<SEC-DOCUMENT>0001597672-22-000013.txt : 20220517
<SEC-HEADER>0001597672-22-000013.hdr.sgml : 20220517
<ACCEPTANCE-DATETIME>20220406155908
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001597672-22-000013
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAYONIER ADVANCED MATERIALS INC.
		CENTRAL INDEX KEY:			0001597672
		STANDARD INDUSTRIAL CLASSIFICATION:	PULP MILLS [2611]
		IRS NUMBER:				464559529
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1301 RIVERPLACE BOULEVARD
		STREET 2:		SUITE 2300
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32207
		BUSINESS PHONE:		(904) 357-4600

	MAIL ADDRESS:	
		STREET 1:		1301 RIVERPLACE BOULEVARD
		STREET 2:		SUITE 2300
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rayonier Holding Co
		DATE OF NAME CHANGE:	20140121
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i89e1b781b9d948ffbaa7308a5881cb02_4"></div><div style="min-height:45pt;width:100%"><div style="margin-bottom:9pt;margin-top:9pt;text-indent:-27pt"><font><br></font></div></div><div><img alt="ryam-logoa47.jpg" src="ryam-logoa47.jpg" style="height:104px;margin-bottom:5pt;vertical-align:text-bottom;width:262px"></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Corporate Headquarters</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Marcus J. Moeltner</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Chief Financial Officer and </font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Senior Vice President, Finance</font></div><div style="margin-bottom:9pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">April 6, 2022 </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Kevin </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Stertzel</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Office of Manufacturing</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">United States Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">100 F Street, NE</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Washington, DC 20549</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Re&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Rayonier Advanced Materials Inc.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Form 10-K for the Fiscal Year Ended December 31, 2021</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Filed March 1, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">File No. 1-36285</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Dear Mr. Stertzel&#58;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">On behalf of Rayonier Advanced Materials Inc. (the &#8220;Company&#8221;), I hereby submit our response to the comments of the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the United States Securities and Exchange Commission (the &#8220;Commission&#8221;) on the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the &#8220;2021 Form 10-K&#8221;), as set forth in your letter dated March 28, 2022 (the &#8220;Comment Letter&#8221;).</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">For reference purposes, the text of the Staff&#8217;s one numbered comment in the Comment Letter is set forth below in bold, followed by our response thereto. Page references in our response are references to pages in the 2021 Form 10-K, unless otherwise noted.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:115%;text-decoration:underline">Staff Comment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:115%;text-decoration:underline">Form 10-K for fiscal year ended December 31, 2021</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;text-decoration:underline">Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;text-decoration:underline">Critical Accounting Policies and Use of Estimates, page 26</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:115%">     </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">We note your disclosure that you have recorded certain deferred tax assets you believe will be realized in future periods based on your analysis of both positive and negative evidence about the future realization of the tax benefit of each existing deductible temporary difference or carryforward and that future realization is based on the existence of sufficient taxable income of the appropriate character, within the appropriate taxing jurisdiction, and within the carryback and carryforward periods available under the applicable tax laws.  We also note that the realizability of deferred tax assets is a Critical Audit Matter identified by your auditor in their report.  Given the significant balance of deferred tax assets and the material losses from continuing operations during </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1</font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div style="margin-bottom:9pt;margin-top:9pt;text-align:right"><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">each of the three years ended December 31, 2021, please tell us and more fully disclose and discuss how you determined it is more likely than not that you will realize net deferred tax assets as of December 31, 2021.  Please provide us and disclose a detailed description of the positive and negative factors you considered in assessing the realizability of deferred tax assets.  Please also tell us and disclose and discuss your reliance on each source of taxable income identified in ASC 740-10-30-18 and specifically address the following&#58;</font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.5pt">Explain how you determined the tax valuation allowance you recorded&#59;</font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.5pt">If you are relying on the recognition of future pre-tax income, tell us and disclose the amount of pre-tax income you will need to generate to fully realize deferred tax assets and the taxing jurisdiction and time period in which such pre-tax income will be required to be generated.  