Montreal, Canada –3/28/01 - Quebecor World Inc. today announced the closing of a private placement of Senior Notes in the amount US$250 million by its wholly-owned subsidiary, Quebecor World Capital Corporation. The notes are guaranteed by Quebecor World Inc. and its wholly-owned subsidiary, Quebecor Printing (USA) Holdings Inc. The Senior Notes mature on March 28, 2006, and bear interest at a rate of 7.2%. Proceeds from the issuance of Senior Notes have been used to repay bank indebtedness incurred during 1999 to fund the acquisition of World Color Press, Inc., and for general corporate purposes. In the last 18 months, Quebecor World management has focused its efforts on maximizing free cash flow from operations and the access to capital markets in order to pay down bank borrowings incurred as a result of the Merger with World Color Press, Inc. Free cash flow from operations was $1.3 billion in the last two years, resulting in a debt-to-capitalization ratio of 47:53 at December 31, 2000. Bank borrowings under the credit facility established in July 1999 for the acquisition of World Color Press, Inc. has now been fully repaid, compared with an initial limit of $1.25 billion at the time of the acquisition. “This financing was very well-received by the investment community, enabling us to further diversify our funding sources. This recent financing initiative, combined with our focus on maximizing free cash flow, has already paid by dividends,” said Christian Paupe, Executive Vice President of Quebecor World. Almost half the investors in this issue are investing in Quebecor World securities for the first time. “We have now fully reimbursed bank borrowings incurred as a result of the Merger with World Color,” Mr. Paupe added. “The issuance of Preferred Shares in February 2001 for gross proceeds of CDN$200 million also reinforced our capital structure for future growth.” The placement agents for Quebecor World in connection with the private placement of the notes were Salomon Smith Barney Inc. and Bank of America Securities, LLC.