Montréal, Quebec, Canada, 28 August 2008 – Quebecor World Inc. (TSX: IQW) today announced that it has determined the final conversion rate applicable to the 744,124 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 01 September, 2008. Taking into account all accrued and unpaid dividends on the Series 5 Preferred Shares up to and including 01 September 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 01 September 2008 into 13.3625 Subordinate Voting Shares.

Registered holders of Series 5 Preferred Shares who submitted notices of conversion on or before 27 June 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. Approximately 9.9 million new Subordinate Voting Shares will be issued by Quebecor World to holders of Series 5 Preferred Shares effective as of 01 September 2008.

Quebecor World is currently subject to Court protection under the Companies' Creditors Arrangement Act (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.

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 24,000 employees working in more than 100 printing and related facilities in the United States, Canada, Argentina, Brazil, Chile, Colombia, India, Mexico, and Peru.

Web address: www.quebecorworld.com