Rayonier Advanced Materials Comments on Letter from Chatham Asset Management

Continues to Recommend Stockholders Vote FOR Three Nominees for Election to the Board at the 2022 Annual Meeting

Rayonier Advanced Materials Inc. RYAM (the Company) today issued the following statement in response to Chatham Asset Management LLC's (Chatham) open letter to stockholders:

The Rayonier Board of Directors is committed to acting in the best interest of its stockholders and has a track record of stockholder engagement. The Company's management team has attempted to engage constructively with Chatham regarding the refinancing of the Company's Senior Notes due in 2024, in which Chatham purports to hold a 75 percent stake. The Company has held multiple discussions to hear Chatham's perspectives and requests and has promptly relayed these to the Board of Directors. Chatham has pushed for a refinancing proposal that the Board, in consultation with multiple advisors, thoroughly reviewed and determined is not in the best interest of the Company and its stockholders. The Company continues to be confident in its ability to obtain refinancing on terms that are significantly more attractive than those offered by Chatham, and the Company is prepared to opportunistically take action against that objective at the appropriate time and well in advance of the maturity.

The Board of Directors do not believe a withhold vote is in the best interest of all stockholders. RYAM has a highly qualified, diverse Board of Directors that is actively engaged in overseeing the execution of the Company's strategic initiatives to drive profitable growth and deliver enhanced value to its stockholders. The Board is also committed to regular refreshment and has appointed five new directors since 2018, representing a refreshment rate of 50 percent over that period and an overall average tenure of less than six years.