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

U.S. South Acquisitions Overview ■ ■ The Acquisitions In March 2017, Rayonier entered into three transactions with separate sellers to acquire a total of ~95,100 acres located in Florida, Georgia and South Carolina (the "Acquisitions") Acquisitions closed in March and April 2017; final purchase price of $214 million, or $2,250 per acre Acquisitions are comprised of highly productive timberlands located in some of the strongest timber markets in the U.S. South, primarily along the I-95 coastal corridor near Savannah, GA Strong markets Diverse customer base Highly productive lands Well-stocked inventory Complementary footprint Cash flow accretive Key Acquisition Highlights located in the top three Timber Mart-South regional markets(1) competitive wood basket with multiple pulpwood, grade and export customers 78' site index / 73% plantable / sustainable yield (2) of 450k tons 45 tons per acre of merchantable timber (2) / avg. plantation age of 14 years increases Rayonier's Coastal Atlantic market ownership by +15% target of $13mm EBITDA* / ~$10mm CAD* annually over medium term Rayonier Non-GAAP measure (see Appendix for definition). Based on Timber Mart-South weighted average composite stumpage price by region assuming product mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. References to "merchantable timber inventory" and "sustainable yield" are as defined in our most recent Annual Report on Form 10-K. Investor Relations | August 2017 15

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