#1INVESTOR PRESENTATION May 2020 Rayonier More than trees#2Forward-Looking Statements any, Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier's earnings guidance, if business and market conditions, outlook, expected dividend rate, Rayonier's business strategies, including expected harvest schedules, timberland acquisitions, sales of non-strategic timberlands, the anticipated benefits of Rayonier's business strategies, and other similar statements relating to Rayonier's future events, developments or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate,” “believe,” “intend,” “project,” “anticipate" and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward- looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings; entry of new competitors into our markets; changes in global economic conditions and world events; business disruptions arising from public health crises and outbreaks of communicable diseases, including the recent outbreak of the virus known as the novel coronavirus; fluctuations in demand for our products in Asia, and especially China; various lawsuits relating to matters arising out of our previously announced internal review and restatement of our consolidated financial statements; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging and trucking services; the geographic concentration of a significant portion of our timberland; our ability to identify, finance and complete timberland acquisitions; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, and endangered species, that may restrict or adversely impact our ability to conduct our business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires, which can adversely affect our timberlands and the production, distribution and availability of our products; interest rate and currency movements; our capacity to incur additional debt; changes in tariffs, taxes or treaties relating to the import and export of our products or those of our competitors; changes in key management and personnel; our ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust ("REIT") and changes in tax laws that could adversely affect beneficial tax treatment; the cyclical nature of the real estate business generally; a delayed or weak recovery in the housing market; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida, which also may be affected by changes in law, policy and political factors beyond our control; unexpected delays in the entry into or closing of real estate transactions; changes in environmental laws and regulations that may restrict or adversely impact our ability to sell or develop properties; the timing of construction and availability of public infrastructure; and the availability of financing for real estate development and mortgage loans. For additional factors that could impact future results, please see Item 1A - Risk Factors in the Company's most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission ("SEC"). Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent reports filed with the SEC. Non-GAAP Financial Measures - To supplement Rayonier's financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Rayonier uses certain non-GAAP measures, including "cash available for distribution," and "Adjusted EBITDA," which are defined and further explained in this communication. Reconciliation of such measures to the nearest GAAP measures can also be found in this communication. Rayonier's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Rayonier Investor Presentation | May 2020 1#3Rayonier Rayonier Today 2 Investor Presentation | May 2020#4Rayonier At A Glance 2.7 (1) Million $1.6 billion (2) of acres acquisitions since spin-off ww ~400(2) employees Value-added Real Estate Platform Sustainable yield of Real Estate (22%) Trading (0%) FY19 ~11 million tons (¹) annually Established in 1926 00000 1926 94 YEARS 2020 New Zealand (28%) ADJ. EBITDA $248MM U.S. South (44%) (1) (2) Rayonier (3) Pacific Northwest (6%) Sustainable Certifications SFI-00023 FSC www.fsc.org FSC A000522 The mark of responsible forestry PEFC™ PEFC/40-23-6 Promoting Sustainable Forest Management www.pefc.org Mission: Provide industry-leading financial returns to our shareholders while serving as a responsible steward of our lands Ownership as of 3/31/2020 pro forma for Pope Resources acquisition (excluding "look-through" acres in Timber Funds business). Includes total Pope Resources transaction value (equity consideration plus net debt) of $552 million. Includes employees post Pope Resources acquisition. Investor Presentation | May 2020 3#5Highly Productive, Geographically Diversified Timberlands 2.7 MILLION* TOTAL ACRES 447 PACIFIC NORTHWEST 61 Acreage: 508k acres Sustainable Yield: 1.9mm tons NEW ZEALAND Acreage: 415k acres Sustainable Yield: 2.4-2.7mm tons U.S. SOUTH Acreage: 1.8mm acres Sustainable Yield: 5.9 - 6.3mm tons 92 32 18 240 705 184 140 Rayonier * Ownership as of 3/31/2020 pro forma for Pope Resources acquisition (excluding "look-through" acres in Timber Funds business). Investor Presentation | May 2020 394 4#6Rayonier is the Leading "Pure Play" Timber REIT Rayonier Peer Group EBITDA* Composition (2017-2019) 100% - 2017 2019 EBITDA* Composition 18% 90% 29% 30% 80% 43% Peer Group 2017 2019 EBITDA* - Composition 70% 60% Other 30% 50% Timber Segments 70% 40% 70% 30% 20% 10% 13% 27% 16% 55% 56% 44% RYN WY PCH CTT ■Timber Real Estate Manufacturing / Other Other 55% Timber Segments 45% 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 manufacturing, investment management and other reported segments. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020 5#7Rayonier Portfolio Highlights Sector-Leading U.S. South EBITDA per Ton U.S. South: 2019 EBITDA per Ton Sector-Leading HBU Value Realizations Real Estate Value per Acre Sold (2018 – 2019) $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 CatchMark Rayonier (1) Weyerhaeuser Potlatch CatchMark וה $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 Rayonier Weyerhaeuser Potlatch 12.0 10.0 8.0 6.0 4.0 2.0 Improving Harvest Profile (2) Historical & Projected Harvest Volumes (tons in MMs) 2015-2019 ■Southern Rayonier 2020-2024 Pacific Northwest ■New Zealand Unique Exposure to China Export Market % of 2019 Volume Sold into China Market 40% 35% 30% 25% 20% 15% 10% 5% New Zealand Pacific Northwest (3) Southern Total Rayonier Excludes Large Dispositions and Improved Development. Based on Rayonier estimates; assumes current portfolio with no acquisitions or divestitures; excludes Rayonier's acquisition of Pope Resources. Based on estimated export volume sold into China market. Investor Presentation | May 2020#8Rayonier's Strategic Priorities MANAGE FOR LONG-TERM VALUE ■ Design harvest strategy to achieve long-term, sustainable yield ■ Balance biological growth, harvest cash flow and responsible stewardship ACQUIRE HIGH-QUALITY TIMBERLANDS ■ Pursue acquisitions that improve