Investor Presentation

New Zealand Productivity Strong Relative to U.S. Plantation Tons / Acre @ Rotation Age Plantation Tons / Acre / Year (tons / acre) 300 250 200 150 140 100 50 50 U.S. South 210 Pacific Northwest ■Volume / Acre @ Optimal Rotation Age (rotation age) (tons/acre/year) 45 10.0 250 40 40 O 35 30 8.0 60 5.8 6.0 5.4 25 40 4.0 20 20 2.0 8.9 15 New Zealand U.S. South Pacific Northwest New Zealand ●Rotation Age In addition to providing market diversification, New Zealand offers superior softwood plantation productivity relative to the U.S. Rayonier Source: Rayonier estimates based on long-range harvest forecast. Investor Presentation | March 2020 44

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