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

Diversified Mix of Domestic & Export Markets Volume by Market Destination (FY 2016) RMF Domestic 37% Other 6% RMF Export 30% India 17% Trading Export 33% Korea 21% China 56% Over 60% of RMF's volume (including Trading volume) is sold into export markets, with China being the largest source of demand. Rayonier Investor Relations | August 2017 23

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