Investor Presentation
U.S. South EBITDA* Benchmarking
■ EBITDA* per ton best captures profitability per unit of sales
EBITDA* per acre can be misleading due to differential rates of harvest
U.S. South Rate of Harvest
$20
U.S. South EBITDA* / Ton
($ per ton harvested)
(tons per acre per year)
5.5
U.S. South EBITDA* / Acre
($ per acre)
$80
5.0
$75
$18
$70
4.5
$65
$16
4.0
$60
3.5
$14
$55
3.0
$50
$12
2.5
$45
2.0
$40
$10
1.5
$35
$8
1.0
$30
2013 2014 2015 2016 2017 2018 2019
2013 2014 2015 2016 2017 2018 2019
2013 2014 2015 2016 2017 2018 2019
RYN
WY
PCH
CTT
■RYN WY PCH ■CTT
RYN
WY
PCH
CTT
Rayonier's sector-leading EBITDA* per Ton has increased 20% since 2013.
Rayonier
Source: WY figures pro forma for PCL combination. CTT figures include Pacific Northwest. EBITDA, harvest volume and acreage data for all peers based on public filings. Per
acre data calculated based on estimated average acres for each year (i.e., average of year-end and prior year-end acres), adjusted for major acquisitions/dispositions
(i.e., pro-rated from date of transaction).
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | March 2020
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