U.S. South Historical Valuation Snapshot

China's Large Timber Supply Deficit is Growing China Total Timber Supply Deficit (million m3 RWE) 360 China Softwood Log and Lumber Imports (million m³ RWE) 90 320 280 240 200 160 120 80 60 40 40 80 60 70 70 60 60 50 50 40 40 30 50 Woodchips 20 20 10 2008 2010 2012 2014 2016 2018 2020 2022 Russia New Zealand United States Canada ROW Softwood log and lumber imports into China are expected to recover in 2023 and the long- term outlook remains positive given its growing timber supply deficit. 2002 2007 2012 2017 2021 2022E 2027F 2032F Logs Lumber Wood Panels ■Pulp Rayonier Source: Dana Ltd./Gingko Consulting and Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | May 2023 23

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