X0306 4 2016-08-19 0 0001481792 Quad/Graphics, Inc. QUAD 0001093033 SHIELY JOHN S C/O QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089 1 0 0 0 Class A Common Stock 2016-08-19 4 M 0 3500 23.37 A 57017 D Class A Common Stock 2016-08-19 4 S 0 3500 28.1139 D 53517 D Stock Option (Right to Buy) 23.37 2016-08-19 4 M 0 3500 0 D 2012-05-14 2017-01-31 Class A Common Stock 3500 0 D Stock Option (Right to Buy) 29.37 2012-05-14 2018-01-31 Class A Common Stock 2500 2500 D Stock Option (Right to Buy) 15.37 2012-05-14 2019-01-31 Class A Common Stock 2500 2500 D Stock Option (Right to Buy) 16.62 2020-01-31 Class A Common Stock 7500 7500 D The price in Column 4 is a weighted average price. The prices actually received ranged from $28.08 to $28.14. 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. Became exercisable as to 5,025 shares on May 14, 2012, and 2,475 shares on November 18, 2012. /s/ Jennifer J. Kent, Attorney-In-fact for John S. Shiely 2016-08-19