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

New Zealand Log Prices Trending Upward Historical New Zealand Log Prices (NZ$) NZD Log Price (NZ$/m3 FOB) $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 90 Rayonier Source: NZ Ministry of Primary Industries. Investor Relations | August 2017 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Over the last 10 years, New Zealand log prices have been trending upward based primarily on growing export market demand. Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 25

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