Investor Presentation

$10 I 1990 60x 50x 40x 30x 20x 10x 1992 1994 1996 1998 2000 2002 2004 2006 U.S. South EBITDA per Acre (NCREIF) $60 $50 $40 CAGR 4.1% $30 $20 1990 1991 1992 1993 Average 36.6x 2008 2010 2012 2014 2016 2018 U.S. South Historical Valuation Snapshot 1994 Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | March 2020 1995 1996 1997 1998 1999 2000 2001 2002 U.S. South timberlands have traded at an average EBITDA multiple (excluding land sales) of ~37x over the last 30 years. U.S. South EBITDA Multiples (NCREIF) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 U.S. South Value per Acre (NCREIF) $2,000 $1,750 $1,500 CAGR=3.9% $1,250 $1,000 $750 $500 $250 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2016 2017 2018 2019 20

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