Montreal (Canada) - Quebecor World is pleased to announce another record quarter and a special anniversary. It was one year ago the Company acquired World Color Press in the U.S., making Quebecor World the global leader in its field. The integration has gone better than we had expected since synergies and cost savings are almost double earlier projections. For the three months ended September 30, 2000, Quebecor World revenues reached US$1.6 billion, a 30% increase over the same period last year. Operating income totaled US$202 million, a 60% increase from the same quarter in 1999. Net income was US$89 million, or US$0.58 per share, 35% over last year. Cash EPS reached US$0.70 per share in 2000 compared to US$0.49 per share in 1999, a 43% improvement. "We continue to deliver improved year to year results while at the same time managing the largest merger in the history of the commercial printing industry," said Charles G. Cavell, President and Chief Executive Officer of Quebecor World. "Earnings targets are meeting and in some cases exceeding our expectations in spite of the unfavorable impact of foreign exchange translation on our European income." The Company's revenues for the nine months ended September 30, 2000, reached US$4.8 billion, a 55% increase over the same period last year. Operating income increased 89%, reaching US$508 million for the first three quarters of 2000. Net income improved 54% to US$189 million, or US$1.23 per share, from US$123 million, or US$0.97 per share, last year. Net income on a cash basis reached US$1.56 per share, from US$1.11 per share for the corresponding period of 1999, a 41% increase. "We have now completed our first full year since the World Color acquisition. We are significantly ahead of schedule with respect to the integration of operations, which is approximately 80% complete. The synergies and cost savings are close to double what we built into our business plan. We have kept every promise we made at the time of merger, and fully expect that we will be able to continue improving results, on all levels," stated Mr. Cavell. Also during the quarter the Company announced its expansion into Brazil with the signing of a contract with Abril S.A., the country's leading publisher of consumer magazines. "Our position in Latin America was reinforced by a new 10-year, US$170 million contract, allowing us to build our first printing facility in RecifÈ, Brazil," said Mr. Cavell. "We strongly believe there are significant growth opportunities in Latin America. During the quarter we added management expertise in the region to be better able to take advantage of opportunities as we move forward." The results of our European operations improved during the quarter, excluding the unfavorable effect of the Euro devaluation, driven in part by our newly strengthened management team combined with restructuring initiatives during the first half of 2000. Quebecor World continues to be focused on paying down and refinancing acquisition bank debt. During the quarter the Company refinanced some of its' long term debt to extend maturities. In September, the Company issued Senior Notes of US$121 million, maturing in 2015 and 2020. This follows a placement of US$250 million in July maturing in 2010 and 2012. Total proceeds have been used to repay bank indebtedness incurred as a result of the World Color acquisition. One of the results of these efforts is that Dominion Bond Rating Service removed the negative outlook it had temporarily placed on Quebecor World and confirmed the quality of its ratings. As of September 30, the Company repurchased for cancellation under its Normal Course Issuer Bid a total of 1,382,608 Subordinate Voting Shares for a total of approximately CDN$46 million. The average cost per share was CDN$33.54. The Company believes that the purchase of Subordinate Voting Shares under the issuer bid represents an attractive investment at current trading prices, and will continue to repurchase shares. The issuer bid is being funded with cash proceeds from the sale of non-core assets as well as those made redundant as a result of restructuring.