Investor Presentation

Pope Timberlands Significantly Enhance Rayonier Portfolio Pro Forma Sustainable Yield (1) Acres and % by Age-Class (2) (MMBF/year) 300 (000 Acres) 70 ■Rayonier Pope 250 40 60 57 235 50 40 200 178 30 150 20 10 100 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35+ 50 RYN 14% 14% 15% 10% 8% 10% 15% 14% Rayonier Pope Combined POPE 14% 8% 10% 10% 14% 7% 16% 21% Rayonier Pope Combined % Productive Forest 78% 79% 83% 65% 70% 75% 80% 85% 90% Merchantable Volume Species Mix (2) Rayonier Pope Combined 60% 68% 83% 26% 20% 8% 20% Douglas-fir Hemlock 40% Other Conifer 60% 80% 100% ■Cedar ■ Hardwood Pope Resources' partnership timberland complements Rayonier's existing age-class distribution and materially upgrades the quality of our Pacific Northwest portfolio. (1) See definition of sustainable yield in Rayonier's most recent Form 10-K. (2) Rayonier Rayonier age class and 35+ year old merchantable volume as of 09/30/19. Pope age class and 35+ year old merchantable volume represents partnership / fee timber only and is projected as of 12/31/19. Investor Presentation | May 2020 38

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