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

Consumption & Price Changes Vary Across the South ☐ Recession-induced demand declines have led to large drops in consumption for most areas in the South As a result, timber product prices have fallen with few exceptions Differences in consumption declines have caused regional market performance to vary across the South Change in Consumption by Region: 2005-2014 Change in Stumpage Price by Region: 2005-2016 Consumption Change <-30% -29% - -20% -19%-10% -9% -0% >0% Rayonier -24% -17% -41% -22% -40% 44% -27% -13% -1% -3% -29% -31% -21% -45% -29% 5% -22% -11% 1% -20% -4% Source: IMies 100 150 200 USDA FIA Timber Product Output; University of Georgia, Wood Demand Report; Rayonier estimates. Rayonier Price Change < -30% -29% --20% -19% -10% -9% -0% >0% Rayonier 7% -11% -11% 1% -33% -41% -22% -14% -22% -38% -44% -38% -30% -15% -30% -27% -19% -5% -9% -1% -6% 2% Mies 50 100 150 Source: Note: Timber Mart-South. Assumes composite mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber comparing average Timber Mart-South prices in 2016 versus 2005. Investor Relations | August 2017 12

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