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

Highly Productive, Geographically Diversified Timberlands 430 Rayonier 61 317 Total Rayonier = 2.7 million acres 18 92 22 13 722 278 67 182 146 384 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 430,000 acres - manage and own ~77% of joint venture Investor Relations | August 2017 3

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