Investor Presentaiton

REGIONAL LOG COST TRENDS The US South has the most attractive and stable log costs in North America BC INTERIOR (INDEXED VS. 2013) US NORTHWEST US SOUTH (INDEXED VS. 2013) (INDEXED VS. 2013) 190% 190% 190% 180% 180% 180% 170% 170% 170% 160% 160% 160% 150% 150% 150% 140% 140% 140% 130% 130% 130% 120% 120% 120% 110% 110% 110% 100% 100% 100% 90% 90% 90% 80% 80% 80% 70% 70% 70% 60% 60% 60% 50% 50% 50% 40% 40% 40% 30% 30% 30% 20% 20% 10% 0% -10% -20% -10% -20% 10% 0% m вирти 20% 10% 0% -10% -20% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021 INTERFOR BC Interior: Avg. Monthly BC Interior Sawlog Purchase Price - BC Ministry of Forests Timber Pricing Branch; US NW: Avg. Monthly Washington State (Coast Region) Hem-Fir #2 Sawlog Delivered Price - Washington State Department of Natural Resources; US South: Avg. Monthly US South Pine Sawtimber Delivered Price - Forest2Market 9

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