The Gemini Timberlands

Rayonier Inc., a leading global timber REIT, has retained LandVest, Inc. as its marketing and transactions manager for the disposition of the Gemini Timberlands. These timberlands include exceptionally high-growing sites representative of the professional and well-managed forests of Western Washington and Oregon. The properties are dominated by productive stands of Douglas-fir with a complement of hemlock, red alder, and other commercial species. The inventories support both immediate and near-term cash flow as well as stable long-term harvest. The timberlands are located in some of the deepest domestic and export log markets in the Pacific Northwest, offering landowners optionality to optimize financial returns. The Gemini Timberlands are offered as three separate Units (Riffe Lake, Willamina, and Copper Creek) in a single-stage bid event. Interested buyers are encouraged to submit bids on one, two, or all three of these Units.

The Riffe Lake Unit represents 12,741± gross acres of predominantly Site II land. This Unit is comprised of 15 non-contiguous blocks located within a 20-mile radius of the town of Morton, in Lewis County, Washington. Over 80% of the gross acres are operable, with a vast majority available for ground-based harvest operations. These well-managed timberlands have excellent internal road systems with good access to public roads; many of the parcels are within close proximity of or even adjacent to U.S. Highway 12, or Washington State Highway 7 and Route 508, facilitating short hauls to the outstanding domestic mill and export market options in Morton, Randle, Centralia, Chehalis, Olympia, Tacoma, and Longview.

The Willamina Unit represents 5,298± gross acres of predominantly Site II land. This Unit is comprised of six larger tracts and three smaller additive parcels. It is located northeast of the intersection of U.S. Highway 101 and Oregon State Highway 18, which is just a few miles north of Lincoln City on the Oregon coast. The Unit is divided between Tillamook County to the west and Yamhill County to the east. Nearly 90% of the gross acres are operable, with roughly two-thirds available for ground-based operations. These well-managed timberlands have excellent internal road systems with good access to public roads. The location of the property provides exposure to export and domestic facilities in Toledo, Tillamook, and Willamina, as well as Willamette Valley mills and Longview, WA.

The Copper Creek Unit represents 12,753± gross acres of predominantly Site III land. This Unit is comprised of two tracts, with the northern piece in Clackamas County and the larger, southern piece straddling the border of Clackamas and Marion Counties. The property sits near the Molalla River. The southern block sustained fire damage during the 2020 Beachie Creek Fire, but the northern block was untouched. Salvage and reforestation are underway. Additional details on the salvage operations and reforestation plan will be provided in the virtual data room. The new owner will enjoy harvest opportunities from the north block, as well as long-term value appreciation from the young, well-stocked south block stands. The location of the Copper Creek Unit provides excellent proximity to domestic mills in Molalla and Willamette Valley and some export exposure to Longview, WA.

All three Unit offerings present intriguing characteristics for an integrated ESG investment strategy in sustainable forestry:

· High growing sites

· Temperate forest ecotypes

· Diversity of species

· Managed under SFI® standards for the last 10+ years

· Proximity to inland lakes and rivers

· Proximity to state and national parks, forests, and wilderness areas

These characteristics provide strategies for carbon offset credits, public access, and conservation potential. These attributes can be monetized across various markets or utilized internally by the buyer to achieve ESG benchmarks. Additional information on ESG benefits will be presented to registered participants in the sale process.

The Sale Process

The Gemini Timberlands are being offered in a single-stage bid format with bids due in mid-August. Bidders are invited to submit offers on the entire portfolio or any combination of the three Units offered for sale.

A confidential information memorandum, updated third-party inventory report, GIS shapefiles, Phase I environmental site assessments, title reports, bidder instructions, and other important diligence items will be made available through a virtual data room. For access to the data room, please complete the project confidentiality agreement linked below.