X0306 4 2017-01-11 0 0001481792 Quad/Graphics, Inc. QUAD 0001595041 Flores Kathryn Quadracci QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089-3995 1 0 0 0 Class A Common Stock 2017-01-11 4 S 0 1000 26.29 D 120724 D Class A Common Stock 2017-01-13 4 S 0 33818 26.2929 D 86906 D Class A Common Stock 1736 I By 401(a) Plan Class A Common Stock 5823 I As trustee - HRQ 2014 Trust Class B Common Stock Class A Common Stock 37828 37828 I As trustee - HRQ 2014 Trust Class B Common Stock Class A Common Stock 225083 225083 D These shares were previously received in the finalization of the estate of Elizabeth E. Quadracci, a co-founder and former director of the Company who died in 2013. As a result of the estate tax finalization, the beneficiaries of the estate received additional shares of class A common stock and class B common stock of the Company and, in light of their already extensive holdings, the beneficiaries have sold, or intend to sell, some of the class A shares received from the estate for diversification purposes. These planned sales will not have a material impact on the Quadracci family's ownership or control of the Company. The price in Column 4 is a weighted average price. The prices actually received ranged from $26.29 to $26.34. 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. 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. /s/ Jennifer J. Kent, Attorney-in-Fact for Kathryn Quadracci Flores 2017-01-13