Investor Presentation

Rayonier is the Leading "Pure Play" Timber REIT Rayonier Peer Group EBITDA* Composition (2017-2019) 100% 2017 2019 EBITDA* Composition 10% 90% 30% 29% 80% 43% 27% Peer Group - 2017 2019 EBITDA* Composition 70% 60% Other 30% 50% Timber Segments 70% 40% 70% 30% 20% 10% 13% 16% 63% 55% 44% RYN WY PCH CTT ■Timber ■Real Estate Manufacturing / Other Other Timber Segments 45% 55% Over the last three years, Rayonier has generated 70% of its EBITDA* from timber operations (versus 45% for the peer group). Note: Timberland REIT Peer Group comprised of WY, PCH and CTT. Figures reflect aggregate Timberland REIT Peer Group EBITDA for 2017 - 2019, excluding corporate expenses. Other includes real estate, manufacturing and other reported segments. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | March 2020

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