Rayonier - Best-in-Class, Pure-Play Timber REIT

Key Drivers of Value - Illustrative Examples 40% U.S. South Example - % Change in $ per Acre by Key Value Driver 80' 30% 20% 10% 0% 70' -10% -20% 60 60' -30% -40% Site Index (feet) $20 16 $16 12 $12 Stumpage Pricing ($/ton) 8 Wtd. Avg. Age 80% 70% 60% % Productive acres Pacific Northwest Example – % Change in $ per Acre by Key Value Driver 60% 130' 40% 20% 0% 110' -20% -40% 90' -60% Site Index (feet) $450 25 $350 20 H 85% 75% 65% $250 Stumpage Pricing ($/MBF) 15 Wtd. Avg. Age % Productive Acres Timberland value per acre is significantly impacted by productivity (site index) and stumpage prices. Other major drivers of value include age-class distribution and % productive acres. Rayonier Investor Relations | August 2017 29

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