Investor Presentation

Components of Timberland Return - U.S. South Return Component Low Comments Risk Scale EBITDA Return (-) Capex Investment Current Cash Flow Return Value Range Risk to Achieve Cash Return Expectation 2.0% -4.5% ~(0.5%) 1.5% - 4.0% DOOO Other Components of Return 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. Productivity Gains HBU Uplift 0.5% - 1.0% ● DOOO] Based on improved silviculture; higher gain potential on lower quality properties 0.0% - 1.0% Return to Trend Pricing 0.0% 1.5% Long-Term "Real" Price Growth 0.0% -0.5% Requires market for rural property; proximity to population centers is key Higher "return-to-trend" expectation is common in more depressed markets Long-term expectation of real price increases above inflation Total Return Expectation Typical "Real" Return Expectation (+) Assumed Inflation 4.5% -5.5% Varies ~2.0% "Nominal" Return Expectation 6.5% -7.5% Represents typical timberland real discount rate range Based on long-term historical spread between treasuries and TIPS Represents expected long-term, unlevered Varies return on timberland investments Rayonier Investor Presentation | May 2020 23

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