Investor Presentation

Strategic Focus on Maximizing HBU Premium ($ per acre) 2012-2016 Price per Acre Average Price: $2,310/ac $2,074(1) $2,341 $9,210 ($ per acre) +47% 2017-2019 Price per Acre Average Price: $3,863/ac +67% +42% +60% $13,113 $3,747 $3,055 (1) Non-Strategic / Timberlands Rural Development Non-Strategic / Rural Development Timberlands Rayonier has significantly improved its average HBU price realizations in recent years. Rayonier (1) Note: Price per acre based on weighted average sales price over the periods shown. Acres sold and price per acre for NS / Timberlands only, excludes Large Dispositions. Investor Presentation | March 2020 47

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