Demand Follows Rejection by Board of 100% Premium Acquisition Offer

Company is Plagued by its Capital Structure, Overhead Burden, Rotating Management, and Misaligned Board

Sale of the Company is Best Path Forward to Unlock Significant Asset Value

BOSTON, June 17, 2026 /PRNewswire/ -- Mill Pond Capital, LLC, which owns approximately 3% of the outstanding common shares of Rayonier Advanced Materials Inc. (NYSE:RYAM) ("RYAM" or the "Company"), today sent a letter to the Company's Board of Directors (the "Board") urging the Board to conduct a full sale of RYAM.  

The full text of the letter follows:

June 17, 2026

Ms. Julie Dill, Non-Executive Chair

and Fellow Members of the Board of Directors

Rayonier Advanced Materials

1301 Riverplace Blvd., Suite 2300

Jacksonville, Florida 32207

Dear Ms. Dill and Fellow Board Members:

I first became a shareholder of Rayonier Advanced Materials ("RYAM" or the "Company") in 2019 and currently own approximately 3% of the Company's outstanding common shares, making me one of the Company's larger shareholders. I have a successful history of investing in commodity-related businesses and, like each of you on RYAM's Board of Directors (the "Board"), have served on public company boards in the commodity space.

I am writing today following a private letter I sent on May 8, 2026, and a subsequent call with Chair Dill, in which I stated my belief that a full sale of RYAM is the best path forward for the Company. This limited engagement from Chair Dill produced only the assurance that the Board is "working to do what is best for shareholders." After seven years of receiving that assurance — and being unable to present my views to the broader Board — I am no longer content to wait for a different result.