Quad/Graphics Exceeds 2012 Recurring Free Cash Flow Guidance, Provides 2013 Outlook

SUSSEX, WI—March 4, 2013—Quad/Graphics Inc. has reported fourth quarter and full-year 2012 results that were in line with management's originally announced annual guidance with the exception of Recurring Free Cash Flow, which surpassed the company's upwardly revised guidance.

“Our fourth quarter and full-year 2012 results were as we expected, and we were especially pleased with our continued strong Recurring Free Cash Flow generation,” said Joel Quadracci, Quad/Graphics chairman, president and CEO. “Our ability to generate significant Recurring Free Cash Flow and maintain a strong balance sheet while simultaneously paying down debt has allowed us to remain flexible with how we deploy capital. We were able to return cash to our shareholders through a special $2 yearend dividend and also increase the 2013 quarterly cash dividend by 20 percent to $0.30 per share. Additionally, we were able to take advantage of the opportunity to acquire Vertis, which strengthens and expands our offering, allows us to better serve our clients while achieving additional efficiencies, and creates value for our shareholders.”