Investor Presentation

European Spruce Beetle Epidemic China Softwood Log Imports from Europe (thousand m³) 2,500 China Softwood Log Imports by Major Source (million m3) 25 2,000 1,500 1,000 500 Mar-20 Jun-20 Sep-20 Dec-20 Jun-21 Sep-21 Mar-21 ■Czech Republic Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Other Europe ■Germany 20 20 15 10 5 New Russia Australia United Canada Uruguay Europe Zealand States ■2016 2017 2018 2019 2020 2021 2022 Competitive supply into China from the European spruce beetle epidemic has declined from the highs seen in 2020. Rayonier Source: China Bulletin. Investor Presentation | November 2023 20

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