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Quebecor World USA Inc. Successfully Completes Consent Solicitation

Press release from the issuing company

GREENWICH, Conn.--Aug. 2, 2001--Quebecor World (USA) Inc., formerly known as World Color Press, Inc. (the "Company''), announced that at 5:00 p.m., New York City time, on Wednesday, August 1, 2001 it successfully completed a consent solicitation, which was launched on July 10, 2001 with respect to certain amendments (the "Amendments'') to the indentures (the "Indentures'') governing the Company's 8-3/8% Senior Subordinated Notes due 2008 and 7-3/4% Senior Subordinated Notes due 2009, respectively (collectively, the "Notes''), following the receipt of valid and unrevoked consents from holders of at least a majority in aggregate principal amount of each series of outstanding Notes. The Company also announced that Quebecor Printing (USA) Holdings Inc., the sole stockholder of the Company and an indirect, wholly-owned subsidiary of Quebecor World Inc., will merge with and into the Company, with the Company surviving the merger, and the Amendments will be adopted by the execution of supplemental indentures to the Indentures among the Company, Quebecor World Inc. and The Bank of New York, as Trustee. The Company will pay to holders of the Notes $5.00 in cash for each $1,000 principal amount of the Notes for which a valid consent has been delivered and not revoked. The Amendments include amendments to the covenants in each Indenture regarding financial reporting, limitations on restricted payments, merger and consolidation and sale of substantially all assets, dividends and payment restrictions, incurrence of indebtedness, limitations on liens, investments in certain subsidiaries, transactions with affiliates and limitations on other subordinated indebtedness. The Amendments are intended to conform such restrictive covenants in the Indentures substantially to analogous, but less restrictive, covenants in the indentures governing the U.S. public debt issued or guaranteed by Quebecor World Inc. The Amendments also provide for the elimination of the subordination provisions of the Notes and the elimination of the subordination of the guarantee of the Notes by Quebecor World Inc. Following the adoption of the Amendments by the execution of the supplemental indentures to the Indentures, the Notes will be senior obligations of the Company and will be guaranteed by Quebecor World Inc. on a senior basis.