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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) June 11, 2014 RAYONIER INC. COMMISSION FILE NUMBER 1-6780 Incorporated in the State of North Carolina I.R.S. Employer Identification Number 13-2607329 1301 Riverplace Boulevard, Jacksonville, Florida 32207 (Principal Executive Office) Telephone Number: (904) 357-9100 Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o o o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Table of Contents RAYONIER INC. TABLE OF CONTENTS PAGE Item 7.01. Regulation FD Disclosure 1 Item 9.01. Financial Statements and Exhibits 1 Signature 2 Exhibit Index 3

Table of Contents ITEM 7.01. Regulation FD Disclosure Beginning on June 11, 2014, and at certain other times thereafter, Rayonier Inc. ( Rayonier ) and Rayonier Advanced Materials Inc. ( Rayonier Advanced Materials ) intend to use or otherwise provide the presentation materials attached to this Current Report on Form 8-K as Exhibit 99.1 and Exhibit 99.2, respectively, which exhibits are incorporated herein by reference, in connection with webcasts, presentations or other communications with various investors or securities market professionals. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed filed for purposes of Section 18 of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act ), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the U.S. Securities Exchange Act of 1933, as amended, or the Exchange Act, except as otherwise expressly dated in such filing. Certain statements in the presentations attached to this Current Report on Form 8-K as Exhibit 99.1 and Exhibit 99.2 and incorporated herein by reference regarding anticipated financial, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Rayonier's and 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, "anticipate" and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that 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 Rayonier believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that 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: uncertainties as to the timing of the spinoff of Rayonier Advanced Materials and whether it will be completed, the possibility that various closing conditions for the spin-off may not be satisfied or waived, the expected tax treatment of the spin-off, the impact of the spin-off on the businesses of Rayonier and Rayonier Advanced Materials, the ability of both companies to meet debt service requirements, the availability and terms of financing and expectations of credit rating. Other important factors are described in Rayonier s most recent Form 10-K and 10-Q reports on file with the Securities and Exchange Commission and in Rayonier Advanced Materials Registration Statement on Form 10 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. Neither Rayonier nor Rayonier Advanced Materials assumes any obligation to update these statements except as required by law. ITEM 9.01. Financial Statements and Exhibits. (d) Exhibits. The following is filed as an Exhibit to this Report. Exhibit No. Exhibit Description 99.1 Presentation, dated June 11, 2014. 99.2 Presentation, dated June 11, 2014. 1

Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. RAYONIER INC. (Registrant) BY: /s/ MICHAEL R. HERMAN Michael R. Herman Senior Vice President and General Counsel June 11, 2014 2

Table of Contents EXHIBIT INDEX EXHIBIT NO. DESCRIPTION LOCATION 99.1 Presentation, dated June 11, 2014. Furnished herewith. 99.2 Presentation, dated June 11, 2014. Furnished herewith. 3

In v e s to rp re s e n ta tio n J u n e 2 0 1 4

S a fe H a rb o rs ta te m e n t2 C e rta in s ta te m e n ts in th is d o c u m e n tre g a rd in g a n tic ip a te d fin a n c ia l o u tc o m e s in c lu d in g e a rn in g s g u id a n c e,ifa n y,b u s in e s s a n d m a rk e tc o n d itio n s,o u tlo o k a n d o th e rs im ila rs ta te m e n ts re la tin g to R a y o n ie r s fu tu re e v e n ts,d e v e lo p m e n ts o rfin a n c ia l o ro p e ra tio n a l p e rfo rm a n c e o re s u lts,a re fo rw a rd -lo o k in g s ta te m e n ts m a d e p u rs u a n to th e s a fe h a rb o rp ro v is io n s o fth e P riv a te S e c u ritie s L itig a tio n R e fo rm A c to f1 9 9 5 a n d o th e rfe d e ra l s e c u ritie s la w s.t h e s e fo rw a rd -lo o k in g s ta te m e n ts a re id e n tifie d b y th e u s e o fw o rd s s u c h a s m a y, w il, s h o u ld, e x p e c t, e s tim a te, b e lie v e, in te n d, a n tic ip a te a n d o th e rs im ila rla n g u a g e.h o w e v e r,th e a b s e n c e o fth e s e o rs im ila rw o rd s o re x p re s s io n s d o e s n o tm e a n th a ta s ta te m e n tis n o tfo rw a rd -lo o k in g.wh ile m a n a g e m e n tb e lie v e s th a th e s e fo rw a rd -lo o k in g s ta te m e n ts a re re a s o n a b le w h e n m a d e,fo rw a rd -lo o k in g s ta te m e n ts a re n o tg u a ra n te e s o fu tu re p e rfo rm a n c e o re v e n ts a n d u n d u e re lia n c e s h o u ld n o tb e p la c e d o n th e s e s ta te m e n ts.t h e fo lo w in g im p o rta n tfa c to rs,a m o n g o th e rs,c o u ld c a u s e a c tu a l re s u lts o re v e n ts to d ife rm a te ria ly fro m th o s e e x p re s s e d in fo rw a rd -lo o k in g s ta te m e n ts th a tm a y h a v e b e e n m a d e in th is d o c u m e n t:th e c y c lic a l a n d c o m p e titiv e n a tu re o fth e in d u s trie s in w h ic h w e o p e ra te ;flu c tu a tio n s in d e m a n d fo r,o rs u p p ly o f,o u rfo re s tp ro d u c ts a n d re a l e s ta te o fe rin g s ;e n try o fn e w c o m p e tito rs in to o u rm a rk e ts ;c h a n g e s in g lo b a l e c o n o m ic c o n d itio n s a n d w o rld e v e n ts, in c lu d in g p o litic a l c h a n g e s in p a rtic u la re g io n s o rc o u n trie s ;flu c tu a tio n s in d e m a n d fo ro u rp ro d u c ts in A s ia,a n d e s p e c ia ly C h in a ;th e u n c e rta in tie s o fp o te n tia l im p a c ts o fc lim a te -re la te d in itia tiv e s ;c h a n g e s in e n e rg y a n d ra w m a te ria l p ric e s,p a rtic u la rly fo ro u rp e rfo rm a n c e F ib e rs b u s in e s s ;im p a c ts o fth e ris in g c o s to fu e l,in c lu d in g th e c o s ta n d a v a ila b ility o ftra n s p o rta tio n fo ro u rp ro d u c ts,b o th d o m e s tic a ly a n d in te rn a tio n a ly,a n d th e c o s ta n d a v a ila b ility o fth ird p a rty lo g g in g a n d tru c k in g s e rv ic e s ;u n a n tic ip a te d e q u ip m e n tm a in te n a n c e a n d re p a ire q u ire m e n ts a to u rm a n u fa c tu rin g fa c ilitie s ;th e g e o g ra p h ic c o n c e n tra tio n o fa s ig n ific a n tp o rtio n o fo u rtim b e rla n d ;o u ra b ility to id e n tify,fin a n c e a n d c o m p le te tim b e rla n d a c q u is itio n s ;c h a n g e s in e n v iro n m e n ta la w s a n d re g u la tio n s,in c lu d in g la w s re g a rd in g a ire m is s io n s a n d w a te rd is c h a rg e s,re m e d ia tio n o fc o n ta m in a te d s ite s,tim b e rh a rv e s tin g,d e lin e a tio n o fw e tla n d s,a n d e n d a n g e re d s p e c ie s,th a tm a y re s tric to ra d v e rs e ly im p a c to u ra b ility to c o n d u c to u rb u s in e s s,o rin c re a s e th e c o s to fd o in g s o ;a d v e rs e w e a th e rc o n d itio n s,n a tu ra l d is a s te rs a n d o th e rc a ta s tro p h ic e v e n ts s u c h a s h u ric a n e s,w in d s to rm s a n d w ild fire s,w h ic h c a n a d v e rs e ly a fe c to u rtim b e rla n d s a n d th e p ro d u c tio n,d is trib u tio n a n d a v a ila b ility o fo u rp ro d u c ts a n d ra w m a te ria ls s u c h a s w o o d,e n e rg y a n d c h e m ic a ls ;in te re s tra te a n d c u re n c y m o v e m e n ts ;o u rc a p a c ity to in c u ra d d itio n a l d e b t,a n d a n y d e c is io n w e m a y m a k e to d o s o ; c h a n g e s in ta rifs,ta x e s o rtre a tie s re la tin g to th e im p o rta n d e x p o rto fo u rp ro d u c ts o rth o s e o fo u rc o m p e tito rs ;th e a b ility to c o m p le te lik e -k in d e x c h a n g e s o fp ro p e rty ;c h a n g e s in k e y m a n a g e m e n ta n d p e rs o n n e l;o u ra b ility to m e e ta l n e c e s s a ry le g a l re q u ire m e n ts to c o n tin u e to q u a lify a s a re a l e s ta te in v e s tm e n tru s t( R E IT )a n d to fu n d d is trib u tio n s u s in g c a s h g e n e ra te d th ro u g h o u rta x a b le R E IT s u b s id ia rie s,a n d c h a n g e s in ta x la w s th a tc o u ld a d v e rs e ly a fe c ta x tre a tm e n to fo u rs p e c ific b u s in e s s e s o re d u c e th e b e n e fits a s s o c ia te d w ith R E IT s ta tu s.in a d d itio n,s p e c ific a ly w ith re s p e c to o u rr e a l E s ta te b u s in e s s,th e fo lo w in g im p o rta n tfa c to rs,a m o n g o th e rs,c o u ld c a u s e a c tu a l re s u lts to d ife rm a te ria ly fro m th o s e e x p re s s e d in fo rw a rd -lo o k in g s ta te m e n ts th a tm a y h a v e b e e n m a d e in th is d o c u m e n t:th e c y c lic a l n a tu re o fth e re a l e s ta te b u s in e s s g e n e ra ly,in c lu d in g flu c tu a tio n s in d e m a n d fo rb o th e n title d a n d u n e n title d p ro p e rty ;a d e la y e d o rw e a k re c o v e ry in th e h o u s in g m a rk e t;th e le n g th y,u n c e rta in a n d c o s tly p ro c e s s a s s o c ia te d w ith th e o w n e rs h ip,e n title m e n ta n d d e v e lo p m e n to fre a l e s ta te,e s p e c ia ly in F lo rid a,w h ic h a ls o m a y b e a fe c te d b y c h a n g e s in la w,p o lic y a n d p o litic a l fa c to rs b e y o n d o u rc o n tro l;th e p o te n tia l fo rle g a l c h a le n g e s to e n title m e n ts a n d p e rm its in c o n n e c tio n w ith o u rp ro p e rtie s ;u n e x p e c te d d e la y s in th e e n try in to o rc lo s in g o fre a l e s ta te tra n s a c tio n s ;th e e x is te n c e o fc o m p e tin g d e v e lo p e rs a n d c o m m u n itie s in th e m a rk e ts in w h ic h w e o w n p ro p e rty ;th e p a c e o fd e v e lo p m e n ta n d th e ra te a n d tim in g o fa b s o rp tio n o fe x is tin g e n title d p ro p e rty in th e m a rk e ts in w h ic h w e o w n p ro p e rty ;c h a n g e s in th e d e m o g ra p h ic s a fe c tin g p ro je c te d p o p u la tio n g ro w th a n d m ig ra tio n to th e S o u th e a s te rn U.S.;c h a n g e s in e n v iro n m e n ta la w s a n d re g u la tio n s,in c lu d in g la w s re g a rd in g w a te rw ith d ra w a l a n d m a n a g e m e n ta n d d e lin e a tio n o fw e tla n d s,th a tm a y re s tric to ra d v e rs e ly im p a c to u ra b ility to s e l o rd e v e lo p p ro p e rtie s ;th e c o s to fth e d e v e lo p m e n to fp ro p e rty g e n e ra ly,in c lu d in g th e c o s to fp ro p e rty ta x e s,la b o ra n d c o n s tru c tio n m a te ria ls ;th e tim in g o fc o n s tru c tio n a n d a v a ila b ility o fp u b lic in fra s tru c tu re ;a n d th e a v a ila b ility o fin a n c in g fo re a l e s ta te d e v e lo p m e n ta n d m o rtg a g e lo a n s.in a d d itio n,s p e c ific a ly w ith re s p e c to th e s e p a ra tio n o fr a y o n ie ra d v a n c e d M a te ria ls fro m R a y o n ie r,th e fo lo w in g im p o rta n tfa c to rs,a m o n g o th e rs,c o u ld c a u s e a c tu a l re s u lts to d ife rm a te ria ly fro m th o s e e x p re s s e d in fo rw a rd -lo o k in g s ta te m e n ts th a tm a y h a v e b e e n m a d e in th is d o c u m e n t:u n c e rta in tie s a s to th e tim in g o fth e s e p a ra tio n a n d w h e th e ritw il b e c o m p le te d,th e p o s s ib ility th a tv a rio u s c lo s in g c o n d itio n s fo rth e s e p a ra tio n m a y n o tb e s a tis fie d o rw a iv e d,th e e x p e c te d ta x tre a tm e n to fth e s e p a ra tio n,th e im p a c to fth e s e p a ra tio n o n th e b u s in e s s e s o fr a y o n ie ra n d R a y o n ie ra d v a n c e d M a te ria ls,th e a b ility o fb o th c o m p a n ie s to m e e td e b ts e rv ic e re q u ire m e n ts,th e a v a ila b ility a n d te rm s o fa d d itio n a l fin a n c in g re q u ire d b y R a y o n ie ra d v a n c e d M a te ria ls,a n d e x p e c ta tio n s o fc re d itra tin g.a d d itio n a l fa c to rs a re d e s c rib e d in R a y o n ie r s m o s tre c e n tf o rm 1 0 -K a n d 1 0 -Q,R a y o n ie ra d v a n c e d M a te ria ls,f o rm 1 0,a n d o th e re p o rts o fr a y o n ie ra n d R a y o n ie ra d v a n c e d M a te ria ls o n file w ith th e S e c u ritie s a n d E x c h a n g e C o m m is s io n.f o rw a rd -lo o k in g s ta te m e n ts a re o n ly a s o fth e d a te th e y a re m a d e,a n d R a y o n ie ra s s u m e s n o o b lig a tio n to u p d a te th e s e s ta te m e n ts e x c e p ta s is re q u ire d b y la w.

