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Investor Presentation

Southern Timber - Portfolio Overview Highlights Location Acreage: 1.8 million acres ▪ Sustainable Yield: 6.1 6.5 million tons - ▪ Planted / Plantable: 67% ■ Average Site Index: 72 feet at age 25(1) ■ 2019 EBITDA*: $119.7 million ☐ ☐ Sustainable Forestry Initiative Certification 75 60 45 Site Index in Feet (1) 30 30 15 Strong Productivity Characteristics 300 250 200 150 100 Acres in 000s 50 50 Site index reflects the average height of the dominant and codominant trees at a base age of 25 (U.S. South). Age class profile as of 09/30/19 per 2019 Form 10-K. Source: U.S. Dept. of Agriculture, Society of American Foresters Journal of Forestry. (2) Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020 Southern Yellow Industrially-Managed Pine Regional Avg. SYP Average Rayonier SYP Average Balanced Age Class Profile (2) 0-4 5-9 10-14 15-19 20-24 25+ Natural Pine Age Class in Years 28
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