Rayonier - Best-in-Class, Pure-Play Timber REIT

RYN Markets Benefit from Strong and Stable Pulpwood Demand Major Pulpwood Consuming Mills Proximate to RYN Lands 3. Containerboard / Kraft Dissolving Pulp Pellets OSB Fluff Pulp Specialty Packaging Tissue Freesheet/Coated Paper Newsprint / Directory Rayonier Miles 50 100 150 Overview of Rayonier Pulpwood Consumers Facility Key End Product Containerboard / Kraft Pellets % of 2016 Harvest Long-Term Demand Trend 65% + 7% + Dissolving Pulp 7% + Fluff Pulp 7% + Specialty Packaging 6% + Oriented Strand Board (OSB) 4% + Other 3% + Tissue + Freesheet Coated Paper Newsprint Directory Total 100% NA Note: Estimated based on 2016 harvest. Rayonier's timberlands are strategically positioned near a variety of major pulpwood consumers that are manufacturing products for stable and/or growing end-markets. Rayonier Investor Relations | August 2017 10

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