MONTREAL--March 24, 2004-- Quebecor World has been awarded a multi-year contract extension by Valley Yellow Pages. This contract extends the companies' existing relationship and encompasses the ad production and pagination of all 46 telephone directories published by Valley Yellow Pages. The value of the agreement is expected to exceed $30 million. "Quebecor World is committed to providing our customers with a full range of services to develop the quality products they need to excel in their marketplace," said John Bertuccini, President, Book/Directory Group, Quebecor World North America. "We are delighted to have extended our partnership with this very important customer." Mike Schilling, Vice President of Operations, Valley Yellow Pages, stated, "Over the past several years we have developed an excellent working relationship with Quebecor World. During that time, we have grown our business from 18 directories to 46. Quebecor World's AdMagic Group has done an exceptional job accommodating our rapid growth. We are also very pleased to be working with a company that is providing quality employment in Central California, the very heart of the markets we serve." Quebecor World's AdMagic Group specializes in providing directory publishers with the latest electronic prepress services to create and deliver top-quality Yellow Pages ads and pagination. The AdMagic Group currently produces about 10,000 display ads each month and handles the pagination for more than 80 directories each year. AdMagic's leading-edge technology and turnaround speed reduce costs and allow publishers to spend more time selling their products. AdMagic is located at Quebecor World's Merced, CA facility. Valley Yellow Pages, a California corporation, is headquartered in Fresno, CA and maintains local, year-round offices throughout Northern California to provide prompt and personal service to its local directory area advertisers. The Company was founded in 1985 by three former Pacific Bell executives with over 100 years of combined experience. Valley Yellow Pages produces over seven million directories annually which are distributed free of charge to every household and business in each of its 46 markets.