Quad/Graphics Reports a Small Net Sales Decline

• Progress continues on the Worldcolor integration and the Company remains confident it will achieve more than $225 million in synergy savings.

• Declared a cash dividend of $0.20 per share, payable on Sept. 9, 2011, to shareholders of record as of Aug. 29, 2011.

• Completed a $1.5 billion debt refinancing that provides greater borrowing capacity and financial flexibility while reducing cash interest payments by an estimated $16 million to $20 million annually.