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Quebecor World Renews its U.S. Securitization Program

Press release from the issuing company

MONTREAL--Sept. 29, 2004-- Quebecor World today announced it has renewed and amended its U.S. trade receivables securitization program. The $510 million program, which has been in place since 1999, continues to be extendable on an annual basis and has been extended through September 28, 2005. The program has also been amended to give Quebecor World the option to extend the term of the program for an additional year (also known as a term-out option). The renewal and amendment extend Quebecor World's liquidity horizon under the program to 24 months.