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Investor Presentation

Lumber Capacity Expansion in U.S. South Active Mill Expansion in the U.S. South (1) Mill Expansion Capacity Increase New Expansion Restart < 25 MMBF 25 125 MMBF 125 250 MMBF 250+ MMBF Miles 0 50 100 150 200 U.S. South Lumber Production / Capacity (BBF) 25.0 22.5 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 T 2000 2001 2002 2003 2004 2005 2005 2006 2007 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F Capacity Production Operating Rate Lumber production and capacity in the U.S. South has grown significantly over the last several years. Rayonier (1) Source: Reflects mill capacity announced since 2017. New capacity reflected as of announced start date and adjusted based on FEA estimates. Forest Economic Advisors. Investor Presentation | May 2020 100% 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% 33
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