[ X ]
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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B.
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Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:
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Table of Contents
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Page
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Financial Statements:
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Supplemental Schedule:
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December 31, 2014
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December 31, 2013
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Assets
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Investments, at fair value (Notes 2, 3 and 4)
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$
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42,628,089
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$
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41,644,397
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Receivables:
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Notes receivable from participants
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1,363,596
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1,201,323
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Participant contributions
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87,166
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85,659
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Employer contributions
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21,671
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19,600
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Accrued interest and dividends
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3,987
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3,747
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Total receivables
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1,476,420
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1,310,329
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Net Assets Reflecting Investments at Fair Value
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44,104,509
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42,954,726
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Adjustment from fair value to contract value for fully benefit-responsive investment contracts (Note 2)
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(2,195,566
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)
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(2,042,400
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)
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Net Assets Available for Benefits
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$
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41,908,943
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$
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40,912,326
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Year Ended
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December 31, 2014
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Additions to Net Assets:
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Investment Income:
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Net appreciation in fair value of investments (Note 4)
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$
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372,033
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Interest and dividends (Note 5)
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776,449
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Interest on notes receivable from participants
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52,664
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Contributions:
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Participant contributions
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2,707,777
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Employer contributions
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2,444,084
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Rollover contributions
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190,310
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Total Additions
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6,543,317
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Deductions from Net Assets:
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Distributions to participants
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(5,064,938
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)
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Net increase before net transfers of assets from this plan
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1,478,379
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Net transfers of assets from this plan (Note 1)
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(481,762
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)
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Net increase
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996,617
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Net assets available for benefits:
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Beginning of year
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40,912,326
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End of year
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$
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41,908,943
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1.
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Description of the Plan
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2.
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Summary of Significant Accounting Policies
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Average yields
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December 31, 2014
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December 31, 2013
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Based on actual earnings
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2.62
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%
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2.64
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%
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Based on interest rate credited to participants
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2.62
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%
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2.64
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%
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3.
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Fair Value Measurements
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Level 1
-
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Quoted prices in active markets for identical assets or liabilities.
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Level 2
-
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Observable inputs other than quoted prices included in level one, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
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Level 3
-
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Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
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Asset Category
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Level 1
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Level 2
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Level 3
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Total
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Rayonier Inc. Common Stock Fund (a)
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$
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—
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$
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3,030,230
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$
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—
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$
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3,030,230
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Rayonier Advanced Materials Inc. Common Stock Fund
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—
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1,947,192
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—
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1,947,192
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MassMutual GIA
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—
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—
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19,676,190
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19,676,190
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Pooled Separate Investment Accounts:
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Large Cap Equity
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—
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11,582,700
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—
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11,582,700
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Asset Allocation
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—
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4,804,582
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—
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4,804,582
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Mid Cap Equity
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—
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452,813
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—
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452,813
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International Equity
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—
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386,941
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—
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386,941
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Small Cap Equity
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—
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374,919
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—
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374,919
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Intermediate Term Bond
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—
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372,522
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—
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372,522
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Investments at Fair Value
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$
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—
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$
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22,951,899
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$
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19,676,190
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$
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42,628,089
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Asset Category
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Level 1
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Level 2
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Level 3
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Total
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Rayonier Inc. Common Stock Fund
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$
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7,123,412
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$
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—
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$
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—
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$
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7,123,412
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MassMutual GIA
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—
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—
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17,988,685
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17,988,685
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Pooled Separate Investment Accounts:
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Large Cap Equity
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—
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10,539,739
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—
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10,539,739
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Asset Allocation
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—
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3,522,410
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—
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3,522,410
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Intermediate Term Bond
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—
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807,376
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—
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807,376
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Small Cap Equity
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—
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756,506
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—
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756,506
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Mid Cap Equity
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—
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527,922
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—
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527,922
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International Equity
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—
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378,347
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—
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378,347
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Investments at Fair Value
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$
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7,123,412
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$
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16,532,300
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$
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17,988,685
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$
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41,644,397
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Level 2
-
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Rayonier Advanced Materials Inc. and Rayonier Inc. Common Stock Funds
- fair value measured using the unit value calculated from the observable market price of the stock plus the cost of the short-term investment fund, which approximates fair value.
