U.S. South Historical Valuation Snapshot

European Spruce Beetle Epidemic China Softwood Log Imports from Europe (thousand m³) China Softwood Log Imports by Major Source (million m³) 25 2,500 2,000 1,500 1,000 500 Mar-20 Jun-20 ■Germany Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 ■Czech Republic Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Other Europe 20 20 15 10 5 New Russia Australia United Canada Uruguay Europe Zealand States ■2016 2017 2018 2019 2020 2021 ■2022 Competitive supply into China from the European spruce beetle epidemic has declined from the highs seen in 2020. Rayonier Source: China Bulletin. Investor Presentation | May 2023 26

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