Exhibit 3.1  TRANSLATION  TRUST
AGREEMENT MADE AS OF THE 28th DAY OF MARCH 2003.  AMONG:
  
  QUEBECOR INC., a corporation incorporated
  under the laws of the Province of Quebec;(hereinafter
  called Quebecor)AND:
  
  CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, a
  body corporate governed by the laws of the Province of Quebec;(hereinafter
  called Caisse)AND:
  
  4032667 CANADA INC., a corporation
  incorporated under the laws of Canada (as successor of 2745844 Canada Inc.);(hereinafter
  called Canada Inc.)(Quebecor,
  Caisse and Canada Inc. are hereafter collectively called the Shareholders)AND:
  
  QUEBECOR WORLD INC., a corporation
  incorporated under the laws of Canada (previously Quebecor Printing Inc.);(hereinafter
  called Corporation)AND:
  
  COMPUTERSHARE TRUST COMPANY OF CANADA, a
  trust company incorporated under the laws of Canada;(hereinafter
  called the Trustee)  WHEREAS
46,987,120 Multiple Voting Shares and 94,334,438 Subordinate Voting Shares of the
Corporation (collectively, the Participating
Shares) are issued and outstanding;  AND WHEREAS
Quebecor owns 12,500,000 Multiple Voting Shares, being 26.60% of all of the
issued and outstanding Multiple Voting Shares;  AND WHEREAS
Caisse owns 75,843 Multiple Voting Shares, which represents 0.16% of all the issued
and outstanding Multiple Voting Shares;


AND WHEREAS
Canada Inc. owns 34,411,277 Multiple Voting Shares, being 73.24% of all the
issued and outstanding Multiple Voting Shares;  AND WHEREAS on
April 10, 1992, the Corporation, Quebecor, Caisse, 2745844 Canada Inc. and
Fiducie Desjardins inc., as trustee, entered into an agreement (the Initial Agreement) in order to, among
other things, secure the listing of the Subordinate Voting Shares on Canadian
stock exchanges;  AND WHEREAS on
March 24, 2003, Fiducie Desjardins inc., the trustee appointed pursuant to
the Initial Agreement, gave a written notice to the Corporation and to the
Shareholders to the effect that it wished to resign as trustee and be
discharged from all duties and liabilities under the Initial Agreement, the
whole in accordance with the procedure provided for to that effect in Section 13
of the Initial Agreement;  AND WHEREAS
that the Shareholders and the Corporation wish to appoint a new trustee and
enter into this Agreement in replacement of the Initial Agreement to maintain
the listing of the Subordinate Voting Shares on The Toronto Stock Exchange and
for the purpose of ensuring that the holders from time to time of the Subordinate
Voting Shares will not be deprived of rights under applicable take-over bid
legislation to which they would have been entitled in the event of a take-over
bid if the Multiple Voting Shares and the Subordinate Voting Shares were
considered to be a single class of shares;  AND WHEREAS
the Shareholders and the Corporation desire to constitute the Trustee as the
new trustee for the holders from time to time of the Subordinate Voting Shares
with the intent that such holders, through such new trustee, will receive the
benefits of the covenants of the Shareholders and the Corporation contained in
this Agreement;  AND WHEREAS
Computershare Trust Company of Canada is licensed and authorized to carry on
the business of a trust company in Quebec and wish to accept its appointment as
trustee pursuant to this Agreement;  AND WHEREAS
for purposes of this Agreement, the term Péladeau Family shall mean
collectively (i)  any descendants, born or to be born, of late Pierre
Péladeau, founder of Quebecor, (ii)  any existing or future trust
primarily for one or several descendants, born or to be born, of late Pierre
Péladeau and their existing or future spouses in fact or in law, and (iii) any
and all existing or future corporations where at least 90% of the votes
attached to all outstanding voting shares and at least 50% of all the
outstanding equity shares are controlled, directly or indirectly, by any one or
more of the foregoing;  AND WHEREAS,
except for Section 6 which is applicable to Caisse from this day, the
covenants of Caisse hereunder shall become applicable and effective, subject to
compliance with applicable securities legislation, only on the date on which
Quebecor, Canada Inc. and their successors in accordance with this Agreement
shall cease to hold, directly or indirectly, at least 80% of the issued and
outstanding Multiple Voting Shares of the Corporation and shall cease to be
applicable and effective to Caisse, subject to compliance with applicable
securities legislation,  2


