Investor Presentation

Rayonier to Acquire Pope Resources Rayonier + POPE Strategic Benefits Significantly expands the scale of Rayonier's Pacific Northwest timberland portfolio - Adds 125k (1) acres of fee ownership - Increases PNW sustainable yield by 57 MMBF Significantly improves quality of Rayonier's Pacific Northwest portfolio Increases proportion of Douglas-fir merchantable inventory from 60% to 68% - Increases proportion of ground-based logging, with significantly lower operating costs - Improves geographic and log market diversity ■ Adds 17k "look-through" (2) acres from timber fund business Opportunity to leverage regional expertise in silvicultural practices, log marketing and logistics ■ Enhances pipeline of value-added HBU and real estate development opportunities ■ Stronger Company Financial Benefits Expected synergies of $5 million (3) annually - Reduction of overhead expenses Elimination of redundant public company costs Improves PNW cash flow per acre due to strong markets, favorable species mix and lower operating costs Expected five-year average annual financial impact: - Adjusted EBITDA*: - CAD*: +$38 million +$25 million Expected to be accretive to CAD* / share in first full year(3) ■ Limits incremental leverage with minimum equity consideration of 70% - Opportunity to reduce debt through portfolio optimization / large dispositions ■ UPREIT structure offers tax deferral option for Pope unitholders and facilitates future timberland acquisition opportunities for Rayonier Includes approx. 6,000 acres representing long-term timber deeds, timber reservations from prior land sales, and lands located within real estate project areas. "Look-through" represents pro-rata ownership of the funds. Excludes transaction costs and costs required to achieve synergies. Rayonier Non-GAAP measure (see Appendix for definitions). Investor Presentation | March 2020 11

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