portfolio quality and sustainable yield ■ Maintain disciplined approach to acquisitions, minimize HBU speculation OPTIMIZE PORTFOLIO VALUE FOCUS ON QUALITY OF EARNINGS BEST-IN-CLASS STEWARDSHIP & DISCLOSURE Opportunistically monetize lands where premium valuations can be achieved ■ Pursue value creation activities on select properties to enhance long-term value ■ Focus on harvest operations and rural land sales to support dividends De-emphasize sale of "non-strategic" timberlands to augment cash flow Develop and integrate robust ESG policies and best practices ■ Establish Rayonier as industry leader in transparent disclosure Rayonier Investor Presentation | May 2020 7#9Prudent Capital Structure & Financial Policy Credit Highlights & Ratio Targets Current Credit Ratings ■ S&P: BBB- / Stable ■ Moody's: Baa3 / Stable Capitalization & Maturity Profile ($ and shares in millions) Total Debt (-) Cash Net Debt Pro Forma(1) $1,352.0 3/31/20 $1,057.0 (132.4) (132.4) $924.6 $1,219.6 Credit / Valuation Data Credit Highlights 2019 Adjusted EBITDA* $247.8 NA ■ Strong Adj. EBITDA* margins Shares/Opco Units Outstanding 129.2 ■ High EBITDA-to-FCF conversion Significant asset coverage Enterprise Value(2) $3,966.8 140.9 $4,537.3 Credit Statistics ■ 3.2% weighted avg. cost of debt / 94% fixed Net Debt/ Adjusted EBITDA* 3.7x Net Debt / Enterprise Value (1) 23.3% NA 26.9% $500 Credit Ratio Targets $400 Committed to maintaining an investment grade credit profile $300 ■ Target credit metrics include: $200 - Net Debt / Adj. EBITDA*: ~4.5x $100 Net Debt/ Asset Value: < 30% 2020 2021 2022 2023 2024 2025 2026 2027 2028+ Rayonier has a strong, investment grade credit profile with significant asset coverage. (1) (2) Rayonier (3) Pro forma for new $250 million incremental term loan and assumption of $45 million of Pope debt; excludes impact of other cash changes. Enterprise Value based on market capitalization (including Opco units) plus net debt based on RYN share price of $23.55 as of 3/31/2020. * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020#10Nimble Approach to Capital Allocation Invest in Our Business ~$35 million invested annually in silviculture and regeneration Capital focused on highest IRR opportunities ■ Targeted investments to unlock HBU value ■ ■ Acquisitions ~$1.6 billion of acquisitions since spin-off Acquisitions complementary to age-class profile Improved portfolio site index and inventory stocking Share Buybacks/ Equity Issuance $112 million of stock buybacks @ $23.84/share $159 million of equity issuance @$27.75/share Focused on generating NAV accretion Dividends ■ Increased qtly. dividend by 8% to $0.27 per share effective Q2 2018 ■ Funded from recurring timber and real estate operations Large Dispositions* excluded from Manage Our Balance Sheet ■ 94% of debt fixed; 3.2% avg. rate Well-staggered maturity profile Investment grade ratings with stable outlook CAD* $35MM (1) annually for silviculture $1.6B (2) acquisitions since spin-off $47MM net share issuance since spin-off 4.6% yield (3) $1.08 per share annual dividend 3.2% rate average debt cost Rayonier (1) (2) (3) Represents average annual investment in silviculture and replanting from 2015-2019. Includes total Pope Resources transaction value (equity consideration plus net debt) of $552 million. Based on share price of $23.55 as of 3/31/2020 and annualized dividend of $1.08 per share. * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020 9#11Rayonier Completed Acquisition of Pope Resources Rayonier + POPE E Stronger Company Strategic Benefits Significantly expands the scale of Rayonier's Pacific Northwest timberland portfolio - Adds 124k (1) acres of fee ownership - Increases PNW sustainable yield by 57 MMBF Significantly improves quality of Rayonier's Pacific Northwest portfolio Increases proportion of Douglas-fir merchantable inventory from 60% to 68% - Increases proportion of ground-based logging, with significantly lower operating costs - Improves geographic and log market diversity ■ Adds 17k "look-through" (2) acres from timber fund business Opportunity to leverage regional expertise in silvicultural practices, log marketing and logistics ■ Enhances pipeline of value-added HBU and real estate development opportunities ■ Financial Benefits Expected synergies of $5 million (3) annually · Reduction of overhead expenses - Elimination of redundant public company costs Improves PNW cash flow per acre due to strong markets, favorable species mix and lower operating costs Expected five-year average annual financial impact: - Adjusted EBITDA*: - CAD*: +$38 million +$25 million Expected to be accretive to CAD* / share in first full year(3) ▪ Limits incremental leverage with ~70% equity consideration - Opportunity to reduce debt through portfolio optimization / large dispositions ■ UPREIT structure offers tax deferral option for Pope unitholders and facilitates future timberland acquisition opportunities for Rayonier Includes approx. 5,000 acres representing long-term timber deeds, timber reservations from prior land sales, and lands located within real estate project areas. "Look-through" represents pro-rata ownership of the funds. Excludes transaction costs and costs required to achieve synergies. Rayonier Non-GAAP measure (see Appendix for definitions). Investor Presentation | May 2020 10#12Pope Resources Transaction Closing Details Preliminary Unitholder Vote / Election Results Pope Unitholder Voting Results ■ 72.9% of units outstanding voted at the special meeting ■ 98.9% of those units voting at the special meeting voted to approve the merger Preliminary Consideration Election Results ■ 10.2% of units elected Rayonier stock ■ 10.7% of units elected Opco units ■ 79.1% of units elected cash (subject to proration) Preliminary Consideration Breakdown (w/ Proration) $169.5 million of cash - Includes $10 million consideration for GP interests ■ 7.1 million Rayonier common shares ■ 4.6 million Opco units Transaction Valuation / Financing Overview ($ in millions, except per share amounts) Pope Units Acquired (MMS) Pope Units Outstanding @ 4/30/20 (-) Pope Units Owned by Rayonier Net Units Acquired @ Closing Implied Price per Unit @ Closing 4.367 (0.114) 4.252 Rayonier Shares / Opco Units Issued per Pope Unit 2.751 Rayonier Closing Share Price on 5/7/20 $24.01 $37.50 $103.55 Cash Consideration per Pope Unit Implied Price per Pope Unit Acquired @ Closing Implied Transaction Valuation Implied Total LP Consideration (1) Pope Net Debt @ 3/31/2020 (2) GP Consideration Total Consideration + Net Debt Equity Financing Total Number of Shares / Opco Units Issued (MMS) Rayonier Closing Share Price on 5/7/20 Implied Value of Equity Financing Debt Financing New Incremental Term Loan Pope Resources Debt Assumed Total Incremental Debt Financing $440.3 10.0 101.8 $552.1 11.7 $24.01 $280.9 $250.0 45.0 $295.0 The previously announced Pope Resources acquisition