Investor Presentation

Pope Resources Post-Acquisition Highlights Indicative Enterprise Value Breakdown (~$656 MM Enterprise Value @ Announcement - Jan. 2020) (1) 9% 7% 4% Fee Timber Strong growth in PNW Timber Segment EBITDA* per Acre / Ton EBITDA / Acre $150 $60 $125 $100 EBITDA per Acre EBITDA per Ton $50 $40 $75 $30 $50 $20 $25 $10 2019 2020 2021 2022 POPE E Timber Funds Fully exited the Funds business for total proceeds of $73mm ($ in millions) $80 $14 $60 $23 $40 $73 $20 $36 80% ■ Partnership Timber ■Fund Co-Investment ■ Real Estate / HBU ■ Other (1) (2) Rayonier Funds III & IV Fund II Carried Interest Total EBITDA/Ton Real Estate / HBU Realized HBU sales of $57mm (vs implied Real Estate valuation of $45mm @ acquisition); significant HBU acreage remaining ($ in 000's, except per acre values) Arborwood Other HBU sales Total HBU Sales Revenue Acres $ 37,500 6,990 Price/Acre 359 $ 104,579 436 16,051 $ 44,491 794 $ 56,027 Conservation Easements 6,954 2,165 3,212 Other (2) 5,778 NA NA Total Revenue $ 57,223 NA NA Implied Enterprise Value and breakdown as of announcement date (1/15/2020). For more details, see Pope Resources Acquisition presentation dated January 2020. Includes deferred cash consideration of $1.5 million for the Arborwood transaction and cash distributions to Rayonier of $4.3 million from the Bainbridge Landing JV. * Non-GAAP measure (See Appendix for definitions and reconciliation.) Investor Presentation | March 2023 18

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