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S tra te g ic R a tio n a le fo rth e S e p a ra tio n 5 S e p a ra tio n w il c re a te tw o in d e p e n d e n t,in d u s try -le a d in g p u b lic c o m p a n ie s D ife re n tm a rk e ts,d riv e rs a n d V a lu e C re a tio n S tra te g ie s M o re E fic ie n ta lo c a tio n o fc a p ita l D is tin c tin v e s tm e n tid e n titie s E n h a n c e d S tra te g ic a n d M a n a g e m e n tf o c u s P o s itio n s e a c h b e s t-in -c la s s e n tity to c o n tin u e to g ro w a n d d e liv e ru n iq u e v a lu e c re a tio n s tra te g ie s R a y o n ie r Im p ro v in g h o u s in g m a rk e ta n d e c o n o m y,a n d s tro n g e x p o rtm a rk e ts fu e l g ro w th A d v a n c e d M a te ria ls C o m p le te th e ra m p -u p o fh ig h -v a lu e s p e c ia lty p ro d u c ts a le s v o lu m e s C o n c e n tra tio n o fe a c h c o m p a n y s fin a n c ia l re s o u rc e s s o le ly o n its o p e ra tio n s C a p ita l s tru c tu re a lo w s e a c h c o m p a n y fin a n c ia fle x ib ility E a c h c o m p a n y c a n a lo c a te c a p ita l in a m o re e fic ie n tm a n n e rb e s ts u ite d to its d is tin c tp rio ritie s a n d s tra te g ie s E n a b le s m a n a g e m e n to fb o th c o m p a n ie s to fo c u s o n u n iq u e o p p o rtu n itie s fo rlo n g -te rm g ro w th a n d p ro fita b ility Im p ro v e s a lig n m e n to fm a n a g e m e n ta n d e m p lo y e e in c e n tiv e s w ith p ro fita b ility a n d g ro w th o b je c tiv e s T w o u n iq u e in v e s tm e n th e s e s : L e a d in g p u re -p la y tim b e rla n d R E IT s w ith b e s t-in -c la s s a s s e ts,p re m iu m la n d p o rtfo lio a n d a tra c tiv e d iv id e n d H ig h -v a lu e,p u re -p la y s p e c ia lty c e lu lo s e p ro d u c e rw ith le a d in g m a rg in s a n d s ig n ific a n tfre e c a s h flo w g e n e ra tio n

6 C o m p le tio n o fte c h n ic a ly d e m a n d in g C S E A d d itio n a l 1 9 0 K to n s o fc e lu lo s e s p e c ia ltie s c a p a c ity H ig h q u a lity o fc e lu lo s e s p e c ia ltie s p ro d u c e d o n c o n v e rte d lin e ;a c h ie v e d a h e a d o fs c h e d u le E x c e le n tp ro g re s s in q u a lify in g n e w p ro d u c tio n w ith c u s to m e rs A c q u ire d a d d itio n a l in te re s tin N e w Z e a la n d J V S o ld n o n -c o re a s s e ts Wo o d P ro d u c ts b u s in e s s N e w Y o rk tim b e rla n d s C e lu lo s e S p e c ia ltie s E x p a n s io n (C S E )p ro je c tc o n s tru c tio n A c q u ire d $ 5 4 0 M o fh ig h -q u a lity tim b e rla n d s O b ta in e d la n d -u s e e n title m e n ts o n 3 9 K a c re s o fc o a s ta l F L /G A H ig h e ra n d B e te ru s e (H B U )p ro p e rtie s A d d itio n a l c e lu lo s e s p e c ia ltie s (C S )s a le s v o lu m e a s C S E ra m p -u p b e g in s S tre n g th e n in g h o u s in g m a rk e tw ith p o s itiv e im p a c to n tim b e rd e m a n d a n d p ric e s G ro w in g in te re s tin d e v e lo p m e n th B U p ro p e rtie s S e p a ra te P e rfo rm a n c e F ib e rs b u s in e s s fro m R a y o n ie r C S E ra m p -u p c o n tin u e s th ro u g h 2 0 1 8 w h e n C S c a p a c ity is fu ly p la c e d in th e m a rk e t Im p ro v e m e n to fh o u s in g m a rk e to tre n d le v e l o f~ 1.5 m ilio n s ta rts p e ry e a r H ig h e rs a w lo g p ric e s Im p ro v e d m ix A d d itio n a l U S h a rv e s tv o lu m e (a p p ro x.1 5 %)fro m re c e n ta c q u is itio n s E B IT D A g ro w th in F o re s tr e s o u rc e s b u s in e s s Im p ro v in g h o u s in g m a rk e ta n d e c o n o m y in c re a s e d e m a n d fo rd e v e lo p m e n th B U E x p e c ta tio n s b e y o n d 2 0 1 4 2 0 1 4 2 0 1 3 2 0 1 1-2 0 1 2 O p tim a l tim in g fo rth e s e p a ra tio n O p tim a l tim in g a s b o th c o m p a n ie s h a v e s tro n g g ro w th p ro s p e c ts in y e a rs a h e a d

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R a y o n ie r:b e s t-in -c la s s la n d re s o u rc e s R E IT 9 T h ird -la rg e s tim b e rr E IT w ith 2.6 m ilio n a c re s o fh ig h -q u a lity tim b e rla n d A d v a n ta g e o u s R E IT s tru c tu re G e o g ra p h ic d iv e rs ity -U.S.S o u th e a s ta n d G u lfs ta te s,p a c ific N o rth w e s t,n e w Z e a la n d $ 7 0 0 m ilio n in v e s te d in h ig h -q u a lity tim b e rla n d s s in c e e a rly 2 0 1 1 In c re m e n ta l 1 m ilio n to n s o fh a rv e s tv o lu m e in G u lfr e g io n b e g in n in g in 2 0 1 6 fro m re c e n ta c q u is itio n s a s y o u n g tim b e re a c h e s m a tu rity P ro fita b ly g ro w tim b e rla n d b a s e th ro u g h d is c ip lin e d a c q u is itio n p ro c e s s B e s t-in -c la s s g e n e tic s e le c tio n o fs e e d lin g s y ie ld s lo n g -te rm v o lu m e g ro w th E x c e le n th B U p la tfo rm w ith a p p ro x im a te ly 2 0 0,0 0 0 a c re s a lo n g th e F lo rid a + G e o rg ia C o a s ta l C o rid o r O v e r3 9,0 0 0 a c re s w ith la n d -u s e e n title m e n ts w e l p o s itio n e d fo rh ig h e rs a le s v a lu e s p e ra c re a s e c o n o m y s tre n g th e n s C o n s is te n tru ra l H B U s a le s C o n s e rv a tiv e le v e ra g e F a v o ra b le fin a n c in g fa c ilitie s /c o m m itm e n ts F le x ib ility to in v e s tin s tra te g ic p rio ritie s L e a d in g p u re -p la y la n d re s o u rc e s c o m p a n y G ro w in g tim b e rla n d b a s e A tra c tiv e R e a l E s ta te S tro n g C a p ita l S tru c tu re

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E B IT D A g ro w th d riv e rs fo rf o re s tr e s o u rc e s 1 5 Im p ro v in g h o u s in g m a rk e td riv in g in c re a s in g U.S.lu m b e rp ro d u c tio n a n d s a w lo g p ric in g N o rth A m e ric a n s u p p ly d y n a m ic s a ls o d riv e h ig h e rs a w lo g d e m a n d in U.S.S o u th S tro n g A s ia n e x p o rtd e m a n d M o u n ta in p in e b e e tle im p a c tre d u c e s B ritis h C o lu m b ia lo g a n d lu m b e rp ro d u c tio n lo n g te rm In c re a s in g b io m a s s /w o o d p e le td e m a n d C o m p le te d a c q u is itio n s in c re a s e p in e h a rv e s tv o lu m e b y 1 m ilio n to n s b e g in n in g in 2 0 1 6 In v e s tm e n tin in te n s iv e fo re s tm a n a g e m e n tin c re a s e s v o lu m e a n d s a w lo g g ra d e s F a v o ra b le lo c a l d y n a m ic s in m a n y o fr a y o n ie r s S o u th e a s te rn tim b e rla n d m a rk e ts Im p ro v e d S o u th e a s ts a w lo g v s.p u lp w o o d h a rv e s tm ix A c q u ire tim b e rla n d s th a tm e e trig o ro u s o p e ra tin g a n d fin a n c ia l c rite ria D e m a n d /P ric e V o lu m e M ix T im b e rla n d A c q u is itio n s

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S tru c tu ra l d e c lin e in C a n a d ia n s u p p ly 2 0 B ritis h C o lu m b ia (B C )tim b e ra n d lu m b e rs u p p ly p ro je c te d to d e c lin e s ig n ific a n tly d u e to m o u n ta in p in e b e e tle e p id e m ic O v e r4 3 m ilio n a c re s d e a d o rd y in g tim b e rla n d E s tim a te d 5 3 % o fm e rc h a n ta b le p in e v o lu m e in B C h a s b e e n k ile d E x p e c t~ 5 8 % o fm e rc h a n ta b le p in e v o lu m e in in te rio rb C w il b e d e a d b y 2 0 2 3 E s tim a te d s h e lflife o f8 to 1 0 y e a rs 6 0 -y e a rim p a c to n fu tu re h a rv e s tle v e ls E a s te rn C a n a d a h a rv e s tre d u c tio n s o f1 0 % to 2 0 % im p le m e n te d C o m b in e d p ro je c te d im p a c to f7 % to 1 5 % re d u c tio n in N o rth A m e ric a n lu m b e rs u p p ly d e p e n d in g o n lu m b e rp ric e le v e l S o u rc e :B C M in is try o ff o re s ts a n d R a n g e,s ta tis tic s C a n a d a a n d F o re s te c o n o m ic A d v is o rs B e n e fits U.S.tim b e rla n d s a s C a n a d ia n c a p a c ity s h ifts to U S S o u th

