(November 09, 2008) Montréal, Canada –Quebecor World Inc. continues to make sustained progress towards exiting creditor protection in the United States and Canada as a strong participant in its industry. In the third quarter, the Company continued its focus on renewing major customers, gaining new ones and improving efficiency across all its business groups by reducing costs, improving processes and maximizing the performance of its manufacturing platform. In the third quarter, the Company and its advisors met with various stakeholders, including creditors' committees, as it forged ahead with its plans towards developing a plan of arrangement to exit creditor protection under the CCAA and Chapter 11 processes. On September 29, 2008, the Company received court approval to proceed with the Claims process. The Claim Bar date is December 5 by which time creditor claims must be received.

The Company has been operating under creditor protection since its initial filing on January 21, 2008 in the U.S. and Canadian courts. As stated in the Monitor's report of September 23, 2008, the Company had an unrestricted cash balance of $125 million at September 14, 2008, which is $41 million higher than its forecast from the Monitor's report of July 14, 2008. In addition, the Company has $105 million of restricted cash balances. The Company continues to have access to the Revolving Loan Facility of up to $400 million and has drawn only $25 million.

Quebecor World's results in the third quarter 2008 are based on continuing operations following the sale of its European business on June 26, 2008. In the third quarter, the Company generated consolidated revenues from continuing operations of $1.0 billion compared to $1.2 billion in 2007. Operating income before impairment of assets, restructuring and other charges (IAROC) in the third quarter was $33.7 million compared to $57.9 million in the third quarter of 2007. Adjusted EBITDA was $94.2 million in the third quarter of 2008 compared to $123.5 million in the third quarter of 2007. The lower adjusted EBITDA in 2008 is principally due to decreased volumes, plant closures and also due to the economic slowdown affecting all of our sectors. Despite a lower level of activity than planned, the Company's adjusted EBITDA results in the third quarter and year-to-date continue to be in line with management's expectations and with the projections for the DIP financing. The Company generated $4.1 million of positive free cash flow in the third quarter and $88.7 million year-to-date compared to negative free cash flow during the same periods in 2007. This was achieved despite substantial costs for professional fees and other expenses related to the creditor protection process. In the quarter, the Company continued to look for additional means to reduce costs to offset lower volumes due to the challenging economic environment. In the third quarter, selling, general and administrative expenses decreased by 18.4%, excluding the unfavorable impact of foreign exchange, compared to the same period last year.

"We continue to work towards our stated goal of exiting creditor protection as a strong participant in our industry. In the third quarter, we made additional progress in this regard while at the same time maintaining a determined focus on customer service and improving operations through cost reductions and a comprehensive review of our administrative services," commented Jacques Mallette President and CEO Quebecor World Inc. "This year we have made substantial efforts to renew our customers to multi-year agreements by demonstrating to them the value of our comprehensive, full-service offering to help them meet their advertising and publishing needs from concept to delivery. In the third quarter we continued to build on our earlier successes by extending our relationship with Parade, one of the premier Sunday magazine publishers in the U.S. In addition, we were pleased to be the recipient of a significant number of Gold Ink and Golden Cylinder Awards which are well-established industry recognitions for quality achievement. This is a clear indication of our employees' dedication to customer service."

Also in the third quarter, the Company continued to focus on providing its customers with the ability to use brands and identifying marks on their products to show they are being produced in an environmentally responsible manner. Quebecor World recently began offering its customers the option to use an Enviroink logo on their printed products to signify they are using heatset inks that contain a minimum of 20 percent by weight renewable resources. The Enviroink logo is another identifying mark Quebecor World customers can use on their products in addition to the Chain of Custody Certification for the world's three leading forest management programs. These are the Forest Stewardship Council (FSC), Sustainable Forestry Initiative (SFI) and the Program for the Endorsement of Forest Certification (PEFC). Quebecor World was first, among the top North American printers, to offer these three progressive chain of custody certification programs.

Third quarter per share information and restructuring charges
In the third quarter, Quebecor World reported a net loss from continuing operations of $63.6 million or ($0.35) per share compared to $55.3 million or ($0.45) per share in the third quarter of last year. Third quarter results included IAROC net of income taxes of $5.1 million or $0.03 per share, compared to $35.7 million or $0.27 per share in the same period in 2007.

For the first nine months of 2008, Quebecor World reported a net loss from continuing operations of $289.9 million or ($1.72) per share, compared to a net loss from continuing operations of $34.8 million or ($0.39) per share for the same period in 2007. The results for the first nine months of 2008 incorporate IAROC net of taxes of $47.8 million or $0.27 per share compared to $66.1 million or $0.50 per share in 2007. Excluding IAROC, adjusted diluted loss per share from continuing operations was $1.45 for the first nine months of 2008 compared to adjusted diluted earnings per share from continuing operations of $0.11 in the same period of 2007. On the same basis, adjusted operating income in the first nine months of 2008 was $70.7 million compared to $144.4 million in 2007. Consolidated revenues for the first nine months of 2008 were $3.0 billion compared to $3.4 billion in the same period of 2007.

Use of Non-GAAP Measures
In the discussion of our 2008 results, we use certain financial measures that are not calculated in accordance with Canadian generally accepted accounting principles (GAAP) or United States GAAP to assess our financial performance, including EBITDA (earnings before interest, tax, depreciation and amortization), Adjusted EBITDA and operating income before IAROC (impairment of assets, restructuring and other charges) and goodwill impairment. We use such non-GAAP financial measures because we believe that they are meaningful measures of our performance. Our method of calculating these non-GAAP financial measures may differ from the methods used by other companies and, as a result, the non-GAAP financial measures presented in this press release may not be comparable to other similarly titled measures disclosed by other companies. We provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures in Figure 5, "Reconciliation of non-GAAP Measures" of our third quarter 2008 management's discussion and analysis filed with the Canadian securities regulatory authorities at www.sedar.com and with the United States Securities and Exchange Commission at www.sec.gov. A copy of our third quarter 2008 management's discussion and analysis is also available on the Company's website at www.quebecorworld.com.