Montréal, Quebec, Canada, 29 December 2008 – Quebecor World Inc. today announced that, on or before 29 December 2008, it received notices in respect of 256,364 of its remaining 1,696,428 issued and outstanding Series 5 Cumulative Redeemable First Preferred Shares (TSX: IQW.PR.C) requesting conversion into the company’s Subordinate Voting Shares (TSX: IQW).

In accordance with the provisions governing the Series 5 Preferred Shares, registered holders of such shares are entitled to convert all or any number of their Series 5 Preferred Shares into a number of Subordinate Voting Shares effective as of 02 March 2009, provided such holders gave notice of their intention to convert at least 65 days before the Conversion Date. The Series 5 Preferred Shares are convertible into that number of the Company’s Subordinate Voting Shares determined by dividing CAD 25.00 together with all accrued and unpaid dividends on such shares up to 28 February 2009, by the greater of CAD 2.00 and 95% of the weighted average trading price of the Series 5 Preferred Shares on the Toronto Stock Exchange during the period of 20 trading days ending on 26 February 2009.

The next conversion date on which registered holders of the Series 5 Preferred Shares will be entitled to convert all or any number of such shares into Subordinate Voting Shares is 01 June 2009, and notices of conversion in respect thereof must be deposited with the company’s transfer agent, Computershare Investor Services Inc., on or before 27 March 2009.

Quebecor World Inc. (www.quebecorworld.com) 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, and 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 23,000 employees working in approximately 100 printing and related facilities in the United States, Canada, Argentina, Brazil, Chile, Colombia, Mexico, and Peru.