Acquisitions & Organic Growth

Quarto Group Inc
02 March 2004




                             THE QUARTO GROUP, INC.
                                        
        Acquisitions and Organic Growth the Way Forward, Board Concludes


On 15th October, 2003, the Board of Quarto, the London-based and listed
international book publisher, announced, as part of its broad review of
strategic options, the appointment of Lazard & Co., Limited to advise and assist
the Board, by carrying out a full exploration of third party interest in the
Company. Since that time, the Board has conducted an exhaustive process of
examining the possibility of a third party offer being made for Quarto, which
could be recommended by the Board.

In the meantime, in the context of a very demanding trading environment, Quarto
made further progress in 2003, with a fifth successive year of increase in
underlying earnings per share. Quarto's prospects have improved and, as set out
in its preliminary announcement of 13th February, 2004, the Board believes that
the Company is now in a better position to make acquisitions that could enhance
earnings and shareholder value, and begin the transformation of Quarto into a
larger group. Furthermore, there is growing evidence of generally improving
operational and financial market conditions and rising market multiples.

Against this background, and supported by the advice received, the Board has
concluded that, on the basis of proposals made by third parties, shareholders'
interests would not be best served by an offer being made for the Company at the
present time. Instead, the Board has decided to discontinue discussions with
third parties and will now devote its energies to enhancing shareholder value by
growing the Company, and extending its track record of growth in underlying
earnings per share.

'As outlined in the preliminary announcement on 13th February, 2004, the Board
has been considering the growth prospects for Quarto through making selective
and significant acquisitions and accelerating organic initiatives,' said
Laurence F Orbach, Quarto's Chairman, 'This is now the direction that the Board
intends to pursue, and the Company is looking closely at a number of acquisition
and organic opportunities. The Board is committed to building a bigger and even
better business, with the objective of maximizing value for all shareholders.'

Lazard & Co., Limited advises the directors of Quarto and owes duties to no
other person in connection with the matters set out herein. In providing its
advice to the directors of Quarto, Lazard & Co., Limited has taken into account
the directors' commercial assessments.

Notes for Editors:

Quarto's International Co-edition Book Publishing Division creates books which
are licensed to other publishers for publication internationally. It also
includes Regent and ProVision, which are Far East-based print broking and
production services businesses, serving both third parties and the Group.

Quarto's Publishing Division primarily publishes books, under imprints owned by
the Group, and art prints, mainly for their domestic markets in the US and
Australia. In addition, it includes two services businesses primarily serving
the point of sale market, Western and AP.

Although a Delaware registered corporation, Quarto's Head Office is situated in
Islington, London N7 and its shares are fully listed on the London Stock
Exchange.

Enquiries:

The Quarto Group, Inc
Laurence F Orbach (Chairman & Chief Executive)                   020-7700 9003

Bankside Consultants Limited
Charles Ponsonby                                                 020-7444 4166




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