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Investor Conference Presentation June 2025
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2INVESTOR PRESENTATION | Forward-Looking Statements – 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 “forwar d-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 ex pressions 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 p roducts 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 incu r 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 gen erally; 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 la w, 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 imp act 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 rel ated subjects in our subsequent reports filed with the SEC. Non-GAAP Financial and Net Debt Measures – To supplement Rayonier’s financial statements presented in accordance with generally accepted accounting principles in the Un ited States (“GAAP”), Rayonier has presented forward-looking statements regarding “Adjusted EBITDA,” which is defined as earnings before interest, taxes, depre ciation, 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 disposition initiatives, restructuring charges, 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 u nable 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 precisi on 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. Forward-Looking Statements
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1 As of 12/31/24. 2 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Rayonier is a Leading Timberland Real Estate Investment Trust 3INVESTOR PRESENTATION | Rayonier Today (NYSE: RYN) Business Segments Adj. EBITDA2 Mix by Segment 1926 Founded ~420 Employees1 ~10M Tons Sustainable Yield ~2.5M Total Acres1 $1,263.0M FY24 Sales $298.8M FY24 Adj. EBITDA2 $183.7M FY24 CAD2 Key Stats Wildlight, FL Headquarters 45% 8% 16% 32% $298.8M 2024 Southern Timber Pacific Northwest (PNW) Timber New Zealand (NZ) Timber Real Estate 68% Timber Segments
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Rayonier is Well-Positioned to Capitalize on Key Trends Reshaping the Industry 4INVESTOR PRESENTATION | Energy Transition Long-Term Housing Fundamentals GLOBAL MEGATREND U.S.-CENTRIC TREND Land-Based Solutions Timber and Real Estate Key Trends Driving Increased Demand for Land and Timber Growing Demand for Land and Timber Growing Need for Power & Decarbonization Solutions Growing Use of Renewable Wood-Based Products Undersupplied U.S. Housing Market Favorable Demographic and Migration Patterns
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1 Includes recreation and other licenses, easements, minor forest products, etc. High-Value Growth Opportunities Emerging from Our Timberland Assets 5INVESTOR PRESENTATION | Repositioning Rayonier as a Land Resources Company Growth BusinessCore Business Timber Segments Timber Harvesting Non-Timber Revenue1 Land-Based Solutions Real Estate / HBU Segment Non-Strategic Rural HBU Real Estate Development
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$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Core Timberlands Rural HBU CCS Lease Solar Lease Unimproved Development Improved Development Core Business Land-Based Solutions Real Estate Development 6INVESTOR PRESENTATION | Value per Acre Potential Up to 10x Value Relentless Focus on Optimizing and Unlocking Value from Our 2.5M Acre Land Portfolio Significant Value Creation Potential from Optimizing Land-Use Up to 5x Value – Up to 15x Value Up to ~5-10x Timber Value Creation Potential from Land-Based Solutions Up to ~10-15x Timber Value Creation Potential from Real Estate Development 1 1 Illustrative U.S. South value per acre.
