Investor Presentation

Rayonier At A Glance 2.6 million $1.8 billion of acres timberlands acquired since 2011 ~350 employees Value-added Real Estate Platform Real Estate (22%) Trading (0%) FY19 ADJ. EBITDA U.S. South (44%) Sustainable yield of ~10 million tons annually Sustainable Certifications Established in 1926 00000 1926 94 YEARS 2020 New Zealand (28%) Rayonier $248MM Pacific Northwest (6%) SFI-00023 FSC www.fsc.org FSC A000522 The mark of responsible forestry PEFC PEFC/40-23-6 Promoting Sustainable Forest Management www.pefc.org Mission: Provide industry-leading financial returns to our shareholders while serving as a responsible steward of our lands 4 Investor Presentation | March 2020

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