U.S. South Historical Valuation Snapshot

Real Estate Development: Focused Strategy Florida HBU Portfolio Vulcs 95 ~24,000 acres north of Jacksonville, FL Georgia HBU Portfolio 15A 17B REMAINING PUD AREA 10 ~20,000 acres south of Savannah, GA Rayonier has two unique HBU land portfolios located in close proximity to I-95 north of Jacksonville, FL and south of Savannah, GA, which provide long-term development opportunities. Rayonier Investor Presentation | May 2023 52

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