Investor Presentation
Productivity is a Key Driver of Timberland Value
Rayonier U.S. South Pine Site Index 25 (feet)
Harvest Volume Increases with Site Index (2)
Site Index 25 (feet)
80
70
10
Recently
harvested
stands
Tons Acre/Year
6.0
5.0
4.0
3.0
2.0
1.0
I
Transition 65 to 75 over 25 years =
1.1% productivity CAGR
60
65
70
75
80
85
Site Index 25 (feet)
Product Mix Improves with Site Index (2)
60
60
100%
80%
60%
40%
20%
50
1990-
1992
1993-
1996-
1999-
2002-
2005-
1995
1998
2001
2004
2007
Planting Year
60
65
Pine ST ■ Pine CNS
70
75
80
85
Pine PW ■ Hardwood
Higher site index properties generate greater harvest yields and a more valuable product mix.
Improving site index by 10 feet over a 25-year harvest rotation implies ~1% annual productivity gain.
Rayonier
(1) First physical site index measurement taken at age 11.
Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes
mix of plantation / hardwood acreage and loblolly / slash species based on Rayonier portfolio averages.
Investor Presentation | May 2020
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