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Quebecor Provides Subordinated Guarantee for Quebecor World --USA-- Notes

Press release from the issuing company

GREENWICH, Conn.-July 9, 2001--Quebecor World (USA) Inc., formerly known as World Color Press, Inc. (the "Company''), announced that on Monday, July 9, 2001 it entered into supplemental indentures (the "First Supplemental Indentures'') with Quebecor World Inc. and The Bank of New York, as Trustee (the "Trustee''), amending the indentures dated as of November 20, 1998 and February 22, 1999 between the Company and the Trustee (the "Indentures''), providing for the issuance of the Company's 8-3/8% Senior Subordinated Notes due 2008 and 7-3/4% Senior Subordinated Notes due 2007, respectively (collectively, the "Notes''). The First Supplemental Indentures provide a guarantee of the Notes by Quebecor World Inc. which is subordinated in right of payment to the prior payment in full of all debt of Quebecor World Inc., except any obligations to trade creditors. Each Indenture permits the Company and the Trustee to amend or supplement such Indenture without consent of the holders of the Notes issued under such Indenture to make any change that does not adversely affect the rights of any holder. Quebecor World (USA) Inc. is an indirect, wholly-owned subsidiary of Quebecor World Inc. The Company, together with the other U.S. subsidiaries of Quebecor World Inc., comprise the largest diversified commercial printer in the United States, providing digital premedia, press, binding, logistics and other value added services to customers in the commercial, direct mail, magazine, catalog, retail, book and directory markets.