Investor Presentation

China's Large Timber Supply Deficit is Growing China Total Timber Supply Deficit (million m3 RWE) China Softwood Log and Lumber Imports (million m RWE) 300 250 200 150 100 50 60 00 90 60 80 70 70 660 50 40 40 30 30 20 20 10 2000 2005 2010 2015 2020F 2025F ■Logs Lumber Wood Panels ■Pulp Woodchips 2006 2008 2010 2012 2014 2016 2018 Russia ■New Zealand United States ■Canada ■ROW Softwood log and lumber imports into China are expected to remain strong given its growing timber supply deficit. Rayonier Source: Investor Presentation | March 2020 RISI and Forest Economic Advisors. RWE defined as roundwood equivalent. 16

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