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Investor Presentation

Pacific Northwest Timber - Portfolio Overview Highlights Location Strong Productivity Characteristics Acreage: 379,000 acres Sustainable Yield: 1.4 million tons Planted/Plantable: 79% Average Site Index: 116 feet at age 50 (1) -2019 EBITDA*: $16.7 million O Sustainable Forestry Initiative Certification Acres in 000s Site Index in Feet (1) 50 50 G 75 125 100 268 90 80 70 60 50 40 30 20 10 25 Douglas-fir Regional Avg. Industrially-Managed Douglas-fir Avg. Rayonier Douglas-fir Avg. Improving Age Class Profile (2) 0-9 10-19 20-29 30-39 40+ Age Class in Years Rayonier (1) (2) Site index reflects the average height of the dominant and codominant trees at a base age of 50 (Pacific Northwest); based on King 1966 site index equation for Douglas-fir and Wiley 1978 site index equation for Western Hemlock. Age class profile as of 9/30/19 per 2019 Form 10-K. Source: U.S. Dept. of Agriculture, Society of American Foresters Journal of Forestry. * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 36
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