Quad/Graphics' Full-Year Results In-Line with Expectations; Strong Free Cash Flow Predicted for 2015

SUSSEX, WI—February 24, 2015—Quad/Graphics Inc. has reported its fourth quarter and full-year 2014 results. The reported results include Brown Printing ("Brown Printing") from the day of acquisition on May 30, 2014. Prior year financial results do not include the acquisition of Brown Printing.

"We are pleased to report that fourth quarter 2014 results were in line with our expectations," said Joel Quadracci, Quad/Graphics chairman, president and CEO. "Our ability to generate significant cash flow and maintain a strong balance sheet continues to allow us to deploy capital in ways to generate value for the company and our shareholders despite ongoing industry challenges. We continue to strengthen and grow the business through compelling acquisitions, such as Brown Printing and Marin’s International, and make strategic investments in our platform, including the recently announced three-year plan to transform our book platform through digital press technology. We remain committed to improving our clients’ experience with us while engaging employees to produce the very best results to advance our overall strategic goals."