U.S. South Historical Valuation Snapshot

Favorable Migration Patterns Support HBU Values 2021 Domestic Migration Net Migration Inflow >50,000 Outflow 50,000 Inflow 50,000 Outflow >50,000 HEARTWOOD AT RICHMOND HILL wildlight Our Real Estate holdings are benefiting from favorable migration patterns, which we expect to continue post-pandemic. Rayonier Source: Harvard Joint Center for Housing Studies tabulations of US Census Bureau, 2021 Population Estimates Program. Investor Presentation | May 2023 51

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