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


--One of The Largest Land Deals in State of Maine's History--

NEW YORK, May 11, 1999 -- The Wall Street law firm Carter, Ledyard & Milburn announced that it had represented Bowater Incorporated (NYSE: BOW), a major paper company, 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. The first of these sales was completed on March 12 to a subsidiary of J.D. Irving Limited of Saint John, New Brunswick. The second, completed on April 16, was to affiliates of McDonald Investment Company, of Birmingham, Alabama and another buyer. As part of these sales, the buyers will supply wood fiber from the purchased timberlands to Bowater's paper making operations at Great Northern Paper in Millinocket and East Millinocket, Maine.

"We are pleased to help our client Bowater with these complex land sales. The sales, encompassing a land area several times the size of Rhode Island, are collectively one of the largest land deals in the state of Maine's history," said Peter P. McN. Gates, one of the partners at Carter, Ledyard & Milburn who represented Bowater in this transaction.

Carter, Ledyard & Milburn corporate partners Peter P. McN. Gates, James Abbott and Richard Pierson, tax partner Howard Barnet, and corporate associates Sandra Rizescu, Renita Jolley, Trygve Kjellsen, Kristen Caione and Austin Keyes assisted Bowater's General Counsel Anthony Barash and Associate General Counsel Harry Geair with the transactions. Representing Bowater in Maine were Thomas Doyle, Dennis Keeler, Matthew Manahan and Kate Geoffroy of Pierce Atwood in Portland. Dewey Ballantine partners John Fritzinger and William Phillips, and associate Robert Sherman represented J.D. Irving Ltd., and J. Fred Powell and Deborah Fisher of Burr & Forman, in Birmingham and Karen Huber of Eaton, Peabody, Bradford & Veague, in Portland, represented the buyers in the McDonald transaction.

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 10 pulp and paper mills in the United States, Canada and South Korea. Supported by more than 2.4 million acres (excluding the sales 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 stockexchangeable into Bowater common stock is listed on the Toronto and Montreal exchanges (TSE and ME: BWX).

J.D. Irving Ltd., is headquartered in Saint John, New Brunswick and owns a total of 5 million acres of land and more than a dozen mills in New Brunswick, Nova Scotia and Maine. A privately owned company, J.D. Irving Ltd., also is involved in home improvement centers, transportation and shipbuilding. McDonald Investment Company is a private investment company owed by the McDonald family of Alabama.

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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