U.S. South Historical Valuation Snapshot

Components of Timberland Return - U.S. South Low Risk Scale Return Component Value Range Risk to Achieve Cash Return Expectation EBITDA Return (-) Capex Investment Current Cash Flow Return 2.0% - 4.0% ~(0.5%) 1.5% - 3.5% Comments High EBITDA yield for Southern timber, including timber harvest and non-timber income Average annual cost of replanting / silviculture; can vary based on site Varies based on market quality, site index / productivity, stocking, etc. Other Components of Return Productivity Gains 0.5% - 1.0% ● DOOO] Based on improved silviculture; higher gain potential on lower quality properties HBU Uplift 0.0% - 1.0% Long-Term "Real" Price Growth 0.0% - 1.0% Requires market for rural property; proximity to population centers is key "Return to trend" / long-term expectation of real price increases above inflation Total Return Expectation Typical "Real" Return Expectation (+) Assumed Long-Term Inflation "Nominal" Return Expectation 4.0% - 5.0% Varies ~2.0% 6.0% - 7.0% Varies Represents typical timberland real discount rate range Based on long-term historical spread between treasuries and TIPS Represents expected long-term, unlevered return on timberland investments Rayonier Investor Presentation | May 2023 30

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