Investor Presentation

$5 $30 $35 $40 $45 TimberMart-South South-wide Average Pulpwood Supports Composite Prices in Strong Markets $50 U.S. South-wide Average Stumpage Pricing Strong Markets Support Composite Pricing $25 $20 2005-2019: -23% $50 $15 $40 $10 $30 $20 2000 2001 2002 2003 2004 U.S. South Pulpwood 2005 2006 2007 2008 2009 2010 2011 2012 -U.S. South Sawtimber 2013 2014 2015 2016 2017 2018 2019 U.S. South Composite $10 $50 $40 $30 $20 $10 2000 2001 2002 2003 2004 2005 2006 2007 2008 FL1 Pulpwood 2005 2019: +1% 2009 2010 2011 2012 2013 FL1 Sawtimber TMS FL1 Region 2014 2015 2016 2017 2018 2019 Weaker Markets Hinder Composite Pricing TMS MS1 Region 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 MS1 Pulpwood 2005-2019: -50% As sawtimber pricing has eroded in the U.S. South, increased pulpwood pricing has offset the overall composite price decline in strong markets where Rayonier focuses its ownership. Source: Note: TimberMart-South. Rayonier Composite pricing assumes 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | March 2020 2010 2011 2012 MS1 Sawtimber 2013 2014 2015 2016 2017 2018 MS1 Composite 34 2019 FL1 Composite

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