Investor Presentation

Inventory Levels Drive Near-Term Price Fluctuations Inventory-to-Demand Ratio vs. Export Log Price 4.5 Inventory-to-Demand Ratio (Avg. Monthly Demand) 0.5 1.0 && 2.5 3.0 3.5 4.0 $180 $160 $140 $120 $100 $80 2.0 Supply demand range considered in balance 1.5 $60 2011 2012 2013 2014 2015 2016 2017 2018 2019 $40 $20 GA Export supply/demand is generally considered in balance when the ratio of port inventory to average monthly demand is between 1.4 and 1.9 times. Inventory typically spikes around the Chinese New Year and has remained elevated recently due to the coronavirus outbreak. Rayonier Source: Rayonier estimates. Investor Presentation | March 2020 China CFR US$/m³ JAS 43

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