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

Rayonier's Strategic Priorities Manage for Long-Term Value ☐ Design harvest strategy to achieve long-term, sustainable yield Balance biological growth, harvest cash flow and responsible stewardship ◉ Acquire High-Quality ■ Timberlands Optimize ◉ Portfolio Value ◉ Focus on Quality of Earnings Enhance Disclosure ◉ ■ Pursue acquisitions that improve portfolio quality and sustainable yield Maintain disciplined approach to acquisitions, minimize HBU speculation Opportunistically monetize lands where premium valuations can be achieved Pursue value creation activities on select properties to enhance long-term value Focus on harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow ■ Establish Rayonier as industry leader in transparent disclosure ■ Provide investors with meaningful information about timberland portfolio Rayonier's goal is to provide an attractive, growing dividend funded from core, recurring cash flows in a tax-efficient REIT structure. Rayonier Investor Relations | August 2017

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