Investor Presentation

New Zealand Productivity Strong Relative to U.S. Plantation Tons / Acre @ Rotation Age Plantation Tons / Acre / Year (tons / acre) 300 250 200 150 135 100 50 50 190 U.S. South Pacific Northwest ■Volume / Acre @ Optimal Rotation Age (rotation age) (tons/acre/year) 45 12.0 255 40 40 о 10.0 35 8.0 50 5.8 30 6.0 25 25 4.0 20 20 2.0 15 New Zealand ●Rotation Age 4.6 9.1 U.S. South Pacific Northwest New Zealand In addition to providing market diversification, New Zealand offers superior softwood plantation productivity relative to the U.S. Rayonier Source: Rayonier estimates based on long-range harvest forecast. Investor Presentation | August 2023 45

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