Investor Presentation

Historical Components of U.S. South Timberland Returns NCREIF South Historical Returns 25.0% 20.0% 15.0% 10.0% 5.0% (5.0%) (10.0%) 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 20-Year 10-Year ■EBITDA Return Appreciation Return Avg. EBITDA Return 2.6% 2.5% Avg. Appreciation Return 2.7% 0.8% T 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 NCREIF South Historical EBITDA Returns vs. 10-Year Treasury EBITDA Return 10-year UST Avg. EBITDA Return Avg. Spread to 10-yr UST 20-Year 10-Year 2.6% 2.5% (0.9%) (0.1%) اااااا Hallo 101 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 U.S. South timberlands have historically been bid to EBITDA cap rates in the range of 2.5% to 3.0%, which is generally in line with the average 10-year treasury yield over the last decade. Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | March 2020 21

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