X0306 4 2016-11-25 0 0001481792 Quad/Graphics, Inc. QUAD 0001495362 Fowler John C C/O QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089 1 1 0 0 Vice Chairman & EVP Class A Common Stock 2016-11-25 4 M 0 100 15.37 A 187333 D Class A Common Stock 2016-11-25 4 S 0 100 27.26 D 187233 D Class A Common Stock 2016-11-28 4 M 0 5900 15.37 A 193133 D Class A Common Stock 2016-11-28 4 S 0 5900 27.0093 D 187233 D Class A Common Stock 2016-11-28 4 M 0 1400 15.37 A 188633 D Class A Common Stock 2016-11-28 4 S 0 1400 27.2504 D 187233 D Class A Common Stock 2016-11-29 4 M 0 4600 15.37 A 191833 D Class A Common Stock 2016-11-29 4 S 0 4600 27.2553 D 187233 D Class A Common Stock 2016-11-29 4 M 0 6000 15.37 A 193233 D Class A Common Stock 2016-11-29 4 S 0 6000 27.5457 D 187233 D Class A Common Stock 2016-11-29 4 M 0 9000 16.62 A 196233 D Class A Common Stock 2016-11-29 4 S 0 9000 27.7782 D 187233 D Class A Common Stock 1291 I By Spouse Stock Options (Right to Buy) 19.12 2012-05-14 2021-11-18 Class A Common Stock 6500 6500 D Stock Options (Right to Buy) 29.37 2019-01-31 Class A Common Stock 30000 30000 D Stock Options (Right to Buy) 15.37 2016-11-25 4 M 0 100 0 D 2020-01-31 Class A Common Stock 100 17900 D Stock Options (Right to Buy) 15.37 2016-11-28 4 M 0 5900 0 D 2020-01-31 Class A Common Stock 5900 12000 D Stock Options (Right to Buy) 15.37 2016-11-28 4 M 0 1400 0 D 2020-01-31 Class A Common Stock 1400 10600 D Stock Options (Right to Buy) 15.37 2016-11-29 4 M 0 4600 0 D 2020-01-31 Class A Common Stock 4600 6000 D Stock Options (Right to Buy) 15.37 2016-11-29 4 M 0 6000 0 D 2020-01-31 Class A Common Stock 6000 0 D Stock Options (Right to Buy) 16.62 2016-11-29 4 M 0 9000 0 D 2020-01-31 Class A Common Stock 9000 36000 D Stock Options (Right to Buy) 41.26 2021-01-01 Class A Common Stock 34218 34218 D Class B Common Stock Class A Common Stock 111660 111660 I As trustee - HRQ 2010 Tr. The price in Column 4 is a weighted average price. The prices actually received ranged from $27.00 to $27.10. 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 $27.25 to $27.255. 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. The price in Column 4 is a weighted average price. The prices actually received ranged from $27.25 to $27.29. 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 $27.50 to $27.59. 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 $27.75 to $27.82. 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 in two equal annual installments beginning on November 18, 2012. Became exercisable in three equal annual installments beginning on November 18, 2012. Became exercisable as to 14,850 shares on May 14, 2012, and became exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable in three equal annual installments beginning on January 1, 2013. Class B Common Stock is convertible into Class A Common Stock on a 1-for-1 basis at no cost and has no expiration date. As Trustee for the HRQ 2010 Trust. The reporting person is a trustee of the trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. /s/ Jennifer J. Kent, Attorney-In-Fact for John C. Fowler 2016-11-29