The dividends, totaling $1.34 per share, were paid quarterly as follows: $0.285 on March 31, 2023; $0.285 on June 30, 2023; $0.285 on September 29, 2023; $0.285 on December 29, 2023; and $0.20 on January 12, 2024. The $1.34 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Non-dividend Distribution.

Tax treatment of the Company's 2023 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future Company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a. Pursuant to Treas. Reg. § 1.1061-6(c), the Company is reporting that for purposes of section 1061 of the Internal Revenue Code the One Year Amounts Disclosure and the Three Year Amounts Disclosure are $0.00 with respect to direct and indirect holders of "applicable partnership interests."

² Form 1099-DIV box 2f

The dividends, totaling $1.125 per share, were paid quarterly as follows: $0.27 on March 31, 2022; $0.285 on June 30, 2022; $0.285 on September 30, 2022; and $0.285 on December 30, 2022. The $1.125 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Non-dividend Distribution.

Tax treatment of the Company's 2022 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future Company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a. Pursuant to Treas. Reg. § 1.1061-6(c), the Company is reporting that for purposes of section 1061 of the Internal Revenue Code the One Year Amounts Disclosure and the Three Year Amounts Disclosure are $0.00 with respect to direct and indirect holders of "applicable partnership interests."

² Form 1099-DIV box 2f

The dividends, totaling $1.08 per share, were paid quarterly as follows: $0.27 on March 31, 2021; $0.27 on June 30, 2021; $0.27 on September 30, 2021; and $0.27 on December 31, 2021. The $1.08 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Non-dividend Distribution.

Tax treatment of the Company's 2021 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future Company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a. Pursuant to Treas. Reg. § 1.1061-6(c), the Company is reporting that for purposes of section 1061 of the Internal Revenue Code the One Year Amounts Disclosure and the Three Year Amounts Disclosure are $0.00 with respect to direct and indirect holders of "applicable partnership interests."

² Form 1099-DIV box 3

The dividends, totaling $1.08 per share, were paid quarterly as follows: $0.27 on March 31, 2020; $0.27 on June 30, 2020; $0.27 on September 30, 2020; and $0.27 on December 31, 2020. The $1.08 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Non-dividend Distribution.

Tax treatment of the Company's 2020 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future Company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a. Pursuant to Treas. Reg. § 1.1061-6(c), the Company is reporting that for purposes of section 1061 of the Internal Revenue Code the One Year Amounts Disclosure and the Three Year Amounts Disclosure are $0.00 with respect to direct and indirect holders of "applicable partnership interests."

² Form 1099-DIV box 3

The dividends, totaling $1.08 per share, were paid quarterly as follows: $0.27 on March 29, 2019; $0.27 on June 28, 2019; $0.27 on September 27, 2019; and $0.27 on December 31, 2019. The $1.08 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Non-dividend Distribution.

Tax treatment of the Company's 2019 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future Company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a

² Form 1099-DIV box 3

The dividends, totaling $1.06 per share, were paid quarterly as follows: $0.25 on March 29, 2018; $0.27 on June 29, 2018; $0.27 on September 28, 2018; and $0.27 on December 31, 2018. The $1.06 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Non-dividend Distribution.

Tax treatment of the Company's 2018 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future Company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a

² Form 1099-DIV box 3

The dividends, totaling $1.00 per share, were paid quarterly as follows: $0.25 on March 31, 2017; $0.25 on June 30, 2017; $0.25 on September 29, 2017; and $0.25 on December 29, 2017. The $1.00 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Non-dividend Distribution.

Tax treatment of the Company's 2017 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a

² Form 1099-DIV box 3

The dividends, totaling $1.00 per share, were paid quarterly as follows: $0.25 on March 31, 2016; $0.25 on June 30, 2016; $0.25 on September 30, 2016; and $0.25 on December 30, 2016. The $1.00 per share dividend is classified for income tax purposes as 100% Capital Gain Distribution and 0% Nondividend Distribution.

Alternative Minimum Tax (AMT) Adjustments

For tax year 2016, the company's alternative minimum tax adjustment items have been apportioned to its common shareholders in an amount equal to 0.50728% of the total $1.00 distribution. Common shareholders that are subject to alternative minimum tax will be impacted by these adjustments. Individual and corporate taxpayers subject to the alternative minimum tax should report this amount on their 2016 Form 6251 and Form 4626, respectively.

Tax treatment of the company's 2016 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a

² Form 1099-DIV box 3

The dividends, totaling $1.00 per share, were paid quarterly as follows: $0.25 on March 31, 2015; $0.25 on June 30, 2015; $0.25 on Sept. 30, 2015; and $0.25 on Dec. 31, 2015. The dividends are classified for income tax purposes as $0.904682 (90.4682%) Capital Gain Distribution and $0.095318 (9.5318%) Nondividend Distributions.