on the date on
which Quebecor, Canada Inc. and their successors shall hold again 80% of the
issued and outstanding Multiple Voting Shares of the Corporation;  AND WHEREAS
the foregoing recitals are made by the Corporation and the Shareholders and not
by the Trustee;  NOW THEREFORE
THIS AGREEMENT WITNESSETH that in consideration of the premises and agreements
herein contained and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties hereto agree as follows:  1.Subject to
Sections 2 and 7, none of the Shareholders shall sell any Multiple Voting
Shares, directly or indirectly, pursuant to a take-over bid on the Multiple
Voting Shares, as defined by applicable securities legislation, under circumstances
in which securities legislation would have required the same offer or a
follow-up offer to be made to all holders of Subordinate Voting Shares
(wherever resident) if the sale had been of Subordinate Voting Shares rather
than Multiple Voting Shares, but otherwise on the same terms. For this purpose,
it shall be assumed that the offer that would have resulted in such sale of
Subordinate Voting Shares would have constituted at take-over bid under
applicable securities legislation, regardless of whether this actually would
have been the case. However, it is understood and agreed that a sale by a
Shareholder of Multiple Voting Shares that would not constitute a take-over bid
(as defined by applicable securities legislation) or that would be a
transaction exempted from all take-over bid rules under securities
legislation if the Multiple Voting Shares were the only outstanding class of
securities of the Corporation shall, not be covered by this Section 1 and
the covenants and obligations provided for in this Agreement. In determining
whether there has been a sale of or offer for Multiple Voting Shares and the
terms and circumstances of any such sale or offer, effect shall be given to all
transactions contemplated by the arrangement pursuant to which the Multiple
Voting Shares are sold, or to be sold, whether such transaction or transactions
are completed on, before or after the time of sale of Multiple Voting Shares.
For greater certainty, shall not be considered a sale any transfer, sale or
distribution to a person or trust forming part of the Péladeau Family.  2.Section 1
shall not apply to prevent a sale by a Shareholder of Multiple Voting Shares
pursuant to a take-over bid if:  (a)such sale is made
pursuant to an offer to all holders of Multiple Voting Shares and a concurrent
offer is made to all holders of Subordinate Voting Shares, wherever resident,
under which:  (i)the price offered
is at least as high as the higher of the price offered for the Multiple Voting
Shares and the highest price paid by the offeror, within the ninety (90) day
period immediately preceding the date of such offer, for any Multiple Voting
Share owned directly or indirectly by the Shareholder or any of its affiliates
and such price is payable in a  3


consideration
in the same form and amount per share as the consideration for the Multiple
Voting Shares; and  (ii)the number of target
Subordinate Voting Shares offered to be purchased expressed as a percentage of
the number of Subordinate Voting Shares outstanding is not less than the number
of target Multiple Voting Shares offered to be purchased expressed as a
percentage of the number of Multiple Voting Shares outstanding; and  (iii)no condition is attached
relating to the obligation to take up and pay for Subordinate Voting Shares,
other than the right not to take up and pay for the Subordinate Voting Shares
if no shares are purchased pursuant to the offer for Multiple Voting Shares;
and  (iv)all
other terms are at least as favouvable to the holders of Subordinate Voting
Shares as the terms under the offer for the Multiple Voting Shares are to the
holders of Multiple Voting Shares; or  (b)there is a concurrent
unconditional offer to purchase all of the Subordinate Voting Shares on the
terms specified in clauses (i), (iii) and (iv) of subsection (a) above;
or  (c)(i)such sale is an
indirect sale resulting from the acquisition of shares of a corporation which
directly or indirectly controls the Corporation, or which directly or indirectly
controls or is controlled by Quebecor (an indirect sale); and  (ii)the transferor and
transferee are each members of the Péladeau Family; any indirect sale within
the Péladeau Family (other than to descendants in direct line) shall not be
permitted by this subsection (c); and  (iii)no such transferee is a
party to any arrangement under which any other person would participate in the
ownership of, or have control or direction over more than 10% of the votes or
50% of the equity, of such corporation, Quebecor or the Corporation (other than
non-voting shares of the Corporation or the Subordinate Voting Shares);
provided that, where required by the securities legislation, an order from the
appropriate securities commission permitting such sale has been obtained.  3.(a)Without limiting the
generality of Section 1 but subject to subsection (b) below, a sale
shall be deemed to be an indirect sale of Multiple Voting Shares owned by a
Shareholder or by any person or company controlled, directly or indirectly, by
such Shareholder if the offer pursuant to which such sale is made would be
deemed to be an indirect offer for the Multiple Voting Shares under the
take-over bid provisions of applicable securities legislation.  4