Provide and disclose and discuss the significant assumptions underlying any future earnings projections&#59; and</font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.5pt">If you are relying on tax planning strategies, tell us and disclose the nature of the tax planning strategies, how each strategy supports the realization of deferred tax assets, the amount each strategy covers, and any uncertainties, risks, or assumptions related to the tax-planning strategies.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Please refer to ASC 740-10-30-16 through 25 and Section 501.14 of the Financial Reporting Codification.&#8221;</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:115%;text-decoration:underline">The Company&#8217;s Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">&#58;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company evaluated tax attributes by jurisdiction, including federal and state in the U.S., federal and provincial in Canada, and France. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">As of December 31, 2021, the Company had $315 million of net deferred tax assets (&#8220;DTAs&#8221;) of which $334 million (99.7%) are in Canada, $1 million are in the U.S., and $20 million of net deferred tax liabilities (&#8220;DTLs&#8221;) are in France. This response therefore focuses on the realizability of the Canadian sources of taxable income which allow for the utilization of the Canadian DTAs. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The vast majority (94%) of the Canadian DTAs are comprised of three items&#58; Net Operating Losses (&#8220;NOLs&#8221;), Undepreciated Capital Cost (&#8220;UCC&#8221;), and carryforward of Scientific Research and Experimental Development deductions (&#8220;SR&#38;ED&#8221;) as summarized below.</font></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">In millions of USD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Gross</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Tax Effected</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Expiration</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NOLs</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$527</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$115</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">2025-2037</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">UCC</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">398</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">104</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">SR&#38;ED</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">411</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">95</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross other DTAs</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">129</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">34</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">DTLs</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(51)</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(14)</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net Canada DTAs</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">$1,414</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">$334</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company weighed all available positive and negative evidence (see further below), as required under ASC 740, to evaluate the need for a valuation allowance and to determine what portion, if any, of the Canadian DTAs would not reach a more-likely-than-not probability of being used prior to expiration. As noted in the schedule above, the only material Canadian DTAs subject to expiration are the NOLs, which were generated between 2008 and 2017 by Tembec, which the Company acquired in 2017.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company has used, rather than generated, tax losses in each year since 2018, the first full year the Company owned the Canadian operations. </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div style="margin-bottom:9pt;margin-top:9pt;text-align:right"><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company conducted analysis to evaluate the realizability of Canadian DTAs in two steps. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;text-decoration:underline">Step 1&#58; Realizability of Canadian NOLs prior to Expirations</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The first step in the analysis focused on the forecasted Canadian taxable income in each year to confirm the NOLs are more-likely-than-not to be realized prior to their expirations.