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March 5,2008 Dear Friend, Attached is our analysis of AbitibiBowater, the largest North American newsprint producer. External factors driving its volumes, prices and costs of key products have been adverse. Management has made innumerable tough decisions to cut costs and reduce volumes, only to see the stronger C$ and market declines offset large portions of them. It offers extraordinary leverage should prices or markets improve, and vice versa. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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