Press Releases

For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP


NEW YORK, November 18, 1999 -- The Wall Street law firm Carter, Ledyard & Milburn announced that it had represented Calhoun Newsprint Company, a majority owned subsidiary of Bowater Incorporated (NYSE: BOW), a leading paper company, in the sale of approximately 133,000 acres of timberlands in North and South Carolina to investors of Wachovia Timberland Investment Management, a business unit of Wachovia Bank, N.A., for approximately $162 million, consisting of cash and notes. The investor group includes a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America, the world's largest pension system. Previously this year, Carter, Ledyard & Milburn represented Bowater in the sale of approximately 1.65 million acres of timberland in the state of Maine in two transactions for a total price of approximately $366 million and the sale of its wholly-owned Maine subsidiary, Great Northern Paper, Inc., for $250 million.

Carter, Ledyard & Milburn corporate partners Peter P. McN. Gates and Richard G. Pierson, and tax partner Howard J. Barnet, Jr. assisted Bowater's General Counsel Anthony H. Barash and Associate General Counsel Harry F. Geair with the transaction. Working together with Carter, Ledyard was local counsel, Harvey Templeton, of Cleveland, Tennessee. Stephen B. Schrock, of Powell, Goldstein, Frazer & Murphy LLP and C. Glenn Dunaway, of Mazursky & Dunaway, LLP, each in Atlanta, Georgia, represented Wachovia Timberland Investment Management and the investor group.

Bowater Incorporated, headquartered in Greenville, SC, is a global leader in newsprint. In addition, the company makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. It has 8 pulp and paper mills in the United States, Canada and South Korea. Supported by more than 2 million acres (excluding the sale mentioned above) of timberlands owned or leased in the United States and Canada and over 14 million acres of timber cutting rights in Canada.

Bowater Incorporated is one of the world's largest users of recycled newspapers and magazines. Bowater common stock is listed on the New York Stock Exchange, U.S. regional exchanges and the London Stock Exchange. A special class of stock exchangeable into Bowater common stock is listed on the Toronto and Montreal exchanges (TSE and ME: BWX).

Carter Ledyard & Milburn LLP (, 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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