Joinder Agreement

THIS JOINDER AGREEMENT (this “Joinder Agreement”), dated as of November 20, 2015, is among CATCHMARK SOUTHERN HOLDINGS II GP, LLC, a Delaware limited liability company (“Southern Holdings GP”), CATCHMARK SOUTHERN TIMBERLANDS II, L.P., a Delaware limited partnership (“Southern Timberlands LP”), CATCHMARK SOUTH CAROLINA TIMBERLANDS, LLC, a South Carolina limited liability company (“South Carolina LLC”; together with Southern Holdings GP and Southern Timberlands LP, each a “New Subsidiary” and collectively, the “New Subsidiaries”), CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P. (the “Borrower”), each of the other Loan Parties party hereto, and COBANK, ACB, as the Administrative Agent (the “Administrative Agent”) under that certain Fourth Amended and Restated Credit Agreement, dated as of December 23, 2014, among the Borrower, the other Loan Parties party thereto from time to time as Guarantors, the Administrative Agent, and the lenders party thereto from time to time (“Lenders”) (as amended, modified, extended or restated from time to time, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings provided in the Credit Agreement.

The Borrower is required by Subsection 7.1.9 of the Credit Agreement to cause each New Subsidiary to become a party to this Joinder Agreement. Each New Subsidiary will obtain benefits as a result of the continued extension of credit to the Borrower under the Credit Agreement, which benefits are hereby acknowledged, and, accordingly, desires to execute and deliver this Joinder Agreement. Therefore, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce Lenders to continue to extend credit to the Borrower under the Credit Agreement, each of the New Subsidiaries, the Borrower, the other Loan Parties and the Administrative Agent, for the benefit of itself and the other Lender Parties, hereby acknowledges, agrees and confirms as follows:

1.Joinder. Each New Subsidiary hereby agrees that effective on the date hereof it hereby is and shall be deemed to be, and assumes the obligations of, a “Loan Party,” “Subsidiary Guarantor” and “Guarantor” jointly and severally under and as defined in the Credit Agreement, an “Additional Grantor” and a “Grantor” jointly and severally under and as defined in each of the Security Agreement and the Pledge Agreement (collectively, the “Security Documents”), and a “Loan Party” jointly and severally under and as defined in each other Loan Document; and, as such, each New Subsidiary hereby agrees that from the date hereof and until payment in full in cash of all Obligations and the performance of all other obligations of each of the Loan Parties under the Loan Documents, such New Subsidiary shall perform, comply with, and be subject to and bound by each of the terms and provisions of the Credit Agreement, each of the Security Documents and each of the other Loan Documents jointly and severally with the other Loan Parties, Additional Grantors, and Grantors party thereto (including, for the avoidance of doubt, each of the other New Subsidiaries), as if such New Subsidiary was an original party thereto. Without limiting the generality of the foregoing, each New Subsidiary hereby represents and warrants that (i) each of the representations and warranties set forth in Article VI of the Credit Agreement, as modified by Schedule C hereto, applicable to such New Subsidiary as a Loan Party or a Subsidiary of a Loan Party is true and correct on and as of the date hereof, (ii) each of the representations and warranties set forth in Article III of the Security Agreement, as modified by Schedule D-1 hereto, applicable to such New Subsidiary as an Additional Grantor, Grantor or Loan Party is true and correct on and as of the date hereof, (iii) each of the representations and warranties set forth in Article III of the Pledge Agreement, as modified by Schedule D-2 hereto, applicable to such New Subsidiary as an Additional Grantor, Grantor or Loan Party is true and correct

on and as of the date hereof and (iv) such New Subsidiary has heretofore received a true and correct copy of the Credit Agreement, each of the Security Documents and each of the other Loan Documents (including any modifications thereof or supplements or waivers thereto) in effect on the date hereof.

2.Covenants. Each New Subsidiary covenants and agrees that, from the date hereof and until payment in full in cash of all Obligations and the performance of all other obligations of the Loan Parties under the Loan Documents, such New Subsidiary will perform and observe, and cause each of its Subsidiaries to perform and observe, all of the terms, covenants and agreements set forth in the Security Documents and the other Loan Documents that are required to be, or that any Loan Party has agreed to cause to be, performed or observed by the Loan Parties or the Subsidiaries of the Loan Parties, including, without limitation, the covenants set forth in Article VII of the Credit Agreement, the Events of Default set forth in Article VIII of the Credit Agreement and the rights of set off contained in Section 4.9 of the Credit Agreement.

3.Security Interest. Each New Subsidiary hereby collaterally assigns, mortgages and pledges to the Administrative Agent for its benefit and for the ratable benefit of the other Lender Parties, and hereby grants to the Administrative Agent for its benefit and the ratable benefit of the other Lender Parties, as collateral for the Secured Obligations (as defined in the applicable Security Document), a pledge and assignment of, and a security interest in, all of the right, title and interest in and to such New Subsidiary’s Collateral (as defined in the applicable Security Document), whether now owned or hereafter acquired, subject to all of the terms and provisions of the applicable Security Document.

