Avenor Lists on New York Stock Exchange.

NEW YORK--(BUSINESS WIRE)--March 19, 1997--Avenor Inc. announced today that its common stock will begin trading today on the New York Stock Exchange under the symbol "ANR." Mr. Paul E. Gagne, President and Chief Executive Officer of Avenor, rang the ceremonial opening bell to usher in the day's trading.

Mr. Bill Johnston, President and Chief Operating Officer of the New York Stock Exchange, was on hand to congratulate Mr. Gagne at the morning festivities that took place on the Exchange trading floor.

At the event, Paul Gagne said, "This is a proud moment in the history of Avenor and sends an important signal to the U.S. equity markets. We will benefit from the increased visibility and liquidity, as well as access to larger sources of capital. Our listing further demonstrates our commitment to the important U.S. market. We have a large proportion of sales in the U.S. and are in the process of acquiring coated paper assets here."

Avenor is an international forest products company producing newsprint, pulp, white paper and wood products, headquartered in Montreal, Canada. With sales of CDN$2.1 billion in 1996, the Company is North America's largest supplier of post-consumer recycled-content newsprint and one of Canada's leading exporters of market pulp. Avenor employs 6,800 people and serves customers in 40 countries through its marketing and sales offices in North America, Europe and Asia. -0-

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CONTACT: Avenor Inc., Montreal

Denis Aubin, Vice-President

and Chief Financial Officer

514/846-5129

or

William Harvey, Vice-President

and Treasurer

514/846-4957

or

Emmanuelle Collin, Vice-President

and Governmental Affairs

514/846-5061