Investor Presentation

Underbuilding a Key Difference From Prior Cycle Implied Population Adjusted Housing Starts vs. Actual Housing Starts Annual Housing Starts (000s) 2,500 2,000 1,500 1,000 500 1978 1980 1982 1984 1986 2008 Multi-Family Starts Implied Normalized Starts (Avg. Starts/Pop. Ratio Since 1970) 2010 2012 2014 2016 2018 2020 2022 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 After the GFC, housing starts took more than a decade to return to historical average levels. Adjusted for population, housing starts have still not returned to "normalized" levels. 1970 1972 1974 1976 Single-Family Starts Average Total Starts Since 1970 Rayonier Source: FRED, U.S. Census Bureau. Investor Presentation | November 2023 13

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