<B>Special Abitibi Committee Supports Management</B>

Following its creation and initial meeting on November 3, the Special Committee of the Board of Abitibi-Consolidated considered relevant facts, including recent actions taken and public statements made by, or on behalf of, one of the company's shareholders, Quebecor Inc. The Committee has also received independent legal advice.

After careful consideration, on November 5, the Special Committee came to the conclusion that Quebecor's comments were without merit and foundation. The Special Committee then expressed its full support for CEO John W. Weaver and Abitibi-Consolidated's management.

"The Special Committee was concerned that misinformation and uncertainty in the marketplace could adversely impact shareholder value. We have decided to write a letter to all shareholders to dispel misconceptions and to express our support for management and its ongoing efforts to enhance value for all shareholders," said John A. Tory, Chairman of the Special Committee.

The Special Committee based its conclusions, among other things, on the following:

Over the last 18 months, since John Weaver became CEO, management has presided over a significant turnaround of Abitibi-Consolidated, in terms of culture, operations, results and growth. Among other things, management showed discipline by closing 350,000 metric tons of high cost capacity, reducing manpower by more than 10% compared with January 1, 1999 levels and reducing SG&A by shedding 112 positions at head office as part of a comprehensive cost reduction program implemented in 1999 - well before the acquisition of Donohue.

Recent third quarter net earnings of C$108 million represent an improvement of 77% over the second quarter of 2000, despite a C$16-million pre-tax charge in connection with the refinancing of the company's bridge loan used to complete the acquisition of Donohue.

Despite contrary public statements made by, or on behalf of, Quebecor, more than 60% of the company's operating profit for the third quarter, and more than 80% of the increase over the previous quarter are attributable to operations owned by Abitibi-Consolidated before the acquisition of Donohue.

With respect to synergies, the company is currently surpassing the objectives set by the board in June with the approval of the Quebecor representatives. Synergies reached an annualized rate of C$180 million at the end of the third quarter (excluding fiber and energy price increases), compared with objectives of C$125 million for the first quarter of 2001 and C$250 million overall. This C$180 million amount was reviewed by the Audit Committee in consultation with the Company's external auditors prior to the announcement of the Company's third quarter results.

The special committee hearing was called after allegations by Quebecor Inc., the largest shareholder in Donohue, that the combined company was not producing as effectively as it could.

According to press reports Quebecor remains dissatisfied with Abitibi's management and will keep pushing for changes. Quebecor formerly controlled Donohue, which was far more profitable in recent years than Abitibi. If Abitibi had adopted Donohue's best practices after the merger, "the performance would be much better," said Quebecor spokesman Luc Lavoie, according to the Wall Street Journal.

The problems between the two sides came to a head when Michel Desbiens, chairman of the board and formerly the head of Donohue, resigned his position with A-C, although he remains a member of the board.