Investor Presentation

Chinese Log & Lumber Imports Rely on NZ and Russia Chinese Log Import Volumes (million m3 RWE) 50 Russia New Zealand Chinese Lumber Import Volumes (million m3 RWE) 45% 45 Russia Canada 45 45 40 40 35 50 30 40 40 Europe ROW % Russia 80% 70% 60% 50% 40% 20 20 25 25 USA 15 10 10 5 Rayonier Source: Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | March 2020 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 New Zealand has captured a significant share of the growth in China's log import volume. 2016 2017 2018 2019 5% 5 10% 10 15% 15 20% 20 20 25% 25 25 ROW % New Zealand 35% 35 35 40% 30% 30 30 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 10% 20% 30% 17

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