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We Own Timberlands in Six States




1 | Acres in thousands; as of March 31, 2022.
We Manage Our Timberlands Sustainably
Historical and Projected Sustainable Harvest






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








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








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.

We are Naturally Hedged in the U.S. South
PCH Sawlog Consumption vs. PCH Sawlog Sales



The Hedge is Important Because Southern Sawlog Prices Remain Below Trend Levels
1
Southern Pine Sawtimber Stumpage Price vs Lumber Production




1 | Source: USDA, WWPA, Timber Mart-South.
Sawmill Capacity Additions Should Continue to Tighten Log Markets
1
Central South Capacity Additions Since 2017






1 | Source: ERA Forest Products Research.
Sawmill Capacity Additions are Expected to Tighten Growth/Harvest Ratios
U.S. South Sawlog Growth vs. Drain
1



1 | Source: FEA Data Center.
Climate Change is Providing Southern Timberlands Opportunities
Potential for Higher Southern Timberland Growth Rates




Timberlands Segment EBITDDA







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.