Investor Presentation

2000 2001 2002 2003 Inventory 2004 U.S. South Softwood Inventory Build ☐ ■ Timber markets across the South have experienced differing levels of inventory and demand changes U.S. South removals are at pre-recession level; however, inventory has increased by over 1 billion tons Standing timber inventories have increased disproportionately in the Inland Gulf area Removals & Inventory (2000 - 2018) Inventory Change % (2009 - 2018) (million tons) (years) 0-10% Increase 300 20 11-20% Increase 250 21 30% Increase 75% 39% 15 200 31-40% Increase >40 % Increase Rayonier 150 10 33% 100 88% 30% 5 109% 50 42% 31% (billion tons) 543211 Removals 2005 Removals Years of Removals (years) 20 20% 15 10 5 8% 29% 19% 15% 29% 56% 41% 12% 24% 13% 31% 41% 8% 5% 2005 2006 2007 2008 2009 2010 2011 2005 Inventory 2012 2013 2014 2015 2016 2017 2018 Years of Removals Rayonier Source: USDA FIA, Rayonier Analysis. Investor Presentation | May 2020 Removals have recovered to pre-recession level; however, total U.S. South inventory has increased significantly. Weaker markets are experiencing disproportionate inventory build. IMies 50 100 150 200 30

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