U.S. South Historical Valuation Snapshot

Rayonier is the Only "Pure Play" Timber REIT Rayonier Peer Group EBITDA* Composition 100% - 2020 2022 EBITDA* Composition 90% 26% 80% (2020-2022) Peer Group 2020 2022 EBITDA* - Composition 70% 72% 60% Other 26% 50% Timber 40% Segments 74% 74% 30% 20% 10% 49% 12% 8% 39% Other 77% 20% 0% RYN WY Timber Real Estate PCH Manufacturing / Other Timber Segments 23% Over the last three years, Rayonier has generated 74% of its EBITDA* from timber operations (versus 23% for the peer group). Note: Timberland REIT Peer Group comprised of WY and PCH. Figures reflect aggregate Timberland REIT Peer Group EBITDA for 2020-2022, excluding corporate expenses. Other includes manufacturing and other reported segments. Rayonier * Non-GAAP measure (see Appendix for definitions and RYN reconciliations). Investor Presentation | May 2023 5

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