Recent Highlights Achieved third consecutive quarter of improvement in net sales decline rate since the height of the pandemic. Achieved margin expansion and new business wins in agency solutions and print, while continuing to align costs to demand environment. Increased cash from operating activities to $73 million and Free Cash Flow to $56 million, up from $45 million and $16 million in 2020, respectively. Reduced Net Debt by $61 million during the first quarter and improved the Debt Leverage Ratio to 3.24x at March 31, 2021. Maintained strong liquidity position with up to $463 million in unused capacity under Quad’s revolving credit agreement and $81 million of cash on hand.