MONTREAL, QUEBEC (NYSE: IQW) announced today that it has accepted a CDN$400 million rescue financing proposal submitted jointly by Quebecor Inc. and Tricap Partners Ltd., a private equity fund managed by Brookfield Asset Management Inc. Following a careful review of the proposal, a special committee composed of the independent directors of Quebecor World has concluded that accepting the proposal is in the best interests of the Company and its stakeholders.

The proposal contemplates an interim financing facility of CDN$200 million, which will be made available to the Company in accordance with its cash flow needs, subject to receipt (or waiver) prior to 9:00 pm on January 16, 2008 of the required consents and certain other agreements of the Company's lenders and the sponsors of its securitization programs. There is no assurance all the consents and approvals will be received on a timely basis.

The rescue proposal further contemplates that on or prior to March 31, 2008, the CDN$200 million interim facility will be replaced by a recapitalization plan comprised of an aggregate CDN$400 million issuance of Senior Secured Notes due 2012 to Quebecor Inc. and Tricap Partners as well as the issuance to Quebecor Inc. and Tricap Partners of a number of the Company's subordinate voting shares representing 75% of the aggregate equity of Quebecor World on a fully diluted basis (assuming the proposed conversion of all outstanding preferred shares into subordinate voting shares). Completion of the recapitalization plan is subject to a number of conditions, including, but not limited to, the approval of the financing plan by holders of certain debt securities issued by Quebecor World, the conversion of all Series 5 preferred shares and Series 3 preferred shares into subordinate voting shares and receipt of all required regulatory and other approvals and settlement of definitive documentation. In addition, the rescue proposal specifically contemplates that the consent of the holders of the Company's debt securities maturing in 2008, 2013 and 2027 must be obtained and Quebecor Inc. and Tricap Partners have informed Quebecor World that they intend to commence discussions with these holders immediately.

As the transaction involves a related party, namely Quebecor Inc., and the aggregate number of subordinate voting shares issuable in connection with the recapitalization plan will exceed the maximum number of securities issuable without security holder approval under the rules of the Toronto Stock Exchange (the "TSX"), Quebecor World intends to rely on an exemption from the security holder approval requirements and formal valuation requirements provided for under applicable securities laws and the rules of the TSX on the basis of the Company's financial situation. Upon the recommendation of the special committee of independent directors, who are free from any interest in the transactions and are unrelated to any of the parties involved in the transactions, the Board of Directors of Quebecor World has made the required determination based on Quebecor World's financial situation, that the transactions are designed to improve its financial situation and are reasonable in the circumstances, and it has authorized Quebecor World to make the necessary applications to the TSX in order to benefit from such exemption and to list the shares issuable to Quebecor Inc. and Tricap Partners.

Quebecor World also announced today that in connection with the waivers obtained from its banking syndicate and the sponsors of its North American securitization program announced on December 31, 2007, it has requested a further waiver from such lenders and sponsors extending to January 21, 2008, the date by which it must obtain U.S.$125 million of new financing.

Forward looking statements

This press release may include "forward-looking statements" that involve risks and uncertainties. All statements other than statements of historical facts included in this press release, including statements regarding the prospects of the industry and prospects, plans, financial position and business strategy of Quebecor World Inc. (the "Company"), may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation and regulations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made have on the Company's business. For example, they do not include the effect of dispositions, acquisitions, other business transactions, asset writedowns or other charges announced or occurring after forward-looking statements are made.

Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available at www.sedar.com, www.sec.gov and www.quebecorworld.com. In particular, further details and descriptions of these and other factors are disclosed in the "Risks and Uncertainties related to the Company's business" section of the Company's Management's Discussion and Analysis for the year ended December 31, 2006, and the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2006.

The forward-looking statements in this press release reflect the Company's expectations as of January 14, 2008 and are subject to change after this date. The Company expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.

About Quebecor World

Quebecor World Inc. (TSX: IQW) (NYSE: IQW) is a world leader in providing high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The Company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 28,000 employees working in more than 115 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

Web address: www.quebecorworld.com

Contacts: Quebecor World Inc. Tony Ross Vice President, Communications 514-877-5317 800-567-7070 Quebecor World Inc. Roland Ribotti Vice President, Investor Relations and Assistant Treasurer 514-877-5143 800-567-7070

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