Investor Presentation

Housing Starts Expected to Decline in 2020 Historical Annual Housing Starts Annual Housing Starts (000s) 2,500 2,000 1966 Trough ⚫1.16mm Starts ⚫779k SF Starts ⚫5.9 per 1,000 1975 Trough 1.16mm Starts .892k SF Starts ⚫ 5.4 per 1,000 1982 Trough ⚫1.06mm Starts ⚫663k SF Starts ⚫ 4.6 per 1,000 1991 Trough • 1.01mm Starts .840k SF Starts ⚫ 4.0 per 1,000 1,500 1,000 500 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 Single-Family 1981 1983 1985 1987 1989 1991 Multi-Family 12.5 2009 Trough • 554k Starts ⚫ 445k SF Starts ⚫ 1.8 per 1,000 2019 Current .1.29mm Starts .894k SF Starts • 3.9 per 1,000 10.0 1993 1995 1997 Starts per 1,000 of Population 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 T 7.5 5.0 2.5 Total U.S. housing starts have increased for 10 consecutive years but are expected to decline in 2020 due to the COVID-19 pandemic. Rayonier Source: U.S. Census Bureau, Forest Economic Advisors. Investor Presentation | May 2020 15 Starts per 1,000 of Population

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