Investor Presentation

Softwood Pulpwood Demand Growth Has Been Strong Historical Demand for Softwood and Hardwood Fiber Demand (MM green tons) 300 250 200 150 100 50 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Softwood Roundwood Demand Sftwd Log Demand (Indexed to '00) Softwood Residuals Hdwd Fiber Demand (Indexed to '00) Hardwood Fiber Demand 150% 125% 100% 75% 50% 25% U.S. South growth in demand for softwood pulpwood has remained strong and is poised to accelerate on expanding OSB capacity investments. Rayonier Source: Forest Economic Advisors. Investor Presentation | May 2020 Demand (Indexed to 2000) 34

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