CatchMark Timber Trust : Business Update - October 15, 2021

PRIME TIMBERLANDS

HIGH-DEMAND MILL MARKETS

SUPERIOR MANAGEMENT

GROWTH STRATEGY

October 15, 2021

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "should," "anticipate," "estimate," "believe," "continue," or other similar words. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking.Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Forward-looking statements in this presentation include, but are not limited to, our expectations about future growth of Adjusted EBITDA and net asset value, acquisition strategies, land sale strategies, and sources of Adjusted EBITDA including environmental initiatives, non-GAAP reconciliations, and projections of our liquidity, leverage and balance sheet. Risks and uncertainties that could cause our actual results to differ from these forward-looking statements include, but are not limited to, that (i) the supply of timberlands available for acquisition that meet our investment criteria may be less than we currently anticipate; (ii) we may be unsuccessful in winning bids for timberland that are sold through an auction process; (iii) we may not be able to access external sources of capital at attractive rates or at all; (iv) potential increases in interest rates could have a negative impact on our business; (v) timber prices may not increase at the rate we currently anticipate or could decline, which would negatively impact our revenues; (vi) we may not generate the harvest volumes from our timberlands that we currently anticipate; (vii) the demand for our timber may not increase at the rate we currently anticipate or could decline due to changes in general economic and business conditions in the geographic regions where our timberlands are located, including as a result of the COVID-19 pandemic and the measures taken as a response thereto; (viii) a downturn in the real estate market, including decreases in demand and valuations, may adversely impact our ability to generate income and cash flow from sales of higher-and-better use properties; (ix) we may not be able to make large dispositions of timberland in capital recycling transactions at prices that are attractive to us or at all; (x) our dividends are not guaranteed and are subject to change; (xi) the markets for carbon sequestration credits, wetlands mitigation banking and solar projects are still developing and we maybe unsuccessful in generating the revenues from environmental initiatives that we currently expect or in the timeframe anticipated; (xii) our share repurchase program may not be successful in improving stockholder value over the long-term; (xiii) our joint venture strategy may not enable us to access non-dilutive capital and enhance our ability to make acquisitions; and (xiv) the factors described in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020 and our other filings with the Securities and Exchange Commission. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update our forward-looking statements, except as required by law.

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THREE PILLAR BUSINESS MODEL

Following its exit from Triple T, CatchMark has further strengthened its business strategy to focus entirely on:

PRIME QUALITY	HIGH-DEMAND	SUPERIOR
TIMBERLANDS	MILL MARKETS	MANAGEMENT

Acquiring and owning prime timberlands through prudent and disciplined allocation of capital

Expanding acquisition activity

and harvest operations in

leading mill markets in the U.S.

South, the nation's premier

timber basket

Achieving industry leading

productivity on a per-acre basis,

while maintaining stable inventory per acre and augmenting revenue through environmental initiatives

STRATEGIC FOCUS DRIVES STABLE AND PREDICTABLE CASH FLOW

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DISCIPLINED GROWTH THROUGH ACQUISITIONS

CatchMark will seek to grow Adjusted EBITDA and long-term NAV through stepped up timberland acquisitions while continuing to adhere to our stringent underwriting criteria.

Proceeds from the Bandon disposition and Triple T exit have allowed us to further deleverage, providing ample capacity available under our credit facilities as we actively build our deal pipeline.

Acquisition Focus

• Execute transactions in the $5 million to $50 million range
• Focus in and around leading U.S. South mill markets where we already have a major presence
• Further strengthen our industry-leading harvest EBITDA per acre while maintaining stable merchantable inventory per acre
• Seek high allocation of pine plantations with strong site indices and above average operability
• Secure high merchantable stocking levels with an older average age or complement our long-term portfolio objectives that balance portfolio age class distribution and productivity

Historical Acquisition Under $50M

2014 - YTD 2021

# of Deals	20
Total Acres	143,147
Total Price	$270.9M
Average deal price:	$13.5M
Average acres	7,200
$/Acre	$1,893
Total Stocking (Tons)	7.3M
Stocking (Tons/Acre)	51

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INCREASE ADJUSTED EBITDA FROM NEW ENVIRONMENTAL INITIATIVES

CatchMark will seek additional income-generating and value creation opportunities from environmental initiatives that could represent up to 20% of future cash available for distribution.

CARBON SEQUESTRATION		SOLAR		WETLANDS MITIGATION BANKING

Execute carbon offset projects		Advance solar leasing initiatives		Identify and execute on
	which help produce energy and		wetlands mitigation banking
on lower operability, non-core
	reduce greenhouse emissions in		opportunities in existing
tracts
	a sustainable manner.		portfolio and future acquisitions

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