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2 2 T h ro u g h a ro ta tio n,h a rv e s tv o lu m e s h o u ld in c re a s e 2 0 %,3 3 to n s /a c re,w ith re v e n u e in c re a s e o f$ 6 7 5 /a c re a t2 0 1 4 p ric e s S ite M a n a g e m e n t0 % 1 0 % 2 0 % 3 0 % 4 0 % 5 0 % 6 0 % 7 0 % 2 0 0 8-2 0 0 9 2 0 1 0-2 0 1 1 2 0 1 2-2 0 1 3 2 0 1 4-2 0 1 5 G e n e tic s In d u s try le a d e rin c o n tro l m a s s p o lin a tio n p la n tin g s F u tu re S o u th e a s tp la n tin g s w il b e a p p ro x im a te ly 7 0 % L o b lo ly P e rc e n ta g e o fl o b lo ly S e e d lin g s fro m C o n tro l M a s s P o lin a tio n S ite In d e x 6 8 P u lp w o o d = 4 2 % G ra d e *= 5 8 % S ite In d e x 7 3 P u lp w o o d = 3 0 % G ra d e *= 7 0 % S ta n d e s ta b lis h m e n t F e rtiliz a tio n C o m p e titio n c o n tro l S o u th e rn P in e A d v a n c e d s ilv ic u ltu ra l p ra c tic e s in c re a s e h a rv e s ty ie ld *S a w lo g s a n d C h ip N S a w

L o c a l m a rk e ts u p p ly /d e m a n d d y n a m ic s d e te rm in e p ric e L o g s ty p ic a ly tra v e le s s th a n 1 0 0 m ile s S u p p ly /d e m a n d c o n d itio n s v a ry w id e ly a c ro s s th e re g io n S a w lo g p ric e in c re a s e s e x p e c te d to e x c e e d 3 0 % in k e y m a rk e ts o v e rn e x t7 to 1 0 y e a rs *S o u rc e :U S D A F IA ;R a y o n ie re s e a rc h *M o s tc u re n tf IA c y c le d a ta b y s ta te (v in ta g e y e a rs v a ry b y s ta te )F a v o ra b le s u p p ly /d e m a n d d y n a m ic s in m a n y R a y o n ie rtim b e rla n d m ic ro -m a rk e ts 2 3

3 *R e p re s e n ts tim b e rla n d o w n e d,le a s e d o rm a n a g e d b y R a y o n ie ra n d re a l e s ta te p ro p e rtie s *In c lu d e s a c q u is itio n o f2 3 7 K a c re s b y th e N e w Z e a la n d J V,w h ic h R a y o n ie rm a n a g e s a n d (a s o fa p ril 2 0 1 3 )h o ld s a 6 5 % o w n e rs h ip in te re s t*in c lu d e s te rm in a tio n o fm a n a g e m e n ta g re e m e n tin A u s tra lia in 2 0 0 7 a n d e x p ira tio n o fle a s e s in 2 0 1 0 *2 0 1 2 a c q u is itio n s e x c lu d e 1 5,0 0 0 a c re s p re v io u s ly re p o rte d u n d e ra le a s e a g re e m e n t*r e fle c ts s a le o f1 2 8 K a c re s in N e w Y o rk A c q u ire tim b e rla n d s th a tm e e ts tra te g ic a n d fin a n c ia l c rite ria O p tim iz e tim b e rla n d p o rtfo lio M o n e tiz e n o n -s tra te g ic tim b e rla n d s M a x im iz e v a lu e th ro u g h in te n s iv e s ilv ic u ltu ra l p ra c tic e s A d v a n c e H B U in itia tiv e s G e n e ra te n o n -tim b e re v e n u e fro m m in e ra ls a n d re c re a tio n a le a s e s D is c ip lin e d a p p ro a c h to p o rtfo lio v a lu e o p tim iz a tio n S tra te g y to s te a d ily g ro w a n d u p g ra d e tim b e rla n d h o ld in g s,in c re a s e h a rv e s ts a n d e n h a n c e H B U in v e n to ry 2 4 *

H a w k e s B a y B a y o fp le n ty 3 1 3 K a c re s o fp la n ta tio n s 5 R e g io n s,6 7 F o re s ts 1 3 1 K a c re s fe e la n d R e m a in d e rc ro w n lic e n s e In 2 0 1 3 R a y o n ie ra c q u ire d a d d itio n a l in te re s tin M a ta rik i J V fo r$ 1 4 0 M,in c re a s in g o w n e rs h ip fro m 2 6 % to 6 5 % R e v e n u e o f~ U S $ 3 0 0 m ilio n (in c l.lo g tra d in g )e x p e c te d in 2 0 1 4 H a rv e s t2.0 m ilio n m 3 /y e a r 8 5 % P in e ;8 % D o u g la s F ir 3 8 % e x p o rt 6 2 % d o m e s tic We l-e s ta b lis h e d e x p o rta n d lo g tra d in g b u s in e s s L o g tra d in g e x p e rtis e c a p ita liz e s o n A s ia n m a rk e td e m a n d N o rth la n d C a n te rb u ry S o u th la n d F o re s tlo c a tio n s O fic e lo c a tio n s E x p o rtp o rts S o u th e rn N o rth Is la n d N e w Z e a la n d jo in tv e n tu re 2 5 P o s itio n e d to c a p ita liz e o n lo n g -te rm n e tw o o d fib e rd e fic itin A s ia P a c ific

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2 7 O p tim iz e o u rp o rtfo lio w ith a d is c ip lin e d la n d c la s s ific a tio n s y s te m th a tm a n a g e s e v e ry a c re to w a rd its u ltim a te h ig h e s ta n d b e s tu s e (H B U ) M o n e tiz e n o n -s tra te g ic tim b e rla n d s a tb e s tp o s s ib le v a lu e C o la b o ra te w ith c o n s e rv a tio n o rg a n iz a tio n s to id e n tify la n d s w ith e c o lo g ic a l,h is to ric a l,o rh a b ita ts ig n ific a n c e ;1 4 5,0 0 0 + a c re s c o n s e rv e d P ro a c tiv e la n d e n h a n c e m e n ta n d p ro d u c td e v e lo p m e n ts tra te g ie s to m a rk e tru ra l re s id e n tia l a n d re c re a tio n la n d s a le s L e a d in itia tiv e s to b rin g to m a rk e tla n d w ith re s id e n tia l a n d c o m m e rc ia l d e v e lo p m e n tp o te n tia l;e x e c u te s a le s,v e n tu re s,a n d s tra te g ic p a rtn e rs h ip s w h e n th e m a rk e tis re a d y G e n e ra te d $ 1 3 1 m ilio n in re v e n u e a n d $ 5 4 m ilio n in E B IT D A *fo rth e 1 2 m o n th s e n d e d M a rc h 3 1,2 0 1 4 o n s a le s o f1 7 2 K a c re s (in c lu d e s s a le o f~ 1 2 8 K a c re s o fn Y tim b e rla n d s fo r$ 5 7 m ilio n )R e a l E s ta te s tra te g y *E B IT D A is a n o n -G A A P m e a s u re d e fin e d a n d re c o n c ile d in th e A p p e n d ix A l s tra te g ie s to c re a te v a lu e s ta rtw ith la n d c la s s ific a tio n

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R u ra la n d p ro d u c ts c re a te v a lu e 2 9 L a n d c la s s ifie d a s ru ra l h a s in trin s ic a trib u te s th a tp o s itio n th e p ro p e rty to g e n e ra te a p re m iu m o v e rits v a lu e fo rtim b e rp ro d u c tio n a n d n o n -tim b e rin c o m e A trib u te s R u ra l R e s id e n tia l R u ra l R e c re a tio n C o n s e rv a tio n F ro n ta g e o n a m a in ta in e d ro a d o ra c c e s s c o n v e n ie n tfo re v e ry d a y u s e N a tu ra l fe a tu re s s u c h a s la k e s,riv e rs,s tre a m s,s w a m p s,m a rs h e s,to p o g ra p h y a n d m o re D iv e rs ity o fo re s ty p e s,a e s th e tic la n d s c a p e,p la n ts,tre e s,h a b ita ta n d m o re P ro x im ity to p o p u la tio n c e n te rs a n d a m e n itie s S u p p o rts s u b d iv is io n

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C o m p e titiv e d iv id e n d fu n d e d b y c o re,re c u rin g c a s h flo w 3 7 (1 )E B IT D A re fle c ts n o rm a liz e d c o rp o ra te e x p e n s e s o f~ $ 2 0 m ilio n,w h ic h e x c lu d e s s p in -re la te d e x p e n s e s.e B IT D A is a n o n -c a s h m e a s u re d e fin e d a n d re c o n c ile d in th e A p p e n d ix. A tra c tiv e,s u s ta in a b le a n d g ro w in g d iv id e n d is a s tra te g ic p rio rity E x p e c te d E B IT D A (1 )g ro w th in c o m in g y e a rs a lo w s d iv id e n d in c re a s e s D iv id e n d s b a s e d o n re c u rin g c a s h flo w s fro m tim b e rla n d o p e ra tio n s a n d c o re re a l e s ta te s a le s P ro c e e d s fro m s a le s o fn o n -s tra te g ic tim b e rla n d s g e n e ra ly re -in v e s te d in th e b u s in e s s In itia l q u a rte rly d iv id e n d o f$.3 0 /s h a re,o r$ 1.2 0 /s h a re a n n u a liz e d S p e c ia l d iv id e n d o f$ 0.5 0 /s h a re p la n n e d fo r3 Q 2 0 1 4 F u n d e d fro m a p o rtio n o fp ro c e e d s fro m R a y o n ie ra d v a n c e d M a te ria ls in c o n n e c tio n w ith s p in -o f

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H is to ric a l R Y N s u p e rio rp e rfo rm a n c e (in c lu d e s P e rfo rm a n c e F ib e rs b u s in e s s )4 0 2 1 4 2 6 7 3 6 4 4 0 1 4 1 0 3 6 3 0 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 L T M $ m ilio n s 3 6 7 4 0 6 5 4 7 6 0 1 5 6 5 4 9 7 0 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 L T M $ m ilio n s 1.0 5 1.4 8 2.1 1 2.1 1 2.4 2 1.9 9 0.0 0 0.5 0 1.0 0 1.5 0 2.0 0 2.5 0 3.0 0 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 L T M $ 1.3 3 1.3 6 1.5 2 1.6 8 1.8 6 0.9 8 0.6 0 0.5 0 0.0 0 0.5 0 1.0 0 1.5 0 2.0 0 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 P ro F o rm a 2 0 1 4 $ P ro fo rm a O p e ra tin g In c o m e *P ro fo rm a E B IT D A *P ro fo rm a E a rn in g s P e rs h a re *D iv id e n d P e rs h a re *P ro fo rm a re s u lts a re n o n -G A A P m e a s u re s d e fin e d a n d re c o n c ile d in th e A p p e n d ix.in th e firs tq u a rte r2 0 1 3,th e Wo o d P ro d u c ts s e g m e n tw a s s o ld.r e s u lts h a v e b e e n re s ta te d fo ra l p e rio d s to e x c lu d e Wo o d P ro d u c ts.s p e c ia l d iv id e n d R e g u la rp o s t-s p in d iv id e n d R e g u la rp re -s p in d iv id e n d

