Investor Presentation

Rayonier is the Leading "Pure Play" Timber REIT Rayonier Peer Group EBITDA* Composition (2017-2019) 100% - 2017 2019 EBITDA* Composition 18% 90% 29% 30% 80% 43% Peer Group 2017 2019 EBITDA* - Composition 70% 60% Other 30% 50% Timber Segments 70% 40% 70% 30% 20% 10% 13% 27% 16% 55% 56% 44% RYN WY PCH CTT ■Timber Real Estate Manufacturing / Other Other 55% Timber Segments 45% Over the last three years, Rayonier has generated 70% of its EBITDA* from timber operations (versus 45% for the peer group). Note: Timberland REIT Peer Group comprised of WY, PCH and CTT. Figures reflect aggregate Timberland REIT Peer Group EBITDA for 2017 - 2019, excluding corporate expenses. Other includes manufacturing, investment management and other reported segments. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020 5

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