AbitibiBowater Emerges from Bankruptcy

• Eliminated $880 million of annual fixed costs, from $1,353 million to $473 million.

• Realized over $375 million in annualized synergies from manufacturing efficiencies and SG&A reductions as well as procurement and logistics initiatives.

• Entered into agreements with provincial authorities in Ontario and Quebec, reducing annual pension fund contributions by approximately $200 million. These reductions have been made while registered pension plans continue to pay 100 percent of obligations to retirees and beneficiaries. The Company will gradually move towards normalized solvency funding over a 10-year period.