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company would need to recognize cumulative Canadian taxable income, which excludes the impact of depreciation expense, of $527 million, prior to the end of 2037, in order to fully utilize the NOLs prior to their scheduled expirations below&#58; </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">                                         </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.660%"><tr><td style="width:1.0%"></td><td style="width:27.419%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.419%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:41.862%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">In millions of USD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Year of Expiration</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Amount</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$77</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">8</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">107</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">47</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2029</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">24</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2030</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">65</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2031</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">7</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2032</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">11</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2033</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">37</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2034</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2035</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2036</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">18</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2037</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">126</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">$527</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">As noted in the Comment Letter, the Company has reported material consolidated losses from continuing operations in the last three years. However, the Company has recognized an estimated Canadian taxable income from continuing operations of $89 million during the same three-year period, and $159 million with the addition of the 2018 tax year. These earnings, in addition to significant Canadian taxable income from discontinued operations, have resulted in the utilization of $538 million of the Canadian NOLs since the beginning of 2018. The Company has historically reported higher Canadian earnings than its consolidated total primarily because of the concentration of interest expense and other overhead costs in the U.S. In forecasting the future Canadian taxable income, the Company considered historical taxable income, estimated reversals of material deferred tax liabilities such as expected refunds of prepaid lumber duties, and the tax planning strategy to indefinitely suspend tax depreciation in Canada. The ability to suspend Canadian tax depreciation has been and will continue to be elected while the Company utilizes NOLs. This is beneficial because NOLs expire after 20 years but the suspended depreciation deductions (&#8220;UCC&#8221;) can be carried forward indefinitely. This strategy allows the Company to accelerate roughly $25 million of Canadian taxable income each year, and there are no uncertainties or risks associated with it. It has been implemented annually since the 2018 tax year. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;text-decoration:underline">Step 2&#58; Realizability of Indefinite-Lived DTAs</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Once the first step in analysis was complete, the second step focused on forecasting Canadian earnings from continuing operations to confirm the total Canadian operations are more-likely-than-not to be profitable in future years. This second step was a necessary consideration because if the NOLs are realized due only to the suspension of Canadian tax depreciation, then it would merely be a </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div style="margin-bottom:9pt;margin-top:9pt;text-align:right"><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">reclassification from one DTA (NOLs) to another (UCC). Although this step does not require earnings be realized in any set time period, the Canadian operations would eventually need cumulative profits (excluding permanent tax adjustments) sufficient to utilize the indefinite-lived DTAs. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">As part of the analysis of positive and negative evidence, historical Canadian operating results from continued operations were adjusted for certain items not expected to impact future Canadian profitability, including the removal of U.S. GAAP book amortization which has no Canadian tax impact, the portion of interest expense from debt which has been or will be repaid this year, FX gains and losses which over time are expected to average no impact, and a reduction of intercompany management costs as a result of the reduced Canadian operational footprint.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">With these adjustments, the historical Canadian earnings from continuing operations were positive in two of the last four years, with a cumulative pretax profit of $27 million during that period. After evaluating historical earnings, the Company forecasted future Canadian earnings from each of the Company&#8217;s three business segment to determine if it is more-likely-than-not that the Canadian operations will be profitable. The Company&#8217;s Paperboard segment forecast assumes continued strong demand for packaging and commercial print with supply constrained, the High-Yield Pulp segment is forecasted in accordance with the cyclical nature of that business, and demand and pricing for High Purity Cellulose products is expected to remain strong. Additionally, the Company is focused on improving reliability with a higher weighting of maintenance capital across its operations in Canada. As a result of these factors, the Company forecasts the Canadian operations will continue to be profitable over time. Based on the adjusted historical earnings, ongoing business investments, and expected future profits, the Company forecasts continued cumulative positive Canadian pretax book income in the future which is sufficient to support the utilization of the indefinite-lived DTAs. