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SESAF 2018Miki Thomaston

Rayonier Advanced Materials90 years of delivering excellence in Cellulose Specialties▪ 1926- Began operations as Rainier Pulp and Paper in Shelton, Wash.

▪ 1939- Opened Fernandina Mill

▪ Continued timberland acquisitions in NW, SE and NZ

▪ 1954- Opened Jesup Mill

▪ 1980- Began Sales in China

▪ 1994-Completed spinoff from ITT

▪ 2004-Converted to REIT

▪ 2014-Seperated into two companies RYN and RYAM

▪ 2017-Acquisition of competitor Tembec

Jesup Plant - Jesup, GA

Three pulp mills on 3,200 acre site Kraft, Pre-hydrolyzed Kraft,

Softwood and Hardwood

Employees: 670 hourly, 110 salaried

A Mill – 1954

B Mill – 1957

C Mill – 1972

550,000 Mtpy

18

Fernandina Plant - Fernandina Beach, FL• One Production Line - Sulfite cooking process (Acidic - Low pH)

• 155,000 MT/yr

• 287 employees

19

Products Overview

5

Revenue & Primary End Uses

6

Acetate Ethers Other CS Commodity

Cigarette Filters, Electronics,

Plastics

Food, Pharmaceuticals,

Construction, Industrial

Sausage Casings, Tire Cord,

Filtration, Coatings

Absorbent Materials,

Fabric/Clothing

RYAM 2016 Revenue

Primary End Uses

Acetate Ethers Other CS Commodity

▪ Small producer with flexibilityin fluff and viscose

▪ Relatively Flat ▪ At or Above GDP Growth;3-5%

▪ Modestgrowth;2-3%

▪ Solid Growth; 3-5%

End Uses & Growth Rate*

* Based on market research and Company estimates.

Significant producer and industry leader

80%

20% CelluloseSpecialties

Commodity

7

We’re NOT Your Traditional Pulp and Paper Company

Standard Market

Pulp Applications

8

We're Closer to You Than You Think

10

10

We're Closer to You Than You Think

11

We're Closer to You Than You Think

12

We're Closer to You Than You Think

High Strength Viscose andSpecialty High Value

At the Top of the Market Pulp Industry Value Chain

DissolvingPulp Commodity

Viscose

Fluff5 MMT

CommodityMarket Pulp

54 MMT

CelluloseSpecialties

5 MMT

Cellulose Specialties segment: 1.4 Million TonsMarket pulp industry : 65 Million Tons

IncreasingSpecialization& Sales Prices

Acetate

Ethers

13

RYAM - leader in high purity cellulose specialties

Technical Leadership in Cellulose Specialties

Process Flexibility

RAW juvenile, exterior fiber,center fiber, region hardness

Caustic (high pH)Ammonia (low pH)

Process sequence, bleach sequence: Cl2, Cl02, peroxide, concentrations,temperature,wash type/sequence, cold caustic extraction

Cu

sto

miz

ed f

or

each

cu

sto

mer

ap

plic

atio

n

Filter Plastic LCD/Film Tire Cord Casings

Acetate Ethers/MCCSpecialty

High Value

High Strength Viscose

Customer End Uses

Finishing

Pulping

Hardwood Softwood

Kraft Sulfite

Bleaching

Food Pharmaceuticals

The “Rayonier Advanced Materials’ Recipe”

14

15

Spinning Cellulose Acetate Fibers Demonstrates the Importance of Consistency and High Purity

Potential for molecular buildup of impurities

Holes in customers’ spinnerettes are smaller than a human hair. Purity is crucial.

Acetate Filament

Hair

16

Cellulose Specialty production removes everything except the cellulose from the wood

Black Liquor

Organics - Energy

Inorganics - Recovery

Extractives

1 – 5 tons

Water

50 tons

Cellulose 22 tons

Hemicellulose 13 tons

17 tons CS, or

20 tons viscose, or

25 tons fluff

Inorganics /Organics

Waste Treatment

Bleaching

Process

100 green tons wood

InputOutput

Cooking

Process

Degree

of

difficulty Fluff

Viscose

CS

Purity (alpha)85 98

Value Curve

15 tons Lignin

90 Years of Innovation

The Move to Cellulose Specialties

▪ 1926 – Rainier Pulp and Paper Company founded

▪ 1931 – Teamed up with DuPont to produce purified hemlock cellulose for rayon fibers named Rayonier

▪ 1936 – Rainier establishes a “central chemical laboratory” in Shelton, WA

▪ First super high purity grade produced, “Puranier”

18

Rayon Fibers

1937-39 Rayonier Expands to US South with Unique Process

Rayonier’s central laboratory in Shelton, WA begins shipping logs from Southeast US and develops a novelty sulfite process to

make dissolving pulps from Southern Pine.

