U.S. South Historical Valuation Snapshot

Deconstructing Timberland Returns - Illustrative Acquisitions Illustrative Acquisition Scenario A - Low Productivity Asset / Bottom Quartile Market Assumed Portfolio Profile Expected Components of Return 5.0% Location MS-1 4.5% 4.0% 1.3% Composite Stumpage Price (1) $10.48 3.5% 3.0% 0.5% Site Index 2.5% 65 1.0% 4.5% 2.0% (0.5%) Volume per Acre per Year (2) 3.2 1.5% 1.0% 2.2% Implied EBITDA per Acre (3) $34 0.5% Assumed Value per Acre $1,500 EBITDA (Capex) Productivity Return Gains HBU Uplift Real Price Real Return Increases Return Components (% of Total) 28% 39% 33% ■Cash Yield Productivity / HBU Price Increases Illustrative Acquisition Scenario B – High Productivity Asset / Top Quartile Market Assumed Portfolio Profile Expected Components of Return Return Components (% of Total) 5.0% 4.5% Location FL-1 4.0% Composite Stumpage Price (1) $25.98 3.5% 0.3% 0.5% (0.5%) 0.5% 6% 3.0% 71% Site Index 80 2.5% 4.5% 2.0% 3.7% Volume per Acre per Year (2) 5.0 1.5% 22% 1.0% Implied EBITDA per Acre (3) $130 0.5% Assumed Value per Acre $3,500 EBITDA Return (Capex) Productivity HBU Real Price Real Return Gains Uplift Increases ■Cash Yield Productivity / HBU ▪ Price Increases Rayonier (3) Based on TimberMart-South 3-year average (2020-2022) regional average composite stumpage price assuming mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes mix of plantation/hardwood acreage and loblolly / slash species based on Rayonier portfolio averages. Assumes non-timber income roughly offsets timber management costs for illustration purposes. Investor Presentation | May 2023 34

View entire presentation