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Investor Presentation

Rural HBU Opportunities ■ Rural Properties: 25+ acre tracts; capture premiums to timberland values through broker listings and unsolicited offers; strong demand from conservation-oriented buyers and high net worth individuals Rural Places: 1-acre to 25-acre rural homesteads and smaller recreational tracts; maximize premium to timberland values with minimal incremental investment (e.g., driveway apron, culvert, gate, etc.) ◉ Rural Properties Rural Places "Game Preserve" Walker County, TX house Pond garden chicken coop four-wheeler trail Rural Place Conceptual Rendering Our portfolio is well positioned to benefit from strong demand for rural land, particularly in Florida, Texas, Georgia, and Louisiana. Rayonier Investor Presentation | August 2023 48
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