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Level 3
-
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MassMutual GIA
- fair value is determined by the custodian using a market value based on an actuarial formula as defined by the contract. The GIA market value formula is equivalent to a serial bond with annual principal and interest payments valued to yield at the Barclays Capital U.S. Aggregate Index Yield Average (the assumed new money rate). Management assesses the reasonableness of the methodology by reviewing a variety of factors including internal control reports, the fund investment profile and financial strength ratios, economic conditions and overall credit ratings.
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Level 3 Assets
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MassMutual GIA
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Balance, beginning of the year
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$
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17,988,685
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Interest income
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493,298
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Change in fair value of fully benefit-responsive investment contract
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153,166
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Purchases
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5,097,151
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Sales
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(4,056,110
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)
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Balance, end of year
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$
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19,676,190
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Instrument
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Principal Valuation Technique
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Unobservable Inputs
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Significant
Input Values
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MassMutual GIA
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Market Value Formula
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Yield Average (a)
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1.25%
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Interest Rate (b)
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3.40%
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Annuity Present Value (c)
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10.51
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Years to Maturity (d)
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11.34
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4.
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Investments
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2014
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2013
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MassMutual GIA
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$
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19,676,190
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$
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17,988,685
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MassMutual S&P 500 Index Fund
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10,407,877
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9,484,743
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Rayonier Inc. Common Stock Fund
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3,030,230
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7,123,412
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Stock Funds
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$
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(1,135,752
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)
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Pooled Separate Investment Accounts
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1,507,785
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Net Appreciation in Fair Value of Investments
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$
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372,033
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5.
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Dividends
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6.
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Party-in-Interest Transactions
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7.
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Plan Termination
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8.
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Tax Status
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9.
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Reconciliation of Financial Statements to Form 5500
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December 31, 2014
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Net assets available for benefits per the financial statements
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$
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41,908,943
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Less: Contributions receivable
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(108,837
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)
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Interest receivable
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(39
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)
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Net assets available for benefits per Form 5500
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$
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41,800,067
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December 31, 2013
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Net assets available for benefits per the financial statements
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$
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40,912,326
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Less: Contributions receivable
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(105,259
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)
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Interest receivable
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(22
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)
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Net assets available for benefits per Form 5500
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$
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40,807,045
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(a)
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(b) Identity of Issue
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(c) Description
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(e) Current Value
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*
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MassMutual
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Guaranteed Interest Account
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$
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19,676,190
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*
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MassMutual
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MM S&P 500 Index Fund
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10,407,877
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*
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MassMutual
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Wells Fargo Advantage Dow Jones Target 2045 Fund
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1,829,469
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*
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MassMutual
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Wells Fargo Advantage Dow Jones Target 2025 Fund
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1,399,782
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*
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MassMutual
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Wells Fargo Advantage Dow Jones Target 2035 Fund
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1,383,479
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*
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MassMutual
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American Funds Growth Fund of America
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594,927
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*
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MassMutual
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MFS Value Fund
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579,896
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*
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MassMutual
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Northern Mid Cap Index Fund
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452,813
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*
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MassMutual
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Select MetWest Total Return Bond Fund
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372,522
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*
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MassMutual
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Invesco Small Cap Discovery Fund
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262,773
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*
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MassMutual
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American Funds EuroPacific Growth Fund
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188,211
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*
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MassMutual
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Wells Fargo Advantage Dow Jones Target 2015 Fund
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167,458
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*
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MassMutual
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MM Select Small Company Value Fund
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112,146
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*
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MassMutual
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Oppenheimer Developing Markets Fund
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111,557
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*
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MassMutual
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MM MSCI EAFE International Index Fund
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87,173
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|
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*
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MassMutual
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Wells Fargo Advantage Dow Jones Target Today Fund
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14,241
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*
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MassMutual
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Wells Fargo Advantage Dow Jones Target 2055 Fund
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10,153
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Stock Fund
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Rayonier Inc. Common Shares
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3,030,230
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*
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Stock Fund
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Rayonier Advanced Materials Inc. Common Stock
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1,947,192
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*
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Participant Loans
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Participant Loans**
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1,363,596
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$
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43,991,685
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*
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Denotes exempt party-in-interest transaction.
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**
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The loans bear fixed interest rates of 4.25 percent with maturities through August 30, 2029.
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Note: Investments are participant directed, thus cost information is not required.
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Rayonier Advanced Materials Inc. Jesup Mill Savings Plan for Hourly Employees
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(Name of Plan)
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/s/ JAMES L POSZE
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James L Posze
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Plan Administrator
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Exhibit No.
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Description
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Location
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23
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Consent of Independent Registered Public Accounting Firm
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Filed herewith
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