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Investor Presentation

Rayonier At A Glance 2.7 (1) Million $1.6 billion (2) of acres acquisitions since spin-off ww ~400(2) employees Value-added Real Estate Platform Sustainable yield of Real Estate (22%) Trading (0%) FY19 ~11 million tons (¹) annually Established in 1926 00000 1926 94 YEARS 2020 New Zealand (28%) ADJ. EBITDA $248MM U.S. South (44%) (1) (2) Rayonier (3) Pacific Northwest (6%) Sustainable Certifications SFI-00023 FSC www.fsc.org FSC A000522 The mark of responsible forestry PEFC™ PEFC/40-23-6 Promoting Sustainable Forest Management www.pefc.org Mission: Provide industry-leading financial returns to our shareholders while serving as a responsible steward of our lands Ownership as of 3/31/2020 pro forma for Pope Resources acquisition (excluding "look-through" acres in Timber Funds business). Includes total Pope Resources transaction value (equity consideration plus net debt) of $552 million. Includes employees post Pope Resources acquisition. Investor Presentation | May 2020 3
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