4.Amendments to Schedules. Each of the New Subsidiaries and the other Loan Parties party hereto acknowledges and agrees that the information on the schedules to the Credit Agreement is hereby amended to provide the information shown on the attached Schedule C. Each of the New Subsidiaries and the other Loan Parties party hereto acknowledges and agrees that the information on the schedules to the Security Agreement are hereby amended to provide the information shown on the attached Schedule D-1 and the information on the schedules to the Pledge Agreement are hereby amended to provide the information shown on the attached Schedule D-2. By its signature hereto, the Administrative Agent hereby accepts in its sole discretion pursuant to Section 11.1(a) of the Credit Agreement such supplements and updates to the schedules of the Credit Agreement, Security Agreement and Pledge Agreement.

5.Pledged Equity Interests. Each of the New Subsidiaries and the other Loan Parties party hereto acknowledges and confirms that the Pledged Equity Interests described in the attached Schedule D-2 are part of the Pledged Equity Interests within the meaning of the Pledge Agreement and are part of the Collateral and secure all of the Secured Obligations as provided in the Pledge Agreement.

6.Joinder Documents. Pursuant to Section 7.1.9(d) of the Credit Agreement, on or before the date hereof, (i) the Administrative Agent shall receive counterparts to this Joinder Agreement duly executed and delivered on behalf of each existing Loan Party, each New Subsidiary and the Administrative Agent and (ii) each New Subsidiary hereby covenants and agrees to execute and/or deliver to the Administrative Agent each of the Joinder Documents listed on Schedule A hereto in form and substance acceptable to the Administrative Agent in its sole discretion.

7.Additional Joinder Documents. Upon the request of the Borrower and the other Loan Parties, the Administrative hereby agrees, pursuant to its sole discretion under Section 7.1.9(d)(ii) of the Credit Agreement, to accept delivery of the Joinder Documents described on Schedule B hereto on or before December 31, 2015 (or such later date as the Administrative Agent may agree to in its sole discretion). Each Loan Party (including each New Subsidiary) hereby jointly and severally covenants and agrees that: the Borrowers and the Loan Parties will perform, and will cause their respective Subsidiaries to perform, the obligations set forth in Schedule B. The Loan Parties hereto hereby

acknowledge and agree that the failure to take the actions described in the preceding sentence within the specified time period or to otherwise comply with the covenants described in the preceding sentence at all times shall constitute an Event of Default under the Credit Agreement and, among other things, shall constitute a basis for the Lenders to withhold Loans under the Credit Agreement.

8.Further Assurances. In furtherance of the foregoing, each New Subsidiary and each other Loan Party shall execute and deliver or cause to be executed and delivered at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary in the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Joinder Agreement.

9.Representations and Warranties of Loan Parties. In order to induce the Administrative Agent to enter into this Joinder Agreement, each Loan Party (including each New Subsidiary) hereby jointly and severally (a) represents and warrants that as of the date hereof (i) the recitals set forth above are true and correct in all material respects, (ii) each of the representations and warranties of any Loan Party or any Subsidiary of any Loan Party contained in the Credit Agreement (as modified by this Joinder Agreement) and in the other Loan Documents (as modified by this Joinder Agreement) is true and correct in all material respects as if made on such date (except, if any such representation and warranty relates to an earlier date, such representation and warranty shall be true and correct in all material respects as of such earlier date), and (iii) no Default or Event of Default has occurred and is continuing, and (b) agrees that the incorrectness in any material respect of any representation and warranty contained in this Joinder Agreement shall constitute an immediate Event of Default.

10.Additional Representations, Warranties and Covenants Regarding the New Subsidiaries.

(2) owning and holding such Investments as may be permitted by Section 7.2.5 of the Credit Agreement, (3) entering into the Loan Documents and (4) transacting any and all lawful business under the laws of the state of its organization that is incident, necessary and appropriate to accomplish the foregoing.

11.Reaffirmation. Each of the Borrower, the New Subsidiaries and the other Loan Parties confirms that all of its obligations under the Credit Agreement, the Notes and the other Loan Documents are, and upon each New Subsidiary becoming a “Loan Party”, “Additional Grantor”, “Grantor”, “Subsidiary Guarantor” and “Guarantor” shall continue to be, in full force and effect. The parties hereto confirm and agree that immediately upon each New Subsidiary becoming a “Loan Party” under any Loan Document, the term “Obligations”, as used in the Credit Agreement and the other Loan Documents, shall include all obligations of the New Subsidiaries under the Credit Agreement, the Notes and under each other Loan Document.

12.Counterparts. This Joinder Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together one and the same agreement. Delivery of an executed counterpart of a signature page to this Joinder Agreement by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

13.Interpretation. This Joinder Agreement shall be governed by and shall be construed and enforced in accordance with all provisions of the Credit Agreement.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. The Borrower specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK SOUTHERN HOLDINGS II GP, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK SOUTHERN TIMBERLANDS II, L.P. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK SOUTH CAROLINA TIMBERLANDS, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK TRS HARVESTING OPERATIONS, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK TIMBER TRUST, INC. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. TIMBERLANDS II, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK TIMBER TRS, INC. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK HBU, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK TEXAS TIMBERLANDS GP, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL. CATCHMARK TEXAS TIMBERLANDS, L.P. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.