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A Vision to Inspire Our Ambitions 7INVESTOR PRESENTATION | To realize the full potential of our land resources in meeting the needs of society. Grow Renewable Forest Products Deliver Innovative Land-Based Solutions Create Inspirational Places PATHWAY TO REALIZING OUR VISION
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8INVESTOR PRESENTATION | Our Portfolio Advantages Best-in-Class Timberland Portfolio • 100% of timberlands located in core softwood producing regions • 60% 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
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Note: Acres as of 3/31/25 and Sustainable Yields as of 12/31/2024. 9INVESTOR PRESENTATION | Geographically Diversified Portfolio Generating Industry-Leading Returns through Sustainable Management of Our Forests NEW ZEALAND Acreage: 412K Acres Sustainable Yield: 2.4-2.7M Tons PACIFIC NORTHWEST Acreage: 308K Acres Sustainable Yield: 0.90-1.05M Tons 302 6 U.S. SOUTH Acreage: 1.75M Acres Sustainable Yield: 6.5-6.9M Tons 278 1 146 253 660 15 395
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1 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). 2 Source: National Council of Real Estate Investment Fiduciaries (NCREIF). U.S. South Timberland Holdings Concentrated in Strongest Markets with Superior Cash Flow Generation 10INVESTOR PRESENTATION | Concentrated in Attractive U.S. South Markets Rayonier Acreage Mix 71% 29% U.S. South PNW/NZ Superior EBITDA1 per Acre Generation $66 $61 $68 $84 $83 $84 $51 $45 $54 $55 $61 $44 2019 2020 2021 2022 2023 2024 Rayonier NCREIF South 2
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Creating and Capturing Significant Premiums to Timberland Values 11INVESTOR PRESENTATION | Proven Real Estate Platform with Development Capabilities Little to no premium above timberland hold value Limited to no investment to capture premium well above timberland value On average, 1% to 2% of Southern land base annually Sale of non-strategic timberland assets Creating value through rural places & properties Core Business Creating value through properties with development rights Growth Business Unimproved Development Improved Development Rural Non-Strategic PREMIUM VALUELower Minor investments to catalyze demand and create optionality in select markets Low volume and very lumpy sales pipeline due to lengthy process Investment in horizontal infrastructure and amenities in very select markets with scale Growing sales pipeline in Wildlight & Heartwood Creating value through developed land parcels Higher Limited volume due to strength of portfolio
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1 Excludes Large Dispositions, Improved Development, Conservation Easements, and New Zealand land sales. 2 Rayonier analysis using NCREIF data. 3 Excludes New Zealand land sales. HBU Premiums Have Increased and Sales Mix is Shifting to Higher-Value Development Sales 12INVESTOR PRESENTATION | Executing Real Estate Strategy to Optimize HBU Value 15% 85% 44% 56% 2015-2017 2021-2024 Real Estate Segment Sales Mix3 Rural / Other Development Average HBU1 Price per Acre / Premium to NCREIF2 $2,763 $4,468 55% 117% 2015-2017 2021-2024 Rayonier Price per Acre Premium to NCREIF
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Total Acres Development Potential ~120K Entitled / In-Planning ~59K Longer-Term Pipeline ~61K Unlocking Value of Development Portfolio with an Emphasis in Northeast Florida and Southeast Georgia 13INVESTOR PRESENTATION | High-Value Real Estate Development Pipeline Continued focus on high-growth population centers Areas with large contiguous landholdings Strong local community relationships Community- centric master planning approach 68% 30% 2% Florida Georgia Washington
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Source: McKinsey, ‘A blueprint for scaling voluntary carbon markets to meet the climate challenge’ (2021).1 While emissions fell by a quarter at the peak of COVID-related lockdowns, daily emissions have rebounded to be only 5% lower than 2019 levels. Scenarios to 2050 still remain the same. From Nature: Forster et al., ‘Current and future global climate impacts resulting from COVID-19’ (2020). 2 Business-as-usual emissions. 3 570GT of cumulative CO2 emissions from 2018 onwards offers a 66% chance of a 1.5°C increase in global mean surface temperature (GMST). 4 Source: Net Zero Tracker. Path to a Net Zero Economy Will Require Significant Growth in Land-Based Decarbonization Solutions 14INVESTOR PRESENTATION | Net Zero Transition Driving Demand for Land-Based Solutions Global CO2 Emissions – Path to Net Zero Global Net Zero Commitments Cover4 >70% of All Countries >50% of ~2,000 Largest Companies ~76% of Global CO2 Emissions Driving Investment in Decarbonization (2020-2030 Projected Growth) Solar CCS VCM 7x Growth in U.S. Utility Solar Capacity 11x Growth in U.S. CCS Demand (Mtpa) 6x Growth in Voluntary Carbon Market Credit Issuance Net Zero Emissions by 2050 (GtCO2 per Year) -10 – 50 40 30 20 10 2020 2030 2040 2050 570 GtCO2 Cumulative Carbon Budget2 McKinsey GEP 2021 Reference Emissions Required for 1.5ºC Pathway Negative Emissions Required for 1.5ºC Pathway3 Business-as-Usual Emissions1
