EXECUTIVE STOCK OPTION PLAN

QUEBECOR WORLD INC.

In force April 23, 1992

April 1992
Re-issue April 2000

I.

Purposes of the Plan

The principal purposes of the Executive Stock Option Plan (the "Plan") of Quebecor World Inc. (formerly known as Quebecor Printing Inc.) (the "Company") are to:

a)

encourage the furthering of the Company's development and growth;

b)

link executive compensation with increased value for shareholders;

c)

attract and retain key executives; and

d)

develop a sense of ownership in the Company.

II.

Administration

The Plan is administered by the Compensation Committee of the Board of Directors of the Company (the "Committee"). The Committee has full and complete authority to interpret the Plan, to prescribe any such rules and regulations and to take any decisions as it deems necessary or desirable for the administration of the Plan.

III.

Shares Subject to the Plan

The shares that may be issued pursuant to the exercise of options granted under the Plan are Subordinate Voting Shares of the Company (the "Shares"). The number of Shares that may be issued pursuant to the exercise of options under the Plan is 9,000,000 Shares. The Committee may recommend to the Board of Directors to increase the aggregate number of Shares subject to the Plan.

IV.

Eligibility

The Committee designates the employees of the Company who may participate in the Plan and the grant level for which they are eligible. The grant levels are described in Appendix A to this Plan. Generally, those employees of the Company, its subsidiaries and divisions who occupy an executive position and who can influence the long-term performance of the Company are eligible to participate.

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