Fraser Papers Inc.

Fraser Papers Inc.

December 28, 2010 16:00 ET

Fraser Papers Provides Default Status Report

TORONTO, ONTARIO--(Marketwire - Dec. 28, 2010) - Fraser Papers Inc. ("Fraser Papers" or the "Company") is providing this second Default Status Report in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults. In its news release on November 30, 2010, the Company announced that it was not able to file its financial statements for the interim period ended October 2, 2010, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Required Documents") by the December 1, 2010 due date.

Fraser Papers remains under creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA"), with its stay of proceedings having been extended by the court to February 28, 2011.

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Note: This press release contains forward-looking information and forward-looking statements within the meaning of Canadian provincial securities laws. These forward-looking statements include, among others, statements with respect to the Company's CCAA protection and filing of the Required Documents. The words "remain", "will", variations of those words, and other words and expressions which may be predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results of the Company's CCAA protection and filing of the Required Documents, if any, to differ materially from those set forth in the forward-looking statements include unforeseen administrative, legal, or transactional issues and other risks detailed from time to time in the documents filed by the Company with the securities regulators in Canada. In addition, the Company and its subsidiaries are currently operating under creditor protection laws in Canada and the United States. Many of the Company's plans are subject to the review of commercial courts in Canada and the United States. The Company cannot anticipate when such plans will be the subject of consideration by the commercial courts or, if they are, what impact that consideration will have on the plans or intentions of the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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