Investor Presentation

2000 $25 $35 $30 $40 $45 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 55 $20 $5 2001 2002 2003 2004 2005 2006 U.S. South Pulpwood 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -U.S. South Sawtimber 2018 2019 2020 2021 2022 U.S. South Composite $10 $50 $40 $30 2005 2022: +54% $20 $10 I 2000 2001 2002 2222 2014 2015 2016 - 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 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 | August 2023 2007 2008 2009 2010 2011 2012 2013 MS1 Sawtimber 2014 2015 2016 2017 לחון 2018 2019 2020 2021 2022 MS1 Composite 36 2017 2018 2019 2020 2021 2022

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