Investor Presentation

U.S. South Pulpwood End Markets Major Pulpwood Consuming Mills Rayonier Pulpwood End Market Mix (1) Containerboard & Kraft Pellets Dissolving Pulp . Specialty Packaging Fluff Pulp · Tissue Freesheet Coated Paper OSB Rayonier Ownership Wood Demand at Capacity (tons) < 500,000 500,001 1,500,000 1,500,001 3,000,000 3,000,001 + Miles 0 50 100 150 200 Oriented Strand Board (OSB) Fluff Pulp 20% 14% Containerboard & Kraft 41% Dissolving Pulp 9% Rayonier provides pulpwood to a variety of facilities and diverse end markets with containerboard being the largest single component of demand. Rayonier (1) Calculated using Rayonier 2022 sales volumes to individual facilities and third-party estimates of end product mix by facility. Source: Forisk; RISI; RYN Analysis. Investor Presentation August 2023 Pellets 8% Specialty Packaging 5% Tissue 3% 37

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