(b)For purposes of this
Agreement, if the total assets of the Corporation as a result of the
consolidation of the assets of the Corporation in the books of Quebecor, are
not greater than 80% of the total assets of Quebecor on a consolidated basis, a
take-over bid for Quebecor shall not be deemed to be a take-over bid for the
Multiple Voting Shares.  4.Each of the
Shareholders shall not, and shall ensure that each person or company it
controls do not, effect or facilitate a sale (including an indirect sale)
described in Section 1 in respect of any Multiple Voting Shares owned from
time to time by such Shareholder or any person or company controlled, directly
or indirectly, by such Shareholder, regardless of whether such person or
company is a party to this Agreement, unless Sections 2 and 7 apply in respect
of such sale.  5.If any person or
company, other than one of the Shareholders, carries out a sale (including an
indirect sale) described in Section 1 in respect of any Multiple Voting
Shares owned from time to time by a Shareholder, and if neither Section 2
or 7 apply in respect of such sale, such Shareholder shall not at the time such
sale becomes effective or thereafter do any of the following with respect to
any of the Multiple Voting Shares so sold: (a) dispose of them without the
prior written consent of the Trustee; (b) convert them into Subordinate
Voting Shares without the prior written consent of the Trustee; or (c) exercise
any voting rights attaching to them except in accordance with the written
instructions of the Trustee, and such Shareholder shall comply with such
instructions. The Trustee shall exercise such rights: (i) in the best
interests of the holders of the Subordinate Voting Shares, other than the said
Shareholder and holders who, in the opinion of the Trustee, participated
directly or indirectly in the transaction that triggered the operation of this Section 5;
and (ii) in accordance with the Canada
Business Corporation Act and the applicable securities legislation.
Notwithstanding an indirect sale of Multiple Voting Shares in contravention of Section 1
to which this Section 5 applies, the Shareholder shall have no liability
under this Agreement in respect of such sale, provided that such Shareholder is
in compliance with all other provisions of this Agreement, including, without
limitation, the provisions of Section 4 and this Section 5.  6.Each of the
Shareholders shall not, and shall ensure that each person and company which it
controls shall not, effect or facilitate a disposition of any Multiple Voting
Shares or securities convertible into Multiple Voting Shares, owned by such
Shareholder or by any person or company which such Shareholder controls,
directly or indirectly, unless the disposition is conditional upon the person
or company acquiring the shares or the securities convertible into such shares
becoming a party to an agreement with the same terms and conditions as this
agreement and under which such person or company will have the same rights and
obligations as the selling Shareholder hereunder and in which all references in
this Agreement to the selling Shareholder shall be to the acquiring person or
company; however, the obligation of Caisse under this Section 6 shall
apply only in the case of a disposition by Caisse of any Multiple Voting Shares
or securities convertible into Multiple Voting Shares that would result in the
parties bound by this Agreement owning in the aggregate less than 80% of the
Multiple Voting Shares on a  5


