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

Residential Construction Improving, But Still Long Way to Go Historical Annual Housing Starts 2,500 2,000 1966 Trough .1.16mm Starts ⚫779k SF Starts • 5.9 per 1,000 1975 Trough .1.16mm Starts 892k SF Starts • 5.4 per 1,000 1982 Trough •1.06mm Starts ⚫663k SF Starts ⚫ 4.6 per 1,000 1991 Trough 1.01mm Starts .840k SF Starts • 4.0 per 1,000 1,500 Annual Housing Starts (000s) 1,000 500 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 Single-Family 1979 1981 1983 1985 Multi-Family 1987 1989 1991 1993 1995 1997 1999 2001 2009 Trough • 554k Starts ⚫445k SF Starts ⚫ 1.8 per 1,000 2016/Current .1.2mm Starts ⚫782k SF Starts • 3.7 per 1,000 12.5 10.0 2003 2005 2007 2009 2011 2013 2015 2017 YTD Starts per 1,000 of Population While housing starts have improved significantly from 2009 lows, the current pace of construction remains at or below historical trough levels. Rayonier Source: U.S. Census Bureau. Investor Relations | August 2017 2.5 43 5.0 45 7.5 Starts per 1,000 of Population

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