Investor Presentation

Deconstructing Timberland Returns - Illustrative Acquisitions Illustrative Acquisition Scenario A - Low Productivity Asset / Bottom Quartile Market Assumed Portfolio Profile Expected Components of Return Return Components (% of Total) 6.0% Location MS-1 5.0% Composite Stumpage Price (1) 1.7% $10.11 4.0% 34% 36% 3.0% 0.5% Site Index 65 5.0% 1.0% 2.0% (0.5%) Volume per Acre per Year (2) 3.2 1.0% 2.3% Implied EBITDA per Acre (3) $32 Assumed Value per Acre $1,500 30% EBITDA (Capex) Productivity Return Gains HBU Uplift Real Price Real Return Increases ■Cash Yield Productivity / HBU Price Increases Illustrative Acquisition Scenario B – High Productivity Asset / Top Quartile Market Assumed Portfolio Profile Expected Components of Return 6.0% Location FL-1 5.0% Composite Stumpage Price (1) $20.48 4.0% 0.3% 0.5% (0.5%) 0.5% Return Components (% of Total) 6% 20% Site Index 80 3.0% 5.0% 2.0% 4.2% Volume per Acre per Year (2) 5.0 74% 1.0% Implied EBITDA per Acre (3) $102 Assumed Value per Acre $2,500 EBITDA Return (Capex) Productivity HBU Gains Uplift Real Price Real Return Increases " ■ Cash Yield Productivity / HBU ▪ Price Increases (1) (2) Rayonier (3) Based on TimberMart-South 2019 regional average composite stumpage price assuming mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes mix of plantation/hardwood acreage and loblolly / slash species based on Rayonier portfolio averages. Assumes non-timber income roughly offsets timber management costs for illustration purposes. Investor Presentation | March 2020 26

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