Abitibi-Consolidated Completes U.S. Note Offering

On December 11, 2001, Abitibi-Consolidated Inc. completed an offering in the U.S. of US$300 million of 6.95 per cent notes due December 15, 2006 of its subsidiary, Abitibi-Consolidated Company of Canada, unconditionally guaranteed as to payment by Abitibi-Consolidated Inc. The notes were issued under Abitibi-Consolidated’s US$600 million shelf prospectus.

Marc Barbeau, Louis Morisset and Claire Zikovsky of Stikeman Elliott acted as Canadian counsel to Abitibi-Consolidated, and Edwin Maynard, Ian Putnam, Alexandre Cohen and Nicolas Smolansky of Paul, Weiss, Rifkind, Wharton & Garrison acted as U.S. counsel.

The lead manager for the offering was Salomon Smith Barney Inc. Brice Voran, Christopher Cummings, David Wilson and Adam Givertz of the Toronto office of Shearman & Sterling acted as U.S. counsel for the underwriters.

Lawyer(s)

Christopher J. Cummings Adam M. Givertz Edwin S. Maynard Louis Morisset Ian Putnam Marc B. Barbeau Nicolas J. Smolansky Claire Zikovsky

Firm(s)

Stikeman Elliott LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP Shearman & Sterling LLP