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Quebecor World Lowers Outlook for 2005

Press release from the issuing company

MONTREAL--Oct. 21, 2005-- Quebecor World, Inc. announced today that earnings per share in the third and fourth quarter of 2005, before impairment of assets, restructuring and other charges, will be lower than in the same periods last year and below current market expectations. More specifically, Quebecor World's management team anticipates earnings per share will be in the range of $0.25-to-$0.30 for the third quarter of 2005, before impairment of assets, restructuring and other charges. The lower results are explained by challenging market conditions, especially with regard to pricing and rising energy costs, as well as by continued underperformance of the Company's operations in France and the United Kingdom. In order to address the situation, the Company is implementing a retooling program of its manufacturing platform that will improve its competitiveness and reduce its cost base. The North American plan announced in the summer of 2004 is currently under way and on schedule. The first group of new web offset presses, equipped with the latest technology, is currently being installed in facilities in Merced, CA, Dallas, TX, Jonesboro, AK and Versailles, KY. This and additional state-of-the-art equipment will improve operational efficiency, make the Company more competitive and better able to win and service the print requirements of the world's leading publishers and retailers. In Europe, the Company will announce a similar retooling plan in the first quarter of 2006. The Company intends to rapidly implement this plan that will improve its competitive position in Europe.