closed on May 8, 2020. (1) Excludes units already owned by Rayonier. Rayonier (2) Excludes net debt of Timber Funds business. Investor Presentation | May 2020 11#13COVID-19 Update Key Impacts to Forest Products Markets Paper and packaging markets - Demand for tissue has been extraordinarily strong as consumers have stocked up on personal care products - - · Demand for packaging grades has been strong due to increased reliance on packaged foods and e-commerce amid the pandemic - Demand for printing and writing grades has declined significantly due to work-from-home policies and overall economic slowdown Lumber and construction markets - New home construction has stalled due to stay-at-home orders and overall economic slowdown - - Full-year outlook for housing starts remains largely uncertain March housing starts (1.22mm) declined 22% versus February (1.56mm) with further declines anticipated R&R market has held up reasonably well, with increased focus on home improvement projects amid stay-at-home orders Announced NA lumber capacity curtailments of 15 BBF (annualized basis), although some mills already re-starting Overview of Rayonier Impacts by Segment and Response Corporate: implemented a work-from-home policy for office employees and enhanced safety guidelines for field employees ■ Southern Timber: pulpwood demand strong while sawtimber demand impacted by sawmill curtailments; pickup in China export market due to tariff waivers and supply reductions from other regions; reduced full-year volume guidance by ~550k tons (-9%) ■ Pacific Northwest: sawtimber and pulpwood demand negatively impacted by mill curtailments, partially offset by pickup in China export market; reduced full-year volume guidance by ~100k tons (-7%) ■ New Zealand: government implemented lockdown of all non-essential businesses (including forestry) for one month but began re- opening on April 28th; pent-up demand translating to improved pricing; reduced full-year volume guidance by ~450k tons (-17%) ■ Real Estate: development activity expected to slow down significantly; rural transaction pipeline holding up reasonably well The U.S. forest products industry has been designated as a critical infrastructure industry by the Dept. of Homeland Security and has therefore continued to operate amid the COVID-19 pandemic. Rayonier Investor Presentation | May 2020 12#14Rayonier Key Industry Trends 13 Investor Presentation | May 2020#15Housing Indicators Were Strong Heading Into the Crisis Housing Starts SAAR (MM) 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 Housing Sector is Underbuilt 0.8 0.6 0.4 0.2 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Housing Starts Underlying Demand Existing Homes for Sale 12 11 10 65 2 1 Home Inventory Has Diminished Ама 2000 2002 2004 Recession 2006 2008 2010 2012 2014 2016 2018 2020 Existing Homes for Sale in Months at Current Sales Pace Homeownership Economics Are Favorable 26x 20x 18x 16x ོ ༔ ༔ ཚེ ༄ * ¢ ༄ 22x Median Home Price to Annual Rent порив U.S. Housing Stock has Aged Considerably 45 45 40 40 35 Age (in Years) 25 20 20 585 30 27 15 10x 10 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Recession Median Home Price to Annual Rent Source: Rayonier 29 29 32 31 31 29 29 30 40 39 37 34 35 34 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Median Age of Owner-Occupied Housing U.S. Census Bureau, Forest Economic Advisors, 2017 American Housing Survey, U.S. Department of Housing and Urban Development and National Association of Realtors. Investor Presentation | May 2020 14#16Housing Starts Expected to Decline in 2020 Historical Annual Housing Starts Annual Housing Starts (000s) 2,500 2,000 1966 Trough ⚫1.16mm Starts ⚫779k SF Starts ⚫5.9 per 1,000 1975 Trough 1.16mm Starts .892k SF Starts ⚫ 5.4 per 1,000 1982 Trough ⚫1.06mm Starts ⚫663k SF Starts ⚫ 4.6 per 1,000 1991 Trough • 1.01mm Starts .840k SF Starts ⚫ 4.0 per 1,000 1,500 1,000 500 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 Single-Family 1981 1983 1985 1987 1989 1991 Multi-Family 12.5 2009 Trough • 554k Starts ⚫ 445k SF Starts ⚫ 1.8 per 1,000 2019 Current .1.29mm Starts .894k SF Starts • 3.9 per 1,000 10.0 1993 1995 1997 Starts per 1,000 of Population 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 T 7.5 5.0 2.5 Total U.S. housing starts have increased for 10 consecutive years but are expected to decline in 2020 due to the COVID-19 pandemic. Rayonier Source: U.S. Census Bureau, Forest Economic Advisors. Investor Presentation | May 2020 15 Starts per 1,000 of Population#17Availability of Viable B.C. Timber Has Declined Rapidly Inventory of Available Live and Dead Lodgepole Pine by Years Since Attack (million m³) 1,600 Economic "Shelf-Life" of Beetle Kill Wood = 8-12 Years 1,400 1,200 1,000 800 600 400 67.1 BC Interior AAC (million m3) 2000 2009 50.6 2020 % change '00-20 '09-20 44.3 -13% -34% 200 2010 - 2015: -19% Decline in <12 yrs Dead Volume 2015-2020: -39% Decline in <12 yrs Dead Volume Lumber Capacity Curtailments 2015-2019 3.0 billion board feet 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9-10 yrs 11-12 yrs >12 yrs Duration Since Mortality: ■Live <8 yrs The mountain pine beetle epidemic is expected to significantly constrain the availability of economically viable pine inventory in B.C. for many decades. Rayonier Source: B.C. Ministry of Forests, Forest Economic Advisors. Investor Presentation | May 2020 16#18China's Large Timber Supply Deficit is Growing China Total Timber Supply Deficit (million m3 RWE) 300 China Softwood Log and Lumber Imports (million m RWE) 90 250 200 150 100 50 2015 2020F 2025F Wood Panels ■Pulp Woodchips 2000 2005 2010 Logs Lumber 60 80 70 70 660 50 40 40 30 30 20 20 10 2006 2008 2010 2012 2014 2016 2018 Russia ■New Zealand United States ■Canada ■ROW Softwood log and lumber imports into China are expected to remain strong given its growing timber supply deficit. Rayonier Source: Investor Presentation | May 2020 RISI and Forest Economic Advisors. RWE defined as roundwood equivalent. 17#19Chinese Log & Lumber Imports Rely on NZ and Russia Chinese Log Import Volumes (million m3 RWE) 50 45 45 40 40 Russia New Zealand USA Chinese Lumber Import Volumes (million m3 RWE) 45% 45 Russia Canada 40% 40 40 Europe ROW % New Zealand 35% 35 35 ROW % Russia 35 50 30 25 25 20 20 15 10 10 5 80% 70% 60% 50% 40% 30% 20% 10% Rayonier Source: Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | May 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 New Zealand has captured a significant share of the growth in China's log import volume. 