QUARTERLY RESULTS FOR 2017 and 2016 (UNAUDITED)

(thousands of dollars, except per share amounts)



	Quarter Ended								Total Year
	Mar. 31		June 30		Sept. 30		Dec. 31		Total Year
2017
Sales		$194,491		$200,964		$184,419		$239,722		$819,596
Cost of sales	136,828		144,610		136,983		149,832		568,253
Net Income	35,083		30,773		28,803		66,920		161,579
Net Income attributable to Rayonier Inc.	33,843		26,161		24,688		64,150		148,842
Basic EPS attributable to Rayonier Inc.		$0.27		$0.20		$0.19		$0.50		$1.17
Diluted EPS attributable to Rayonier Inc.		$0.27		$0.20		$0.19		$0.50		$1.16

2016
Sales		$140,575		$269,171		$176,867		$229,302		$815,915
Cost of sales	108,447		138,480		116,922		162,590		526,439
Net Income	15,058		111,579		40,624		50,509		217,770
Net Income attributable to Rayonier Inc.	14,472		109,821		39,355		48,324		211,972
Basic EPS attributable to Rayonier Inc.		$0.12		$0.90		$0.32		$0.39		$1.73
Diluted EPS attributable to Rayonier Inc.		$0.12		$0.89		$0.32		$0.39		$1.73

In an effort to report certain revenue and expenses in a manner more representative of activities that constitute ongoing central operations, the Company has changed its classification of non-timber income, including lease and license income, carbon credit sales, log agency fees and other non-timber income, net of costs, from “Other Operating Income, Net” to “Sales” and “Cost of Sales.” This reclassification was applied retrospectively to all periods presented. For additional information on this classification change see Note 2 — Summary of Significant Accounting Policies. See table below for 2017 amounts prior to reclassification and 2016 amounts historically presented:



	Quarter Ended								Total Year
	Mar. 31		June 30		Sept. 30		Dec. 31		Total Year
2017
Sales		$186,512		$194,719		$177,946		$233,482		$792,659
Cost of sales	136,413		143,687		136,583		149,206		565,889

2016
Sales		$134,843		$261,550		$171,421		$220,464		$788,278
Cost of sales	107,971		138,194		116,624		161,918		524,707