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For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP
212-238-8753
info@clm.com

CARTER, LEDYARD & MILBURN ASSISTS BOWATER INC. IN $370 MILLION PURCHASE OF NEWSPRINT SOUTH PAPER MILL

NEW YORK, July 18, 2000 -- The Wall Street law firm Carter, Ledyard & Milburn announced that it represented Bowater Incorporated (NYSE: BOW), North America's largest newsprint producer, with the purchase of a Mississippi paper mill for $370 million in cash. Under the deal announced Friday, Bowater will also assume $8.9 million in debt as part of the deal for the Newsprint South mill in Grenada, MS. The transaction is expected to be completed in the third quarter. The agreement is subject to federal regulatory approval. With the Newsprint South acquisition, Bowater will have nine pulp and paper mills in the United States, Canada and South Korea. The mill has newsprint capacity of 250,000 metric tons per year and has one of the lowest operating costs of any newsprint mill in the United States.

"We are delighted to be assisting Bowater in expanding its capacity through this acquisition," said Peter Gates, one of the partners at Carter, Ledyard & Milburn who represented Bowater in this transaction.

Carter, Ledyard & Milburn corporate partners Peter P. McN. Gates, Richard G. Pierson and Robert A. McTamaney, tax partner Howard J. Barnet, and associate Mary Beth Werner assisted Bowater's General Counsel Anthony H. Barash and Associate General Counsel Harry F. Geair with the transaction.

Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.

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