Investor Presentation

RYN Concentrated in Strongest U.S. South Markets Supply/demand dynamics are highly localized, as logs generally travel less than 100 miles Timber consumption vs. inventory growth remains much more tensioned in Coastal Atlantic markets TMS 2019 Composite Price Quartile Rankings $25 TMS 2019 Composite Price by Region Composite Price First Quartile Second Quartile Third Quartile Fourth Quartile Rayonier OK-1 AR-2 TX-1 AR-1 VA-1 VA-2 Top 2 Markets $20 TN-1 TN-2 SC-1 NC-1 NC-2 $15 GA-1 SC-2 MS-1 AL-1 $10 GA-2 AL-2 LA-1 MS-2 LA-2 FL-2 FL-1 Mies 50 100 150 200 $5 FL-1 GA-2 NC-2 60% of RYN Southern Lands in Top 2 Markets U.S. South Average SC-2 FL-2 VA-2 TX-1 VA-1 LA-1 TX-2 LA-2 AL-2 GA-1 SC-1 NC-1 MS-2 AR-1 AR-2 AL-1 MS-1 Approximately 60% of Rayonier's Southern timberlands are located in the top two markets (ranked by Timber Mart-South composite stumpage pricing). Rayonier Source: Note: TimberMart-South. Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | March 2020 TN-1 TN-2 30

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