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Quad/Graphics Increases Quarterly Cash Dividend 20% And Declares Special Dividend Of $2 Per Share

Quad/Graphics, Inc. (NYSE: QUAD) (“Quad/Graphics” or the “Company”) today announced that its board of directors approved an increase to its 2013 quarterly cash dividend by 20% to $0.30 per share from $0.25 per share. In addition, the board of directors also declared a special dividend of $2 per share.

“The continued cash-generating power of our Company and the strength of our balance sheet make it possible for us to declare a special dividend and increase our 2013 annual cash dividend,” said Joel Quadracci, Chairman, President & CEO of Quad/Graphics. “Despite challenges in the economy and our industry, we remain confident in our ability to generate significant Free Cash Flow to support a balanced and disciplined capital deployment strategy. This includes making investments that create long-term value for our shareholders, such as our acquisition of Vertis, and maintaining our balance sheet strength with a leverage ratio within our targeted range of 2.0x to 2.5x.”

As previously announced, the Company expects full-year 2012 recurring Free Cash Flow to equal or surpass the $340 million it generated in fiscal 2011.

The 2013 quarterly cash dividend of $0.30 per share is subject to board approval and begins with the first quarter of 2013.

The special dividend will be payable on December 28, 2012, to shareholders of record as of December 24, 2012.

Forward-Looking Statements

To the extent any statements made in this press release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook, and can generally be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “foresee,” “believe,” or “continue,” or the negatives of these terms, variations on them and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.

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