Investor Relations - Timber and Real Estate Performance slide image

Investor Relations - Timber and Real Estate Performance

Real Estate Strategy: Optimize Value & Create Optionality Timberlands Real Estate BOARD OF COUNTY COMMISIONERS Large Dispositions Strategic sales of timberland Opportunistic-only for capital allocation O Upgrade portfolio Excluded from Adj. EBITDA and pro- forma financials Timberland value Opportunistic Non-Strategic / Timberlands Sale of non-strategic and timberland assets ■Timberland: capture a financial premium ■ Non-Strategic: monetize and repurpose "dead- capital" Rural Places + Properties Sale of rural properties ■ Grow and sustain recurring cash flows Build a pipeline of enhanced rural properties in higher potential markets HBU premium + ROI Timberland premium Reduce reliance Grow moderately Unimproved Development Sale of properties with development rights Invest in securing development rights Build a pipeline of entitled properties in higher potential markets HBU premium + ROI Grow in select markets Improved Development Sale of developed land parcels Invest in infrastructure and amenities Enhance value and create optionality of adjacent RYN properties HBU premium + ROI + optionality Grow in very select markets Land Resources Sale of access to use properties / extract resources ■Maximize and grow annual gross margin/ac ■ Build diverse portfolio of cash flows ☐ Develop new business growth Rayonier Investor Relations | May 2017 Annual gross margin per acre Grow moderately 31
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