Quebecor World Inc.

TSX: IQW

MONTREAL, CANADA--(Marketwire - Nov. 27, 2008) - Quebecor World Inc. (TSX:IQW) today announced that it has determined the final conversion rate applicable to the 66,601 Series 5 Cumulative Redeemable First Preferred Shares (TSX: IQW.PR.C) (the "Series 5 Preferred Shares") that will be converted into Subordinate Voting Shares effective as of December 1, 2008. Taking into account all accrued and unpaid dividends on the Series 5 Preferred Shares up to and including December 1, 2008, Quebecor World has determined that, in accordance with the provisions governing the Series 5 Preferred Shares, each Series 5 Preferred Share will be converted effective as of December 1, 2008 into 13.578125 Subordinate Voting Shares. Registered holders of Series 5 Preferred Shares who submitted notices of conversion on or prior to September 26, 2008 will receive in the coming days from Quebecor World's transfer agent and registrar, Computershare Investor Services Inc., certificates representing their Subordinate Voting Shares resulting from the conversion. 904,316 new Subordinate Voting Shares will thus be issued by Quebecor World to holders of Series 5 Preferred Shares effective as of December 1, 2008.

Forward looking statements

This press release may include "forward-looking statements" that involve risks and uncertainties. All statements other than statements of historical facts included in this press release, including statements regarding the prospects of the industry and prospects, plans, financial position and business strategy of Quebecor World Inc. (the "Company"), may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation and regulations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made have on the Company's business. For example, they do not include the effect of dispositions, acquisitions, other business transactions, asset writedowns or other charges announced or occurring after forward-looking statements are made.

Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available at www.sedar.com, www.sec.gov and www.quebecorworld.com. In particular, further details and descriptions of these and other factors are disclosed in the "Risk Factors" section of the Company's Management's Discussion and Analysis for the year ended December 31, 2007 and the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2007.

The forward-looking statements in this press release reflect the Company's expectations as of November 27, 2008 and are subject to change after this date. The Company expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.

The Company is currently subject to Court protection under the Companies' Creditors Arrangement Act in Canada ('CCAA'), and various U.S. subsidiaries have filed petitions under Chapter 11 of the U.S. Bankruptcy Code ('Chapter 11').

In light of the CCAA and Chapter 11 Proceedings, it is unlikely that the Company's existing Multiple Voting Shares, Redeemable First Preferred Shares and Subordinate Voting Shares will have any material value following the approval of a final plan of arrangement.

About Quebecor World

Quebecor World Inc. (TSX:IQW) is a world leader in providing high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The Company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 23,000 employees working in approximately 100 printing and related facilities in the United States, Canada, Argentina, Brazil, Chile, Colombia, Mexico, and Peru.

Web address: www.quebecorworld.com