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L o n g e r-te rm O u tlo o k 4 2 F o re s tr e s o u rc e s V o lu m e C o m p le te d tim b e rla n d a c q u is itio n s a d d h a rv e s tv o lu m e a s a g e p ro file m a tu re s A d v a n c e d s ilv ic u ltu re p ra c tic e s S u s ta in e d s tro n g d e m a n d in C h in a fo rlo g s fro m P a c ific N o rth w e s ta n d N e w Z e a la n d M ix Im p ro v e d S o u th e a s ts a w lo g v s.p u lp w o o d h a rv e s tm ix P ric e A s ia n d e m a n d H o u s in g re c o v e ry B ritis h C o lu m b ia m o u n ta in p in e b e e tle im p a c t R e a l E s ta te C o n tin u e d s o lid d e m a n d fo ru ra l H B U p ro p e rtie s S u s ta in e d U S S o u th h o u s e h o ld g ro w th R e s id e n tia l d e v e lo p e rin te re s tim p ro v in g a s e x is tin g lo ts a re a b s o rb e d We l-p o s itio n e d p ro p e rtie s w ith in d u s tria l a n d c o m m e rc ia l s ite s

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G u lfs ta te s a n d A tla n tic R e g io n s 1.9 m ilio n a c re s in e ig h ts ta te s D iv e rs e m a n a g e m e n tre g im e s a n d s p e c ie s m ix in c re a s e h a rv e s tfle x ib ility S la s h p in e 4 3 % L o b lo ly p in e 5 3 % H a rd w o o d 4 % A d ju s te d h a rv e s tm ix to m e e ts tro n g p u lp w o o d d e m a n d T y p ic a l C u re n t P u lp /O S B 5 0 % 6 7 % S a w m ils 5 0 % 3 3 % N o n -tim b e rin c o m e $ 2 0 m ilio n fo rth e 1 2 m o n th s e n d e d M a rc h 3 1,2 0 1 4 4 4

N o rth e rn R e g io n 3 7 7 K a c re s in c o a s ta l Wa s h in g to n H e m lo c k 5 1 % D o u g la s -fir3 6 % V a lu a b le m in o rs p e c ie s 1 3 % P ro x im ity to fiv e p o rts H a rv e s tm ix D o m e s tic p u lp w o o d 1 5 % D o m e s tic s a w lo g s 5 5 % E x p o rt(c h in a a n d K o re a )3 0 % V a lu e -a d d e d in c o m e $ 3 m ilio n fo rth e 1 2 m o n th s e n d e d M a rc h 3 1,2 0 1 4 4 5

4 6 C u re n tm P B e p id e m ic e x p e c te d to k il 5 8 % o fb C L o d g e p o le P in e A n n u a l a lo w a b le c u tp ro je c te d to d e c lin e 2 0-2 5 % to 5 0 6 0 m m ³ H a rv e s tle v e ls w il d e c lin e a fte rd a m a g e d tim b e rs a lv a g e d S ig n ific a n tin v e s tm e n tb y C a n a d ia n lu m b e rp ro d u c e rs in th e S o u th e a s tin 2 0 1 3 M o u n ta in P in e B e e tle (M P B )e p id e m ic w il re d u c e B C lo g a n d lu m b e rp ro d u c tio n L o w e rc a n a d ia n h a rv e s ts in B C a n d th e E a s te rn p ro v in c e s re d u c e N o rth A m e ric a n lu m b e rs u p p ly b y 7 to 1 5 %,th e e q u iv a le n to f4 0 0,0 0 0 h o u s in g s ta rts

B io m a s s m a rk e t4 7 Wo o d p e le td e m a n d in c re a s e d riv e n b y E u ro p e a n e n e rg y p o lic y K e y re c e n ts ta rt-u p s G e rm a n P e le ts T e x a s,l L C (T X ) We s te rv e ltr e n e w a b le E n e rg y (A L ) A m e ric a n R e n e w a b le s L L C (F L ) K e y re c e n ta n n o u n c e m e n ts -G re e n C irc le (M S ) R a y o n ie rh o ld in g s o f1.9 m ilio n a c re s in th e U S S o u th a re s tra te g ic a ly lo c a te d to b e n e fitfro m in c re a s e d d e m a n d fo rw o o d fib e rs o u rc e :F o re s te c o n o m ic A d v is o rs Q u a rte rly Wo o d B io m a s s F o re c a s tin g S e rv ic e s,a u g u s t2 0 1 2 S o u rc e :F o ris k C o n s u ltin g N o te :E x p e c te d d e m a n d re p re s e n ts a s u b s e to fa n n o u n c e d p ro je c ts.c H P is c o m b in e d h e a ta n d p o w e r,o rc o g e n e ra tio n.

R E IT T e c h n ic a l /O th e rc o n s id e ra tio n s 4 8 K e y R E IT D e fin itio n s /P a ra m e te rs R E IT T a x a b le In c o m e R E IT s a re re q u ire d to d is trib u te 9 0 % o fth e irta x a b le in c o m e (e x c lu d in g c a p ita l g a in s a n d c e rta in o th e rin c o m e )in o rd e rto m a in ta in R E IT s ta tu s ;a n y a m o u n tn o td is trib u te d b y th e R E IT is ta x e d a tc o rp o ra te ra te s 7 5 % In c o m e T e s t A tle a s t7 5 % o fr E IT g ro s s in c o m e m u s tb e d e riv e d fro m re a l p ro p e rty s o u rc e s (in c lu d in g th e s a le o ftim b e r) N o m o re th a n 2 5 % o fg ro s s in c o m e c a n b e d e riv e d fro m o th e rs o u rc e s,in c lu d in g d iv id e n d s fro m a T R S a n d /o ra n y o th e rd iv id e n d s a n d in te re s t 7 5 % A s s e tt e s t A th e c lo s e o fe a c h q u a rte r,a tle a s t7 5 % o fth e v a lu e o fth e R E IT s g ro s s a s s e ts m u s tb e c o m p ris e d o fre a l e s ta te a s s e ts (in c lu d in g tim b e rla n d s ),c a s h ite m s a n d g o v e rn m e n ts e c u ritie s 2 5 % A s s e t/s e c u ritie s L im ita tio n A th e c lo s e o fe a c h q u a rte r,n o m o re th a n 2 5 % o fth e R E IT s g ro s s a s s e ts c a n b e s e c u ritie s ;n o m o re th a n 5 % o fth e R E IT s a s s e ts c a n b e s e c u ritie s o fa s in g le is s u e r(o th e rth a n a T R S );a n d th e R E IT c a n o w n n o m o re th a n a 1 0 % in te re s to fa s in g le is s u e r(o th e rth a n a T R S ) T R S L im ita tio n T h e fa irm a rk e tv a lu e o fth e s e c u ritie s o fa T R S o w n e d b y a R E IT c a n n o te x c e e d 2 5 % o fth e fa irm a rk e tv a lu e o fth e R E IT s g ro s s a s s e ts

D e fin itio n s o fn o n -G A A P M e a s u re s 4 9 E B IT D A is d e fin e d a s e a rn in g s b e fo re in te re s t,ta x e s,d e p re c ia tio n,d e p le tio n a n d a m o rtiz a tio n.e B IT D A is a n o n -G A A P m e a s u re u s e d b y o u rc h ie fo p e ra tin g D e c is io n M a k e r,e x is tin g s h a re h o ld e rs a n d p o te n tia l s h a re h o ld e rs to m e a s u re h o w th e C o m p a n y is p e rfo rm in g re la tiv e to th e a s s e ts u n d e rm a n a g e m e n t. P ro fo rm a E B IT D A is d e fin e d a s E B IT D A (a s d e fin e d a b o v e )e x c lu d in g d is c o n tin u e d o p e ra tio n s,in c o m e re la te d to th e A F M C,in c re a s e s in d is p o s itio n re s e rv e s,s e p a ra tio n c o s ts a n d g a in s re la te d to th e s a le o rc o n s o lid a tio n o fth e N e w Z e a la n d jo in tv e n tu re.p ro fo rm a E B IT D A is a n o n -G A A P m e a s u re u s e d b y o u rc h ie fo p e ra tin g D e c is io n M a k e r,e x is tin g s h a re h o ld e rs a n d p o te n tia l s h a re h o ld e rs to m e a s u re h o w th e C o m p a n y is p e rfo rm in g re la tiv e to th e a s s e ts u n d e rm a n a g e m e n t. P ro fo rm a O p e ra tin g In c o m e is d e fin e d a s o p e ra tin g in c o m e e x c lu d in g d is c o n tin u e d o p e ra tio n s,in c o m e re la te d to th e A F M C,in c re a s e s in d is p o s itio n re s e rv e s,s e p a ra tio n c o s ts a n d g a in s re la te d to th e s a le o rc o n s o lid a tio n o fth e N e w Z e a la n d jo in tv e n tu re. P ro fo rm a E P S is d e fin e d a s d ilu te d e a rn in g s p e rs h a re a trib u ta b le to R a y o n ie rin c.e x c lu d in g d is c o n tin u e d o p e ra tio n s,in c o m e re la te d to th e A F M C o rc B P C,in c re a s e s in d is p o s itio n re s e rv e s,s e p a ra tio n c o s ts a n d g a in s re la te d th e s a le o rc o n s o lid a tio n o fth e N e w Z e a la n d jo in tv e n tu re.

R e c o n c ilia tio n o fn o n -G A A P M e a s u re s 5 0 ($ in m ilio n s )F o re s tr e s o u rc e s R e a l E s ta te P e rfo rm a n c e F ib e rs O th e rc o rp o ra te & E lim in a tio n s T o ta l 2 0 0 9 O p e ra tin g in c o m e $ 7 $ 5 6 $ 1 8 4 ($ 3 )$ 1 7 5 $ 4 1 9 D e p re c ia tio n,d e p le tio n a n d a m o rtiz a tio n 7 0 2 4 5 8 6 1 5 8 L o s s fro m d is c o n tin u e d o p e ra tio n s (1 ) (9 )(9 )E B IT D A $ 7 7 $ 8 0 $ 2 4 2 ($ 3 )$ 1 7 2 $ 5 6 8 L o s s fro m d is c o n tin u e d o p e ra tio n s (1 ) 9 9 D e p re c ia tio n,d e p le tio n,a n d a m o rtiz a tio n,d is c o n tin u e d o p e ra tio n s (5 )(5 )In c o m e re la te d to th e A F M C (2 0 5 )(2 0 5 )P ro fo rm a E B IT D A $ 7 7 $ 8 0 $ 2 4 2 ($ 3 )($ 2 9 )$ 3 6 7 2 0 1 0 O p e ra tin g in c o m e $ 3 3 $ 5 3 $ 2 1 4 $ 1 ($ 2 2 )$ 2 7 9 D e p re c ia tio n,d e p le tio n a n d a m o rtiz a tio n 5 9 2 2 5 8 4 1 4 3 In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) 3 3 E B IT D A $ 9 2 $ 7 5 $ 2 7 2 $ 1 ($ 1 5 )$ 4 2 5 In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) (3 )(3 )D e p re c ia tio n,d e p le tio n,a n d a m o rtiz a tio n,d is c o n tin u e d o p e ra tio n s (4 )(4 )G a in o n s a le o fa p o rtio n o fn Z J V in te re s t (1 2 )(1 2 )P ro fo rm a E B IT D A $ 9 2 $ 7 5 $ 2 7 2 $ 1 ($ 3 4 )$ 4 0 6 (1 )In firs tq u a rte r2 0 1 3,th e Wo o d P ro d u c ts s e g m e n tw a s s o ld.a s a re s u lt,o p e ra tin g in c o m e h a s b e e n re s ta te d to re fle c th e Wo o d P ro d u c ts o p e ra tio n s a s d is c o n tin u e d.