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company believes this positive evidence outweighs the negative evidence of Canadian losses from continuing operations in two of the last four years, and as a result, determined it would not be appropriate to record a valuation allowance on any of the referenced Canadian DTAs. The Company believes all available Canadian NOLs are more-likely-than-not to be utilized prior to their expirations and the remaining Canadian DTAs, which do not expire, are more-likely-than-not to be utilized after the NOLs are depleted.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">While the Company did not record a valuation allowance on the Canadian DTAs described above, there are certain other DTAs which the Company does not believe are more-likely-than-not to be realized and therefore did record a valuation allowance. These items include U.S. 1) state loss carryforwards and credits which, based on recent allocated earnings in specific states are not expected to be realized prior to their expirations, and 2) certain federal Canadian tax credits which are not expected to be utilized prior to their expiration because they would result in provincial cash tax leakage if the Company elected to use them instead of Canadian NOLs, which are available to offset both federal and provincial taxable income. There was a full valuation allowance recorded on each of these specific DTAs. Further information can be found on the bottom of F-40 of the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">2021 Form 10-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Further, as disclosed in note (b) on F-38 of the 2021 Form 10-K, the Company applied specific AICPA guidance in assessing the need for a valuation allowance related to U.S. DTAs for suspended interest deductions, which resulted in the recognition of certain DTAs that the Company believes will not be realized. </font></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font><br></font></div><div id="i89e1b781b9d948ffbaa7308a5881cb02_7"></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div style="margin-bottom:9pt;margin-top:9pt;text-align:right"><font><br></font></div></div><div><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">If you have any questions, please do not hesitate to contact me at (904) 549-7430. </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Sincerely, </font></div><div style="margin-bottom:6pt;margin-top:11pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:55.128%"><tr><td style="width:1.0%"></td><td style="width:7.330%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:90.470%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; MARCUS J. MOELTNER</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Marcus J. Moeltner</font></div><div style="margin-bottom:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Chief Financial Officer and </font></div><div style="margin-bottom:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Senior Vice President, Finance</font></div><div style="margin-bottom:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Rayonier Advanced Materials Inc.</font></div></td></tr></table></div><div style="margin-bottom:6pt;margin-top:11pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Cc&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">       </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Anne McConnell, Securities and Exchange Commission</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</font></div><div style="text-align:center"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ryam-logoa47.jpg
<TEXT>
begin 644 ryam-logoa47.jpg
M_]C_X  02D9)1@ ! 0$ E@"6  #_VP!#  H'!P@'!@H(" @+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!# 0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P  1" $3 K<# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "J6I:G#IT0+_ #2-]U!WJW)(L4;2.<*HR2>PKA]0O&OK
MQYFZ$X4>@[5Y^/Q?U>%H_$S>A2YY:[%R7Q'?NY*,L8] H_K3/^$AU'_GL/\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M[CTKKRO$\LO92V>WJ98FG=<R-VBBBOHCSPHHHH **** "BBB@ HHHH ****
M"BBB@ HHHH X7XF:WJ6C1Z<=.NWMS*9-^S'S8VXZ_4UP/_"<^)O^@O/^2_X5
MU_Q@_P!3I7^]+_[+7F->KAH1=)-H\;%3FJK29O\ _"<^)O\ H+S_ )+_ (4?
M\)SXF_Z"\_Y+_A6!171[.'9'/[6?\S^\W_\ A.?$W_07G_)?\*!XY\3 _P#(
M7F_)?\*P**/9P[(/:S_F?WG86'Q/\0VCK]H>&\0=1)& ?S7%>A^&/&^F^)/W
M*YMKP#)@<_>_W3W_ )UX94D$\MM.D\$C1RQL&1U."".]8U,-":T5F;4\54@]
M7='TG16-X4UO_A(/#]O?-@2XV3 =G'7\^OXULUY,DXNS/9C)22:"L7Q;K!T/
MPW=WB-MFV[(3_MMP/RZ_A6U7EOQ:U;S+NTTB-N(E\Z4?[1X7],_G6M"'/42,
ML14Y*;9S/_"<>)O^@O/^G^%'_"<^)O\ H+S_ )+_ (5@45Z_LX=D>+[6?\S^
M\]"\">--4NO$D=EJE\\\5RI1-^/E?J/Y$?C7J4T9EA>,.T9=2 Z]5]Q7SA:W
M$EI=17,+;9(7#J?0@Y%?1&FWT>IZ9;7T7W)XU<>V1TKS\7346I(]+!U'*+C)
MGCNK^)?%NC:K<:?<:M/OA?&<#YAV(X[CFJ?_  G/B;_H+S_DO^%=S\4?#OVN
MP36K=,S6PVS8'WH^Q_ _H?:O)ZZZ/)4@G9''7]I3FX\S^\Z2U\>^(X;J*634
MI9D1PS1L!AQGD=*]LL[N*^LX;N!MT4R!T/L1FOF^O6/A5KGVK3)M(E?,EJ=\
M6>Z$\C\#_.L<527+S16QM@ZSY^63W._KC?B+XFFT+38;:QF,5Y<MD,O5$'4_
MB<#\Z[%F"J68@ #))[5X'XMULZ_XAN+P,3"#Y<(]$'3\^OXUS8:GSSN]D=6+
MJ\D++=DO_"<^)O\ H+S_ )+_ (4?\)SXF_Z"\_Y+_A6!5S2=,GUC5+?3[89D
MG?:#V4=R?8#FO3<()7:1Y*J5&[)O[ST_X<W.O:QYVI:GJ$TMJG[N*-L8=NYZ
M=OZ^U=%XB\5Z9X;@#7<A>9AF.!.7;_ >YJCKFK6?@3PO#;VR@RJGE6T9_B;N
MQ_F?<^]>+WM[<ZC=R7=W,TLTIRSL>M<4*2K2<WHCT*E9T(*"UD=1K'Q+UW47
M9;61;"'LL7+?BQY_+%<S<:C?73%KB\GF)[O(6_G5:BNZ,(Q^%'G2J3G\3'I-
M+&<I(RGU!Q6OIWB_7],8&WU.<J/X)&WK^1S6+15.*>Z$I..J9ZQX<^*-M>NE
MMK,:VLIX$Z?ZLGW'5?U'TKOE974,I#*1D$'((KYIKOOAYXSDL;F/1=0EW6LI
MVP.Q_P!4QZ#_ '3^E<%?"I+F@>AA\6V^6I]YZS7"_$S6]2T:'3VTZ[>W,K2!