Tax treatment of the company's 2015 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a

² Form 1099-DIV box 3

The dividends, totaling $2.03 per share, were paid as follows: $0.49 on March 31, 2014; $0.49 on June 30, 2014; $0.50 on Aug. 15, 2014; $0.30 on Sept. 30, 2014; and $0.25 on Dec. 31, 2014. They are classified for income tax purposes as $1.609317 (79.2767%) Capital Gain Distribution and $0.420683 (20.7233%) Nondividend Distributions.

Tax treatment of the company's 2014 common stock dividends should not be presumed to be indicative or predictive of the tax treatment of future company dividends.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

¹ Form 1099-DIV box 2a

² Form 1099-DIV box 3

The dividends, totaling $1.86 per share, were paid quarterly as follows: $0.44 on March 28, 2013; $0.44 on June 28, 2013; $0.49 on Sept. 30, 2013; and $0.49 on Dec. 31, 2013. They are classified for income tax purposes as $1.14 (61.29%) Qualified Dividends and $.72 (38.71%) Capital Gain Distribution.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

The dividends, totaling $1.68 per share, were paid quarterly as follows: $0.40 on March 31, 2012; $0.40 on June 29, 2012; $0.44 on Sept. 28, 2012; and $0.44 on Dec. 31, 2012, and are classified for income tax purposes as $1.68 (100%) Capital Gain Distribution, taxed at a maximum rate of 15 percent.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

The dividends, totaling $1.52 per share, adjusted for the 3 for 2 stock split distributed on August 24, 2011, were paid quarterly as follows: $0.36 on March 31, 2011; $0.36 on June 30, 2011; $0.40 on Sept. 30, 2011; and $0.40 on Dec. 31, 2011, and are classified for income tax purposes as $1.52 (100%) Capital Gain Distribution, taxed at a maximum rate of 15 percent.

Shareholders are encouraged to consult with their tax advisers as to their specific tax treatment of Rayonier dividends.

Rayonier's dividend distributions totaled $2.04 per share of common stock during 2010. The tax treatment (Form 1099 DIV) of these distributions is seen above:

Shareholders are encouraged to consult their tax advisors to determine the specific impact these distributions may have on their individual tax situation. The information above relates solely to distributions made in 2010.

Rayonier's dividend distributions totaled $2.00 per share of common stock during 2009. The tax treatment (Form 1099 DIV) of these distributions is seen above:

Shareholders are encouraged to consult their tax advisors to determine the specific impact these distributions may have on their individual tax situation. The information above relates solely to distributions made in 2009.

Rayonier's dividend distributions totaled $2.00 per share of common stock during 2008. The tax treatment (Form 1099 DIV) of these distributions is seen above:

Shareholders are encouraged to consult their tax advisors to determine the specific impact these distributions may have on their individual tax situation. The information above relates solely to distributions made in 2008.

Rayonier's dividend distributions totaled $1.94 per share of common stock during 2007. The tax treatment (Form 1099 DIV) of these distributions is seen above:

Shareholders are encouraged to consult their tax advisors to determine the specific impact these distributions may have on their individual tax situation. The information above relates solely to distributions made in 2007.

Rayonier's dividend distributions totaled $1.88 per share of common stock during 2006. The tax treatment (Form 1099 DIV) of these distributions is seen above:

Shareholders are encouraged to consult their tax advisors to determine the specific impact these distributions may have on their individual tax situation. The information above relates solely to distributions made in 2006.

Rayonier's dividend distributions totaled $1.71 per share of common stock during 2005, adjusted for the 3 for 2 stock split paid on October 17, 2005. These dividends are classified for tax purposes as follows: $1.353807 (79.17%) per share is Capital Gain and $0.356193 (20.83%) is Return of Capital (Non-Taxable Distribution). The percentages apply to quarterly dividends as well as the total annual dividend, on both a pre-split and post-split basis. The tax treatment (Form 1099 DIV) of these distributions is seen above:

Shareholders are encouraged to consult their tax advisors to determine the specific impact these distributions may have on their individual tax situation. The information above relates solely to distributions made in 2005.

Rayonier's dividend distributions totaled $2.24 per share of common stock during 2004. The tax treatment (Form 1099 DIV) of these distributions is seen above:

Shareholders are encouraged to consult their tax advisors to determine the specific impact these distributions may have on their individual tax situation. The information above relates solely to distributions made in 2004.