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Alternative / Additional Land Use Carbon Markets Fiber for Bioenergy / Biofuel Solar CCS Wind Farms Voluntary (U.S.) Compliance (NZ) BECCS Sustainable Aviation Fuel (SAF) Highest potential near-term opportunities within solar and CCS Significant value generated from NZUs1, but voluntary markets still evolving; limited activity to date due to unfavorable economics Long-term opportunities are promising, but limited near-term potential due to long lead time for capital deployment and evolving technologies 1 NZU reflects 1 tonne of carbon dioxide in the New Zealand Emissions Trading Scheme. Solar and CCS Represent Most Compelling Near- to Medium-Term Opportunities 15INVESTOR PRESENTATION | Rayonier’s Land-Based Solutions Focus Areas Longer-Term Exploratory OpportunitiesNear-Term Focus Areas
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Source: EIA, Lawrence Berkeley National Laboratory, and Wood Mackenzie/SEIA US Solar Market Insight® Q3 2024, and Rayonier Analysis. Projected Utility Solar Installations Will Require ~1.5M Acres through 2030 16INVESTOR PRESENTATION | Utility Solar Growth Implies Significant Land Need Utility Solar Land Use ~7 Acres per MW of Generation Capacity Required for Utility-Scale Solar ~75-200 MW Per Installation Implies Land Need of ~500-1,500 Acres ~220 GW U.S. Utility Solar Capacity Additions Projected 2024-2030 Projected Utility Solar Installations / Implied Land Need – 0.5 1.0 1.5 2.0 – 10 20 30 40 Land Need (MM Acres) Capacity Additions (GW) Cumulative Incremental Land Need Annual Capacity Additions
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Solar Leases Translate into a Step-Change in Land Value Upon Option Conversion 17INVESTOR PRESENTATION | Lease typically starts with developer entering a 3- to 5-year option – No impact to timber operations – Feasibility studies and permitting completed – Access to transmission grid confirmed – Capacity approved for rate base – Option-to-lease conversion rate expected to range from 25-40% Illustrative Solar Economics Step-Change Economics Driven by Option-to-Lease Conversion Upon conversion, developer enters into a long-term lease – Current indicative terms: • 25-year lease, with extension options • Annual rental payment with CPI escalator • Timber recovery value paid to landowner Solar Leasing Process / Economics 1 2 Option Period (3-5 Years) Lease Period (25+ Years) – $1,200+ Option Payment Annual per Acre Economics ~1x Timber EBITDA1 ~10-15x Timber EBITDA1 Potential Lease Payment 1 Non-GAAP measure (see Appendix for definitions and RYN reconciliations).
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24K 2021 2022 2023 2024 We Reached ~39K Acres Under Solar Option at Year-End 2024 18INVESTOR PRESENTATION | Executing Strategy to Capture Solar Value 7K 27K 39K ~6x Growth Rayonier’s Acres Under Option Align with High-Potential Customers • Owner Operators • Utilities • Experience with multiple Independent System Operators (ISOs) Provide Highly Suitable Lands • Proximity to power infrastructure • High percent of buildable acres • Scale of property • Land use compatibility Deliver Significant Customer Value • Streamline site selection • Reduce execution risk • Ability to execute at scale with speed Rayonier Value Proposition
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1 Source: Rystad Energy. Strong Demand for Suitable Land Expected to Continue 19INVESTOR PRESENTATION | Demand for CCS Increasing Significantly …But Structural Factors Constrain Supply • Permitting is often a 4+ year process • Smaller tract sizes can limit storage potential • Existing CO2 pipeline capacity is limited – Control of the pipelines and infrastructure will determine priorities across emitters • Economics are still cost-prohibitive for many lower-purity emissions sources – Cost reductions expected, but likely beyond 2030 Decarbonization Driving Increased Demand for Pore Space Capacity… 24 25 25 31 42 59 93 179 246 278 300 321 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 ~14x Growth Projected U.S. CCUS Demand (Million Tons)1
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Significant Opportunity to Capture Incremental Value While Continuing Timber Operations 20INVESTOR PRESENTATION | Well-Positioned to Address Key CCS Requirements Note: GT = Gigatons; MTPA = million tons per annum. Source: Rayonier analysis. Pipeline Infrastructure Proximate to Rayonier Lands Estimated CO2 Storage Capacity on Rayonier Lands by State Storage Capacity (GT) Geologic Storage Capacity Large tracts of land with geologic capacity and limited existing wells Estimated Annual CO2 Emissions Near Rayonier Lands by State Annual Emissions (MTPA) High-Purity Emissions Sources Near-term demand likely driven by high- purity emissions sources (e.g., natural gas and hydrogen production)39 0.057.5 4.8 2.7 Access to Pipelines Existing pipelines and rights-of-way in the area for ease of connection <2 <2 <2 <2 2239
