Despite Loss, Quad Exceeds Q4 and 2011 Guidance

SUSSEX, WI—Quad/Graphics Inc. recorded fourth-quarter and full-year 2011 results that surpassed management’s previously announced guidance. The report included the company’s Canadian operations, which are in the process of being sold, unless otherwise noted.

“We are pleased with our 2011 fourth-quarter results, which reflect our ongoing focus on improving productivity and aggressively managing costs, while continuing to pay down debt to strengthen our credit metrics and balance sheet,” said Joel Quadracci, Quad/Graphics chairman, president and CEO. “Given our strong finish to the year, as well as the strength of our recurring free cash flow and lower risk profile that our recent leverage reduction has provided, we are pleased to declare a 25 percent increase in our quarterly dividend…”