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

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) 2012 Operating Income Depreciation, depletion & amortization Non-cash cost of land and real estate sold Adjusted EBITDA (1) Pacific Southern Northwest New Zealand Timber Timber Timber Real Estate Trading Corporate and Other Total $23.4 $20.6 $2.0 $32.0 ($0.1) 52.7 22.2 0.2 8.1 ($45.8) 1.4 $32.1 84.6 4.7 4.7 $76.1 $42.8 $2.2 $44.8 ($0.1) ($44.4) $121.4 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier 55 Investor Relations | August 2017

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