Quad/Graphics Reports a Small Net Sales Decline

Three Months

For the three months ended June 30, 2011, as reported net sales were $1.07 billion compared to pro forma net sales of $1.075 billion in the same period in 2010. As reported Adjusted EBITDA and adjusted EBITDA margin were $126.7 million and 11.8 percent, compared to pro forma adjusted EBITDA and pro forma adjusted EBITDA margin of $148.3 million and 13.8 percent in the same period in 2010.