U.S. South Historical Valuation Snapshot
$5
$45
$40
$35
$30
$25
TimberMart-South South-wide Average
Pulpwood Supports Composite Prices in Strong Markets
$50
U.S. South-wide Average Stumpage Pricing
Strong Markets Support Composite Pricing
TMS FL1 Region
$20
2005-2022: -12%
$50
$15
$40
$10
$30
$20
2000
U.S. South Pulpwood
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
U.S. South Sawtimber
2022
U.S. South Composite
$10
$50
$40
$30
2005 2022: +54%
$20
$10
I
2000
2001
2002
2003
2013
2014
2015
2016
2017
FL1 Pulpwood
FL1 Sawtimber
FL1 Composite
Weaker Markets Hinder Composite Pricing
TMS MS1 Region
2005 2022: -44%
2000
2001
2002
2003
2004
2005
2006
-MS1 Pulpwood
2007
2008
2009
As sawtimber pricing eroded in the U.S. South, increased pulpwood pricing has helped
support the overall composite price in strong markets where Rayonier focuses its ownership.
Rayonier
Source:
TimberMart-South.
Note:
Composite pricing assumes 50% pulpwood, 30% chip-n-saw and 20% sawtimber.
Investor Presentation | May 2023
2010
2011
2012
2013
MS1 Sawtimber
2014
2015
2016
2017
2018
2019
2020
2021
2022
MS1 Composite
40
2018
2019
2020
2021
2022View entire presentation