Investor Presentation
Pacific Northwest EBITDA* Benchmarking
Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest
EBITDA* per ton and EBITDA* per acre both declined as a result of reduced harvest and, more recently,
due to significant decline in pricing
Northwest EBITDA* / Ton
($ per ton harvested)
$60
Northwest Rate of Harvest
Northwest EBITDA* / Acre
($ per acre)
$250
(tons per acre per year)
5.5
5.0
$50
$200
4.5
4.0
$40
$150
3.5
3.0
$30
$100
2.5
$20
2.0
$50
1.5
$10
1.0
2013 2014 2015 2016 2017 2018 2019
2013 2014 2015 2016 2017 2018 2019
2013 2014 2015 2016 2017 2018 2019
RYN
WY
Pope
■RYN WY Pope
RYN
WY
Pope
Rayonier's Pacific Northwest EBITDA* per ton has historically been below the peer group due to its
higher proportion of hemlock volume (vs. Doug-fir) and higher mix of cable logging.
Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2013 - 2015; Pope EBITDA based on historical public filings. Volume and acreage data for all
peers based on historical public filings; assumes 8.0 tons per MBF for Pope.
Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | March 2020
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