Investor Presentation

Reconciliation of Net Debt ($ in millions) Q4 2022 Current maturities of long-term debt |Long-term debt, net of deferred financing costs and unamortized discounts - Plus deferred financing costs Plus unamortized discounts Total Debt (Principal Only) Cash and cash equivalents Net Debt (1) (1) Non-GAAP measure or pro forma item. Rayonier 1,514.7 5.3 33.1 $1,523.1 (114.3) $1,408.8 26 Investor Presentation | March 2023 26

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