Rayonier RYN Sept 2009 Presentation

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    Nlrg Arlus^mkcir Ucnm Rrmsc`mkt, Ecklknm

    Hlka ie Lomrcnl Omrrcgg Gyknj8223 Fgihlg Ck`ustrcmsNikemrmknm

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    >

    Nioplky Rriecgm

    Fgihlg eirmst pri`unts nioplky

    $.8 hcggcik olramt nlp* ~02% ie slgms ti nustiomrs iutsc`m tjm ]^ ck~02 niuktrcms

    ^trunturm` ls l tlx-meecncmkt XMCP

    Husckmss cvmrscty cknrmlsms mnikiocn

    rmscgcmknm Pcohmr

    Xmlg Mstltm

    Rmreirolknm Echmrs

    @cvc`mk` ie $8.22/sjlrm ycmg`s ~0.3%*

    Pcohmrglk`s

    VmstRmreirolknm

    Echmrs

    Plxlhgm XMCP^uhsc`clry

    Xlyikcmr(XMCP)

    Xmlg Mstltm

    Kmw Tmlglk`

    Mlst

    *Hlsm` ik sjlrm prcnm ls ie ^mptmohmr >2, 8223

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    0

    Husckmss `cvmrscty nrmltms hlglknm

    Glst Pwmgvm Oiktjs Mk`m` ^mptmohmr >2, 8223

    L`dustm` MHCP@L $02> Ocggcik *

    *KIPM4 L`dustm` MHCP@L lk` Nlsj Lvlcglhgm eir @cstrchutcik (NL@) lrm kik-FLLR omlsurms `meckm` lk` rmnikncgm` ck tjm Lppmk`cx. Njlrt %s mxngu`m Nirpirltm lk` Itjmr.

    NL@ $8 Ocggcik *

    Rmreirolknm

    Echmrs =2%

    Pcohmr &

    Xmlg Mstltm

    =2% Pcohmr &

    Xmlg Mstltm53%

    Rmreirolknm

    Echmrs >

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    =

    *KIPM4 L`dustm` MHCP@L cs l kik-FLLR omlsurm `meckm` lk` rmnikncgm` ck tjm Lppmk`cx

    $-

    $22

    $022

    $=22

    8220 822= 8225 8226 822: GPO

    Pcohmr Xmlg Mstltm Rmreirolknm Echmrs

    lk` nikscstmkt nlsj egiw

    L`dustm`MH

    CP@LckOcggciks*

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    5

    $8$8

    $80 (^tlhgm)

    Ki kmlr-tmro `mht olturctcms Rrmeuk`m` $80

    $5

    8,

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    Xmlg Mstltm

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    ,222 lnrms ie kik-strltmfcntcohmrglk`s sig` tjriufj^mptmohmr >2, 8223

    Ki scfkcecnlkt slgms lktcncpltm` ckeiurtj qulrtmr

    80.2 $>02.8 $>25.>

    Ckniom tlx mxpmksm (hmkmect) (>>.0) (>2.5) 88.> 8>.0 83.0 83.3

    Cktmrmst, kmt 00.< >:.: >3.< 03.6 06.3 03.:

    Itjmr hlglknm sjmmt njlkfms 86.3 0>.: 02.8 $>25.>Nlpctlg spmk`ckf (:6.6) (:=.>) (

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    >2

    Xmnikncgcltcik ie Kik-FLLR Omlsurms (Nikt`)

    $83=.0($:2.3)$.0)(>>.0)Ckniom tlx mxpmksm (hmkmect)

    00..3(.>)(2.6)5.>8.>0.2($>5.>)$6.0$$

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    >.2)($8.>)$823.0$

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    >8

    ($ ck ocggciks, mxnmpt pmr sjlrm `ltl)

    $02=.5($83.5)$>.2($2.6)$820.:$

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    >>

    Plx Njlrlntmrcstcns

    Pjm tlxlhgm pirtcik ie Xlyikcmrs `cstrchutciks lrm fmkmrlggy tlxm` ltnlpctlg flcks rltms

    @cvc`mk` Plx Njlrlntmrcstcns ti ^jlrmjig`mrs

    822:Rmrnmktlfm

    Plxm` ]pPi

    Nlpctlg Flcks 3

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    >0

    Hlglknm ^jmmt rmegmnts niksmrvltcvm gmvmrlfm

    lk` lopgm gcquc`cty

    * L`dustm` MHCP@L cs l kik-FLLR omlsurm `meckm` lk` rmnikncgm` ck tjm Lppmk`cx

    **Hlsm` ik pri eirol `mht smm kmxt plfm

    8.2x

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    >=

    Rri Eirol @mht Olturcty ^njm`ugm

    lt ^mptmohmr >2, 8223

    >22

    8: