Investor Presentation

Highly 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

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