Investor Relations - Timber and Real Estate Performance

Highly Productive, Geographically Diversified Timberlands 434 Rayonier 61 317 Total Rayonier = 2.7 million acres 92 22 18 14 723 279 67 186 145 388 Pacific Northwest U.S. South New Zealand 378,000 acres - Washington & Oregon; access to export markets 1.9 million acres - sawlog and pulpwood; Florida & Georgia coastal corridor HBU 434,000 acres - manage and own ~77% of joint venture Note: Total acres as of 3/31/2017 pro forma for recent acquisition of 95,100 acres in the U.S. South. Investor Relations | May 2017 3

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