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Rayonier Advanced Materials Completes Acquisition of Tembec

JACKSONVILLE, Fla. & MONTREAL–(BUSINESS WIRE)–Rayonier Advanced Materials Inc. (NYSE:RYAM) announced today that it has
completed the acquisition of Tembec Inc., combining two complementary
high purity cellulose businesses and diversifying its product offerings
with integrated forest products, paper, paperboard and newsprint
businesses. The combined company, which will operate under the name
Rayonier Advanced Materials, will be a stronger, more diversified global
leader in its core businesses with an expanded international footprint
that further positions it to serve the larger customer base with the
highest quality products and services. In addition, the combined company
offers enhanced new product development capabilities, a broader and more
versatile asset base, and the financial strength to invest back into its
businesses for continued growth.

“This acquisition advances our strategic growth objectives and provides
an accretive and attractive value proposition for our shareholders by
more than doubling our revenues, diversifying our product offering in
high purity cellulose and allowing us to expand into new adjacent
businesses,” said Paul Boynton, Chairman, President and Chief Executive
Officer of Rayonier Advanced Materials. “Rayonier Advanced Materials and
Tembec are not only a good strategic fit, but we are also an excellent
cultural fit. We are excited to welcome the Tembec employees to Rayonier
Advanced Materials as we continue to execute on our four strategic
pillars of growth.”

About Rayonier Advanced Materials

Rayonier Advanced Materials is a global manufacturer of forest
products, including lumber, paper, packaging and a global leader of high
purity cellulose, a natural polymer commonly found in cell phones,
computer screens, filters and pharmaceuticals. With manufacturing
operations in the U.S., Canada and France, Rayonier Advanced Materials
employs approximately 4,200 people and generates approximately US$2
billion of revenues. More information is available at www.rayonieram.com.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial,
business, legal or other outcomes including business and market
conditions, outlook and other similar statements relating
to Rayonier Advanced Materials’ future events, developments, or
financial or operational performance or results, are “forward-looking
statements” made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and other federal securities
laws. These forward-looking statements are identified by the use of
words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,”
“intend,” “forecast,” “anticipate,” “guidance,” and other similar
language. However, the absence of these or similar words or expressions
does not mean a statement is not forward-looking. While we believe these
forward-looking statements are reasonable when made, forward-looking
statements are not guarantees of future performance or events and undue
reliance should not be placed on these statements. Although we believe
the expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance these expectations
will be attained and it is possible actual results may differ materially
from those indicated by these forward-looking statements due to a
variety of risks and uncertainties.

Such risks and uncertainties include, but are not limited to:
competitive pressures in the markets in which we operate, especially
with respect to increases in supply and pressures on demand for our
products, which impact pricing; our ability to complete our announced
cost and debt reduction initiatives and objectives within the planned
parameters and achieve the anticipated benefits; our customer
concentration, especially with our three largest customers; changes in
global economic conditions, including currency; the Chinese dumping
duties currently in effect for commodity viscose pulps; potential legal,
regulatory and similar challenges relating to our permitted air
emissions and waste water discharges from our facilities by
non-governmental groups and individuals; the effect of current and
future environmental laws and regulations as well as changes in
circumstances on the cost and estimated future cost of required
environmental expenditures; the potential impact of future
tobacco-related restrictions; potential for additional pension
contributions; labor relations with the unions representing our hourly
employees; the effect of weather and other natural conditions; changes
in transportation-related costs and availability; the failure to attract
and retain key personnel; the failure to innovate to maintain our
competitiveness, grow our business and protect our intellectual
property; uncertainties related to the availability of additional
financing to us in the future and the terms of such financing; our
inability to make or effectively integrate current and future
acquisitions and engage in certain other corporate transactions; any
failure to realize expected benefits from our separation from Rayonier
Inc.; risks related to our acquisition of Tembec Inc., including the
failure to obtain the anticipated benefits and synergies from the
acquisition and the impact of additional debt we incurred and equity
issued to finance the acquisition; financial and other obligations under
agreements relating to our debt; and uncertainties relating to general
economic, political, and regulatory conditions.

Other important factors that could cause actual results or events to
differ materially from those expressed in forward-looking statements
that may have been made in this document are described or will be
described in our filings with the U.S. Securities and Exchange
Commission, including our Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Rayonier Advanced Materials assumes no obligation
to update these statements except as is required by law.

Contacts

Rayonier Advanced Materials Inc.
U.S. Media: Ryan Houck,
904-357-9134
Canadian Media: Louis Aucoin, 514 571-6033
French
Media: Christian Ribeyrolle, +33(0)5 57 96 52 87
Investors: Mickey
Walsh, 904-357-9162