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Lease Structure Overview • Landowner receives a fee per acre through initial rental agreement, which covers permitting and construction phases • At onset of injection, landowner receives a royalty based on tons of carbon stored underground – Royalties are generally based on established minimums • Minimal impact to timber operations throughout lease period CCS Lease Economics Will Vary Depending on Injection Permit Timing and Rate of Injection Volumes 21INVESTOR PRESENTATION | Illustrative CCS Economics 1 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Sliding Scale Economics Driven by Injection Rates $500+ – Pre-Injection Post-Injection 2-5 Years 20+ Years Potential Additional Injection Royalties Annual per Acre Economics Minimum Injection PaymentBase Rental Payments Up to 2x Timber EBITDA1 +3-5x Timber EBITDA1
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Align with High-Potential Customers • Aggregators • High-purity emitters • Low capture cost emitters Provide Highly Suitable Lands • Proximity to emission source • Low drill density • Properties of scale • High storage capacity per acre Deliver Significant Customer Value • Lower relative costs • Reduce execution risk • Ability to execute at scale and with speed Rayonier Value Proposition We Reached ~154K Acres Under CCS Lease at Year-End 2024 22INVESTOR PRESENTATION | Executing Strategy to Capture CCS Value 26K 154K 2022 2023 2024 – Rayonier’s Acres Under Agreement
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Monitoring Evolving Market Dynamics While Preserving Optionality 23INVESTOR PRESENTATION | Key Growth Drivers Demand for Carbon Offsets Expected to Grow Shift from carbon avoidance to carbon removal New industry-level and national systems (compliance and voluntary) Quest for higher quality Implementation of the Paris Agreement’s Article 6 Projected Issuance of Carbon Credits by Year, MtCO2e/year (Billions) Source: Taskforce on Scaling Voluntary Carbon Markets (TSVCM), ‘Final Report’ (2021). Bloomberg, ‘Long-term carbon offsets outlook 2023’ (2023). Shell, ‘Exploring the future of the voluntary carbon market’ (2022). 1 Outlook for project credit issuance is consistent with those from a range of reputable sources. 0.2 0.5 1.2 1.8 2.4 2.9 3.2 2020 2025 2030 2035 2040 2045 2050 Growing number of corporate net-zero pledges and carbon-neutral products Increased standardization and investment in market infrastructure ~16x Growth ~12x Growth ~6x Growth 1
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24INVESTOR PRESENTATION | Our Organizational Advantages Pure-Play Timber REIT • Pure-play timber REIT structure provides enhanced optionality • No exposure to volatile wood products manufacturing operations Nimble Capital Allocation Approach • Nimble capital allocation strategy to build long-term value per share • Executing on initiatives to enhance shareholder value Organization Aligned with Strategy • Strong ESG profile and commitment to sustainability • “One Rayonier” culture and collaboration drives value creation
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1 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). 2 Note: Timberland REIT Peer Group comprised of WY and PCH. Figures reflect aggregate Timberland REIT Peer Group EBITDA for 2020-2024, excluding corporate expenses. Other includes manufacturing and other reported segments. 100% of EBITDA Generation from Land-Based Operations Versus <40% for Peer Group Over Last Five Years 25INVESTOR PRESENTATION | Rayonier is the Only “Pure Play” Timber REIT 72% 28% 26% 12%62% Real Estate Manufacturing / OtherTimber Segments 100% Land-Based 38% Land-Based Lower Cash Flow Volatility Greater Optionality and Operational Flexibility Greater Upside Potential from Land-Based Solutions Benefits of Pure-Play Structure Rayonier 5-Year Avg. EBITDA1 Composition Peer Group 5-Year Avg. EBITDA Composition2
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1 Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations). 2 Based on aggregate U.S. timber segments EBITDA margin versus aggregate manufacturing segments EBITDA margin of Rayonier, Weyerhaeuser, PotlatchDeltic, and legacy Plum Creek. 26INVESTOR PRESENTATION | Inherent Stability in Our Core Timber Business Historical Industry Avg. Segment EBITDA Margins1,2 Timberland operations generally yield high EBITDA1 margins with very low volatility relative to wood products manufacturing LUMBER / WOOD PRODUCTS PAPER PRODUCTS WOOD PRODUCTS MANUFACTURING PULP & PAPER MANUFACTURING Forest Products Supply Chain DISTRIBUTORS / RETAILERS MARKET VOLATILITYLower Higher -20% -10% 0% 10% 20% 30% 40% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -20% -10% 0% 10% 20% 30% 40% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Timber Avg. Margin: 34.2% Wood Products Avg. Margin: 11.4% Avg. Margin (excl. 2020-22): 7.6% SAW LOGS PULPWOOD Where Rayonier Primarily Plays TIMBER VS.