fully diluted
basis. The conversion of Multiple Voting Shares into Subordinate Voting Shares,
whether or not such Subordinate Voting Shares are subsequently sold, shall not
constitute a disposition of Multiple Voting Shares for the purposes of this
Agreement.  7.Nothing in this
Agreement shall prevent any of the Shareholders from time to time, directly or
indirectly granting a security interest, by way of pledge, hypothecation or
otherwise, whether directly or indirectly, in Multiple Voting Shares to any
financial institution with which it deals at arms length (within the meaning
of the Income Tax Act(Canada))
in connection with a bona fideborrowing
provided that concurrent with the pledge, hypothecation or other granting of
the security interest, the financial institution agrees in writing to become a
party to and abide by the terms of this Agreement as if such financial
institution were the Shareholder herein until such time as the pledge,
hypothecation or other security interest has been released or the Multiple
Voting Shares which were subject thereto have been disposed of in accordance
with the terms of this Agreement. In such a case all references in this
Agreement to a Shareholder shall include such financial institution.  8.If at any time a
shareholder of the Corporation, The Toronto Stock Exchange or any securities
regulatory authority having jurisdiction or any other interested person
(including any holder of Subordinate Voting Shares delivers to the Trustee
written notice to the effect that the party giving the notice has reasonable
cause to believe that one of the Shareholders or the Corporation may have
breached, or may intend to breach, any provision of this Agreement, the Trustee
shall forthwith make, or shall cause to be made, reasonable enquiries of the
Corporation, such Shareholder, any party to an agreement to purchase Multiple
Voting Shares and any appropriate securities regulatory authorities or stock
exchanges to determine whether such a breach has occurred or is intended, and
if the Trustee thereupon determines that such is the case the Trustee shall
forthwith deliver to the Corporation and to the Shareholders a certificate
stating that the Trustee shall forthwith deliver to the Corporation and to the
Shareholders a certificate stating that the Trustee has made such
determination. The Trustee shall thereupon be entitled to take and, subject to Section 10,
shall take such action as the Trustee considers necessary to enforce its rights
under this Agreement on behalf of the holders of the Subordinate Voting Shares.  9.Subject to Section 10,
if and whenever holders of not less than 10% of the then outstanding
Subordinate Voting Shares determine that any one of the Shareholders or the
Corporation has breached, or intend to breach, any provision of this Agreement,
such holders may require the Trustee to take action in connection therewith by
delivering to the Trustee a requisition in writing signed in one or more
counterparts by such holders ad setting forth the action to be taken by the
Trustee, and upon receipt by the Trustee of such a requisition the Trustee
shall forthwith take such action as is specified in the requisition and any
other action that the Trustee considers necessary to enforce its rights under
this Agreement on behalf of the holders of the Subordinate Voting Shares.  10.The
obligation of the Trustee to take any action on behalf of the holders of the
Subordinate Voting Shares shall be conditional upon the Trustee receiving from
the  6