18

1939-45 Rayonier Research Contributes to War Effort

▪ Rayon tire cord developed by Rayonier withstood hot temperatures of war zones better than alternatives

▪ Developed high purity pulps used in the manufacture of smokeless powder

▪ War Board takes over Rayonier Fernandina plant

19

1945 Environmental Innovation

▪ Rayonier researchers identify alternative waste disposal methods for spent liquor

▪ Shelton plant becomes the first plant in the world to burn its spent liquor, which is now the common practice

20

Late ‘40s-’50s Prehydrolyzed Kraft

▪ Reaching limitations in research with acid pulping, Rayonier scientists perfect kraft processes for dissolving wood pulps

▪ 1952 – Jesup, GA plant started

21

Late ‘60s Improved Fluff Pulp

22

Working with Johnson & Johnson, Rayonier scientists design high quality absorbent fluff pulp for J&J’s entry into the emerging disposable diaper market

1960s High Tenacity Viscose

Further development in high tenacity viscose leads to improvements in high performance tires and a new application for sausage (hot dog) casings

23

‘60s-’70s Acetate Growth

24

Acetate product development is fueled by exceptional growth in the acetate market driven by cigarette filters and photographic film

1990s Acetate for LCD Applications

25

Perfected ultra high purity acetate for use in LCD screens

1995 Marketing and Research Move to Jesup, GA

26

Shelton RRC Jesup MRC

2000s Absorbent Materials

27

Scientists develop NovaThinTM

absorbent core material

28

2016 Hydrogel Material

A potential biodegradable super absorbent polymer

for agricultural applications

Applying Science to Nature

▪ Cost Transformation Initiative to remain competitive— Improve costs by $75 to $90 million run-rate over three years

— Our end market challenges in Acetate, Ethers, Viscose

▪ Products Innovation Initiative— Deliver 20% of revenue from new products within 10 years

— Evaluate opportunities for adjacent businesses

Innovation in Our Long-Term Growth Strategy

32

Revenue & Primary End Uses

32

Acetate Ethers Other CS Commodity

Cigarette Filters, Electronics,

Plastics

Food, Pharmaceuticals,

Construction, Industrial

Sausage Casings, Tire Cord,

Filtration, Coatings

Absorbent Materials,

Fabric/Clothing

RYAM 2016 Revenue

Primary End Uses

Acetate Ethers Other CS Commodity

▪ Small producer with flexibilityin fluff and viscose

▪ Relatively Flat ▪ At or Above GDP Growth;3-5%

▪ Modestgrowth;2-3%

▪ Solid Growth; 3-5%

End Uses & Growth Rate*

* Based on market research and Company estimates.

Significant producer and industry leader

80%

20% CelluloseSpecialties

Commodity

Example: Project Pipeline

37

Stage 1Idea development

Stage 2Proof of concept

Stage 3Lab

Stage 4Pilot/Mill Trials

Stage 5Industrial

Stage 6Commercial

1 2 3 4 5

Priority 1 Priority 2 Priority 3

Ether/Sapphire Demonstration

38

LignoTech Florida - Agreements

• Lignin Conversion Technology• Marketing & Sales

• Raw Materials • Land Lease• Site Services

LignoTech Florida LLCFinancing

45%55%

Eight Flags EnergyCombined Heat and Power (CHP) Plant

42

• Includes Heat Recovery Steam Generator (HRSG) for providing steam back to RYAM.

• Plant is owned and operated by Eight Flags Energy, a wholly owned subsidiary of Chesapeake Utilities Corporation.

• CHP Plant is fueled by clean burning natural gas, provided by new high pressure natural gas line

• Plant produces approximately 20 MW of base load power, which Florida Power Utilities buys from Eight Flags and sell to its electric retail customers.

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Cochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ONCochrane, ON

Matane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QCMatane, QC

Toledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OHToledo, OH

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Shanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaShanghai, ChinaTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, Japan

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London, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UKLondon, UK

Tartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, FranceTartas, France

43

Expanded Global Presence

Increases geographical diversity and mitigates currency risk

Rayonier Advanced Materials

High Purity Cellulose Plant

Fiber Facility

Marketing & Research Center

Sales Office

Tembec

High Purity Cellulose Facility

Other Manufacturing Facility

Other Pulp Facility

SPF Lumber Facility

Sales Office

Headquarters

Headquarters

Sales and Research

Charitable Contributions• >$220,000 annually donated to

United Way

– Largest donor in Wayne and Nassau County

• RYAM Foundation contributes >$240,000 annually to local charities

• Engaged citizens in the community as volunteers, coaches, and mentors

46

Economic Development and Forest Sustainability

• Supply chain creates strong demand for timber in Southeastern United States

• Provides private forest owners incentive to manage lands as a renewable, income producing resource

• Provides aquifer recharge, natural habitats, and improves water quality for local steams

• FSC and PEFC Certifications

• Outreach to local universities

47

Thank You!