BW20030507002143  20030507T161247Z UTC



( BW)(BOWATER)(BOW) Dividend Declaration

    Business Editors
    UK REGULATORY NEWS

    GREENVILLE, S.C.--(BUSINESS WIRE)--May 7, 2003--

The Board of Directors of Bowater Incorporated (NYSE: BOW) today
declared a quarterly cash dividend of $0.20 per common share payable
on July 1, 2003, to holders of record at the close of business on June
10, 2003. Simultaneously, Bowater's subsidiary, Bowater Canada Inc.,
declared a quarterly cash dividend to holders of its exchangeable
shares (TSE:BWX) in the same amount with the same record and payable dates.

Bowater also announced the results of the vote taken at its annual
meeting held in Greenville, SC, today.

Re-elected to the Board of Directors for three-year terms were:

--  Richard Barth, retired Chairman, President and Chief Executive
    Officer of Ciba-Geigy Corporation

-- Charles J. Howard, Chairman of Howard, Barclay & Associates Ltd

-- Togo D. West, Jr., Of Counsel, Covington & Burling

Bowater Incorporated, headquartered in Greenville, SC, is a
leading producer of newsprint and coated groundwood papers. In
addition, the company makes uncoated groundwood papers, bleached kraft
pulp and lumber products. The company has 12 pulp and paper mills in
the United States, Canada and South Korea and 12 North American
sawmills that produce softwood and hardwood lumber. Bowater also
operates two facilities that convert a groundwood base sheet to coated
products. Bowater's operations are supported by approximately 1.5
million acres of timberlands owned or leased in the United States and
Canada and 32 million acres of timber cutting rights in Canada.
Bowater is one of the world's largest consumers of recycled newspapers
and magazines. Bowater common stock is listed on the New York Stock
Exchange, the Pacific Exchange and the London Stock Exchange. A
special class of stock exchangeable into Bowater common stock is
listed on the Toronto Stock Exchange (TSE: BWX).

    All amounts are in U.S. dollars.

   Short Name: BOWATER INCORPORATED
   Category Code: DIV
   Sequence Number: 00004603
   Time of Receipt (offset from UTC): 20030507T163943+0100

    --30--ac/uk*

    CONTACT: Bowater Inc.
       
    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: FOREST PRODUCTS 
    SOURCE: Bowater Inc.

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