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NAV-Accretive Share Repurchases Opportunistic Capital Raising Prudent Balance Sheet Management Executing Initiatives to Enhance Shareholder Value 1 As of April 30, 2025. 2 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). 3 Pro forma for New Zealand JV disposition announced on March 10, 2025. Our Nimble Approach to Capital Allocation is Designed to Build Long-Term Value per Share 27 Nimble Capital Allocation and Prudent Financial Management $24.50 Average Buyback Price1 ~$140M Total Buybacks Since 20151 ~$36.43 Average ATM Issuance Price ~$329M ATM Proceeds Since 2020 2.4% Weighted Avg. Cost of Debt 0.6x Pro Forma Net Debt to 2025E Adj. EBITDA2,3 Responded to Unprecedented Disconnect Between Public and Private Timberland Values $1.45B Dispositions Completed or Announced Years Active: 2015, 2016, 2019, 2020, 2024, 2025 Years Active: 2020-2023 Significant Refinancing Activity in 2021 When Rates Were at All-Time Lows ≤3.0x Net Debt to Adj. EBITDA2 Target INVESTOR PRESENTATION |
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28INVESTOR PRESENTATION | EV / EBITDA Multiple Comparison • Rayonier’s public market valuation remains well below private market transaction benchmarks • Rayonier announced $1B disposition initiative in Nov. 2023 to capitalize on this disconnect • Transaction results demonstrate that disconnect holds across multiple geographies and metrics • Lower multiple on New Zealand Disposition versus U.S. Dispositions due in part to taxation of New Zealand operations Overview of Dispositions Oregon Disposition (2023) • Sold 55,000 acres in Southwest Oregon • Generated proceeds of $242M, ~$4,400 per acre Oklahoma and Washington Dispositions (2024) • Sold 200,000 acres in Oklahoma (~91,000 acres) and Washington (~109,000 acres) • Generated proceeds of $495M, ~$2,475 per acre New Zealand Disposition (2025) • Expected sale of entities that hold entire 77% New Zealand joint venture interest • Purchase price of $710M implies enterprise value of $922M, or ~$3,213 per productive acre 17.3x 17.6x 24.0x 41.7x 44.9x 29.7x EV / Adjusted EBITDA EV / Timber EBITDA Rayonier (Current) 2025E Adj. EBITDA1 OK & WA Disposition3 (2024) 3-Year Average Adj. EBITDA1 New Zealand Disposition4 (2025) 3-Year Average Adj. EBITDA1 Oregon Disposition2 (2023) 3-Year Average Adj. EBITDA1 Asset Disposition Plan Designed to Reduce Leverage and Capitalize on Public-Private Arbitrage Asset Disposition Plan: Capitalizing on Public-Private Valuation Disparity 1 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). 2 As reflected in our Shareholder Value Enhancement Initiatives presentation from November 2023. 3 As reflected in our Update on Initiatives to Enhance Shareholder Value presentation from November 2024. 4 As reflected in our New Zealand JV Disposition Supplemental Materials from March 2025.