R e c o n c ilia tio n o fn o n -G A A P M e a s u re s (c o n t d.)5 1 ($ in m ilio n s )F o re s tr e s o u rc e s R e a l E s ta te P e rfo rm a n c e F ib e rs O th e rc o rp o ra te & E lim in a tio n s T o ta l 2 0 1 1 O p e ra tin g in c o m e $ 4 7 $ 4 7 $ 2 9 8 $ 1 ($ 3 6 )$ 3 5 7 D e p re c ia tio n,d e p le tio n a n d a m o rtiz a tio n 6 3 1 2 5 6 5 1 3 6 L o s s fro m d is c o n tin u e d o p e ra tio n s (1 ) (1 )(1 )E B IT D A $ 1 1 0 $ 5 9 $ 3 5 4 $ 1 ($ 3 2 )$ 4 9 2 L o s s fro m d is c o n tin u e d o p e ra tio n s (1 ) 1 1 D e p re c ia tio n,d e p le tio n,a n d a m o rtiz a tio n,d is c o n tin u e d o p e ra tio n s (3 )(3 )In c o m e re la te d to th e A F M C 7 7 P ro fo rm a E B IT D A $ 1 1 0 $ 5 9 $ 3 5 4 $ 1 ($ 2 7 )$ 4 9 7 2 0 1 2 O p e ra tin g in c o m e $ 4 6 $ 3 2 $ 3 5 9 $ ($ 3 6 )$ 4 0 1 D e p re c ia tio n,d e p le tio n a n d a m o rtiz a tio n 7 5 8 6 1 4 1 4 8 In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) 1 1 1 1 E B IT D A $ 1 2 1 $ 4 0 $ 4 2 0 $ ($ 2 1 )$ 5 6 0 In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) (1 1 )(1 1 )D e p re c ia tio n,d e p le tio n,a n d a m o rtiz a tio n,d is c o n tin u e d o p e ra tio n s (2 )(2 )P ro fo rm a E B IT D A $ 1 2 1 $ 4 0 $ 4 2 0 $ $ (3 4 )$ 5 4 7 (1 )In firs tq u a rte r2 0 1 3,th e Wo o d P ro d u c ts s e g m e n tw a s s o ld.a s a re s u lt,o p e ra tin g in c o m e h a s b e e n re s ta te d to re fle c th e Wo o d P ro d u c ts o p e ra tio n s a s d is c o n tin u e d.

R e c o n c ilia tio n o fn o n -G A A P M e a s u re s (c o n t d.)5 2 ($ in m ilio n s )F o re s tr e s o u rc e s R e a l E s ta te P e rfo rm a n c e F ib e rs O th e rc o rp o ra te & E lim in a tio n s T o ta l 2 0 1 3 O p e ra tin g in c o m e $ 8 1 $ 5 6 $ 3 1 1 $ 2 ($ 2 7 )$ 4 2 3 D e p re c ia tio n,d e p le tio n a n d a m o rtiz a tio n 9 9 1 7 7 5 1 1 9 2 L o s s fro m d is c o n tin u e d o p e ra tio n s (1 ) 6 3 6 3 E B IT D A $ 1 8 0 $ 7 3 $ 3 8 6 $ 2 $ 3 7 $ 6 7 8 G a in re la te d to c o n s o lid a tio n o fn e w Z e a la n d J V (1 6 )(1 6 )In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) (6 3 )(6 3 )S e p a ra tio n C o s ts 3 3 D e p re c ia tio n,d e p le tio n,a n d a m o rtiz a tio n,d is c o n tin u e d o p e ra tio n s (1 )(1 )P ro fo rm a E B IT D A $ 1 8 0 $ 7 3 $ 3 8 6 $ 2 ($ 4 0 )$ 6 0 1 L a s tt w e lv e M o n th s M a rc h 3 1,2 0 1 4 O p e ra tin g in c o m e $ 9 6 $ 4 0 $ 2 6 8 $ 2 ($ 3 3 )$ 3 7 3 D e p re c ia tio n,d e p le tio n a n d a m o rtiz a tio n 1 0 7 1 4 8 1 2 0 2 In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) (4 )(4 )E B IT D A $ 2 0 3 $ 5 4 $ 3 4 9 $ 2 ($ 3 7 )$ 5 7 1 G a in re la te d to c o n s o lid a tio n o fn e w Z e a la n d J V (1 6 )(1 6 )In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) 6 6 In c o m e fro m d is c o n tin u e d o p e ra tio n s (1 ) 4 4 D e p re c ia tio n,d e p le tio n,a n d a m o rtiz a tio n,d is c o n tin u e d o p e ra tio n s P ro fo rm a E B IT D A $ 2 0 3 $ 5 4 $ 3 4 9 $ 2 ($ 4 3 )$ 5 6 5 (1 )In firs tq u a rte r2 0 1 3,th e Wo o d P ro d u c ts s e g m e n tw a s s o ld.a s a re s u lt,o p e ra tin g in c o m e h a s b e e n re s ta te d to re fle c th e Wo o d P ro d u c ts o p e ra tio n s a s d is c o n tin u e d.

R e c o n c ilia tio n o fn o n -G A A P M e a s u re s (c o n t d.)5 3 L T M 2 0 1 3 2 0 1 2 2 0 1 1 2 0 1 0 2 0 0 9 O p e ra tin g In c o m e (1 )3 7 3 $ 4 2 3 $ 4 0 1 $ 3 5 7 $ 2 7 9 $ 4 1 9 $ G a in re la te d to c o n s o lid a tio n o fn e w Z e a la n d J V (1 6 )(1 6 )-G a in o n s a le o fp o rtio n o fn e w Z e a la n d J V in te re s t-(1 2 )-S e p a ra tio n c o s ts 6 3 -In c re a s e in d is p o s itio n re s e rv e -7 -A F M C -(2 0 5 )P ro fo rm a O p e ra tin g In c o m e 3 6 3 $ 4 1 0 $ 4 0 1 $ 3 6 4 $ 2 6 7 $ 2 1 4 $ $ E P S $ E P S $ E P S $ E P S $ E P S $ E P S N e tin c o m e A trib u ta b le to R a y o n ie r2 6 8 $ 2.0 7 $ 3 7 2 $ 2.8 6 $ 2 7 9 $ 2.1 7 $ 2 7 6 $ 2.2 0 $ 2 1 8 $ 1.7 9 $ 3 1 3 $ 2.6 0 $ G a in re la te d to c o n s o lid a tio n o fn e w Z e a la n d J V (1 6 )(0.1 3 )(1 6 )(0.1 3 )-G a in o n s a le o fp o rtio n o fn e w Z e a la n d J V in te re s t-(1 2 )(0.0 9 )-D is c o n tin u e d o p e ra tio n s 3 0.0 2 (4 2 )(0.3 2 )(7 )(0.0 6 )1 0.0 1 (2 )(0.0 2 )6 0.0 5 In c re a s e in d is p o s itio n re s e rv e -4 0.0 3 -S e p a ra tio n c o s ts 5 0.0 3 2 0.0 1 -R e v e rs a l o fre s e rv e re la te d to th e ta x a b ility o fth e A F M C -(1 6 )(0.1 3 )-C B P C -(2 4 )(0.2 0 )-A F M C,n e to f$ 1 6 M ta x re s e rv e -(1 9 3 )(1.6 0 )P ro fo rm a N e tin c o m e 2 6 0 $ 1.9 9 $ 3 1 6 $ 2.4 2 $ 2 7 2 $ 2.1 1 $ 2 6 5 $ 2.1 1 $ 1 8 0 $ 1.4 8 $ 1 2 6 $ 1.0 5 $ 2 0 1 0 2 0 0 9 L T M 2 0 1 3 2 0 1 2 2 0 1 1 ($ in m ilio n s,e x c e p tp e rs h a re d a ta )(1 )In firs tq u a rte r2 0 1 3,th e Wo o d P ro d u c ts s e g m e n tw a s s o ld.a s a re s u lt,o p e ra tin g in c o m e h a s b e e n re s ta te d to re fle c th e Wo o d P ro d u c ts o p e ra tio n s a s d is c o n tin u e d.

S a fe H a rb o rc e rta in s ta te m e n ts in th is d o c u m e n tre g a rd in g a n tic ip a te d fin a n c ia l o u tc o m e s in c lu d in g e a rn in g s g u id a n c e,ifa n y,b u s in e s s a n d m a rk e tc o n d itio n s,o u tlo o k a n d o th e rs im ila rs ta te m e n ts re la tin g to fu tu re e v e n ts,d e v e lo p m e n ts o rfin a n c ia l o ro p e ra tio n a l p e rfo rm a n c e o re s u lts o fr a y o n ie ra d v a n c e d M a te ria ls In c.( R Y A M ),a re "fo rw a rd -lo o k in g s ta te m e n ts "m a d e p u rs u a n to th e s a fe h a rb o rp ro v is io n s o fth e P riv a te S e c u ritie s L itig a tio n R e fo rm A c to f1 9 9 5 a n d o th e rfe d e ra l s e c u ritie s la w s.t h e s e fo rw a rd -lo o k in g s ta te m e n ts a re id e n tifie d b y th e u s e o fw o rd s s u c h a s "m a y,"w il,"s h o u ld,"e x p e c t,"e s tim a te,"b e lie v e,"in te n d,"p ro je c t,"a n tic ip a te "a n d o th e rs im ila rla n g u a g e.h o w e v e r,th e a b s e n c e o fth e s e o rs im ila rw o rd s o re x p re s s io n s d o e s n o tm e a n th a ta s ta te m e n tis n o tfo rw a rd -lo o k in g.wh ile m a n a g e m e n tb e lie v e s th a th e s e fo rw a rd -lo o k in g s ta te m e n ts a re re a s o n a b le w h e n m a d e,fo rw a rd -lo o k in g s ta te m e n ts a re n o tg u a ra n te e s o fu tu re p e rfo rm a n c e o re v e n ts a n d u n d u e re lia n c e s h o u ld n o tb e p la c e d o n th e s e s ta te m e n ts.t h e fo lo w in g im p o rta n tfa c to rs,a m o n g o th e rs,c o u ld c a u s e a c tu a l re s u lts o re v e n ts to d ife rm a te ria ly fro m th o s e e x p re s s e d in fo rw a rd -lo o k in g s ta te m e n ts th a tm a y h a v e b e e n m a d e in th is d o c u m e n t:c o m p e titiv e p re s s u re s in th e m a rk e ts in w h ic h R Y A M o p e ra te s ;ris k s a s s o c ia te d w ith c u s to m e rc o n c e n tra tio n,ra w m a te ria l a n d e n e rg y p ric e s ;ris k s a s s o c ia te d w ith in te rn a tio n a l o p e ra tio n s ;c h a n g e s in g lo b a l e c o n o m ic c o n d itio n s ; th e C h in e s e d u m p in g d u tie s im p o s e d o n c o m m o d ity v is c o s e ;litig a tio n w ith th e A lta h a m a R iv e rk e e p e r;th e e fe c to fc u re n ta n d fu tu re e n v iro n m e n ta la w s a n d re g u la tio n s ;p o te n tia l im p a c to fu tu re to b a c c o -re la te d re s tric tio n s ;p o te n tia l fo ra d d itio n a l p e n s io n c o n trib u tio n s ;la b o re la tio n s ;th e e fe c to fw e a th e ra n d o th e rn a tu ra l c o n d itio n s ;tra n s p o rta tio n c o s ta n d a v a ila b ility ;th e fa ilu re to a tra c ta n d re ta in k e y p e rs o n n e l;th e fa ilu re to d e v e lo p n e w id e a s a n d p ro te c tr Y A M s in te le c tu a l p ro p e rty ;u n c e rta in tie s re la te d to th e a v a ila b ility o fa d d itio n a l fin a n c in g to R Y A M in th e fu tu re a n d th e te rm s o fs u c h fin a n c in g ;ris k s a s s o c ia te d w ith p ro d u c tlia b ility c la im s ;th e in a b ility to m a k e o re fe c tiv e ly in te g ra te fu tu re a c q u is itio n s ;R Y A M s in a b ility to e n g a g e in c e rta in c o rp o ra te tra n s a c tio n s fo lo w in g its s e p a ra tio n fro m R a y o n ie rin c.( R a y o n ie r );a n y fa ilu re to re a liz e e x p e c te d b e n e fits fro m s u c h s e p a ra tio n ;ris k s a s s o c ia te d w ith R Y A M s d e b to b lig a tio n s fo lo w in g s u c h s e p a ra tio n ;a n d u n c e rta in tie s re la tin g to g e n e ra l e c o n o m ic,p o litic a l,b u s in e s s,in d u s try,re g u la to ry a n d m a rk e tc o n d itio n s.in a d d itio n,s p e c ific a ly w ith re s p e c to th e s e p a ra tio n o fr Y A M fro m R a y o n ie r,th e fo lo w in g im p o rta n tfa c to rs,a m o n g o th e rs,c o u ld c a u s e a c tu a l re s u lts to d ife rm a te ria ly fro m th o s e e x p re s s e d in fo rw a rd -lo o k in g s ta te m e n ts th a tm a y h a v e b e e n m a d e in th is d o c u m e n t:u n c e rta in tie s a s to th e tim in g o fth e s e p a ra tio n a n d w h e th e ritw il b e c o m p le te d,th e p o s s ib ility th a tv a rio u s c lo s in g c o n d itio n s fo rth e s e p a ra tio n m a y n o tb e s a tis fie d o rw a iv e d,th e e x p e c te d ta x tre a tm e n to fth e s e p a ra tio n,th e im p a c to fth e s e p a ra tio n o n th e b u s in e s s e s o fr a y o n ie ra n d R Y A M,th e a b ility o fb o th c o m p a n ie s to m e e td e b ts e rv ic e re q u ire m e n ts,th e a v a ila b ility a n d te rm s o fa d d itio n a l fin a n c in g re q u ire d b y R Y A M,a n d e x p e c ta tio n s o fc re d itra tin g.a d d itio n a l fa c to rs a re d e s c rib e d in R a y o n ie r s m o s tre c e n tf o rm 1 0 -K a n d 1 0 -Q,R Y A M s F o rm 1 0,a n d o th e re p o rts o fr a y o n ie ra n d R Y A M o n file w ith th e S e c u ritie s a n d E x c h a n g e C o m m is s io n.n e ith e rr Y A M n o rr a y o n ie ra s s u m e s a n y o b lig a tio n to u p d a te th e s e s ta te m e n ts e x c e p ta s is re q u ire d b y la w.2

