Rayonier - Best-in-Class, Pure-Play Timber REIT

Rayonier - 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

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