Investor Presentation

Reconciliation of Net Debt ($ in millions) Q4 2019 Current maturities of long-term debt Long-term debt, net of deferred financing costs Deferred financing costs Total Debt Cash and cash equivalents Net Debt $82.0 $973.1 1.9 $1,057.0 (68.7) $988.3 Rayonier 54 Investor Presentation | March 2020

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