Corporation,
the Shareholder alleged to be in default or from one or more holders of
Subordinate Voting Shares such funds and indemnities as the Trustee may
reasonably require in respect of any costs or expenses which it may incur in connection
with any such action. The Corporation shall provide such funds and indemnities
to the Trustee if the Trustee has delivered to the Corporation the certificate
referred to in Section 8.  11.No
holder of Subordinate Voting Shares shall have the right, other than through
the Trustee, to institute any action or proceeding or to exercise any other
remedy for the purpose of enforcing any rights arising from this Agreement
unless holders of Subordinate Voting Shares shall have requested in the manner specified
in Section 9 that the Trustee act and shall have provided reasonable funds
and indemnities to the Trustee and the Trustee shall have failed to so act
within thirty (30) days after the provision of such funds and indemnities. In
such case any holder of Subordinate Voting Shares acting on behalf of such
holder and all other holders of Subordinate Voting Shares shall be entitled to
take proceedings in any court of competent jurisdiction or exercise any such
remedy such as the Trustee might have taken. However, no provision of this
Agreement shall limit the rights of any holders of Subordinate Voting Shares
under applicable securities legislation.  12.The
Corporation shall do all things necessary to facilitate the due performance of
this Agreement including the fulfilment by the Shareholders of their
obligations hereunder.  13.The
Trustee may resign and be discharged from all further duties and liabilities
hereunder, subject to this Section 13, after giving 30 days written
notice to the Corporation and the Shareholders or such shorter notice as the
Corporation and the Shareholders may accept as sufficient.  The
Corporation may terminate the Trustees mandate pursuant to this Agreement,
after giving 30 days written notice to the Trustee, should:  (a)any corporation into
or with which the Trustee may be merged or consolidated or amalgamated, or any
corporation succeeding to the trust business of the Trustee be unacceptable to
the Corporation, acting reasonably; or  (b)the financial
situation of the Trustee is such that, in the opinion of the Corporation,
acting reasonably, it jeopardizes the Trustees capability to perform its
obligations under this Agreement; or  (c)the fees and expenses
of the Trustee are, in the opinion of the Corporation, acting reasonably, not
within the general practice of the industry.  In the event
that the office of trustee becomes vacant, the Corporation shall forthwith
appoint a new trustee which shall be a corporation licensed or authorized to
carry on the business of a trust company in Quebec; failing such appointment,
the Shareholders, the Trustee or any holder of Subordinate Voting Shares may
apply to a judge of the Quebec  7


Superior Court
for the appointment of a new trustee. Upon any new appointment the new trustee
shall be vested with the same powers, rights, duties and responsibilities as if
it had been originally named herein as the trustee, but there shall be
immediately executed, at the expense of the Corporation, all such instruments
as may be, in the opinion of counsel of the Corporation, necessary or desirable
to assure such vesting. Any resignation or termination of the Trustee shall not
become effective until the successor party shall have executed an appropriate instrument
accepting the appointment as the new trustee. Notwithstanding such resignation
or termination the Trustee shall continue to be indemnified in accordance with Section 14.  14.(a)Each of the
Shareholders and the Corporation, jointly but not severally, agree to indemnify
and save harmless the Trustee from and against all claims, liabilities, losses,
penalties, actions, suits, costs, expenses and disbursements (including legal
or advisors fees and expenses) made against it by anyone, in the absence of
negligence of fraud by the Trustee, its officers, directors and employees, by
reason of the Trustees compliance in good faith with the terms hereof. It is
understood that, among the Shareholders and the Corporation, the party in
default or alleged to be in default hereunder shall be responsible for such
indemnification of it arises from its defaults or alleged default.  (b)The Trustee may employ
or retain such counsel, auditors, accountants, or other experts or advisors,
whose qualifications give authority to any opinion or report made by them as it
may reasonably require for the purpose of discharging its duties hereunder and
shall not be responsible for any misconduct on the part of any of them. The
Trustee may, if it is acting in good faith, rely on the accuracy of any such
opinion or report.  (c)The Trustee shall
have no responsibility, if it is acting in good faith, for the genuineness or
validity of any securities, documents or other things deposited with it. In the
exercise of its rights, duties and obligations hereunder, the Trustee may, if
it is acting in good faith, rely as to the truth of the statements made in any
certificates or other documents provided to it.  15.The Corporation shall
pay the reasonable fees and expenses to the Trustee in connection with the
performance of the Trustees obligations hereunder, including the reasonable
fees and disbursements of counsel or other experts employed by the Trustee,
without taxation, but this Section 15 shall not require the Corporation to
pay any fees or expenses in connection with any action taken by the Trustee
pursuant to Section 8 if the Trustee has not delivered to the Corporation
the certificate referred to in Section 8 in respect of such action. If it
is established that a breach has occurred and was caused by a Shareholder, the
Corporation shall be entitled to full reimbursement by such Shareholder of all
such fees and expenses.  16.The Trustee hereby
accepts the appointment as trustee for the holders from time to time of the
Subordinate Voting Shares upon the terms and conditions herein set forth.
Subject  8


