U.S. South Historical Valuation Snapshot

New Zealand Productivity Strong Relative to U.S. Plantation Tons / Acre @ Rotation Age Plantation Tons / Acre / Year (tons / acre) 300 250 200 150 135 100 50 50 190 (rotation age) (tons/acre/year) 45 12.0 255 40 40 о 10.0 35 8.0 U.S. South Pacific Northwest ■Volume / Acre @ Optimal Rotation Age New Zealand ●Rotation Age 50 5.8 30 6.0 25 25 4.0 20 20 15 15 2.0 4.6 9.1 U.S. South Pacific Northwest New Zealand In addition to providing market diversification, New Zealand offers superior softwood plantation productivity relative to the U.S. Rayonier Source: Rayonier estimates based on long-range harvest forecast. Investor Presentation | May 2023 48

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