T a b le o fc o n te n ts T h e S e p a ra tio n 4 B u s in e s s O v e rv ie w 8 S tra te g y 2 1 F in a n c ia l R e v ie w 2 5 V a lu e P ro p o s itio n 3 1 A p p e n d ix 3 3 3

T h e S e p a ra tio n 4

S tra te g ic R a tio n a le fo rth e S e p a ra tio n S e p a ra tio n w il c re a te tw o in d e p e n d e n t,in d u s try -le a d in g p u b lic c o m p a n ie s D ife re n tm a rk e ts,d riv e rs a n d V a lu e C re a tio n S tra te g ie s M o re E fic ie n ta lo c a tio n o fc a p ita l D is tin c tin v e s tm e n tid e n titie s E n h a n c e d S tra te g ic a n d M a n a g e m e n tf o c u s P o s itio n s e a c h b e s t-in -c la s s e n tity to c o n tin u e to g ro w a n d d e liv e ru n iq u e v a lu e c re a tio n s tra te g ie s R a y o n ie r Im p ro v in g h o u s in g m a rk e ta n d e c o n o m y,a n d s tro n g e x p o rtm a rk e ts fu e l g ro w th A d v a n c e d M a te ria ls C o m p le te th e ra m p -u p o fh ig h -v a lu e s p e c ia lty p ro d u c ts a le s v o lu m e s C o n c e n tra tio n o fe a c h c o m p a n y s fin a n c ia l re s o u rc e s s o le ly o n its o p e ra tio n s C a p ita l s tru c tu re a lo w s e a c h c o m p a n y fin a n c ia fle x ib ility E a c h c o m p a n y c a n a lo c a te c a p ita l in a m o re e fic ie n tm a n n e rb e s ts u ite d to its d is tin c tp rio ritie s a n d s tra te g ie s E n a b le s m a n a g e m e n to fb o th c o m p a n ie s to fo c u s o n u n iq u e o p p o rtu n itie s fo rlo n g -te rm g ro w th a n d p ro fita b ility Im p ro v e s a lig n m e n to fm a n a g e m e n ta n d e m p lo y e e in c e n tiv e s w ith p ro fita b ility a n d g ro w th o b je c tiv e s T w o u n iq u e in v e s tm e n th e s e s : L e a d in g p u re -p la y tim b e rla n d R E IT s w ith b e s t-in -c la s s a s s e ts,p re m iu m la n d p o rtfo lio a n d a tra c tiv e d iv id e n d H ig h -v a lu e,p u re -p la y s p e c ia lty c e lu lo s e p ro d u c e rw ith le a d in g m a rg in s a n d s ig n ific a n tfre e c a s h flo w g e n e ra tio n 5

O p tim a l T im in g fo rth e S e p a ra tio n O p tim a l tim in g a s b o th c o m p a n ie s h a v e s tro n g g ro w th p ro s p e c ts in y e a rs a h e a d E x p e c ta tio n s b e y o n d 2 0 1 4 2 0 1 4 2 0 1 3 2 0 1 1-2 0 1 2 6 C o m p le tio n o fte c h n ic a ly d e m a n d in g C S E A d d itio n a l 1 9 0 K to n s o fc e lu lo s e s p e c ia ltie s c a p a c ity H ig h q u a lity o fc e lu lo s e s p e c ia ltie s p ro d u c e d o n c o n v e rte d lin e ;a c h ie v e d a h e a d o fs c h e d u le E x c e le n tp ro g re s s in q u a lify in g n e w p ro d u c tio n w ith c u s to m e rs A c q u ire d a d d itio n a l in te re s tin N e w Z e a la n d J V S o ld n o n -c o re a s s e ts Wo o d P ro d u c ts b u s in e s s N e w Y o rk tim b e rla n d s C e lu lo s e S p e c ia ltie s E x p a n s io n (C S E )p ro je c tc o n s tru c tio n A c q u ire d $ 5 4 0 M o fh ig h -q u a lity tim b e rla n d s O b ta in e d la n d -u s e e n title m e n ts o n 3 9 K a c re s o fc o a s ta l F L /G A H B U p ro p e rtie s A d d itio n a l c e lu lo s e s p e c ia ltie s (C S )s a le s v o lu m e a s C S E ra m p -u p b e g in s S tre n g th e n in g h o u s in g m a rk e tw ith p o s itiv e im p a c to n tim b e rd e m a n d a n d p ric e s G ro w in g in te re s tin d e v e lo p m e n th B U p ro p e rtie s S e p a ra te P e rfo rm a n c e F ib e rs b u s in e s s fro m R a y o n ie r C S E ra m p -u p c o n tin u e s th ro u g h 2 0 1 8 w h e n C S c a p a c ity is fu ly p la c e d in th e m a rk e t Im p ro v e m e n to fh o u s in g m a rk e to tre n d le v e l o f~ 1.5 m ilio n s ta rts p e ry e a r H ig h e rs a w lo g p ric e s Im p ro v e d m ix A d d itio n a l U S h a rv e s tv o lu m e (a p p ro x.1 5 %)fro m re c e n ta c q u is itio n s E B IT D A g ro w th in F o re s tr e s o u rc e s b u s in e s s Im p ro v in g h o u s in g m a rk e ta n d e c o n o m y in c re a s e d e m a n d fo rd e v e lo p m e n th B U

S a le s R e v e n u e b y s e g m e n ts e g m e n te B IT D A *(% M a rg in )C a p E x N e td e b t$ 1.7 B $ 0.7 B $ 1.0 B F o re s tr e s o u rc e s 2 2 % P e rf.f ib e rs 6 1 % R e a l E s ta te 9 % T ra d in g & O th e r8 % $ 6 4 1 M (3 8 %)$ 1 5 9 M ~ $ 1.4 B F o re s tr e s o u rc e s 5 7 % R e a l E s ta te 2 2 % T ra d in g & O th e r2 1 % C e lu lo s e s p e c ia ltie s ~ 8 9 % $ 2 5 5 M (3 8 %)$ 3 8 6 M (3 7 %)$ 6 3 M $ 9 6 M ~ $ 0.5 B (e x p e c te d )~ $ 1.0 B R a y o n ie rp rio rto s e p a ra tio n R a y o n ie rp o s ts e p a ra tio n R a y o n ie ra d v a n c e d M a te ria ls C o m m o d ity g ra d e s ~ 1 1 % E x p e c te d c re d itra tin g S tro n g B B B /B a a 2 B B + /B a 2 S a le s v o lu m e :7 6 % C S /2 4 % c o m m o d ity g ra d e 2 0 1 3 R e v e n u e b y s e g m e n tn e td e b t/l T M E B IT D A ~ 1.7 X *~ 3.0 X *P ro fo rm a a ts p in T w o C o m p a n ie s w ith S tro n g F in a n c ia l P ro file s *N o n -G A A P m e a s u re (s e e A p p e n d ix fo rd e fin itio n a n d re c o n c ilia tio n )*A s s u m e s c o rp o ra te e x p e n s e fo rr a y o n ie ro f$ 2 0 M a n d R a y o n ie ra d v a n c e d M a te ria ls,$ 2 5 M 7

B u s in e s s O v e rv ie w 8

A L e a d e rin S p e c ia lty C h e m ic a ls G lo b a le a d e ra c ro s s c e lu lo s e s p e c ia ltie s ( C S )p ro d u c tp o rtfo lio G re a te rth a n 2 x s a le s v o lu m e v e rs u s c o m p e titio n :# 1 in a c e ta te /s tro n g p o s itio n in e th e rs a n d h ig h -s tre n g th v is c o s e /s p e c ia lty H ig h p u rity p ro d u c tfo rte c h n ic a ly d e m a n d in g e n d u s e s E x te n s iv e R & D c a p a b ility,p ro c e s s k n o w le d g e a n d c u s to m e rs u p p o rt C u s to m iz e d p ro d u c ts w ith d e m a n d in g,le n g th y c u s to m e rq u a lific a tio n p ro c e s s e s In te rm e d ia te s p e c ia lty c h e m ic a l p ro d u c e rp rim a rily s e rv in g g lo b a l c h e m ic a l c o m p a n ie s L o n g -te rm c u s to m e re la tio n s h ip s C o n s is te n ta n d s e c u re s u p p ly o fr Y A M c e lu lo s e s p e c ia ltie s is c ritic a l to c u s to m e rs O p e ra te tw o fle x ib le,a d v a n c e d m a n u fa c tu rin g fa c ilitie s in S o u th e a s tu S F a c ilitie s in J e s u p,g A (5 2 0 K to n s )a n d F e rn a n d in a B e a c h,f L (1 5 5 K to n s ) R e c e n tc S E e x p a n s io n c o n tin u e s in d u s try le a d e rs h ip In d u s try le a d in g m a rg in s a n d c a s h flo w s O v e r$ 1 b ilio n re v e n u e b u s in e s s A tra c tiv e ~ 3 0 % E B IT D A *m a rg in s C a s h F lo w F ro m O p e ra tio n s in e x c e s s o f$ 2 5 5 m ilio n a n n u a ly o v e rth e p a s th re e y e a rs 9 *R e p re s e n ts M a n a g e m e n ta d ju s te d E B IT D A,a n o n -G A A P m e a s u re,s e e A p p e n d ix fo rd e fin itio n a n d re c o n c ilia tio n

