PUBLICATIONS - Newsstand and Deliver

John Paloian, president of the Magazine/Catalog Group at Quebecor World: Following an outstanding 2000 in terms of advertising revenue and pages, we anticipate 2001 will bring a leveling off of some of the advertising excitement of a strong economy and the very active technology and "dotcom" sector. As advertising stabilizes, we feel there will be increased consolidation among publishers, and greater interplay between "new" and "traditional" media.