Quad/Graphics and Transcontinental Swap Assets in Canada and Mexico

Also as part of the transaction, Transcontinental will transfer to Quad/Graphics its black-and-white book printing business destined for U.S. export, which represents approximately $25 million in revenues.

The transactions have been approved by the boards of directors of both companies and are subject to customary regulatory clearances, including under the Mexican Federal Law on Economic Competition and the Canadian Competition Act. The definitive agreement allows for the transactions to close independently of each other, but both are expected to close in the fall of 2011. Essentially, these transactions represent an exchange of assets.