Quebecor Inc. ("Quebecor") today announced that it has issued a redemption notice to the holders of its currently outstanding 4.125% convertible unsecured subordinated debentures due October 15, 2018 (the “Debentures”). As set out in the redemption notice, Quebecor intends to redeem all of the issued and outstanding Debentures on October 12, 2018 (the “Redemption Date”). As of the close of business on August 17, 2018, there was $362,500,000 aggregate principal amount of the Debentures issued and outstanding.

Pursuant to the terms of the Debentures, Quebecor has elected to exercise its Share Redemption Payment Right with respect to the entire outstanding principal amount of the Debentures. Consequently, Quebecor will issue and deliver to the holders on the Redemption Date approximately 30.1 million Class B Subordinate Voting Shares (the “Class B shares”) in accordance with the conversion terms of the Debentures. Accrued and unpaid interest on the Debentures to, but excluding, the Redemption Date shall be paid in cash to holders. Holders of the Debentures should also refer to the Trust Indenture dated as of October 11, 2012 for additional information which is available under Quebecor’ s profile on SEDAR at www.sedar.com.

The decision to exercise Quebecor’s Share Redemption Payment Right followed our analysis of the relevant factors, including current and targeted market liquidity in the Class B shares as well as the potential incremental leverage impact of further cash settlements, in particular following Quebecor’s optional cash redemptions of $137.5 million aggregate principal amount of Debentures since 2017. This is consistent with our prudent approach towards balance sheet management.

Since the initiation of Quebecor’s normal course issuer bid in 2011, Quebecor has repurchased approximately 24.6 million Class B shares, at a weighted-average price of $16.13. Purchases under the NCIB were made through the facilities of the Toronto Stock Exchange in accordance with its requirements, or other alternative trading systems. As previously announced on August 9, 2018, the Board of Directors of Quebecor elected to renew Quebecor’s normal course issuer bid for a maximum of 1,000,000 Class A Multiple Voting Shares and for a maximum of 7,800,000 Class B shares for the August 15, 2018 to August 14, 2019 period.

This press release does not constitute an offer to sell or the solicitation of an offer to buy or sell securities in any jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.