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

Overview of Acquisition Strategy Location ◉ Timber end markets with favorable supply/demand tension Well-developed infrastructure, access to ports and other transportation hubs Asset Quality ◉ Softwood investments in regions with strong biological growth Complementary age-class distribution that improves sustainable harvest Optionality ◉ Fee simple ownership; avoid wood supply agreements Ability to market timber through delivered log or stumpage sales ◉ Ability to enhance returns through intensive silviculture and genetics Properties with HBU and non-timber income upside potential Value Creation ■ Financial Profile ◉ ■ Accretive to Cash Available for Distribution (CAD)* Focus on acquisitions with returns in excess of our cost of capital Rayonier Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Investor Relations | August 2017 26

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