U.S. South Historical Valuation Snapshot

OK-1 TX-1 2. ☐ RYN Concentrated in Strongest U.S. South Markets Supply/demand dynamics are highly localized, as logs generally travel less than 100 miles Timber consumption vs. inventory growth remains much more tensioned in Coastal Atlantic markets TMS 2022 Composite Price Quartile Rankings Composite Price First Quartile Second Quartile Third Quartile Fourth Quartile Rayonier Acquisitions TN-1 TN-2 AR-2 SC-1 AR-1 GA-1 MS-1 AL-1 GA-2 AL-2 LA-1 MS-2 LA-2 VA-1 VA-2 $30 TMS 2022 Composite Price by Region $35 Top Quartile Markets 60% ~71% of RYN Southern Lands in Top Quartile Markets 50% $25 NC-1 NC-2 SC-2 $20 $15 $10 FL-2 $5 FL-1 0 50 100 150 200 250 Miles FL-1 GA-2 FL-2 NC-2 AL-2 SC-2 SC-1 VA-2 ⚫% Change 2020-22 40% Acquisition Markets 30% 20% LA-1 TX-1 TX-2 VA-1 NC-1 AL-1 LA-2 GA-1 MS-2 AR-2 AR-1 MS-1 TN-2 TN-1 Le Approximately 71% of Rayonier's Southern timberlands are located in top quartile markets (ranked by TimberMart-South composite stumpage pricing). Rayonier Source: Note: TimberMart-South. Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | May 2023 10% 0% -10% -20% 37

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