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29INVESTOR PRESENTATION | Conservative Capitalization and Balance Sheet Management Credit / Valuation Data Credit Statistics Pro Forma Capitalization1 Maturity Profile4 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2025 2026 2027 2028 2029 2030 2031 Hedged for Term Total Debt Cash2 Net Debt- = $1,050M $914M $136M 2025E Adjusted EBITDA3 Total Shares / OP Units Outstanding Enterprise Value $225M 158M $3.9B Pro Forma Net Debt / 2025E Adjusted EBITDA1,3 Pro Forma Net Debt / Enterprise Value 0.6x 4% 1 Capitalization as of 3/31/25, pro forma for the New Zealand JV disposition announced on March 10, 2025, not including the imp act of any future special dividend. 2 Includes $698.0 million of anticipated net proceeds from the New Zealand JV disposition (as reflected in our New Zealand JV Disposition Supplemental Materials from March 2025). 3 Non-GAAP measure (see Appendix for definitions and RYN reconciliations). 4 Excludes New Zealand minority shareholder loans. –
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Enhanced Targets Will Further Strengthen Balance Sheet and Provide Greater Capital Allocation Flexibility 30INVESTOR PRESENTATION | Committed to Maintaining Investment Grade Credit Profile Investment Grade Credit Ratings BBB- / Stable S&P Baa3 / Stable Moody’s Current Credit Ratings • Ongoing access to Farm Credit System • Strong Adj. EBITDA1 margins • High EBITDA-to-FCF conversion • Significant asset coverage • Weighted avg. cost of debt: ~2.4% / 100% fixed Credit Highlights Net Debt / Adj. EBITDA1 Target Net Debt / Asset Value Target Enhanced Credit Ratio Targets Old New ≤4.5x ≤3.0x Old New ≤30% ≤20% 1 Non-GAAP measure (see Appendix for definitions and RYN reconciliations).
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Note: All metrics presented reflect the year ended December 31, 2023 (per most recent Sustainability Report) unless otherwise noted. 1 Carbon footprint metrics presented in MtCO2-e. Strong Sustainability Profile Consistent with Our Financial Goals 31INVESTOR PRESENTATION | Sustainability is Ingrained in Everything We Do Carbon Footprint1 ENVIRONMENTAL SOCIAL GOVERNANCE Signed Net Zero Pledge in 2024 ~43M Seedlings Planted Annually Sustainability Certifications Zero Contactor or Employee Fatalities Across Geographies Employee Engagement 79% Favorable, Exceeding Global Benchmark Supporting Local Communities Extensive Volunteer Programs Donated ~$400K in 2023 66% Board Diversity Gender, Race, and National Origin 89% Board Independence Including Independent Board Chair Annual Bonus Program Incorporates Sustainability- Related Initiatives Carbon Emitted Carbon Sequestered 2M MT 13M MT PEFC/40-23-6 Promoting Sustainable Forest Management www.pefc.org
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Our Strategy Will Drive Value Creation and Advance Our Vision for Rayonier 32INVESTOR PRESENTATION | Executing a Clear Strategy to Build Long-Term Value per Share Optimize Core Timber Operations Expand Land-Based Solutions Offerings Leverage Real Estate Development Platform • Market-Driven Precision Forestry • Operational Excellence • Active Portfolio Management • Responsible Environmental Stewardship • Solar • Carbon Capture & Storage • Carbon Markets • Bioenergy • Creating Inspirational Places • Higher Premium Realization • Greater Optionality • Enhance Value of Surrounding Landholdings Compounding Shareholder Value $
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33INVESTOR PRESENTATION | Appendix: Definitions & Reconciliations
