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Investor Presentation

Overview of Pope Real Estate Development Business Pope Real Estate Portfolio Location Map Port Gamble 5 Kingston 1 99 2 Active and Planned Real Estate Projects Gig Harbor - Successful mixed-use community in final stages of development; remaining parcel is an 18.5- acre commercial property. Bremerton - approx. 8-acre business park. 101 Poulsbo - Corporate HQ - Seattle Metro Area 3 Bainbridge JV partner in multi-family apartment and townhome project. 520 Bainbridge 4 Kingston – Planned 751-unit residential community in Kingston; anticipating 2021-22 launch. Bremerton 5 Port Gamble - company-owned town and prior mill site; future plans for mixed-use development project. Pope Real Estate 16 Pope Fee Timberlands Auto Ferry Gig Harbor Foot-only Ferry 0 2.5 5 Miles Pope has 67k acres within a 2-hour drive of downtown Seattle, one of the fastest growing job and housing markets in the U.S. New foot-only ferry allows greater connectivity to Seattle, thereby increasing accessibility. Conservation easement and rural HBU opportunities provide upside with minimal incremental capital. Pope Resources' real estate portfolio is well-positioned to capitalize on Seattle's growing population, job and housing markets. Rayonier Investor Presentation | May 2020 52
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