Quebecor World Announces Sale of European Operations to HHBV

Quebecor World Inc. (TSX: IQW) announces today that it has signed a definitive purchase agreement providing for the sale of Quebecor World's European operations to Hombergh/De Pundert Group (HHBV), a Netherlands based investment group. The transaction is valued at approximately 133 million Euro and is expected to close by the end of June, 2008.

Under the terms of the agreement, HHBV has deposited 46.5 million Euro in escrow to be released to Quebecor World at closing. This cash amount will be adjusted higher to cover all funds disbursed by Quebecor World to support any seasonal financing needs of the European operations between the signature date and closing. HHBV will assume approximately 65 million Euro of net debt, and a 21.5 million Euro five-year note bearing interest at 7% per year which will remain payable to Quebecor World post-closing. The sale is being made substantially on an "as is, where is" basis. The only condition to closing is court approval. The transaction is not subject to the approval of either Quebecor World's or HHBV's shareholders. Assuming completion of the transaction, the net cash proceeds to be received by Quebecor World will be 46.5 million Euro, less certain customary deductions and expenses permitted by its debtor-in-possession (DIP) credit facility, which are intended to be used by Quebecor World to partially reimburse indebtedness under such credit facility.

"The sale of our European operations is an important step in our restructuring activities that we believe should enable us to exit creditor protection in North America as a stronger player in our industry," said Jacques Mallette, President and CEO of Quebecor World. "I would like to thank our European customers and employees for their support and assure them that we intend to assist HHBV in ensuring a smooth transition. We also look forward to continue servicing our European customers' needs in North America and Latin America."

Mr Hendrik van den Hombergh, founder and partner of HHBV stated "We are very excited about this opportunity and we are looking forward to working with local management to make this transaction a success for our employees and our customers. This transaction is a first and major step in our goal of building a Pan-European printing platform."

Quebecor World's European operations currently include 17 printing and related facilities employing approximately 3,500 people in Austria, Belgium, Finland, France, Spain and Sweden. Quebecor World Europe produces magazines, catalogs, retail inserts, direct mail products, book and directories for many of the world's largest retailers, publishers and branded goods companies.

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.

The forward-looking statements in this press release reflect the Company's expectations as of May 29, 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.