.8MM gross sales (11 gross ac) $9.3MM gross sales (57 gross ac) $50.5MM gross sales (1,140 gross ac) Lot Price True-Ups: $0.9MM ■ Interstate 95 interchange opened in Jan. 2022 ■ Two Hyundai facilities within 30 miles of Heartwood under construction with an estimated 9,500 new jobs expected Our strategy is to target growing demand in the Savannah, Georgia suburban market and catalyze value across our significant land holdings in the area over time. Rayonier (1) Includes sales from 2013 - Q1 2023. Excludes marketing fees. (2) Includes multi-family parcels totaling 27 acres for $4.5 million. Investor Presentation | May 2023 54#56Appendix Rayonier Investor Presentation | May 2023 55#57Definitions of Non-GAAP Measures & Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, operating loss (income) attributable to noncontrolling interests in Timber Funds, costs related to the merger with Pope Resources, timber write-offs resulting from casualty events, the gain on investment in Timber Funds, Fund II Timberland Dispositions, costs related to shareholder litigation, gain on foreign currency derivatives, gain associated with the multi-family apartment sale attributable to NCI, internal review and restatement costs, net income from discontinued operations and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes the impact of specific items that management believes are not indicative of the Company's ongoing operating results. Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments), CAD attributable to noncontrolling interests in Timber Funds, and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common stock dividends, distributions to Operating Partnership unitholders, distributions to noncontrolling interests, repurchase of the Company's common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods. Costs related to shareholder litigation is defined as expenses incurred as a result of the shareholder litigation, shareholder derivative demands and Rayonier's response to an SEC subpoena. See Note 10 - Contingencies of Item 8 - Financial Statements and Supplementary Data in the Company's 2018 Annual Report on Form 10-K. Gain associated with the multi-family apartment sale attributable to NCI represents the gain recognized in connection with the sale of property by the Bainbridge Landing joint venture attributable to noncontrolling interests. Gain on foreign currency derivatives is the gain resulting from the foreign exchange derivatives the Company used to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand subsidiary. Fund II Timberland Dispositions represent the disposition of Fund II Timberland assets, which we managed and owned a co-investment stake in. Fund II Timberland Dispositions attributable to Rayonier represents the proportionate share of Fund II Timberland Dispositions that are attributable to Rayonier. Gain on investment in Timber Funds reflects the gain recognized on Fund II carried interest incentive fees as well as the gain recognized on the sale of Timber Funds III & IV. Costs related to the merger with Pope Resources include legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Net Debt is calculated as total debt less cash and cash equivalents. Timber write-offs resulting from casualty events include the write-off of merchantable and pre-merchantable timber volume destroyed by casualty events which cannot be salvaged. Rayonier Investor Presentation | May 2023 56#58Reconciliation of Net Debt ($ in millions) Q1 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 1,514.1 5.1 3.0 $1,522.2 (98.7) $1,423.5 57 Investor Presentation | May 2023#59Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ 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) 0.7 (11.5) 0.7 (16.6) (16.6) $156.9 $63.9 $54.5 $72.7 $0.4 ($34.2) $314.2 Adjusted EBITDA (1) 2021 Operating income Depreciation, depletion & amortization $66.1 $6.8 $51.5 $63.3 $112.5 $0.1 ($30.6) $269.8 54.1 50.5 27.0 2.4 7.9 1.2 143.2 Non-cash cost of land and improved development 25.0 25.0 Operating income attributable to NCI in Timber Funds (45.6) (45.6) Gain on investment in Timber Funds (1) (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 ($13.2) $72.0 ($0.5) ($45.2) $74.4 25.0 1.6 17.7 1.4 154.7 30.4 30.4 11.6 1.8 11.6 7.9 17.2 17.2 - $109.1 $37.1 $55.0 $1.8 (28.7) $91.4 (28.7) ($0.5) ($26.6) $267.4 Rayonier (1) Non-GAAP measure or pro forma item. 58 Investor Presentation | May 2023#60Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Pacific New ($ in millions) 2019 Southern Northwest Zealand Timber Timber Timber Timber Funds Real Estate Corporate Trading and Other Total Operating income (loss) $57.8 ($12.4) $48.0 $38.7 Depreciation, depletion & amortization 61.9 29.2 27.8 8.2 Non-cash cost of land and improved development Adjusted EBITDA (1) 12.6 $119.7 $16.7 $75.8 $59.5 ($25.1) $107.0 1.2 128.2 12.6 ($23.9) $247.8 2018 Operating income Depreciation, depletion & amortization Non-cash cost of land and improved development Adjusted EBITDA (1) ― $102.8 $40.9 $90.8 $44.2 $8.1 $62.8 $76.2 $1.0 58.6 32.8 28.0 23.6 ($22.3) 1.2 $170.1 144.1 23.6 - 23.6 $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) $290.5 (1) Non-GAAP measure or pro forma item. Rayonier 59 Investor Presentation | May 2023#61Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ 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 ($24.1) $77.8 Depreciation, depletion & amortization 54.3 14.8 25.5 18.7 0.4 113.7 Non-cash cost of land and improved development 12.5 12.5 Costs related to shareholder litigation (1) 4.1 4.1 Adjusted EBITDA (1) $101.0 $21.7 $27.1 $76.7 $1.2 ($19.6) $208.1 2014 Operating income $45.7 $29.5 $8.7 $48.3 $1.7 ($35.6) $98.3 Depreciation, depletion & amortization 52.2 21.3 32.2 13.4 0.9 120.0 Non-cash cost of land and improved development 13.2 13.2 Large Dispositions (1) (21.4) (21.4) Internal review and restatement costs 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 | May 2023 60