Investor Presentation
U.S. South Lumber Capacity Gaining Market Share
Share of North American Lumber Capacity (1)
(% of N. American Lumber Capacity)
2022 Average Production Costs by Region (2)
(US$ per MBF)
45%
$500
U.S. South
British Columbia
$450
40%
U.S. West Coast
Eastern Canada
U.S. West Inland
U.S. Other
$400
35%
30%
25%
20%
15%
10%
5%
$350
$300
$250
$200
U.S.
South
Source: Forest Economic Advisors.
(1)
(2)
Rayonier
2000
2002
2004
2006
2008
2010
2012
Eastern Canada represents Canada East of Rockies as reflected by FEA.
Canadian regional costs converted to US$ using 2022 average exchange rate of US$0.77 per CAD$1.00; British Columbia represents BC Interior as reflected by FEA; Eastern
Canada reflects average of Ontario and Quebec as reflected by FEA.
August 2023
Investor Presentation
2014
The U.S. South has gained significant market share over the past 20+ years and is well-
positioned moving forward as the lowest cost region within North America.
2016
2018
2020
2022
$50
$100
$150
U.S.
Eastern
U.S.
British
Columbia West Coast Canada West Inland
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