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

Pacific Northwest Timber - Segment Overview Map of Properties Historical Harvest Volume / Rate of Harvest (2) Hoquiam Coos Bay Port Angeles Seattle Tacoma Olympia Astoria € Longview Portland Eugene (tons in 000s) (tons per acre per year) 2,000 6.0 5.0 1,500 4.0 1,000 1,947 1,979 1,664 3.0 1,243 1,195 500 2.0 1.0 2012 2013 2014 Harvest 2015 Tons per Acre 2016 Historical EBITDA* / EBITDA per Ton ($ in millions) ($ per ton) $60 $40 $50 $35 $40 $30 $30 $25 $54 $51 $20 $43 $20 Acreage: 378k acres $10 $22 $21 $15 Sustainable Yield: 1.4mm tons $10 Planted/Plantable: 78% 2012 2013 2014 Average Site Index(1): 109 feet EBITDA 2015 EBITDA / Ton 2016 Following our portfolio repositioning in 2016, Rayonier expects to harvest roughly 1.3 million tons in the Pacific Northwest over the next five years. Site index reflects the average height of the dominant and codominant trees at a base age of 50 (Pacific Northwest). (2) 2013 and prior suite include height of the Nomi York timberlands. Rayonier Non-GAAP measure (see Appendix for definitions and reconciliations). Investor Relations | August 2017 19

View entire presentation