C e lu lo s e S p e c ia ltie s is a H ig h -V a lu e P ro d u c td is s o lv in g P u lp C o m m o d ity V is c o s e F lu f5.3 M M T C o m m o d ity M a rk e tp u lp 5 2 M M T C e lu lo s e S p e c ia ltie s 4.4 M M T T o ta l:1.6 M M T T o ta l:6 3 M M T C e lu lo s e S p e c ia ltie s s e g m e n tm a rk e tp u lp in d u s try (1 )In c re a s in g S p e c ia liz a tio n *In c lu d e s s o m e lo w e rp u rity,le s s d e m a n d in g g ra d e s A c e ta te ~ 7 1 0,0 0 0 M T E th e rs ~ 5 0 3,0 0 0 M T *H ig h S tre n g th V is c o s e a n d S p e c ia lty H ig h V a lu e ~ 3 5 5,0 0 0 M T (1 )R e p re s e n ts c h e m ic a l (K ra fta n d S u lfite )p u lp m a rk e t1 0

P ro d u c tio n F o c u s o n H ig h E n d C e lu lo s e S p e c ia ltie s C e lu lo s e S p e c ia ltie s :4 8 6,0 0 0 M T s A d v a n c e d M a te ria ls :6 4 3,0 0 0 M T s C e lu lo s e S p e c ia ltie s 7 6 % C o m m o d ity P ro d u c ts 2 4 % A c e ta te 8 1 % H ig h v a lu e e th e rs 6 % O th e rc e lu lo s e S p e c ia ltie s 1 3 % 2 0 1 3 P ro d u c tio n V o lu m e s 1 1

P a rtic ip a te in D iv e rs e,g ro w in g E n d -M a rk e ts Ilu s tra tiv e E n d P ro d u c ts 1 2 H ig h V a lu e E th e rs H ig h S tre n g th V is c o s e O th e rc e lu lo s e S p e c ia ltie s S p e c ia lty H ig h V a lu e A c e ta te

E n d U s e B re a k d o w n E s tim a te d S e g m e n ts iz e ~ 5 0 3,0 0 0 M T (p u lp ) 4 6 % g ro w th p.a.e n d U s e B re a k d o w n E s tim a te d S e g m e n ts iz e ~ 3 5 5,0 0 0 M T (p u lp ) 2 3 % g ro w th p.a.e n d U s e B re a k d o w n E s tim a te d S e g m e n ts iz e ~ 7 1 0,0 0 0 M T (p u lp ) 1 2 % g ro w th p.a.t e x tile s 4 % A c e ta te H ig h V a lu e E th e rs (3 )O th e rc e lu lo s e S p e c ia ltie s S o u rc e :H a w k in s Wrig h t,p C IF ib re s,m a rk e ts a n d M a rk e ts,a n d c o m p a n y e s tim a te s (1 )D a ta fro m 2 0 1 2 (2 )S e g m e n ts iz e s in c lu d e a p p ro x im a te ly 1 3 0,0 0 0 to 1 6 0,0 0 0 M T o fc o to n L in te rp u lp s (3 )S e g m e n ts iz e in c lu d e s 1 0 0,0 0 0 M T o fm ic ro c ry s ta lin e c e lu lo s e C o a tin g s,p la s tic s & F ilm 7 % C ig a re te F ilte rs 8 2 % L C D F ilm 7 % C o n s tru c tio n,c o a tin g s & P a in ts 1 1 % P h a rm a c e u tic a l 2 9 % In d u s tria l 3 5 % F o o d P ro d u c ts 2 5 % E n g in e F ilte r1 6 % T ire C o rd 1 5 % C a s in g s 2 1 % E x p lo s iv e s,in k s & L a c q u e rs 4 8 % G lo b a l L e a d e ra c ro s s C e lu lo s e S p e c ia ltie s G lo b a l C e lu lo s e S p e c ia ltie s E n d U s e B re a k d o w n (1 )(2 )1 3 G lo b a l M a rk e td e m a n d G ro w in g 3 %,4 5 K -5 0 K M T /Y e a re s tim a te d R a y o n ie ra M P o s itio n N u m b e r1 E s tim a te d R a y o n ie ra M P o s itio n T o p 4 T o p 2 E s tim a te d R a y o n ie ra M P o s itio n

R a y o n ie ra d v a n c e d M a te ria ls :T h e C e lu lo s e S p e c ia ltie s S ta n d a rd B e a re rs o u rc e :P u b lic in fo rm a tio n a n d p riv a te ly c o m m is s io n e d s tu d ie s 1 4 E s tim a te d 2 0 1 3 S a le s A n n o u n c e d A d d itio n a l C a p a c ity /P o te n tia l A d d itio n a l V o lu m e R a y o n ie ra M -1 9 0 K M T B u c k e y e 4 2 K M T S a te ri u p p e rlim itu n d e te rm in e d

T e c h n ic a l L e a d e rs h ip in C e lu lo s e S p e c ia ltie s P ro c e s s K n o w le d g e P ro c e s s F le x ib ility J u v e n ile,e x te rio rfib e r,c e n te rfib e r,re g io n h a rd n e s s C a u s tic (h ig h p h )A m m o n ia (lo w p h )P ro c e s s s e q u e n c e,b le a c h s e q u e n c e :C l2,c l0 2,p e ro x id e,c o n c e n tra tio n s,te m p e ra tu re,w a s h ty p e /s e q u e n c e,c o ld c a u s tic e x tra c tio n C u s to m i z e d fo re a c h c u s to m e ra p p lic a tio n F ilte rp la s tic L C D /F ilm T ire C o rd C a s in g s A c e ta te E th e rs /M C C S p e c ia lty H ig h V a lu e H ig h S tre n g th V is c o s e C u s to m e rm a rk e ts F in is h in g P u lp in g H a rd w o o d S o ftw o o d K ra fts u lfite B le a c h in g F o o d P h a rm a c e u tic a ls T h e R a y o n ie ra d v a n c e d M a te ria l R e c ip e 1 5

T u rn in g Wo o d in to a H ig h -E n d S p e c ia lty P o ly m e rb la c k L iq u o ro rg a n ic s -E n e rg y In o rg a n ic s -R e c o v e ry E x tra c tiv e s 1-5 % Wa te rc e lu lo s e 4 3-4 5 % H e m ic e lu lo s e 2 7-3 0 % 1 7 to n s C S o r2 0 to n s V is c o s e o r2 5 to n s F lu fin o rg a n ic s /O rg a n ic s Wa s te T re a tm e n tl ig n in 2 0-2 8 % B le a c h in g P ro c e s s 1 0 0 G re e n to n s w o o d In p u to u tp u tc o o k in g P ro c e s s P u rity 1 6 A N a tu ra l P la s tic

P u rity is C ritic a l to C u s to m e rs P o te n tia l fo rm o le c u la rb u ild u p o fim p u ritie s C ig a re te F ilte rs p in e re te A c e ta te F ila m e n th a irs p in e re te H o le (s m a le rth a n a h u m a n h a ir)a c e ta te T o w (F ilte r)m a n u fa c tu rin g P ro c e s s 1 7

L o w C o s t,f le x ib le M a n u fa c tu rin g F a c ilitie s J e s u p,g A K ra ftm il T h re e p ro d u c tio n lin e s 5 2 0,0 0 0 M T o fc a p a c ity A b ility to b e d e d ic a te d C S p ro d u c e r;p ro d u c e s a c e ta te,e th e rs a n d h ig h -s tre n g th v is c o s e P u rc h a s e s 1.8 m ilio n to n s o fh a rd w o o d c h ip s a n d 1.4 m ilio n to n s o fs o ftw o o d c h ip s a n n u a ly P ro d u c e s g re a te rth a n 9 0 p e rc e n to fe n e rg y re q u ire d b y m il F e rn a n d in a B e a c h,f L S u lfite m il O n e p ro d u c tio n lin e 1 5 5,0 0 0 M T o fc a p a c ity D e d ic a te d C S p ro d u c e r;a c e ta te,e th e rs a n d h ig h -s tre n g th v is c o s e P u rc h a s e s 9 0 0,0 0 0 to n s o fs o ftw o o d c h ip s a n n u a ly P ro d u c e s 1 0 0 p e rc e n to fe n e rg y re q u ire d b y m il a n d s e ls e x c e s s p o w e rin to th e g rid C o m b in e d,th e s e fa c ilitie s p ro d u c e m o re th a n 2 5 d ife re n tg ra d e s o fc e lu lo s e s p e c ia ltie s 1 8

Wo rld C la s s,c u s to m e rf o c u s e d R & D E fo rt S tro n g te c h n ic a l p a rtn e rs h ip s w ith o u rc u s to m e rs a n d th e irc u s to m e rs C u s to m e r-d riv e n re s e a rc h E x p e rie n c e d s c ie n tis ts a n d e n g in e e rs w ith le a d in g e x p e rtis e in c e lu lo s e c h e m is try C o m p re h e n s iv e u n d e rs ta n d in g o fo u rc u s to m e rs ' p ro c e s s e s -M a jo rity o fre la tio n s h ip s s p a n s e v e ra l d e c a d e s S u p e rio ra n a ly tic a l c a p a b ility a n d e n d -u s e te s tin g c a p a b ility T ru s tin o u rc o n fid e n tia lity A b ility to c u s to m iz e e a c h p ro d u c tg ra d e to m e e th e e x a c tin g re q u ire m e n ts o fa s p e c ific e n d u s e P ilo tp la n tlin e s th a ts im u la te J e s u p a n d F e rn a n d in a m il p u lp in g a n d b le a c h in g p ro c e s s e s 1 9

L e a d e rs h ip 2 0 M a n a g e m e n tb o a rd o fd ire c to rs *C u re n tr a y o n ie rb o a rd m e m b e rs P a u l G.B o y n to n *-C h a irm a n C.D a v id B ro w n,i*-l e a d D ire c to r D e L y le W.B lo o m q u is t M a rk E.G a u m o n d * J a m e s F.K irs c h L is a P a lu m b o J a m e s H.M ile r* T h o m a s I.M o rg a n * R o n a ld T o w n s e n d * P a u l G.B o y n to n C h a irm a n,p re s id e n t& C E O J a c k K rie s e l -S V P,P e rfo rm a n c e F ib e rs B e n s o n Wo o S V P,C h ie ff in a n c ia l O fic e r F ra n k R u p e rto -S V P,C o rp o ra te D e v e lo p m e n t& S tra te g y B e th J o h n s o n V P,In v e s to rr e la tio n s & P la n n in g

S tra te g y 2 1

R a y o n ie ra d v a n c e d M a te ria ls S tra te g y S tre n g th e n g lo b a le a d e rs h ip p o s itio n in c e lu lo s e s p e c ia ltie s C u re n tly p o s s e s s 2 x th e c a p a c ity a n d s a le s o fn e x tla rg e s tc o m p e tito r D ife re n tia te th ro u g h p u rity,c o n s is te n c y a n d te c h n ic a l e x p e rtis e E n h a n c e s tro n g re la tio n s h ip s w ith k e y c u s to m e rb a s e F o c u s o n m e e tin g c u s to m e rd e m a n d n e e d s D e liv e rp ro d u c ts c u s to m iz e d p re c is e ly fo rd e m a n d in g c h e m ic a l a p p lic a tio n s D riv e g ro w th a n d d iv e rs ific a tio n E x p a n d re a c h in to a d ja c e n tm a rk e ts D iv e rs ify p o rtfo lio th ro u g h v a lu e -e n h a n c in g a c q u is itio n s F o c u s o n o p e ra tio n a l e x c e le n c e to im p ro v e c o s tp o s itio n Id e n tify a n d d riv e c o s ts a v in g s o p p o rtu n itie s In c re a s e p ro d u c tio n e fic ie n c ie s to e n h a n c e s u p p ly re lia b ility 2 2

