U.S. South Historical Valuation Snapshot

Reconciliation of Net Debt ($ in millions) Q1 2023 Current maturities of long-term debt Long-term debt, net of deferred financing costs and unamortized discounts Plus deferred financing costs Plus - unamortized discounts Total Debt (Principal Only) Cash and cash equivalents Net Debt (1) (1) Non-GAAP measure or pro forma item. Rayonier 1,514.1 5.1 3.0 $1,522.2 (98.7) $1,423.5 57 Investor Presentation | May 2023

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