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

Favorable Supply / Demand Dynamics in RYN Markets U.S. South Growth-Drain "Heat Map" Supply Exceeds Demand Balanced Demand Exceeds Supply Rayonier Key Observations ◉ ◉ VIRGINIA NORTH CAROLINA TENNESSEE ◉ Local market supply/demand dynamics determine price Logs typically travel less than 100 miles Supply/demand conditions vary widely across the region Tensioned markets yield better timber pricing OKLAHOMA 3. ARKANSAS TEXAS LOUISIANA ALABAMA MISSISSIPPI 0 ப 50 100 150 Miles 200 GEORGIA FLORIDA SOUTH CAROLINA Rayonier Source: USDA FIA; Rayonier research. 9 Investor Relations | August 2017

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