Investor Presentation

Rayonier'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 ■ Pursue acquisitions that improve portfolio quality and sustainable yield ■ Maintain disciplined approach to acquisitions, minimize HBU speculation OPTIMIZE PORTFOLIO VALUE FOCUS ON QUALITY OF EARNINGS BEST-IN-CLASS STEWARDSHIP & DISCLOSURE Opportunistically monetize lands where premium valuations can be achieved ■ Pursue value creation activities on select properties to enhance long-term value ■ Focus on harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow Develop and integrate robust ESG policies and best practices ■ Establish Rayonier as industry leader in transparent disclosure Rayonier Investor Presentation | May 2020 7

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