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Investor Presentation

Pacific Northwest Demand & Pricing Trends Pacific Northwest Log Demand & Pricing (BBF) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 I ($ per MBF) $900 $800 $700 $600 $500 $400 $300 $200 $100 Source: Note: Forest Economic Advisors, RISI. Log exports converted to lumber basis assuming 2.35 recovery rate. Investor Presentation | May 2020 Pacific Northwest pricing has been impacted by fluctuations in export demand. Q1-2006 Q3-2006 Q1-2007 Q3-2007 Q1-2008 Q3-2008 Q1-2009 Q3-2009 Q1-2010 Q3-2010 West Coast Lumber Production Douglas-fir Log Price (Log Lines Region #1 - #2 Sawlog) Log Exports (Lumber Basis) Western Hemlock Log Price (Log Lines Region #1 - #2 Sawlog) Q1-2011 Q3-2011 Q1-2012 Q3-2012 Q1-2013 Q3-2013 Q1-2014 Q3-2014 Q1-2015 Q3-2015 Q1-2016 Q3-2016 Q1-2017 Q3-2017 Q1-2018 Q3-2018 Q1-2019 Q3-2019 Q1-2020 Rayonier 39
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