RAYONIER ADVANCED MATLS INC

Ticker: RYAM CUSIP: 75508B104 Class: COM

Douglass Winthrop Advisors, LLC's Holding History (CIK: 0001308527)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014

Shares 11,347 Value ($000) $253 Avg Close $26.45 Range $21.37 - $33.50

Q3 2014

Shares 11,597 Value ($000) $382 Avg Close $35.09 Range $28.65 - $44.18

Q2 2014

Shares 12,240 Value ($000) $474 Avg Close $38.47 Range $35.50 - $41.25

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	11,347	$253	$26.45	$21.37 - $33.50
Q3 2014	11,597	$382	$35.09	$28.65 - $44.18
Q2 2014	12,240	$474	$38.47	$35.50 - $41.25