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Renee

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Renee

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Re: None

Tuesday, 11/21/2017 4:05:02 PM

Tuesday, November 21, 2017 4:05:02 PM

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TMBCF: Tembec Shareholders may receive, as elected, in respect of each Tembec Share held, either: (i) $4.75 in cash; or (ii) 0.2542 of a share of Rayonier AM common stock (each whole share of Rayonier AM common stock, a “Rayonier AM Share”), subject to proration. Fractional shares will be paid in cash.

FINRA deleted symbol:

http://otce.finra.org/DLDeletions

To bite the worm of incite is to bite the HOOK of the antagonist . They win .

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