Quad/Graphics Reports Mixed Results for Quarter, Fiscal Year

• Fourth quarter 2010 adjusted EBITDA of $224.2 million compared to $235.5 million in fourth quarter 2009 and $159.2 million in third quarter 2010; and

• Fourth quarter 2010 adjusted EBITDA margin of 16.2 percent compared to 17.3 percent in fourth quarter 2009 and 13.2 percent in third quarter 2010.

“We are very pleased with our results for fourth quarter 2010, which is our second quarter reporting as a combined company,” said Joel Quadracci, chairman, president and CEO. “Net sales were up slightly over pro forma 2009 despite continued pricing pressures and the downward trajectory of Worldcolor revenues.”