to the
limitations contained herein, the Trustee shall act as a depositary and, in its
capacity as trustee, shall be charged with simple administration in accordance
with the provisions of the Civil Code of
Quebec, it being understood that the Trustee shall not have, except
as provided herein, any rights as a shareholder with respect to the Multiple
Voting Shares such as, the right to vote and to receive dividend on such
shares.  17.Notwithstanding any
other provisions of this Agreement, it is hereby understood and agreed that,
except for Section 6 which is applicable to Caisse from this day, the
provisions hereof and the covenants and obligations on the part of Caisse
hereunder shall become effective and applicable to Caisse, subject to
compliance with applicable securities legislation, only on the date on which
Quebecor, Canada Inc. and any successor thereof in accordance to this Agreement,
shall cease to hold directly or indirectly, at least 80% of the issued and
outstanding Multiple Voting Shares of the Corporation and shall cease to be
applicable and effective to Caisse, subject to compliance with applicable
securities legislation, on the date on which Quebecor, Canada Inc. and their
successors shall hold again 80% of the issued and outstanding Multiple Voting
Shares of the Corporation.  18.This Agreement shall
not be amended, and no provision thereof shall be waived, except with the approval
of each of the Shareholders and of at least two-thirds of the votes cast by the
holders of Subordinate Voting Shares present or represented at a meeting duly
called for the purpose of considering such amendment or waiver which two-third
majority shall include a simple majority of the votes cast by the holders of
Subordinate Voting Shares, excluding the Shareholders and their affiliates and
any person who has an agreement to purchase Multiple Voting Shares on terms
which would constitute a sale for purposes of Section 1, other than as
permitted herein, prior to giving effect to he amendment or waiver. This
Agreement replaces the Initial Agreement entered into on April 10, 1992
between the Corporation, Quebecor, Caisse, 2745844 Canada Inc. and Fiducie Desjardins
inc.  19.Any notice or other
communication made pursuant to or in connection with this Agreement shall be
sufficiently given if it is in writing and delivered or sent by registered
mail, or by facsimile transmission or other form of recorded communication
(with original copy to follow by mail), to:  if to
  Quebecor:
  QUEBECOR
  INC.300 Viger Street
  EastMontreal,QuebecH2X3W4Attention:
  Secretary  9


if to
  Caisse:
  CENTRECDP CAPITAL1000 Place Jean-Paul
  RiopelleTower B, 8th
  FloorMontreal,QuebecH2Z2B3Attention:
  Le Gestionnaire du dossier Quebecor World Inc.if to Canada
  Inc.:
  4032667CANADA INC.300 Viger Street
  EastMontreal,QuebecH2X3W4Attention:
  Secretaryif to the
  Corporation:
  QUEBECORWORLD INC.612 Saint-Jacques
  StreetMontreal,QuebecH3C4M8Attention:
  Secretaryif to the
  Trustee:
  COMPUTERSHARETRUST COMPANY OF CANADA1500 University
  Street7th FloorMontreal,QuebecH3A 3S8Attention:
  Main Director, Corporate Trust Services  or such other
address as the party to whom such notice or communication is to be given shall
have last designated to the party giving the same in the manner specified in
this Section 19. Any such notice or communication shall be deemed to have
been given and received on the day it is so delivered or sent.  20.This
Agreement shall be governed by and construed in accordance with the laws of the
Province of Quebec. The terms associate and affiliate used herein shall
have the meanings ascribed thereto under Quebec securities legislation.
Reference herein to any  10


applicable
securities legislation means such legislation in effect at the relevant time,
which shall be assumed to apply.  11


21.This
Agreement shall enure to the benefit of and be binding upon the parties hereto,
as well as to any transferee of Multiple Voting Shares or securities
convertible into Multiple Voting Shares has provided herein and their
respective heirs, legal representatives, successors and assigns, as applicable.  IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date first
above written.   QUEBECOR INC.Per:Per:CAISSE DE DÉPÔT ET PLACEMENT DU QUEBECPer:Per:4032667 CANADA INC.Per:Per:QUEBECOR WORLD INC.Per:Per:COMPUTERSHARE TRUST COMPANY OF CANADAPer:Per:  12