QUAD · Quad/Graphics, Inc.

The price in column 4 is a weighted average price. The prices actually received ranged from $9.48 to $10 per share. The reporting person has provided the issuer, and will provide any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4, utilizing an average weighted price.

The price in column 4 is a weighted average price. The prices actually received ranged from $9.90 to $10.17 per share. The reporting person has provided the issuer, and will provide any securityholder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4, utilizing an average weighted price.

The price in column 4 is a weighted average price. The prices actually received ranged from $9.61 to $10.02 per share. The reporting person has provided the issuer, and will provide any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4, utilizing an average weighted price.

The price in Column 4 is a weighted average price. The prices actually received ranged from $7.37 to $7.425. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

The price in Column 4 is a weighted average price. The prices actually received ranged from $7.25 to $7.255. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

Includes 9,952 additional deferred stock units resulting from the payment of dividends on the class A common stock underlying deferred stock units previously granted.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

Includes 2,571 additional deferred stock units resulting from the payment of dividends on the class A common stock underlying deferred stock units previously granted.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

Includes 9,952 additional deferred stock units resulting from the payment of dividends on the class A common stock underlying deferred stock units previously granted.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

Includes 759 additional deferred stock units resulting from the payment of dividends on the Class A Common Stock underlying deferred stock units previously granted.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

Includes 2,984 additional deferred stock units resulting from the payment of dividends on the class A common stock underlying deferred stock units previously granted.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

Includes 9,952 additional deferred stock units resulting from the payment of dividends on the class A common stock underlying deferred stock units previously granted.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

Includes 19,178 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 20, 2028 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.

The price in Column 4 is a weighted average price. The prices actually received ranged from $8.09 to $8.37. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

Includes 50,609 shares attributable to deferred stock units and dividend equivalents. The deferred stock units were granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan.

Includes 50,609 shares attributable to deferred stock units and dividend equivalents. The deferred stock units were granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan.

The price in Column 4 is a weighted average price. The prices actually received ranged from $6.65 to $6.67. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Includes 38,820 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

Reflects payment of tax liability by withholding shares of stock incident to the vesting of restricted stock previously issued.

The price in column 4 is a weighted average price. The prices actually received ranged from $7.00 to $7.10 per share. The reporting person has provided the issuer, and will provide any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4, utilizing an average weighted price.

Includes 49,850 shares attributable to deferred stock units and dividend equivalents. The deferred stock units were granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plans.

The price in column 4 is a weighted average price. The prices actually received ranged from $7.01 to $7.05 per share. The reporting person has provided the issuer, and will provide any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4, utilizing an average weighted price.

Includes 57,410 shares attributable to deferred stock units and dividend equivalents. The deferred stock units were granted under the Quad/Graphics, Inc. 2010 and 2020 Omnibus Incentive Plans.

Includes 16,695 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 46,849 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 425,895 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 42,590 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 76,661 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 25,554 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 42,590 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 76,661 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 51,108 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 149,064 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 11,500 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 114,992 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 11,244 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

Includes 69,043 shares attributable to deferred stock units and dividend equivalents. The deferred stock units were granted under the Quad/Graphics, Inc. 2010 and 2020 Omnibus Incentive Plans.

Includes 42,590 shares of restricted stock, granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan, that will vest on March 1, 2029.

The price in column 4 is a weighted average price. The prices actually received ranged from $5.29 to $5.37 per share. The reporting person has provided the issuer, and will provide to any securityholder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4, utilizing an average weighted price.