5% 5 10% 10 15% 15 20% 20 20 25% 25 25 30% 30 30 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2006 2007 18#20European Spruce Beetle Epidemic China Softwood Log Imports from Europe (thousand m³) China Softwood Log Imports by Major Source (million m³) 1,200 1,000 800 600 400 200 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 ■Germany Czech Republic Other Impacted Countries Other Europe 4 2 1 20 18 16 14 12 10 8 6 New Zealand Russia Australia United States Europe ■2016 2017 2018 2019 European spruce beetle epidemic has driven increased competitive supply into China market. Source: Rayonier IHS Markit Global Trade Atlas; "Other Impacted Countries" include: Germany, Czech Republic, France, Belgium, Poland, Slovakia, Slovenia, Switzerland, Italy, Croatia, Netherlands, Romania, Austria, Luxembourg. Investor Presentation | May 2020 19#21Rayonier Deconstructing Timberland Returns 20 Investor Presentation | May 2020#22$10 I 1990 60x 50x 40x 30x 20x 10x 1990 1992 1994 1996 1998 2000 2002 2004 2006 1991 Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | May 2020 1992 1993 1994 1995 1996 1997 1998 1999 2000 U.S. South timberlands have traded at an average EBITDA multiple (excluding land sales) of ~37x over the last 30 years. Average = 36.6x 2008 2010 2012 2014 2016 2018 2001 2002 2003 2004 2005 U.S. South EBITDA Multiples (NCREIF) U.S. South EBITDA per Acre (NCREIF) $60 $50 $40 CAGR 4.1% $30 $20 U.S. South Historical Valuation Snapshot 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 U.S. South Value per Acre (NCREIF) $2,000 $1,750 $1,500 $1,250 $1,000 $750 $500 $250 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 CAGR = 3.9% 2018 2016 2017 2018 2019 21#23Historical Components of U.S. South Timberland Returns NCREIF South Historical Returns 25.0% 20.0% 15.0% 10.0% 5.0% (5.0%) (10.0%) 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 20-Year 10-Year ■EBITDA Return Appreciation Return Avg. EBITDA Return Avg. Appreciation Return 2.6% 2.5% 2.7% 0.8% „ T 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 NCREIF South Historical EBITDA Returns vs. 10-Year Treasury EBITDA Return 10-year UST Avg. EBITDA Return Avg. Spread to 10-yr UST 20-Year 2.6% 10-Year 2.5% (0.9%) (0.1%) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 U.S. South timberlands have historically been bid to EBITDA cap rates in the range of 2.5% to 3.0%, which is generally in line with the average 10-year treasury yield over the last decade. Rayonier Source: National Council of Real Estate Investment Fiduciaries. Investor Presentation | May 2020 22#24Components of Timberland Return - U.S. South Return Component Low Comments Risk Scale EBITDA Return (-) Capex Investment Current Cash Flow Return Value Range Risk to Achieve Cash Return Expectation 2.0% -4.5% ~(0.5%) 1.5% - 4.0% DOOO Other Components of Return High EBITDA yield for Southern timber, including timber harvest and non-timber income Average annual cost of replanting / silviculture; can vary based on site Varies based on market quality, site index / productivity, stocking, etc. Productivity Gains HBU Uplift 0.5% - 1.0% ● DOOO] Based on improved silviculture; higher gain potential on lower quality properties 0.0% - 1.0% Return to Trend Pricing 0.0% 1.5% Long-Term "Real" Price Growth 0.0% -0.5% Requires market for rural property; proximity to population centers is key Higher "return-to-trend" expectation is common in more depressed markets Long-term expectation of real price increases above inflation Total Return Expectation Typical "Real" Return Expectation (+) Assumed Inflation 4.5% -5.5% Varies ~2.0% "Nominal" Return Expectation 6.5% -7.5% Represents typical timberland real discount rate range Based on long-term historical spread between treasuries and TIPS Represents expected long-term, unlevered Varies return on timberland investments Rayonier Investor Presentation | May 2020 23#25Productivity is a Key Driver of Timberland Value Rayonier U.S. South Pine Site Index 25 (feet) Harvest Volume Increases with Site Index (2) Site Index 25 (feet) 80 70 10 Recently harvested stands Tons Acre/Year 6.0 5.0 4.0 3.0 2.0 1.0 I Transition 65 to 75 over 25 years = 1.1% productivity CAGR 60 65 70 75 80 85 Site Index 25 (feet) Product Mix Improves with Site Index (2) 60 60 100% 80% 60% 40% 20% 50 1990- 1992 1993- 1996- 1999- 2002- 2005- 1995 1998 2001 2004 2007 Planting Year 60 65 Pine ST ■ Pine CNS 70 75 80 85 Pine PW ■ Hardwood Higher site index properties generate greater harvest yields and a more valuable product mix. Improving site index by 10 feet over a 25-year harvest rotation implies ~1% annual productivity gain. Rayonier (1) First physical site index measurement taken at age 11. Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes mix of plantation / hardwood acreage and loblolly / slash species based on Rayonier portfolio averages. Investor Presentation | May 2020 24#26Rayonier Historical Real Estate / HBU Summary Historical Acres Sold/% of Total Southern Acreage 35,906 30,026 26,251 35,633 33,055 30,923 27,474 25,292 28,574 23,800 2.2% 21,310 1.8% 17,173 1.9% 16,346 16,417 16,340 1.7% 1.6% 1.6% 1.5% 1.3% 1.3% 1.0% 0.9% 0.9% 0.9% 25,102 25,951 27,634 17,106 1.6% 1.4% 1.4% 1.5% 1.3% 0.9% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2004-19 2010-19 2015-19 Average Average Average $4,267 $2,675 $2,858 $6,755 Historical HBU Value per Acre / Premium to NCREIF Index $4,004 $3,417 $3,579 $3,242 $2,940 $3,086 $2,132 $1,897 $2,149 $1,839 $2,453 $2,186 $2,538 $2,536 $2,631 2004 2005 2006 2007 2008 2009 Premium to NCREIF U.S. South Average Per Acre Value 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2004-19 2010-19 2015-19 Average Average Average 139% 144% 239% 353% 92% 35% 24% 46% 20% 50% 25% 43% 42% 93% 100% 121% 88% 55% 73% Rayonier has generally sold 1.0% to 2.0% of its Southern land base annually at premiums in the range of ~50% above timberland value, with premiums improving more recently. Rayonier Notes: Excludes Large Dispositions, Improved Development and New Zealand land sales. 2007 includes a 3,100 acre sale in west central Florida at $15,000 per acre. Investor Presentation | May 2020 25#27Illustrative HBU Economics Example: 1 Million Acre U.S. South Portfolio ($ in 000s, excepts per acre values) Sales Pace / Premium Illustrative Asset Profile U.S. South Portfolio Acres (000s) Timberland Value per Acre Implied Total Asset Value (1) HBU Incremental Return Sensitivity Analysis (% incremental return) Premium to Timberland Value 1.0% / 50.0% 1.5%/75.0% 25% 50% 75% 100% 0.50% (0.1%) 0.1% 0.2% 0.3% 0.4% 0.75% 1,000 $1,810 1,000 $1,810 % of Acreage (0.1%) 0.1% 0.3% 0.4% 0.6% 1.00% (0.1%) 0.1% 0.4% 0.6% 0.8% $1,810,000 $1,810,000 Sold 1.25% (0.1%) 0.2% 0.4% 0.7% 1.0% 1.50% (0.2%) 0.2% 0.5% 0.9% 1.2% Implied HBU Inputs # of Acres Sold Annually 10,000 15,000 Implied HBU Price per Acre $2,715 $3,168 Peer Group Real Estate Prices (2018 – 2019) (4) HBU Premium per Acre $905 $1,358 $4,500 $3,921 HBU Contribution to Return $4,000 HBU Sales Revenue $27,150 $47,513 $3,500 (2) $3,000 (-) Real Estate Overhead Costs (2,715) (4,751) $2,500 Implied Adjusted EBITDA $24,435 $42,761 $2,000 $1,986 $1,769 $1,811 (-) Acquire Replacement Timberlands (18,100) (27,150) $1,500 Residual Cash Flow $6,335 $15,611 $1,000 $500 Residual Cash Flow / Total Asset Value 0.4% 0.9% Rayonier Weyerhaeuser Potlatch CatchMark A well-designed HBU program should be able to generate roughly 0.5% to 1.0% of incremental return relative to underlying timberland returns (depending on the quality of HBU product). Rayonier (1) (2) Based on NCREIF U.S. South Timberland index average value per acre as of Q4 2019. Assumes overhead costs of 10% of sales. (3) Assumes additional timberlands acquired to replace acreage sold as HBU. Represents average Real Estate segment sales price per acre for 2018 - 2019. Investor Presentation | May 2020 26#28Deconstructing Timberland Returns - Illustrative Acquisitions Illustrative Acquisition Scenario A - Low Productivity Asset / Bottom Quartile Market Assumed Portfolio Profile Expected Components of Return Return Components (% of Total) 6.0% Location MS-1 5.0% Composite Stumpage Price (1) 1.7% $10.11 4.0% 34% 36% 3.0% 0.5% Site Index 65 5.0% 1.0% 2.0% (0.5%) Volume per Acre per Year (2) 3.2 1.0% 2.3% Implied EBITDA per Acre (3) $32 Assumed Value per Acre $1,500 Increases 30% EBITDA (Capex) Productivity HBU Return Gains Uplift Real Price Real Return ■ Cash Yield Productivity / HBU ▪ Price Increases Illustrative Acquisition Scenario B – High Productivity Asset / Top Quartile Market - Assumed Portfolio Profile Expected Components of Return 6.0% Location FL-1 5.0% Composite Stumpage Price (1) $20.48 4.0% 0.3% 0.5% (0.5%) 0.5% Return Components (% of Total) 6% 20% Site Index 80 3.0% 5.0% 2.0% 4.2% Volume per Acre per Year (2) 5.0 74% 1.0% Implied EBITDA per Acre (3) $102 Assumed Value per Acre $2,500 EBITDA Return (Capex) Productivity HBU Gains Uplift Real Price Real Return Increases " ■ Cash Yield Productivity / HBU ▪ Price Increases (1) (2) Rayonier (3) Based on TimberMart-South 2019 regional average composite stumpage price assuming mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes mix of plantation/hardwood acreage and loblolly / slash species based on Rayonier portfolio averages. Assumes non-timber income roughly offsets timber management costs for illustration purposes. Investor Presentation | May 2020 27#29Rayonier Timber Segments Overview 28 Investor Presentation | May 2020#30Southern Timber - Portfolio Overview 1 Highlights/Location Acreage: 1.8 million acres Sustainable Yield: 5.9 - 6.3 million tons Planted/Plantable: 67% - Average Site Index: 72 feet at age 25(1) ▪ 2019 EBITDA*: $119.7 million Sustainable Forestry Initiative Certification Site Index in Feet (1) 175 60 60 45 30 G 30 15 Strong Productivity Characteristics 300 250 200 150 100 Acres in 000s 50 50 Site index reflects the average height of the dominant and codominant trees at a base age of 25 (U.S. South). Age class profile as of 09/30/19 per 2019 Form 10-K. Source: U.S. Dept. of Agriculture, Society of American Foresters Journal of Forestry. (2) Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020 Southern Yellow Industrially-Managed Pine Regional Avg. SYP Average Rayonier SYP Average Balanced Age Class Profile (2) 0-4 5-9 10-14 15-19 20-24 25+ Natural Pine Age Class in Years 29#312000 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#32RYN Concentrated in Strongest U.S. South Markets Supply/demand dynamics are highly localized, as logs generally travel less than 100 miles Timber consumption vs. inventory growth remains much more tensioned in Coastal Atlantic markets TMS 2019 Composite Price Quartile Rankings TMS 2019 Composite Price by Region OK-1 TX-1 Composite Price First Quartile Second Quartile Third Quartile Fourth Quartile Rayonier VA-1 VA-2 $25 Top 2 Markets $20 TN-1 TN-2 AR-2 SC-1 NC-1 NC-2 $15 GA-1 SC-2 AR-1 MS-1 AL-1 $10 GA-2 AL-2 LA-1 MS-2 LA-2 FL-2 FL-1 Mies 50 100 150 200 $5 FL-1 GA-2 NC-2 62% of RYN Southern Lands in Top 2 Markets U.S. South Average SC-2 FL-2 VA-2 TX-1 VA-1 LA-1 TX-2 LA-2 AL-2 GA-1 SC-1 NC-1 MS-2 AR-1 AR-2 AL-1 MS-1 Approximately 62% of Rayonier's Southern timberlands are located in the top two markets (ranked by TimberMart-South composite stumpage pricing). Rayonier Source: Note: TimberMart-South. Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | May 2020 TN-1 TN-2 31#33U.S. South Market Quartiles Relative Position Current Inventory Status (Years of Harvest) and Inventory Trend (Growth / Drain) Growth/ Drain Ratio 2.6 2.4 2.2 % U.S. South Inventory by Market Quartile* First Quartile 2.0 1.8 Second Quartile Third Quartile Fourth Quartile 1.6 1.4 1.2 1.0 0.8 33% 28% 17% 21% U.S. South Average G/D Balanced 0.6 10 12 14 16 18 20 20 22 24 Years of Harvest in Inventory 26 26 28 Inventory build and growth / drain ratios differ significantly among U.S. South markets. Source: FIA, Rayonier Analysis. Percentages/bubble sizes represent relative proportion of total pine growing stock at year-end 2018. Market quartiles are grouped as displayed in the prior price chart. Southeast OK is included in the third quartile grouping but is not covered by a TMS reporting zone. Investor Presentation | May 2020 Rayonier Note: 30 50 32#34Lumber Capacity Expansion in U.S. South Active Mill Expansion in the U.S. South (1) Mill Expansion Capacity Increase New Expansion Restart < 25 MMBF 25 125 MMBF 125 250 MMBF 250+ MMBF Miles 0 50 100 150 200 U.S. South Lumber Production / Capacity (BBF) 25.0 22.5 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 T 2000 2001 2002 2003 2004 2005 2005 2006 2007 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F Capacity Production Operating Rate Lumber production and capacity in the U.S. South has grown significantly over the last several years. Rayonier (1) Source: Reflects mill capacity announced since 2017. New capacity reflected as of announced start date and adjusted based on FEA estimates. Forest Economic Advisors. Investor Presentation | May 2020 100% 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% 33#35Softwood Pulpwood Demand Growth Has Been Strong Historical Demand for Softwood and Hardwood Fiber Demand (MM green tons) 300 250 200 150 100 50 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Softwood Roundwood Demand Sftwd Log Demand (Indexed to '00) Softwood Residuals Hdwd Fiber Demand (Indexed to '00) Hardwood Fiber Demand 150% 125% 100% 75% 50% 25% U.S. South growth in demand for softwood pulpwood has remained strong and is poised to accelerate on expanding OSB capacity investments. Rayonier Source: Forest Economic Advisors. Investor Presentation | May 2020 Demand (Indexed to 2000) 34#36$5 $30 $35 $40 $45 $50 TimberMart-South South-wide Average Pulpwood Supports Composite Prices in Strong Markets U.S. South-wide Average Stumpage Pricing Strong Markets Support Composite Pricing $25 $20 2005-2019: -23% $50 $15 $40 $10 $30 $20 2000 2001 2002 2003 2004 U.S. South Pulpwood 2005 2006 2007 2008 2009 2010 2011 2012 -U.S. South Sawtimber 2013 2014 2015 2016 2017 2018 2019 U.S. South Composite $10 $50 $40 $30 $20 $10 2000 2001 2002 2003 2004 2005 2006 