M a rg i n T e c h n ic a l E x p e rtis e R e q u ire d P u rity (a lp h a )8 5 F lu fv is c o s e C S 9 8 R a y o n ie ra d v a n c e d M a te ria ls C S S tra te g y F o c u s e d o n H ig h e s te n d o fth e V a lu e C h a in H ig h L o w L o w H ig h 2 3

*D o e s n o tin c lu d e s a le s o fo f-g ra d e p ro d u c ta b s o rb e n tm a te ria ls C e lu lo s e S p e c ia ltie s w ith o u tc o s ts u rc h a rg e P ro d u c tm ix $ /M T C S E c o m p le tio n J u n e 2 0 1 3 C e lu lo s e S p e c ia ltie s C o m m a n d P re m iu m P ric e $ 3 8 5 m ilio n to c o n v e rtc o m m o d ity c a p a c ity to C S in J e s u p c o m p le te d J u n e 2 0 1 3 C u s to m e r-d riv e n p ro je c to s u p p o rth e irg ro w th 2 6 0,0 0 0 M T a b s o rb e n tm a te ria ls c o n v e rte d to 1 9 0,0 0 0 M T C S S tra te g ic a ly a tra c tiv e to A d v a n c e d M a te ria ls S tre n g th e n s o u rin d u s try le a d e rs h ip E n a b le s fu tu re C S g ro w th T ra n s itio n to C S a s c u s to m e ra n d m a rk e tg ro w th a lo w s In c re m e n ta l 1 9 0,0 0 0 to n s o fc S p ro d u c tio n e x p e c te d to in c re a s e E B IT D A *b y $ 1 5 0 M b a s e d u p o n 2 0 1 3 s a le s p ric e s a n d c o s ts,w h e n fu ly s o ld (2 0 1 8 ta rg e t)c S E E x p a n s io n F o c u s e d o n S tra te g ic G ro w th 2 4 *N o n -G A A P m e a s u re (s e e A p p e n d ix fo rd e fin itio n )

F in a n c ia l R e v ie w 2 5

Q 1 F in a n c ia l H ig h lig h ts S h o rte rm p ric in g s o ftn e s s d u e to tra n s itio n a l m a rk e ts fu e le d b y c a p a c ity a d d itio n s,m o s tly fro m R Y A M C S E R e v e n u e D riv e rs P ric in g d o w n 3 % re la tiv e to th e firs tq u a rte ro f2 0 1 3 o r6 % re la tiv e to 2 0 1 3 y e a re n d N e w C S c a p a c ity o u tp a c in g c o n s is te n tly g ro w in g d e m a n d in s h o rte rm P la n n e d e x te n d e d m a in te n a n c e fo rs h u td o w n a th e J e s u p m il fo rb o ile rs m o v e d fo rw a rd fro m 2 0 1 5 h a d n e g a tiv e e fe c ts o n s h ip m e n ts a n d v o lu m e s C o s td riv e rs We tw e a th e ra fe c tin g w o o d c o s ts C o ld w e a th e ra fe c tin g fu e l c o s ts ($ in m ilio n s,e x c e p tv o lu m e s )Q 1 2 0 1 4 Q 1 2 0 1 3 C S p ric e ($ p e rm T )$ 1,8 2 3 $ 1,8 7 4 C S s a le s v o lu m e (0 0 0 s o fm T )1 1 3 1 3 2 C e lu lo s e S p e c ia ltie s 2 0 6 2 4 7 A b s o rb e n tm a te ria ls 1 0 3 7 C o m m o d ity V is c o s e & O th e r2 7 1 T o ta l S a le s $ 2 4 3 $ 2 8 5 % G ro w th (1 5 %)N A P e rfo rm a n c e F ib e rs S e g m e n te B IT D A *$ 7 0 $ 1 0 7 % M a rg in 2 9 % 3 7 % M a n a g e m e n ta d ju s te d E B IT D A *$ 6 4 $ 1 0 1 % M a rg in 2 6 % 3 5 % 2 6 *N o n -G A A P m e a s u re (s e e A p p e n d ix fo rd e fin itio n a n d re c o n c ilia tio n )

($ in M ilio n s )F in a n c ia l P e rfo rm a n c e H ig h lig h ts N o te :M a n a g e m e n ta d ju s te d E B IT D A a n d A d ju s te d F re e C a s h F lo w a re n o n -G A A P fig u re s.s e e A p p e n d ix fo re c o n c ilia tio n s *In c lu d e s a d ju s tm e n tfo r$ 2 5 M o v e rh e a d *L T M v o lu m e lo w e rd u e to tim in g o fe x te n d e d s h u td o w n in Q 1 1 4 *2 7 *

A tra c tiv e C a p ita l S tru c tu re w ith L o w -C o s t,l o n g -T e rm D e b t(1 )1 m o n th L IB O R p lu s 1.0 8 % (2 )$ 2 5 0 m ilio n c a p a c ity (u n d ra w n a tc lo s in g )(3 )N e to f6 7 b p s o fp a tro n a g e (4 )N o n -G A A P m e a s u re (s e e A p p e n d ix fo rd e fin itio n a n d re c o n c ilia tio n s )C o rp o ra te R a tin g s o fb B + a n d B a 2 In te re s tc u m u la tiv e D e b tr a te (1 )A m o u n tl e v e ra g e T e rm R e v o lv in g C re d itf a c ility (2 )1.6 5 % $ -0.0 x 5 y e a rs T e rm L o a n A 1.6 5 % 1 1 0 0.3 x 5 y e a rs F a rm C re d itt e rm L o a n 1.2 3 % 2 9 0 1.2 x 7 y e a rs S e n io rn o te s 5.5 % 5 5 0 2.9 x 1 0 y e a rs T o ta l D e b t$ 9 5 0 2.9 x Q 1 L T M M a n a g e m e n ta d j.e B IT D A (4 )$ 3 2 4 T o ta l D e b t/e B IT D A 2.9 2 8 ($ in m ilio n s )(3 )

K e y F in a n c ia l M e tric s 2 9 Y e a re n d e d D e c e m b e r3 1,($ in m ilio n s )2 0 1 1 2 0 1 2 2 0 1 3 T o n s s o ld (0 0 0 s o fm T )C e lu lo s e s p e c ia ltie s 5 0 4 5 0 3 4 8 6 C o m m o d ity v is c o s e /a b s o rb e n tm a te ria ls 2 2 7 2 1 4 1 5 7 S a le s C e lu lo s e s p e c ia ltie s $ 8 2 4 $ 9 3 5 $ 9 3 0 C o m m o d ity v is c o s e /a b s o rb e n tm a te ria ls /o th e r1 9 7 1 6 0 1 1 7 G ro s s m a rg in $ 3 2 3 $ 3 7 9 $ 3 3 3 G ro s s m a rg in p e rc e n ta g e 3 2 % 3 5 % 3 2 % O p e ra tin g in c o m e $ 2 8 3 $ 3 4 2 $ 2 8 9 O p e ra tin g in c o m e m a rg in 2 8 % 3 1 % 2 8 % M a n a g e m e n ta d ju s te d E B IT D A *$ 3 2 9 $ 3 9 5 $ 3 6 1 M a n a g e m e n ta d ju s te d E B IT D A m a rg in 3 2 % 3 6 % 3 5 % C a p ita l e x p e n d itu re s $ 9 7 $ 1 0 5 $ 9 6 A d ju s te d fre e c a s h flo w *1 4 0 1 8 8 1 4 3 *N o n -G A A P m e a s u re (s e e A p p e n d ix fo rd e fin itio n a n d re c o n c ilia tio n )

2 0 1 4 F in a n c ia l G u id a n c e (2 )E x c lu d e s c o rp o ra te e x p e n s e s.a fte rth e s e p a ra tio n,n o rm a liz e d c o rp o ra te e x p e n s e s a re e x p e c te d to b e $ 2 5 M fo rr a y o n ie ra d v a n c e d M a te ria ls.2 0 1 3 2 0 1 4 G u id a n c e S a le s 1,0 4 2 C o m p a ra b le C S V o lu m e s (0 0 0 s o fm T )(1 )4 8 6 ~ 3 0 O p e ra tin g In c o m e (2 )3 1 1 ~ 2 5 % S e g m e n te B IT D A (2 )(3 )3 8 6 ~ 1 5 % C a p E x (4 )9 6 7 5-8 0 D D & A 7 5 8 5-9 0 D iv id e n d s (5 )$.0 7 /Q tr,o r$.2 8 /a n n u a liz e d R Y N P e rfo rm a n c e F ib e rs S e g m e n t3 0 ($ in m ilio n s )(3 )N o n -G A A P m e a s u re (s e e A p p e n d ix fo rd e fin itio n a n d re c o n c ilia tio n s )(4 )A d d itio n a l c a p ita l s p e n d in g in 2 0 1 5 a n d 2 0 1 6 fo rin d u s tria l b o ile ra ire m is s io n s c o m p lia n c e (5 )E a c h R a y o n ie rs h a re h o ld e rw il re c e iv e o n e s h a re o fr a y o n ie ra d v a n c e d M a te ria ls c o m m o n s to c k fo re v e ry th re e c o m m o n s h a re s o fr a y o n ie r. (1 )Ifta rg e te d v o lu m e s a re n o tre a liz e d,2 0 1 4 s a le s,o p e ra tin g in c o m e a n d E B IT D A w il b e b e lo w g u id a n c e.c u re n tly,in c re m e n ta l c e lu lo s e s p e c ia ltie s v o lu m e is n o tu n d e rc o n tra c t.

V a lu e P ro p o s itio n 3 1

A tra c tiv e S h a re h o ld e rv a lu e P ro p o s itio n B e s t-in -c la s s m a rg in s a n d c a s h flo w s w ith m a te ria l u p s id e a s n e w c a p a c ity is a b s o rb e d a n d o p e ra tio n a l e fic ie n c y im p ro v e s C o m p le te d in v e s tm e n tin c e lu lo s e s p e c ia ltie s e x p a n s io n p ro v id e s ru n w a y fo rs ig n ific a n tfu tu re g ro w th A tra c tiv e c a s h flo w s a lo w fo ra p id d e -le v e ra g in g a n d in c re a s e d fin a n c ia fle x ib ility Wo rld -c la s s a s s e ts a n d s tro n g fin a n c ia l p o s itio n p ro v id e a b ility to p u rs u e n e w g ro w th o p p o rtu n itie s M o d e s td iv id e n d w ith fo c u s to e n h a n c e lo n g -te rm a b ility to p ru d e n tly re tu rn c a p ita l 3 2

A p p e n d ix 3 3

G lo b a l C o n s u m p tio n G ro w in g 1 % 1.5 % P e ry e a rb ili o n s o fc i g a re te s C ig a re te V o lu m e b y R e g io n T h e A s ia P a c ific re g io n (in c lu d in g C h in a )c o n ta in s s e v e n o fth e w o rld s la rg e s tm a rk e ts a n d s ix o fth e fa s te s t-g ro w in g 5,6 3 0 6,1 8 4 5,8 1 1 3 4 S o u rc e :E u ro m o n ito r2 0 1 3

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