Highlights:

• Generates second quarter net sales of $934 million.
• Achieves second quarter Adjusted EBITDA of $112 million and Adjusted EBITDA margin of 12.0%, as compared to 11.9% in 2011.
• Creates $60 million in second quarter Recurring Free Cash Flow and $167 million year-to-date.
• Repays $42 million in debt during the quarter and $132 million year-to-date.
• Completes integration of Worldcolor and confirms annual synergy savings of more than$275 million, exceeding original guidance of $225 million.

Quad/Graphics, Inc. (“Quad/Graphics” or the “Company”) today reported results for its second quarter and year-to-date ending June 30, 2012. For full financial results, please see the accompanying information.

“We are pleased with the continued progress we have made to strengthen our balance sheet, maintain strong credit metrics and generate significant cash flow during a quarter traditionally impacted by lower seasonal volumes,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “This past July marked the two-year anniversary of the Worldcolor acquisition and, with the closing of the second quarter, we also mark the completion of a successful integration process. In the end, we expect to exceed our original synergy guidance by more than 20%, achieving over $275 million of annual savings. Our one-time cost to achieve these synergies will be less than $225 million, well within the expected range of $195 million to $240 million, resulting in a ratio of approximately 80 cents of cost for every dollar of synergy. This represents a significant achievement for the Company and a proud moment for all employees who worked hard to merge these two leading companies together during a time of significant industry transformation and economic challenge.”

Net sales for the second quarter were $934 million versus $977 million for the same period in 2011. Second quarter 2012 Adjusted EBITDA was $112 million compared to $116 million for the same period in 2011, and Adjusted EBITDA margin was 12.0% as compared to 11.9% in 2011. The quarterly results reflect expected volume and pricing pressures. Offsetting these impacts were incremental synergy savings totaling $21 million and lower selling, general and administrative costs.

“We are proud of the progress we continue to make in strengthening our balance sheet through the repayment of $42 million in debt during the quarter, and $132 million in the first half of 2012,” saidJohn Fowler, Executive Vice President & Chief Financial Officer. “Our leverage ratio of 2.2x remains in our targeted range of 2.0x to 2.5x and we continue to generate significant Recurring Free Cash Flow to support our disciplined capital deployment strategy. Our quarterly dividend of $0.25 per share will be payable on September 21, 2012, to shareholders of record as of September 10, 2012.”

For the first six months of 2012, net sales were $1.92 billion versus net sales of $2.0 billion for the same period in 2011, reflecting expected volume and price pressures combined with impacts from continued economic uncertainty and secular pressures. Year-to-date Adjusted EBITDA was $238 million versus $258 million in 2011, reflecting lower volumes partially offset by lower selling, general and administrative costs. Recurring Free Cash Flow was $167 million for the first six months of 2012 compared to $102 million in the first six months of 2011, continuing a track record of solid cash flow generation.

Second Quarter Conference Call

Quad/Graphics will hold a conference call at 10 a.m. ET / 9 a.m. CT on Wednesday, August 8, to discuss second quarter 2012 results. To access the conference call, it is recommended that you listen via computer at: http://us.meeting-stream.com/quadgraphics_080812/.

If for any reason you are unable to stream, you can listen to the audio via the telephone by calling:

• Toll-Free: (877) 217 - 9946 (US/Canada)
• Toll: (702) 696 - 4824 (International)
• Conference ID: 89370002

The replay will be available for 30 days following the conference call. To access the replay via phone, please call (855) 859-2056 or (404) 537-3406 and enter the Conference ID number 89370002. To access the replay via the internet, please use the following link: http://us.meeting-stream.com/quadgraphics_080812/. Registration is required for replay.