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     (In millions, except per-share amounts)

2000

1999

Sales

$

2,500.3

$

2,311.7

Operating income (1)

363.3

244.0

Net income

159.4

78.7

Diluted earnings per common share

$

3.02

$

1.41

Average common and common equivalent
     shares outstanding

52.8

55.0

Dividends declared per common share

$

0.80

$

0.80

Total assets

5,004.1

4,552.2

Total shareholders' equity

$

1,797.1

$

1,770.8

Percent return on average common equity

8.9%

4.5%

Total debt

$

1,931.1

$

1,505.1

Total debt as a percentage of total
     capitalization (2)

48.6%

42.1%

Current ratio

0.65x

1.34x

Capital expenditures, including timberlands

$

283.2

$

198.5

Registered shareholders

4,900

5,200

Common stock price range

$

42.06-59.00

$

37.13-59.94

1)

Operating income includes net gain on sale of assets of $7.3 million for 2000. In 1999, operating income includes net gain on sale of assets of $225.4 million and impairment charges of $92.0 million.

2)

This ratio excludes the revaluation of debt assumed through acquisitions totaling $113.2 million and $128.6 million for 2000 and 1999, respectively.

© 2001 Bowater Incorporated
Special note regarding forward-looking statements...