Investor Presentation

Real Estate Development: Favorable Migration Trends Top 10 Fastest Growing Markets in the U.S. (April 2020 to July 2022) (1) (% pop. growth) 12% #6 I 10% 9.0% I 8% 7.3% 7.1% I I I 5.8% 6% 4.9% 4.2% 4% 2% 0% Myrtle Beach-Conway Cape Coral-Fort Myers-Naples S 0 10 ┫ Miles #9 ! 4.0% 4.0% ' 3.8%' 3.8% Raleigh-Durham-Cary Savannah-Hinesville-Statesboro North Port-Sarasota Boise City-Mountain Home-Ontario Wildlight Proximity to Jacksonville Orlando-Lakeland-Deltona Jacksonville-St. Marys-Palatka Dallas-Fort Worth (1) Rayonier Source: ~22 miles/~30-minute drive Jacksonville 0 10 Rayonier Ownership Miles San Antonio-New Braunfels-Pearsall Heartwood Proximity to Savannah Calculated based on percentage of population growth for combined statistical areas with populations exceeding 500,000. U.S. Census Bureau; Rayonier Analysis. Investor Presentation | November 2023 Savannah -26 miles/~30-minute drive Rayonier Ownership 49

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