Investor Presentation

$50 $45 $40 $35 $30 $25 TimberMart-South South-wide Average Pulpwood Supports Composite Prices in Strong Markets U.S. South-wide Average Stumpage Pricing Strong Markets Support Composite Pricing $20 2005-2022: -12% $50 $15 $40 $10 $30 55 $5 $20 2000 2001 U.S. South Pulpwood 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 2019 2020 2021 -U.S. South Sawtimber 2022 U.S. South Composite $10 $50 $40 $30 2005 2022: +54% $20 $10 I 2000 2001 2002 2003 FL1 Pulpwood FL1 Sawtimber 2012 2013 2014 2015 TMS FL1 Region 2016 2017 2018 2019 2020 2021 2022 Weaker Markets Hinder Composite Pricing TMS MS1 Region 2005 2022: -44% 2000 2001 2002 2003 2004 2005 2006 -MS1 Pulpwood 2007 2008 2009 As sawtimber pricing eroded in the U.S. South, increased pulpwood pricing has helped support the overall composite price in strong markets where Rayonier focuses its ownership. Rayonier Source: TimberMart-South. Note: Composite pricing assumes 50% pulpwood, 30% chip-n-saw and 20% sawtimber. Investor Presentation | November 2023 2010 2011 2012 2013 MS1 Sawtimber 2014 2015 2016 2017 2018 2019 2020 2021 2022 MS1 Composite 36 FL1 Composite

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