Investor Presentation

U.S. South Pulpwood End Markets Major Pulpwood Consuming Mills • Containerboard & Kraft Paper Pellets Rayonier Pulpwood End Market Mix (1) Dissolving Pulp ⚫ Specialty Packaging ● Market Pulp ● Tissue Freesheet Coated Paper • OSB Rayonier Ownership Wood Demand at Capacity (tons) < 500,000 500,001 1,500,000 1,500,001 3,000,000 3,000,001 + Miles 0 50 100 150 200 Specialty Packaging 5% Market Pulp 20% Containerboard & Kraft Paper 41% Dissolving Pulp 9% Oriented Strand Board (OSB) 14% Pellets 8% Rayonier provides pulpwood to a variety of facilities and diverse end markets with containerboard and kraft paper being the largest single component of demand. Rayonier (1) Calculated using Rayonier 2022 sales volumes to individual facilities and third-party estimates of end product mix by facility. Source: Forisk; RISI; RYN Analysis. Investor Presentation | November 2023 Tissue 3% 37

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