Investor Presentation

Housing Starts Continue to Move Higher 2,500 2,000 1966 Trough • 1.16mm Starts ⚫779k SF Starts ⚫5.9 per 1,000 Historical Annual Housing Starts 1975 Trough 1.16mm Starts .892k SF Starts ⚫ 5.4 per 1,000 1982 Trough ⚫1.06mm Starts ⚫663k SF Starts ⚫ 4.6 per 1,000 1991 Trough ⚫1.01mm Starts .840k SF Starts ⚫ 4.0 per 1,000 Annual Housing Starts (000s) 1,500 1,000 500 1959 1961 1963 1965 1967 1969 1971 1973 1975 Single-Family 1977 1979 1981 1983 1985 Multi-Family 1987 1989 1991 1993 1995 1997 1999 2001 2009 Trough • 554k Starts ⚫ 445k SF Starts ⚫ 1.8 per 1,000 2019 Current • 1.29mm Starts .894k SF Starts • 3.9 per 1,000 12.5 10.0 2003 2005 2007 2009 2011 2013 2015 2017 2019 Starts per 1,000 of Population While total U.S. housing starts have increased for ten consecutive years, starts per capita remain below prior trough levels. Rayonier Source: U.S. Census Bureau, Forest Economic Advisors. Investor Presentation | March 2020 I 7.5 5.0 2.5 14 Starts per 1,000 of Population

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