U.S. South Historical Valuation Snapshot

Repair & Remodel Demand Poised to Remain Strong 2022 U.S. Lumber Consumption by End-Use Homeowner Improvements & Repairs (1) (billion) $500 30% Multifamily Construction Mobile Home Shipments 1% $400 20% 5% Nonresidential Construction 4% $300 10% $200 0% $100 -10% -20% 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023E Four-Qtr Moving Total Four-Qtr Moving Rate of Change Industrial Production 22% Residential Improvements 40% Single Family Construction 28% U.S. Housing Stock has Aged Considerably Age (in Years) 35 30 4252250 15 10 27 29 29 30 31 31 32 34 35 37 38 39 40 42 2003 2005 2007 2009 2011 Median Age of Owner-Occupied Housing 2013 2015 2017 2019 2021 1995 1997 1999 2001 Residential improvements comprise the largest component of U.S. demand for lumber. Source: Forest Economic Advisors and Harvard Joint Center for Housing Studies. Rayonier (1) Reflects Leading Indicator of Remodeling Activity data from The Harvard Joint Center for Housing Studies. Investor Presentation | May 2023 19

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