Investor Presentation

Components of Timberland Return - U.S. South Return Component Value Range Risk to Achieve Low Comments Risk Scale Cash Return Expectation High EBITDA Return (-) Capex Investment Current Cash Flow Return Productivity Gains HBU Uplift 2.0% -4.5% ~(0.5%) 1.5% - 4.0% DOO Other Components of Return - 0.5% 1.0% 0.0% - 1.0% Return to Trend Pricing 0.0% 1.5% Long-Term "Real" Price Growth 0.0% -0.5% 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. Based on improved silviculture; higher gain potential on lower quality properties 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% Varies Rayonier Investor Presentation | March 2020 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 22

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