Investor Relations - Timber and Real Estate Performance

Rayonier - Best-in-Class, Pure-Play Timber REIT Leading Pure-Play Timberland REIT Growing Timberland Base Attractive Real Estate Platform Strong Capital Structure Second-largest timber REIT with 2.7 million acres of high-quality timberland Geographic diversity - U.S. South, Pacific Northwest, New Zealand Timberlands strategically positioned in competitive fiber baskets Focus on recurring cash flow generation from timber harvest and HBU sales Profitably growing timberland base through disciplined acquisition process Over $1.5 billion of high-quality timberlands acquired since January 2011 Investing in advanced genetics to yield long- term volume growth Attractive HBU opportunities across U.S. South, including Florida and Georgia coastal corridor Stable and recurring base of annual rural land sales Two active development projects underway - Wildlight (mixed-use) and Belfast Commerce (industrial) Net debt to enterprise value of 19% at end of Q1 2017 Favorable financing facilities and access to capital Active portfolio management and nimble capital allocation strategy Rayonier 2 Investor Relations | May 2017

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