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Timberlands

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We Own Timberlands in Six States

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1 | Acres in thousands; as of March 31, 2022.

We Manage Our Timberlands Sustainably

Historical and Projected Sustainable Harvest

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1 | Does not include the effect of future acquisitions or dispositions; reflects large 2020 Minnesota sale.

2 | The Ola, Arkansas sawmill fire reduced harvest in 2021.

3 | Data from the 2021 ESG Report.

A Significant Portion of Our Idaho Sawlogs are Indexed to Lumber

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1 | Idaho sawlogs are sold on a Scribner Eastside log scale basis; the price conversion factor is approximately 1.25X, so $600/MBF Eastside = ~$750/MBF Westside.

Our Idaho Timberlands are Highly Profitable and Productive

PCH Timberlands Significantly Outperform Average Inland Northwest Timberlands

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1 | EBITDDA is a non-GAAP measure; reconciliation to GAAP and definition can be found in the financial performance and appendix sections; WY EBITDDA obtained from public filings.

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We are Naturally Hedged in the U.S. South

PCH Sawlog Consumption vs. PCH Sawlog Sales

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The Hedge is Important Because Southern Sawlog Prices Remain Below Trend Levels

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Southern Pine Sawtimber Stumpage Price vs Lumber Production

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1 | Source: USDA, WWPA, Timber Mart-South.

Sawmill Capacity Additions Should Continue to Tighten Log Markets

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Central South Capacity Additions Since 2017

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1 | Source: ERA Forest Products Research.

Sawmill Capacity Additions are Expected to Tighten Growth/Harvest Ratios

U.S. South Sawlog Growth vs. Drain

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1 | Source: FEA Data Center.

Climate Change is Providing Southern Timberlands Opportunities

Potential for Higher Southern Timberland Growth Rates

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Timberlands Segment EBITDDA

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1 | Non-GAAP measure; reconciliation to GAAP and definition can be found in the financial performance and appendix sections.

2 | Deltic included for 10 months in 2018; extraordinary wet weather reduced 2019 harvest, Ola Arkansas sawmill fire reduced 2021 harvest.

3 | YTD as of March 31.