October 6, 2001
CUC announces closing of US$30m private placement

CUC announced today the closing of the second and final tranche of a US$30 million private placement through BMO Nesbitt Burns Corp. of 6.67% Senior Unsecured Notes due June 1, 2016. The second tranche of US$15 million closed October 2, 2001 and followed the first tranche of US$15 million, which closed June 5, 2001.

The debt offering was privately placed with two institutional investors in the United States. Proceeds from the offering will be used to finance enhancements to CUC's transmission and distribution system.

The notes will not be registered under the Securities Act of 1933 (the "Securities Act") as amended, nor will they be registered under any state securities laws. Unless so registered, the notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

CUC's Class A Ordinary Shares and 8% Cumulative Fixed Term Class C, Series 2 Preference Shares are listed in United States funds on The Toronto Stock Exchange (Trading Symbols: CUP.U and CUP.PR.U).

Contact: R. Scott Hawkes, Company Secretary
Tel: (345) 949-5200
Fax: (345) 949-4621
shawkes@cuc.com.ky

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