M]F/FQMQU^M=U7F_Q?_X]]+_WI/Y+7-ATG529UXEM4FT<?_PG/B;_ *"\_P"2
M_P"%'_"<^)O^@O/^2_X5@45ZWLX=D>-[6?\ ,_O/7?ASXMGUF.?3]2G,MW'^
M\C=L9=.X_ _S]J[JOG71]3GT;5;?4+<_/"^<?WAW'XCBOH'3[Z#4K""]MFW1
M3H'4_7M]:\W%4N27,MF>IA*W/'E>Z*/BN[GL?"]_=6LIBFBBRCKU!R*\>_X3
MGQ-_T%Y_R7_"O6_&W_(FZG_UQ_J*\%K;"1BX.Z,,;.49JSZ&_P#\)SXF_P"@
MO/\ DO\ A7IWP[U.]U;PXUS?W#3R_:&7<V,X '%>)5['\*_^12?_ *^G_DM7
MBH15.Z1.#G)U;-FIXXO[K3?"EU=V4S0SH4VNO498 UY/_P )SXF_Z"\_Y+_A
M7J'Q&_Y$F]^L?_H8KQ"IPD8N#NNH\9.4:B2?0W_^$Y\3?]!>?\E_PKT3X:ZQ
MJ&L:;>RZA=/</',%4MC@8KQRO5OA%_R"-0_Z[K_Z#5XF$53;2(PDY.JDV=1X
MMN[BP\+7]U:RF*:.,%'7J#D5Y!_PG/B;_H+S_DO^%>L^.?\ D3-3_P"N0_\
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M\&/F/Y''XUXQ5N^U.[U&.V2YE+K:PB&(>B@__7JI65&E[.-C:O5]K*X5ZO\
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MI<?]^UJ#_A<"?] 5O_ C_P"QH_X7 G_0%;_P(_\ L:XK8K^K'??!_P!7)_\
MA45A_P!!2X_[]K2K\([!6##5+C@Y_P!6M5_^%P)_T!6_\"/_ +&M_P )>-U\
M4WD]N+ VWDQ[]QEW9YQCH*F3Q,5=_H5%863LM_F=2!A0/05X_P#%;_D:HO\
MKU3_ -":O8:\>^*W_(U1?]>J?^A-483^(7C?X1Q-%%%>L>,>T6WPX\,R6L4C
M6<A9D!/[]^N/K3I/AEX9=2%MYXSZK,W]<UTMFZ_88/F'^K7O[5*TT2+N>1%
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MH]6_Z"%G_P"/?X4?\*CU;_H(6?\ X]_A6?UBEW-OJU7^4X&O0/A%_P AB_\
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MY+7CE>Q_"O\ Y%)_^OI_Y+7+B_X9UX+^+\BY\1O^1)O?K'_Z&*\0KV_XC?\
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MR.,A217EVK7>G)\2M-U'1KB*6.XDC:0Q'@,6VMGT)'\Z],UW_D7]1_Z]9/\
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MA<#^5:1D[>[3N9SBK^]4M]R(O!_CF'Q([6=S"+:^0;M@/RR =<>A]JZ+5/\
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M_ ]#2A^YJ*[]2IWKTGRKT\SGXOA;X=GA26.ZO6210RL)%Y!Z?PT__A5.@?\
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M7X4?\BO/_P!?3?\ H*U0^+__ ![Z7_OR?R6M'X5(\?AF<.I4_:FX(Q_"M/\
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M<-4^&.A7Q9[7S;&0\_NCN3_OD_T(KF+>;6OAWXBMK&XN?M.GW!'RY.UES@D
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M17@>657A4Y"XY/UK?KS,NP4J<G4J*SZ?YG5B*RDN6(4445[1QA1110 4444
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
$@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
