Partial Repurchase of the Caisse de depot's Interest in

Partial Repurchase of the Caisse de depot's Interest in Quebecor
Renewed confidence in the future of Quebecor Media 
MONTREAL, QUEBEC -- (Marketwire) -- 10/03/12 -- Quebecor Inc.
(TSX:QBR.A)(TSX:QBR.B), Quebecor Media Inc. and the Caisse de depot
et placement du Quebec announced today the completion of a $1.5
billion transaction, decreasing the Caisse's interest in Quebecor
Media from 45.3% to 24.6%. 
"Our intention was to take advantage of the window of opportunity
created by the favourable conditions on the debt markets to increase
our interest in Quebecor Media. We believe in the company's future.
Repurchasing a portion of the Caisse's investment, while we continue
our partnership, will allow us to benefit from the company's expected
growth over the next few years," said Pierre Karl Peladeau, President
and Chief Executive Officer of Quebecor, Quebecor Media and Sun Media
"We are convinced of Quebecor Media's potential to create value. For
this reason, we are retaining a substantial stake in the company. In
our view, the conditions are right to rebalance our portfolio by
divesting a part of the major position we held in the media and
telecom sector," said Michael Sabia, President and Chief Executive
Officer of the Caisse. 
By implementing its corporate strategy, Quebecor Media has more than
tripled its operating income since the transaction, reaching more
than $1.3 billion in 2011. This sustained growth has enabled Quebecor
Media to pay substantial dividends to its shareholders, including a
total of $324 million to the Caisse, since 2003. 
Transaction highlights 

--  Repurchase by Quebecor Media Inc. of 20,351,307 shares of Quebecor Media
    Inc. held by the Caisse de depot et placement du Quebec, for an
    aggregate purchase price of $1.0 billion, payable in cash. 
--  Purchase by Quebecor Inc. of 10,175,653 shares of Quebecor Media Inc.
    held by the Caisse, in consideration of the issuance by Quebecor Inc. of
    a $500 million aggregate principal amount of subordinated convertible
    debentures which are convertible into Quebecor Inc. Class B Subordinate
--  The parties have valued the Caisse's 45.3% interest in Quebecor Media
    Inc. at $2.75 billion, pursuant to negotiations between them. 
--  Upon completion of the transaction, the Caisse's interest in Quebecor
    Media Inc. will decrease from 45.3% to 24.6%, while that of Quebecor
    Inc. in Quebecor Media Inc. will increase from 54.7% to 75.4%.

Quebecor Media: A key player in the Quebec economy 
Quebecor Media is today one of Quebec's top five private employers.
It has over 12,000 employees in Quebec and an annual payroll in
excess of $600 million. At Videotron specifically, more than 4,450
jobs were created in leading-edge sectors since the acquisition, in
addition to some 2,500 jobs with the outsourcers and consultants who
work directly for the company. 
Videotron also invested more than $1 billion in developing a wireless
telephone infrastructure, which increased competitiveness and lowered
prices in this sector. This is in addition to the substantial
improvement in Videotron's customer service, increase in the supply
of information resulting from the launch of several newspapers, the
promotion of Quebec's television and musical heritage, and an annual
philanthropic contribution of close to $30 million benefiting
approximately 400 organizations. 
Forward-Looking Statements 
The statements in this press release that are not historical facts
are forward-looking statements and are subject to significant known
and unknown risks, uncertainties and assumptions which could cause
Quebecor's actual results for future periods to differ materially
from those set forth in the forward-looking statements.
Forward-looking statements may be identified by the use of the
conditional or by forward-looking terminology such as the terms
"plans," "expects," "may," "anticipates," "intends," "estimates,"
"projects," "seeks," "believes" or similar terms, variations of such
terms or the negative of such terms. Certain factors that may cause
actual results to differ from current expectations include
seasonality (including seasonal fluctuations in customer orders),
operating risk (including fluctuations in demand for Quebecor's
products and pricing actions by competitors), insurance risk, risks
associated with capital investment (including risks related to
technological development and equipment availability and breakdown),
environmental risks, risks associated with labour agreements, risks
associated with commodities and energy prices (including fluctuations
in the cost and availability of raw materials), credit risk,
financial risks, debt risks, risks related to interest rate
fluctuations, foreign exchange risks, risks associated with
government acts and regulations, risks related to changes in tax
legislation, and changes in the general political and economic
environment. Investors and others are cautioned that the foregoing
list of factors that may affect future results is not exhaustive and
that undue reliance should not be placed on any forward-looking
statements. For more information on the risks, uncertainties and
assumptions that could cause Quebecor's actual results to differ from
current expectations, please refer to Quebecor's public filings
available at less than www.sedar.comgreater than and less than
www.quebecor.comgreater than including, in particular, the "Risks and
Uncertainties" section in Quebecor's Management Discussion and
Analysis for the year ended December 31, 2011, and the "Item 3. Key
Information - Risk Factors" as well as statements located elsewhere
in Quebecor Media's annual report on Form 20-F for the year ended
December 31, 2011. 
The forward-looking statements in this press release reflect
Quebecor's expectations as at October 3, 2012, and are subject to
change after that date. Quebecor 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,
except as required by applicable securities laws. 
About Quebecor Inc. and Quebecor Media Inc. 
Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) is a holding company with a
54.7% interest in Quebecor Media Inc., one of Canada's largest media
groups, with more than 16,000 employees. Quebecor Media Inc., through
its subsidiary Videotron Ltd., is an integrated communications
company engaged in cable television, interactive multimedia
development, Internet access services, cable telephone services and
mobile telephone services. Through Sun Media Corporation, Quebecor
Media Inc. is the largest publisher of newspapers in Canada. It also
operates and its network of English and French language
Internet properties in Canada. In the broadcasting sector, Quebecor
Media Inc. operates, through TVA Group Inc., the number one French
language general interest television network in Quebec, a number of
specialty channels and the SUN News English language channel. Another
subsidiary of Quebecor Media Inc., Nurun Inc., is a major interactive
technologies and communications agency with offices in Canada, the
United States, Europe and Asia. Quebecor Media Inc. is also active in
magazine publishing (TVA Publishing Inc.), book publishing and
distribution (Sogides Group Inc. and CEC Publishing Inc.), the
production, distribution and retailing of cultural products
(Archambault Group Inc. and TVA Films), video game development
(BlooBuzz Studios, L.P.), DVD, Blu-ray disc and videogame rental and
retailing (Le SuperClub Videotron Ltd), the printing and distribution
of regional newspapers and flyers (Quebecor Media Printing Inc. and
Quebecor Media Network Inc.), news content production and
distribution (QMI Agency), multiplatform advertising solutions (QMI
Sales) and the publishing of printed and online directories, through
Quebecor MediaPages(TM). 
About the Caisse de depot et placement du Quebec 
The Caisse de depot et placement du Quebec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. As at December 31, 2011, it held $159 billion in net
assets. As one of Canada's leading institutional fund managers, the
Caisse invests in major financial markets, private equity and real
estate. For more information: 
Quebecor Media
Martin Tremblay
Vice-President, Public Affairs
Caisse de depot et placement du Quebec
Maxime Chagnon
Senior Director, Media Relations
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