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

Inventory Levels Drive Near-Term Price Fluctuations Inventory-to-Demand Ratio vs. Export Log Price Inventory-to-Demand Ratio (3-month Avg. Demand) 4.5 40 4.0 3.5 3.0 2.5 $180 $160 $140 $120 $100 $80 2.0 Supply demand range considered in balance $60 1.5 1.0 0.5 JFMAMJ JASOND J FMAMJ JASOND J FMAMJ JASONDJ FMAMJ JASOND J FMAMJ JASOND J FMAMJ JASOND J FMAMJ 2011 2012 2013 2014 2015 2016 2017 $40 Export supply/demand is generally considered in balance when the ratio of port inventory to average monthly demand is between 1.3 and 2.0 times. Inventory typically spikes around the Chinese New Year. Rayonier Investor Relations | August 2017 $20 EA China CFR US$/m³ JAS 24

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