Investor Presentation
U.S. South EBITDA* Benchmarking
■ EBITDA* per ton best captures profitability per unit of sales
EBITDA* per acre can be misleading due to differential rates of harvest
U.S. South Rate of Harvest
U.S. South EBITDA* / Acre
$26
$24
U.S. South EBITDA* / Ton
($ per ton harvested)
(tons per acre per year)
6.0
5.5
($ per acre)
$90
$85
$80
$75
5.0
4.5
$70
$65
$22
4.0
$60
3.5
$55
$20
$50
3.0
$18
2.5
$16
2.0
$14
1.5
1.0
$12
$10
2014
RYN
2015
2016
2017
WY
2018
2019
2020
2021
2022
CTT
PCH
Rayonier has consistently delivered sector-leading EBITDA* per ton in the U.S. South.
2014
2015
2016
2017
■RYN WY PCH CTT
"초 2018
2019
2020
2021
2022
$45
$40
$35
2014
2015
슬 2016
2017
WY
"초 2018
2019
2020
74
2021
2022
CTT
Rayonier
Source: WY figures pro forma for PCL combination. CTT figures include a modest amount of acreage and harvest volume from the Pacific Northwest. EBITDA, harvest volume
and acreage data for all peers based on public filings. Per acre data calculated based on estimated average acres for each year (i.e., average of year-end and prior year-
end acres), adjusted for major acquisitions/dispositions (i.e., pro-rated from date of transaction).
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation August 2023
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