2007 2008 FL1 Pulpwood 2005 2019: +1% 2009 2010 2011 2012 2013 FL1 Sawtimber TMS FL1 Region 2014 2015 2016 2017 2018 2019 Weaker Markets Hinder Composite Pricing TMS MS1 Region 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 MS1 Pulpwood 2005-2019: -50% As sawtimber pricing has eroded in the U.S. South, increased pulpwood pricing has offset the overall composite price decline in strong markets where Rayonier focuses its ownership. Source: Note: TimberMart-South. Rayonier Composite pricing assumes 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | May 2020 2010 2011 2012 2013 2014 MS1 Sawtimber 2015 2016 2017 2018 MS1 Composite 35 2019 FL1 Composite#37U.S. South EBITDA* Benchmarking ■ EBITDA* per ton best captures profitability per unit of sales EBITDA* per acre can be misleading due to differential rates of harvest $20 U.S. South EBITDA* / Ton U.S. South Rate of Harvest ($ per ton harvested) (tons per acre per year) 5.5 U.S. South EBITDA* / Acre ($ per acre) $80 5.0 $75 $18 $70 4.5 $65 $16 4.0 $60 3.5 $14 $55 3.0 $50 $12 2.5 $45 2.0 $40 $10 1.5 $35 $8 1.0 $30 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 RYN WY PCH CTT ■RYN WY PCH ■CTT RYN WY PCH CTT Rayonier's sector-leading EBITDA* per Ton has increased 20% since 2013. Rayonier Source: WY figures pro forma for PCL combination. CTT figures include Pacific Northwest. EBITDA, harvest volume and acreage data for all peers based on public filings. Per acre data calculated based on estimated average acres for each year (i.e., average of year-end and prior year-end acres), adjusted for major acquisitions/dispositions (i.e., pro-rated from date of transaction). * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020 36#38Pacific Northwest Timber - Portfolio Overview Highlights/Location Acreage: 508,000 acres (1) Sustainable Yield: 1.9 million tons(1) Planted/Plantable: 79% (1) Average Site Index: 116 feet at age 50(2) 2019 EBITDA*: $16.7 million ■ Sustainable Forestry Initiative Certification Site Index in Feet (2) 125 228 100 75 75 50 25 Strong Productivity Characteristics Acres in 000s Douglas-fir Regional Avg. Industrially-Managed Douglas-fir Avg. Rayonier Douglas-fir Avg. Improving Age Class Profile (3) 120 100 80 60 40 20 0 0-9 10-19 20-29 30-39 40+ Age Class in Years As of 3/31/2020 pro forma for Pope Resources acquisition (excluding "look-through" acres in Timber Funds business). (2) Site index reflects the average height of the dominant and codominant trees at a base age of 50 (Pacific Northwest); based on King 1966 site index equation for Douglas-fir and Wiley 1978 site index equation for Western Hemlock; excludes Pope Resources acquisition. (3) (4) Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Age class profile represents commercial forest acres as of 9/30/19 per 2019 Form 10-K pro forma for Pope Resources acquisition. Source: U.S. Dept. of Agriculture, Society of American Foresters Journal of Forestry. Investor Presentation | May 2020 37#39Pope Timberlands Significantly Enhance Rayonier Portfolio Pro Forma Sustainable Yield (1) Acres and % by Age-Class (2) (MMBF/year) 300 (000 Acres) 70 ■Rayonier Pope 250 40 60 57 235 50 40 200 178 30 150 20 10 100 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35+ 50 RYN 14% 14% 15% 10% 8% 10% 15% 14% Rayonier Pope Combined POPE 14% 8% 10% 10% 14% 7% 16% 21% Rayonier Pope Combined % Productive Forest 78% 79% 83% 65% 70% 75% 80% 85% 90% Merchantable Volume Species Mix (2) Rayonier Pope Combined 60% 68% 83% 26% 20% 8% 20% Douglas-fir Hemlock 40% Other Conifer 60% 80% 100% ■Cedar ■ Hardwood Pope Resources' partnership timberland complements Rayonier's existing age-class distribution and materially upgrades the quality of our Pacific Northwest portfolio. (1) See definition of sustainable yield in Rayonier's most recent Form 10-K. (2) Rayonier Rayonier age class and 35+ year old merchantable volume as of 09/30/19. Pope age class and 35+ year old merchantable volume represents partnership / fee timber only and is projected as of 12/31/19. Investor Presentation | May 2020 38#40Pacific Northwest Demand & Pricing Trends Pacific Northwest Log Demand & Pricing (BBF) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 I ($ per MBF) $900 $800 $700 $600 $500 $400 $300 $200 $100 Source: Note: Forest Economic Advisors, RISI. Log exports converted to lumber basis assuming 2.35 recovery rate. Investor Presentation | May 2020 Pacific Northwest pricing has been impacted by fluctuations in export demand. Q1-2006 Q3-2006 Q1-2007 Q3-2007 Q1-2008 Q3-2008 Q1-2009 Q3-2009 Q1-2010 Q3-2010 West Coast Lumber Production Douglas-fir Log Price (Log Lines Region #1 - #2 Sawlog) Log Exports (Lumber Basis) Western Hemlock Log Price (Log Lines Region #1 - #2 Sawlog) Q1-2011 Q3-2011 Q1-2012 Q3-2012 Q1-2013 Q3-2013 Q1-2014 Q3-2014 Q1-2015 Q3-2015 Q1-2016 Q3-2016 Q1-2017 Q3-2017 Q1-2018 Q3-2018 Q1-2019 Q3-2019 Q1-2020 Rayonier 39#41Pacific Northwest EBITDA* Benchmarking Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest EBITDA* per ton and EBITDA* per acre both declined as a result of reduced harvest and, more recently, due to significant decline in pricing Northwest EBITDA* / Ton ($ per ton harvested) $60 Northwest Rate of Harvest Northwest EBITDA* / Acre (tons per acre per year) ($ per acre) 5.5 $250 5.0 $50 $200 4.5 4.0 $40 $150 3.5 3.0 $30 $100 2.5 $20 2.0 $50 1.5 $10 1.0 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 RYN WY Pope ■RYN WY Pope RYN WY Pope Rayonier's Pacific Northwest EBITDA* per ton has historically been below the peer group due to its higher proportion of hemlock volume (vs. Doug-fir) and higher mix of cable logging. Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2013 - 2015; Pope EBITDA based on historical public filings. Volume and acreage data for all peers based on historical public filings; assumes 8.0 tons per MBF for Pope. Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020 40#42New Zealand Timber - Portfolio Overview Highlights/Location ☐ Acreage: 415,000 acres (295,000 productive acres) ◉ Sustainable Yield: 2.4-2.7 million tons 125 100 Strong Productivity Characteristics B ☐ Planted/Plantable: 71% ▪ Average Site Index: 94 feet at age 20(1) ▪ 2019 EBITDA*: $75.8 million FSC® and PEFC™M Certification Appraised value as of 12/31/19: NZ$1,514 million (NZ$5,138 / productive acre)(3) Acres in 000s Site Index in Feet (1) 75 50 50 25 Radiata Pine Regional Avg. Industrially-Managed Radiata Average Rayonier Radiata Average Balanced Age Class Profile (Radiata) (2) 70 60 50 40 30 20 10 וווו 0-4 5-9 10-14 15-19 20-24 25+ Other Age Class in Years (1) (2) (3) Site index reflects the average height of the dominant and codominant trees at a base age of 20 (New Zealand). Age class profile as of 12/31/19 per 2019 Form 10-K. Annual appraisals are obtained by Matariki Forestry Group for compliance with statutory financial reporting requirements. Source: NZ Ministry for Primary Industries, New Zealand Journal of Forestry. Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2020 41#43Diversified Mix of Domestic & Export Markets Volume by Market Destination (2019) RMF Domestic 34% Other RMF Export 37% 9% India 13% Trading 29% Korea 12% China 66% Over half of the New Zealand segment's volume (excluding Trading volume) is sold into export markets, with China being the largest source of demand. Rayonier Investor Presentation | May 2020 42#44Inventory Levels Drive Near-Term Price Fluctuations Inventory-to-Demand Ratio vs. Export Log Price 6.0 5.0 4.0 Inventory-to-Demand Ratio (Avg. Monthly Demand) 3.0 2.0 10 1.0 $180 $160 $140 $120 $100 $80 $60 Supply demand range considered in balance $40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $20 China CFR US$/ m³ JAS Export supply / demand is generally considered in balance when the ratio of port inventory to average monthly demand is between 1.4 and 1.9 times. Inventory typically spikes around the Chinese New Year and has remained elevated recently due to the coronavirus outbreak. Rayonier Source: Rayonier estimates. Investor Presentation | May 2020 43#45New Zealand Productivity Strong Relative to U.S. Plantation Tons / Acre @ Rotation Age Plantation Tons / Acre / Year (tons / acre) 300 250 200 150 140 100 50 50 U.S. South 210 Pacific Northwest ■Volume / Acre @ Optimal Rotation Age (rotation age) (tons/acre/year) 45 10.0 250 40 40 O 35 30 8.0 60 5.8 6.0 5.4 25 40 4.0 20 20 2.0 8.9 15 New Zealand U.S. South Pacific Northwest New Zealand ●Rotation Age In addition to providing market diversification, New Zealand offers superior softwood plantation productivity relative to the U.S. Rayonier Source: Rayonier estimates based on long-range harvest forecast. Investor Presentation | May 2020 44#46Rayonier Real Estate / HBU Strategy 45 Investor Presentation | May 2020#47Real Estate Strategy - Optimize Value & Create Optionality Timberlands Real Estate BOARD OF COUNTY COMMISIONERS Large Dispositions Strategic sales of timberland Opportunistic-only for capital allocation O Upgrade portfolio Excluded from Adj. EBITDA and pro- forma financials Timberland value Opportunistic ■ Non-Strategic / Timberlands Sale of non-strategic and timberland assets Timberland: capture a financial premium Non-Strategic: monetize and repurpose "dead- capital" Rural Places + Properties Sale of rural properties Stable and recurring source of cash flows Build a pipeline of enhanced rural properties in higher potential markets HBU premium + ROI Timberland premium Reduce reliance Grow moderately Unimproved Development Sale of properties with development rights Invest in securing development rights Build a pipeline of entitled properties in higher potential markets HBU premium + ROI Grow in select markets Improved Development Sale of developed land parcels Invest in infrastructure and amenities ■ Enhance value and create optionality of adjacent RYN properties HBU premium + ROI + optionality Grow in very select markets Land Resources Sale of access to use properties / extract resources ■Maximize and grow annual gross margin/ac ■ Build diverse portfolio of cash flows ☐ Develop new business growth Annual gross margin per acre Rayonier Investor Presentation | May 2020 Grow moderately 46#48Strategic Focus on Maximizing HBU Premium ($ per acre) 2012-2016 Price per Acre Average Price: $2,310/ac $2,074(1) $2,341 ($ per acre) $9,210 +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 | May 2020 47#49I-95 Coastal Corridor - Active Portfolio Management BRYAN CO 20 40 Miles Savannah Hinesville LIBERTY CO LONG CÓ GEORGIA CAMDEN CO NASSAU CO MCINTOSH CO GLYNN CO 95 OUVAL CO Brunswick St. Marys- Kingsland Fernandina Beach PLANNING NODES BRYAN COUNTY - US 17 BELFAST Commerce Park BELFAST 1 KILKENNY BELFAST 2 RICHMOND HILL Mixed Use ST MARYS / CAMDEN GA EAST NASSAU NORTHERN WEST NASSAU 3 ST MARYS BLUFF'S EAST NASSAU Residential / Hospitality EAST NASSAU REMAINDER CHESTER RD. WILDLIGHT EAST NASSAU SOUTHERN Rayonier planning areas Other Rayonier properties Active projects (Improved) Active projects (Unimproved) Under evaluation Optimize timberland value Georgia Low County (Savannah, Richmond Hill, Bryan County) Florida Low County (St. Mary's, Nassau County) WEST NASSAU 1 10 295 Jacksonville WEST NASSAU 2 • • CRAWFORD DIAMOND sold Wildlight Richmond Hill Belfast 1 FLORIDA NORTH ST. JOHNS • DEEP CREEK sold • St. Augustine ST.JOHNS CO SOUTH ST. JOHNS 1 sold Belfast Com. Ctr. North St. Johns Crawford Diamond South St. Johns SOUTH ST. JOHNS 2 sold Deep Creek Selected Transactions (2013-2019) 91 ac | $222,301/ac 6.86 ac | $145,773/ac 8.8 ac $91,429/ac 187 ac $35,244/ac 1,383 ac | $18,323/ac 2,209 ac | $10,000/ac 11,488 ac 1,994 ac $3,644/ac $3,200/ac Gainesville ST. JOHNS REMAINDER Palm Coast SOUTH ST. JOHNS 3 sold Rayonier SOUTH ST. JOHNS 4 sold 48 FLAGLER CO Daytona Beach NEOGA LAKES#50Real Estate Development: Focused Strategy Florida HBU Portfolio Georgia HBU Portfolio WHITE OAK PLANTATION A1A THREE RIVERS CREEK RIVER CARTISAN POINTS Yulee HIDEWAY TRADEPLEX A1A MEADOWFIELD GLEN HERON ESLES LOFTON PIRATES WOODS VILLAGE NORTH HAMPTON PARKE AMELIA NATIONAL AMELIA WALK ~24,000 acres north of Jacksonville, FL 95 15B 15A 17B 17A BELFAST KELLE REMAINING PUD AREA T 10 10 BELFAST TRAIL ROAD ~20,000 acres south of Savannah, GA 11 Rayonier has two unique HBU land portfolios located in close proximity to I-95 north of Jacksonville, FL and south of Savannah, GA, which provide long-term development opportunities. Rayonier Investor Presentation | May 2020 49#51Overview of Wildlight Community Development WILDLIGHT FLORIDA LOWCOUNTRY LIVING ■ 261 net-acre Wildlight Village Center commenced development in March 2016 ■ Well positioned in a growing sub-market ■ Rayonier owns ~25,000 acres in a 5-mile radius ■ Land use entitlements in place to support future growth ■ Total Sales Project-To-Date*: ■ Commercial: $16.4MM gross sales (78 gross ac) (76 net ac) Residential: $3.9MM gross sales (84 lots) (13 gross & net ac) Wildlight Elementary School & Rayonier HQ Office Building completed August 2017 ■ 6-lane A1A highway and new Interstate 95 interchange under construction completing end of 2020 Our strategy is to target Northeast Florida market demand and catalyze value across our significant land holdings over time. Rayonier * Includes sales from 6/30/17 - 12/31/19. Investor Presentation | May 2020 50#52Wildlight Village Center - Catalytic Uses and Design Pool Amenity Rayonier Office Wildlight Elementary School Catholic Pre-K Learning Center Rayonier The Lofts Apartments Shopping & Dining Florida Public Utilities Office First Federal Bank UF Health Ambulatory UF Health UF Health YMCA Marriott Branded Hotel Kindercare Childcare Heartland Dental Investor Presentation | May 2020 51#53Overview 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#54Appendix Rayonier 53 Investor Presentation | May 2020#55Definitions of Non-GAAP Measures & Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, costs related to shareholder litigation, the gain on foreign currency derivatives, Large Dispositions, internal review and restatement costs and discontinued operations. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It removes the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis. EBITDA by segment is calculated as operating income less depreciation, depletion, amortization and specific items that are not indicative of ongoing operating results. EBITDA by segment for Rayonier is equal to Adjusted EBITDA. Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and spending on the Rayonier office building) and working capital and other balance sheet changes. CAD is a non-GAAP measure that management uses to measure cash generated during a period that is available for common stock dividends, distributions to the New Zealand minority shareholder, repurchase of the Company's common shares, debt reduction, strategic acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods. Costs related to shareholder litigation is defined as expenses incurred as a result of the shareholder derivative demands. In addition, these costs include the costs associated with class action securities litigation brought against the Company in a case styled In re Rayonier Inc. Securities Litigation filed in the United States District Court for the Middle District of Florida (Case No. 3:14-cv01395-RJC- JBT) and the Company's response to a subpoena it received from the SEC in November 2014. In July 2016, the Division of Enforcement of the SEC notified the Company that it had concluded its investigation into the Company. In October 2017, the court entered orders approving the settlement of the class action securities litigation and dismissing the case against all defendants with prejudice. Gain on foreign currency derivatives is the gain resulting from the foreign exchange derivatives the Company used to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand subsidiary. Costs related to the merger with Pope Resources include legal, accounting and due diligence, consulting and other costs related to the previously announced definitive merger agreement with Pope Resources, which is expected to close on May 8, 2020. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Rayonier 54 Investor Presentation | May 2020#56Reconciliation of Net Debt ($ in millions) Q1 2020 Current maturities of long-term debt Long-term debt, net of deferred financing costs Deferred financing costs Total Debt Cash and cash equivalents Net Debt $0.0 $1,055.3 1.7 $1,057.0 (132.4) $924.6 Rayonier 55 Investor Presentation | May 2020#57Reconciliation of Net Income to Adjusted EBITDA ($ in millions) Q1 2020 2019 2018 2017 2016 2015 2014 2013 Net income $26.4 $67.7 $117.3 Interest, net, continuing operations 8.1 29.1 29.7 $161.5 32.2 $217.8 33.0 $43.9 $97.8 $373.8 34.7 49.7 38.5 Income tax expense (benefit), continuing operations 3.7 12.9 25.2 21.8 5.0 (0.9) (9.6) (35.7) Depreciation, depletion and amortization 34.3 128.2 144.1 127.6 115.1 113.7 120.0 116.9 Non-cash cost of land and improved development Non-operating (income) / expense 0.4 12.6 23.6 13.7 11.7 12.5 13.2 10.2 0.3 (2.7) (2.2) 0.1 3.8 Costs related to Merger with Pope Resources (1) Costs related to shareholder litigation (1) derivatives (1) 2.5 - 0.7 2.2 4.1 (1) Gain on foreign currency Large Dispositions Internal review and restatement costs (1) Net income from discontinued operations Adjusted EBITDA (1) (1) $47.1 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). (28.7) (67.0) (21.4) (25.7) 3.4 (43.4) (267.9) $247.8 $337.7 $290.5 $239.7 $208.1 $213.5 $193.9 (1.2) (143.9) Rayonier 56 Investor Presentation | May 2020#58Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Pacific Southern Northwest New Zealand ($ in millions) Q1 2020 Operating Income (loss) Depreciation, depletion & amortization Timber Timber Timber Real Estate Trading Corporate and Other Total $15.1 18.2 ($0.9) 10.7 $5.4 $26.8 ($7.8) $38.6 4.8 0.4 0.3 $34.4 Non-cash cost of land and real estate sold 0.4 $0.4 Costs related to the Merger with Pope Resources (1) 2.5 $2.5 Large Dispositions (1) (28.7) ($28.7) Adjusted EBITDA (1) $33.3 $9.8 $10.2 ($1.1) ($5.0) $47.1 2019 Operating Income (loss) $57.8 ($12.4) $48.0 $38.7 $0.0 ($25.1) $107.0 Depreciation, depletion & amortization 61.9 29.2 27.8 8.2 1.2 128.2 Non-cash cost of land and real estate sold 12.6 12.6 Adjusted EBITDA (1) $119.7 $16.7 $75.8 $59.5 $0.0 ($23.9) $247.8 2018 Operating Income $44.2 $8.1 $62.8 $76.2 $1.0 ($22.3) $170.1 Depreciation, depletion & amortization 58.6 32.8 28.0 23.6 1.2 144.1 Non-cash cost of land and real estate sold Adjusted EBITDA (1) 23.6 23.6 $102.8 $40.9 $90.8 $123.4 $1.0 ($21.1) $337.7 2017 Operating Income $42.2 $1.1 $57.6 $130.9 $4.6 ($20.9) $215.5 Depreciation, depletion & amortization 49.4 32.0 27.5 17.9 0.8 127.6 Non-cash cost of land and real estate sold 13.7 13.7 Costs related to shareholder litigation (1) 0.7 0.7 Large Dispositions (1) (67.0) (67.0) Adjusted EBITDA (1) $91.6 $33.1 $85.1 $95.5 $4.6 ($19.4) $290.5 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier Investor Presentation | May 2020 57#59Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Pacific Southern Northwest New Zealand ($ in millions) 2016 Operating Income (loss) Timber Timber Timber Real Estate Trading Corporate and Other Total $43.1 Depreciation, depletion & amortization 49.8 ($4.0) 25.2 $33.0 $202.4 $2.0 23.4 16.3 ($20.8) 0.4 $255.8 115.1 Non-cash cost of land and real estate sold 11.7 11.7 Costs related to shareholder litigation (1) 2.2 2.2 Large Dispositions Adjusted EBITDA (1) Gain on foreign currency derivatives (1) (1) (1.2) (1.2) (143.9) (143.9) $92.9 $21.2 $56.5 $86.6 $2.0 ($19.4) $239.7 2015 Operating Income $46.7 $6.9 $1.6 $45.5 $1.2 ($24.1) $77.8 Depreciation, depletion & amortization 54.3 14.8 25.5 18.7 0.4 113.7 Non-cash cost of land and real estate sold 12.5 12.5 Costs related to shareholder litigation Adjusted EBITDA (1) 4.1 4.1 (1) $101.0 $21.7 $27.1 $76.7 $1.2 ($19.6) $208.1 2014 Operating Income $45.7 $29.5 $8.7 $48.3 $1.7 ($35.6) $98.3 Depreciation, depletion & amortization 52.2 21.3 32.2 13.4 0.9 120.0 Non-cash cost of land and real estate sold 13.2 13.2 Large Dispositions (1) (21.4) (21.4) (1) Internal review and restatement costs 3.4 3.4 Adjusted EBITDA (1) $97.9 $50.8 $40.9 $53.5 $1.7 ($31.3) $213.5 2013 Operating Income $37.8 $32.7 $10.6 $55.9 $1.8 ($30.1) $108.7 Depreciation, depletion & amortization 49.4 21.4 27.7 17.4 1.0 116.9 Non-cash cost of land and real estate sold Large Dispositions (1) 10.2 10.2 (25.7) (25.7) Gain on Consolidation of New Zealand JV (1) (16.2) (16.2) Adjusted EBITDA (1) $87.2 $54.1 $38.3 $57.8 $1.8 ($45.3) $193.9 (1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations). Rayonier Investor Presentation | May 2020 58