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34INVESTOR PRESENTATION | 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, operating income (loss) attributable to noncontrolling interests in Timber Funds, timber write-offs resulting from casualty events, costs related to disposition initiatives, restructuring charges, costs related to the merger with Pope Resources, the gain on investment in Timber Funds, Fund II timberland dispositions, the gain associated with the multi-family apartment complex sale attributable to noncontrolling interests 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 the impact of specific items that management believes are not indicative of the Company’s ongoing operating results. Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments), CAD attributable to noncontrolling interests in Timber Funds, and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common stock dividends, distributions to Operating Partnership unitholders, distributions to noncontrolling interests, repurchase of the Company's common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods. Costs related to Disposition Initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023. Costs related to shareholder litigation is defined as expenses incurred as a result of the shareholder litigation, shareholder derivative demands and Rayonier's response to an SEC subpoena. See Note 10 - Contingencies of Item 8 - Financial Statements and Supplementary Data in the Company’s 2018 Annual Report on Form 10-K. Costs related to the merger with Pope Resources include legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. Fund II Timberland Dispositions represent the disposition of Fund II Timberland assets, which we managed and owned a co-investment stake in. Fund II Timberland Dispositions attributable to Rayonier represent the proportionate share of Fund II Timberland Dispositions that are attributable to Rayonier. Gain associated with the multi-family apartment sale attributable to NCI represents the gain recognized in connection with the sale of property by the Bainbridge Landing joint venture attributable to noncontrolling interests. 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. Gain on investment in Timber Funds reflects the gain recognized on Fund II carried interest incentive fees as well as the gain recognized on the sale of Timber Funds III & IV. Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. Net Debt is calculated as total debt less cash and cash equivalents. Restructuring charges include severance costs related to workforce optimization initiatives. Timber write-offs resulting from casualty events include the write-off and adjustments of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. Definitions of Non-GAAP Measures and Pro Forma Items
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35INVESTOR PRESENTATION | Reconciliation of Cash & Net Debt ($ in millions) Q1 2025 Cash and cash equivalents @ 3/31/2025 $216.2 Anticipated New Zealand JV Proceeds1 698.0 Pro Forma Cash $914.2 1 Includes $698.0 million of anticipated net proceeds from the New Zealand JV disposition (as reflected in our New Zealand JV Disposition Supplemental Materials from March 2025). ($ in millions) Q1 2025 Pro Forma Total Debt (Principal Only) $1,050.0 Pro Forma Cash 914.2 Pro Forma Net Debt $135.8
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1 Non-GAAP measure or pro-forma item. 36INVESTOR PRESENTATION | Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate and Other Total 2024 Operating income (loss) $77.9 ($6.3) $33.5 — $340.4 ($0.1) ($42.9) $402.5 Large Dispositions1 — — — — (291.1) — — (291.1) Costs related to disposition initiatives1 — — — — — — 1.6 1.6 Restructuring charges1 — — — — — — 1.1 1.1 Depreciation, depletion & amortization 73.4 31.7 20.3 — 13.1 — 1.8 140.2 Non-cash cost of land and improved development — — — — 44.4 — — 44.4 Adjusted EBITDA1 $151.3 $25.4 $53.8 — $106.8 ($0.1) ($38.4) $298.8
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1 Non-GAAP measure or pro-forma item. 37INVESTOR PRESENTATION | Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate and Other Total 2023 Operating income (loss) $76.3 ($9.0) $26.0 — $156.6 $0.5 ($39.1) $211.3 Timber write-offs resulting from a casualty event1 — — 2.3 — — — — 2.3 Large Dispositions1 — — — — (105.1) — — (105.1) Depreciation, depletion & amortization 80.0 36.9 21.7 — 18.0 — 1.7 158.2 Non-cash cost of land and improved development — — — — 29.8 — — 29.8 Adjusted EBITDA1 $156.2 $27.9 $50.0 — $99.3 $0.5 ($37.4) $296.5 2022 Operating income $96.6 $15.2 $30.6 — $58.5 $0.4 ($35.5) $165.8 Depreciation, depletion & amortization 60.3 48.0 23.9 — 13.9 — 1.3 147.3 Non-cash cost of land and improved development — — — — 28.4 — — 28.4 Gain associated with the multi-family apartment sale attributable to NCI1 — — — — (11.5) — — (11.5) Timber write-offs resulting from a casualty event1 — 0.7 — — — — — 0.7 Large Dispositions1 — — — — (16.6) — — (16.6) Adjusted EBITDA1 $156.9 $63.9 $54.5 — $72.7 $0.4 ($34.2) $314.2 2021 Operating income $66.1 $6.8 $51.5 $63.3 $112.5 $0.1 ($30.6) $269.8 Depreciation, depletion & amortization 54.1 50.5 27.0 2.4 7.9 — 1.2 143.2 Non-cash cost of land and improved development — — — — 25.0 — — 25.0 Operating income attributable to NCI in Timber Funds — — — (45.6) — — — (45.6) Gain on investment in Timber Funds1 — — — (7.5) — — — (7.5) Fund II Timberland Dispositions attributable to Rayonier1 — — — (10.3) — — — (10.3) Large Dispositions1 — — — — (44.8) — — (44.8) Adjusted EBITDA1 $120.2 $57.3 $78.5 $2.3 $100.7 $0.1 ($29.4) $329.8
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2020 Operating income (loss) $41.3 ($10.0) $30.0 ($13.2) $72.0 ($0.5) ($45.2) $74.4 Depreciation, depletion & amortization 61.8 47.1 25.0 1.6 17.7 — 1.4 154.7 Non-cash cost of land and improved development — — — — 30.4 — — 30.4 Operating loss attributable to NCI in Timber Funds — — — 11.6 — — — 11.6 Timber write-offs resulting from casualty events attributable to Rayonier1 6.0 — — 1.8 — — — 7.9 Costs related to the merger with Pope Resources1 — — — — — — 17.2 17.2 Large Dispositions1 — — — — (28.7) — — (28.7) Adjusted EBITDA1 $109.1 $37.1 $55.0 $1.8 $91.4 ($0.5) ($26.6) $267.4 2019 Operating income (loss) $57.8 ($12.4) $48.0 — $38.7 — ($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 improved development — — — — 12.6 — — 12.6 Adjusted EBITDA 1 $119.7 $16.7 $75.8 — $59.5 — ($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 improved development — — — — 23.6 — — 23.6 Adjusted EBITDA1 $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 improved development — — — — 13.7 — — 13.7 Costs related to shareholder litigation1 — — — — — — 0.7 0.7 Large Dispositions1 — — — — (67.0) — — (67.0) Adjusted EBITDA1 $91.6 $33.1 $85.1 — $95.5 $4.6 ($19.4) $290.5 38INVESTOR PRESENTATION | Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment (Cont’d) ($ in millions) Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate and Other Total 1 Non-GAAP measure or pro-forma item.
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39INVESTOR PRESENTATION | Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment (Cont’d) 2016 Operating income (loss) $43.1 ($4.0) $33.0 — $202.4 $2.0 ($20.8) $255.8 Depreciation, depletion & amortization 49.8 25.2 23.4 — 16.3 — 0.4 115.1 Non-cash cost of land and improved development — — — — 11.7 — — 11.7 Costs related to shareholder litigation1 — — — — — — 2.2 2.2 Gain on foreign currency derivatives1 — — — — — — (1.2) (1.2) Large Dispositions1 — — — — (143.9) — — (143.9) Adjusted EBITDA1 $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 improved development — — — — 12.5 — — 12.5 Costs related to shareholder litigation 1 — — — — — — 4.1 4.1 Adjusted EBITDA1 $101.0 $21.7 $27.1 — $76.7 $1.2 ($19.6) $208.1 ($ in millions) Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate and Other Total 1 Non-GAAP measure or pro-forma item.
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1 Based on 2025 Guidance midpoints provided in conjunction with 1Q25 earnings (April 30, 2025). 2 Non-GAAP measure. 3 Enterprise Value to Timber EBITDA is intended to capture implied trading multiple of Timber Segments EBITDA for better comparison to private market benchmarks. Enterprise Value is not adjusted for any allocation of value to HBU real estate / development portfolio. 40INVESTOR PRESENTATION | Enterprise Value to Adjusted EBITDA Multiple Calculations ($ in millions, except per share amounts) Rayonier 2025E1 Timber Segment(s) $161.5 Real Estate 95.0 (-) Corporate / Other (31.5) Total Adjusted EBITDA2 $225.0 Valuation Share Price Date 5/30/2025 Share Price $23.70 Shares and Units Outstanding (MMs) 158.1 Equity Market Capitalization $3,747 (+) Pro Forma Net Debt2 136 Enterprise Value $3,883 EV / EBITDA Multiples Enterprise Value / Adjusted EBITDA2 17.3x Enterprise Value / Timber EBITDA2,3 24.0x