Rayonier : Investor Conference Presentation - June 2024 (FINAL)

Investor Conference Presentation

June 2024

Forward-Looking Statements

Forward-LookingStatements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier's earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier's business strategies, expected harvest schedules, timberland acquisitions and dispositions, 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, including any downturn in the housing market; entry of new competitors into our markets; changes in global economic conditions and world events, including the war in Ukraine and heightened tensions in the Middle East; business disruptions arising from public health crises and outbreaks of communicable diseases; fluctuations in demand for our products in Asia, and especially China; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging, trucking and ocean freight 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; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida and Washington, 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 and cost 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 Forms 10-K and 10-Q and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the "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-GAAPFinancial and Net Debt Measures - To supplement Rayonier's financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Rayonier has presented forward-looking statements regarding "Adjusted EBITDA," which is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, operating loss (income) attributable to noncontrolling interests in Timber Funds, costs related to the merger with Pope Resources, timber write-offs resulting from casualty events, the gain on investment in Timber Funds, Fund II Timberland Dispositions, costs related to shareholder litigation, gain on foreign currency derivatives, gain associated with the multi-family apartment sale attributable to NCI, internal review and restatement costs, net income from discontinued operations and Large Dispositions. 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 excludes specific items that management believes are not indicative of the Company's ongoing operating results. Rayonier is unable to present a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on Rayonier's future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the company's actual results and preliminary financial data set forth above may be material.

INVESTOR PRESENTATION | 2

Rayonier Today (NYSE: RYN)

Key Stats

Business Segments

Adj. EBITDA2 Mix by Segment

1926

Founded

~2.7M

Total Acres1

~440

Employees

~11M Tons

Sustainable Yield

	70%
	Timber
30%	Segments
$296.5M	47%
2023	Southern Timber

$296.5M	$1,056.9M	$163.9M
FY23 Adj. EBITDA2	FY23 Sales	FY23 CAD2

Wildlight, FL

Headquarters

		Pacific Northwest
		(PNW) Timber
15%		New Zealand
8%		(NZ) Timber
	Real Estate

Trading

Rayonier is a Leading Timberland Real Estate Investment Trust

1 Acres as of 12/31/23. 2 Non-GAAP measure (see Appendix for definitions and RYN reconciliations).

INVESTOR PRESENTATION | 3

Key Trends Driving Increased Demand for Land and Timber

GLOBAL MEGATREND

Low-Carbon Economy

Transition

U.S.-CENTRIC TREND

Strong Housing

Fundamentals

Growing Need for

Decarbonization Solutions

Growing Use of Renewable

Wood-Based Products

Undersupplied U.S.

Housing Market

Favorable Demographic and Migration Patterns

Land-Based Solutions

Growing

Demand for

Land and

Timber

Timber and Real Estate

Rayonier is Well-Positioned to Capitalize on Key Trends Reshaping the Industry

INVESTOR PRESENTATION | 4

Evolution from a Timber Company to a Land Resources Company

Core Business

Growth Business

Timber	Timber		Non-Timber		Land-Based
Segments	Harvesting		Revenue1		Solutions

Real Estate /	Non-Strategic		Rural HBU		Real Estate
HBU Segment			Development

High-Value Growth Opportunities Emerging from Our Timberland Assets

1 Includes recreation and other licenses, easements, minor forest products, etc.

INVESTOR PRESENTATION | 5

Significant Value Creation Potential from Optimizing Land-Use

						Up to
						15x	Up to
	$30,000					Value
						~5-10x
Potential	$25,000				Up to
				Timber Value Creation
				10x
				Value		Solutions
	$20,000					Potential from Land-Based
Acre	$15,000		Up to
per			5x
$10,000		Value
Value						Up to
$5,000						~10-15x
	-						Timber Value Creation
						Potential from Real Estate
	Core Timberlands1	Rural HBU	CCS Lease	Solar Lease	Unimproved	Improved
					Development	Development	Development
	Core Business	Land-Based Solutions	Real Estate Development

Relentless Focus on Optimizing and Unlocking Value from Our 2.7M Acre Land Portfolio

1 Illustrative U.S. South value per acre.

INVESTOR PRESENTATION | 6

Our Portfolio Advantages

Best-in-Class Timberland Portfolio

• 100% of timberlands located in core softwood producing regions
• 71% of U.S. South timberlands located in top quartile markets

Differentiated

Real Estate Platform

• Real estate platform with proven track record of optimizing HBU values
• Significant growth in high-value development opportunities

Transformative

Growth in Land-

Based Solutions

• Burgeoning opportunities to provide land-based decarbonization solutions
• Uniquely positioned to capture growth in solar and CCS

INVESTOR PRESENTATION | 7

Geographically Diversified Portfolio

412

PACIFIC NORTHWEST

6 Acreage: 418K Acres

Sustainable Yield:

1.25-1.45M Tons

U.S. SOUTH

Acreage: 1.85M Acres

Sustainable Yield:

6.8-7.2M Tons

91	2	16

	147	255	662
282
	397

NEW ZEALAND

Acreage: 421K Acres

Sustainable Yield:

2.4-2.7M Tons

Generating Industry-Leading Returns through Sustainable Management of Our Forests

Note: Acres and Sustainable Yields as of 12/31/2023.

INVESTOR PRESENTATION | 8

Concentrated in Attractive U.S. South Markets

Rayonier Acreage Mix

U.S. South Acreage

in Top Quartile Markets

71%

Superior EBITDA2

per Acre Generation

$84 $83

31%

69%

25%

$66 $61

$51

$45

$68	$61
$54	$55

U.S. South PNW/NZ

Rayonier

Public Peer Average1

2019	2020	2021	2022	2023
		Rayonier				NCREIF South 3

U.S. South Timberland Holdings Concentrated in Strongest Markets with Superior Cash Flow Generation

1 Source: Rayonier analysis using Whitestar Explorer data. 2 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). 3 Source: National Council of Real Estate Investment Fiduciaries (NCREIF).

INVESTOR PRESENTATION | 9

U.S. South: Favorable Pricing Dynamics in Top Markets

2023 Composite Price

Quartile Rankings

	2023 Composite Price by Region	Key Takeaways
	71%	($/ton)
$25	Top Quartile	•	Supply / demand dynamics
Markets
			highly localized as logs
$20			generally travel less than
		100 miles
		•	Timber consumption vs.
$15			inventory growth remains
			much more tensioned in
$10			Coastal Atlantic markets
	•	Existing pulp mill
			infrastructure and access to
$5			export markets poised to
			support relatively favorable
$-	FL1 FL2 GA2 NC2 AL2 SC2 VA2 LA1 TX1 VA1 NC1 TX2 SC1 LA2 AL1 MS2 GA1 AR1 MS1 AR2 TN1 TN2	pricing dynamics

71% of Southern Portfolio in Top Quartile Markets

Source: TimberMart-South. Note: Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw, and 20% sawtimber, except for Tennessee data where chip-n-saw pricing was unavailable.

INVESTOR PRESENTATION | 10