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Leverage to Lumber

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Lumber Prices Have Been Exceptionally Strong the Last Couple of Years

RL Lumber Composite

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Our Footprint Maximizes the Benefit of Structurally Higher Lumber Prices on a Regional Basis

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1 | 5-year average EBITDDA exposure of Timberlands and Wood Products segment.

2 | The sawlog prices are indexed to the price of lumber along with additional 30% of volume sold externally.

3 | Based on 2021 results.

4 | As of the end of 2020 after completing the last large Minnesota timberland sale.

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