U.S. South Historical Valuation Snapshot
Rayonier Portfolio Highlights
Sector-Leading U.S. South EBITDA* per Ton
U.S. South: 2022 EBITDA* per Ton
$26
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
86421
Rayonier
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
I
Weyerhaeuser
Sector-Leading HBU Value Realizations
Real Estate Value per Acre Sold (2021 - 2022)
$5,000
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
(1)
Potlatch
Rayonier
Weyerhaeuser
Improving Harvest Profile (2)
Historical & Projected Harvest Volumes (tons in MMs)
2018-2022
■Southern
Rayonier
2023-2027
Pacific Northwest ■New Zealand
60%
50%
40%
30%
20%
10%
Potlatch
Unique Exposure to China Export Market
% of 2022 Volume Sold into China Market
Excludes Large Dispositions, Improved Development and Conservation Easements.
Based on Rayonier estimates; assumes current portfolio with no acquisitions or divestitures.
Based on estimated export volume sold into China market.
Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | May 2023
(3)
New Zealand
Pacific
Northwest
Southern
Total Rayonier
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