Quad/Graphics Increases Quarterly Cash Dividend 20% and Declares Special Dividend of $2 Per Share

  Quad/Graphics Increases Quarterly Cash Dividend 20% and Declares Special
  Dividend of $2 Per Share

Business Wire

SUSSEX, Wis. -- December 14, 2012

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

“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.

These forward-looking statements are not guarantees of future performance and
are subject to risks, uncertainties and other factors, some of which are
beyond the control of Quad/Graphics or Vertis. These risks, uncertainties and
other factors could cause actual results to differ materially from those
expressed or implied by those forward-looking statements. Many of these risks,
uncertainties and other factors are in discussed in Item 1A of Quad/Graphics’
most recent Form 10-K.

Because forward-looking statements are subject to assumptions and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements. You are cautioned not to place
undue reliance on such statements, which speak only as of the date of this
press release. Except to the extent required by the federal securities laws,
neither Quad/Graphics nor Vertis undertake any obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

About Quad/Graphics

Quad/Graphics (NYSE: QUAD) is a global provider of print and related
multichannel solutions for consumer magazines, special interest publications,
catalogs, retail inserts/circulars, direct mail, books, directories, and
commercial and specialty products, including in-store signage. Headquartered
in Sussex, Wis. (just west of Milwaukee), the Company has more than 50
print-production facilities as well as other support locations throughout
North America, Latin America and Europe. As a printing industry innovator,
Quad/Graphics (www.QG.com) is redefining the power of print in today’s
multimedia world by helping its clients use print as the foundation of
multichannel communications strategies to drive their top-line revenues.


Investor Relations Contact:
Kelly Vanderboom, 414-566-2464
Vice President & Treasurer
Media Contact:
Claire Ho, 414-566-2955
Director of Corporate Communications
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