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

“We continue to generate significant Recurring Free Cash Flow to support our disciplined capital deployment strategy, which we adjust based on current circumstances and what we think is best for shareholder value creation,” said John Fowler, executive vice president and CFO. “We also continue to manage our debt to maintain a strong balance sheet, providing us with the ability to adjust to changing economic conditions. We repaid $120 million in debt in 2012. After payment of the regular dividend and special $2 yearend dividend, our yearend leverage ratio of 2.39x remains within our targeted range of 2.0x to 2.5x. On January 16, 2013, Quad/Graphics completed our acquisition of substantially all of the assets of Vertis, and we already have started integration activities to achieve cost savings and improve the overall efficiency and productivity of our platform, all while maintaining focus on serving clients well. It's worth noting that the acquisition of Vertis, after normalization of working capital, will not impact our leverage ratio.”