Investor Presentation

COVID-19 Update Key Impacts to Forest Products Markets Paper and packaging markets - Demand for tissue has been extraordinarily strong as consumers have stocked up on personal care products - - · Demand for packaging grades has been strong due to increased reliance on packaged foods and e-commerce amid the pandemic - Demand for printing and writing grades has declined significantly due to work-from-home policies and overall economic slowdown Lumber and construction markets - New home construction has stalled due to stay-at-home orders and overall economic slowdown - - Full-year outlook for housing starts remains largely uncertain March housing starts (1.22mm) declined 22% versus February (1.56mm) with further declines anticipated R&R market has held up reasonably well, with increased focus on home improvement projects amid stay-at-home orders Announced NA lumber capacity curtailments of 15 BBF (annualized basis), although some mills already re-starting Overview of Rayonier Impacts by Segment and Response Corporate: implemented a work-from-home policy for office employees and enhanced safety guidelines for field employees ■ Southern Timber: pulpwood demand strong while sawtimber demand impacted by sawmill curtailments; pickup in China export market due to tariff waivers and supply reductions from other regions; reduced full-year volume guidance by ~550k tons (-9%) ■ Pacific Northwest: sawtimber and pulpwood demand negatively impacted by mill curtailments, partially offset by pickup in China export market; reduced full-year volume guidance by ~100k tons (-7%) ■ New Zealand: government implemented lockdown of all non-essential businesses (including forestry) for one month but began re- opening on April 28th; pent-up demand translating to improved pricing; reduced full-year volume guidance by ~450k tons (-17%) ■ Real Estate: development activity expected to slow down significantly; rural transaction pipeline holding up reasonably well The U.S. forest products industry has been designated as a critical infrastructure industry by the Dept. of Homeland Security and has therefore continued to operate amid the COVID-19 pandemic. Rayonier Investor Presentation | May 2020 12

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