MONTREAL--Jan. 9, 2003--Quebecor World Inc.'s Latin American business continues to grow as the Company develops new partnerships and builds on relationships with our North American and European customers. Quebecor World is pleased to announce several new agreements with existing customers who are expanding their business in Latin America including Telefonica de Espana, Reader's Digest, Avon and Abril. Quebecor World signed a long-term agreement with Telefonica de Espana to print directories in Brazil, Chile, Argentina and Peru. The total value of this agreement may exceed $40 million. Quebecor World will produce white and yellow page directories at its facilities in Brazil, Peru, Argentina and Chile. The annual volume, in excess of 9 billion printed pages, represents approximately half the number of directory pages Quebecor World prints in Canada. "This agreement builds on our partnership with Telefonica in Europe where we print their directories in Spain," said Guy Trahan, President, Quebecor World Latin America. "European companies such as Telefonica are choosing Quebecor World Latin America because they know we have the expertise and the platform to produce a top quality product for their customers throughout the region." Quebecor World has also concluded a multi-year agreement to print magazines for Reader's Digest. These monthly, quarterly and special edition magazines will be distributed to Reader's Digest customers in Peru, Colombia, Ecuador, Venezuela, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama. The work will be produced at Quebecor World's facility in Lima, Peru. Quebecor World also produces books for Reader's Digest in Mexico. Under a new agreement with Avon, Quebecor World is now manufacturing all of its catalogs for distribution in Peru, Chile and Bolivia. The work is produced at Quebecor World's facilities in Peru and Chile. "We are eager to expand our business with Avon," said Mr. Trahan. "They are a valued customer of ours in North America and Europe and this latest agreement further solidifies this relationship and will help Avon reach even more customers in the Latin American market." Finally, in December, Quebecor World Latin America signed a long-term contract to print Editora Abril's sheet-fed printed products in Brazil. This agreement covers inserts and short-run sections for the monthly magazines that Abril prints in Sao Paulo. Quebecor World and Editora Abril, Brazil's largest magazine publisher, have had a close working relationship for several years and in 2000 signed an agreement for Quebecor World to produce Abril's publications in the North East of Brazil at a specially constructed plant in Recife.