U.S. South Historical Valuation Snapshot

Diversified Mix of Domestic & Export Markets Volume by Market Destination (2022) Korea 10% RMF Domestic 35% RMF Export 50% Trading 15% China 87% Other 3% Over half of the New Zealand segment's volume (excluding Trading volume) is sold into export markets, with China being the largest source of demand. Rayonier Investor Presentation | May 2023 46

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