Quad/Graphics, Inc.

June 1, 2017

The Benchmark Company, LLCOne-on-One Investor Conference

Tony StaniakVice President of Operations Accounting & Finance Continuous Improvement

Kelly VanderboomPresident of Logistics, Vice President & Treasurer

Forward-Looking Statements• To the extent any statements in this investor presentation contain information that is not historical, these statements are forward-looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, our current expectations about the Company’s future results, financial condition, revenue, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of Quad/Graphics, Inc. (the “Company” or “Quad/Graphics”), and can generally be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “foresee,” “project,” “believe,” “continue” or the negatives of these terms, variations on them and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.

• These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of Quad/Graphics. These risks, uncertainties, and other factors could cause actual results to differ materially from those expressed or implied by those forward-looking statements. Among risks, uncertainties and other factors that may impact Quad/Graphics are: the impact of decreasing demand for printed materials and significant overcapacity in the highly competitive commercial printing industry creates downward pricing pressures; the impact of electronic media and similar technological changes, including digital substitution by consumers; the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of changing future economic conditions; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the failure to attract and retain qualified production personnel; the impact of increased business complexity as a result of the Company's entry into additional markets; the impact of fluctuations in costs (including labor and labor-related costs, energy costs, freight rates and raw materials) and the impact of fluctuations in the availability of raw materials; the failure to successfully identify, manage, complete and integrate acquisitions and investments; the impact of risks associated with the operations outside of the United States, including costs incurred or reputational damage suffered due to improper conduct of its employees, contractors or agents; the impact of changes in postal rates, service levels or regulations; the impact of regulatory matters and legislative developments or changes in laws, including changes in cyber-security, privacy and environmental laws; the fragility and decline in overall distribution channels, including newspaper distribution channels; the impact of the various restrictive covenants in the Company's debt facilities on the Company's ability to operate its business; significant capital expenditures may be needed to maintain the Company's platform and processes and to remain technologically and economically competitive; the impact on the holders of Quad/Graphics class A common stock of a limited active market for such shares and the inability to independently elect directors or control decisions due to the voting power of the class B common stock; the impact of an other than temporary decline in operating results and enterprise value that could lead to non-cash impairment charges due to the impairment of property, plant and equipment and other intangible assets; and the other risk factors identified in the Company's most recent Annual Report on Form 10-K, as such may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission.

• Quad/Graphics cautions that the foregoing list of risks, uncertainties and other factors is not exhaustive and you should carefully consider the other factors detailed from time to time in Quad/Graphics’ filings with the United States Securities and Exchange Commission and other uncertainties and potential events when reviewing Quad/Graphics’ forward-looking statements.

• Because forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this investor presentation. Except to the extent required by the federal securities laws, Quad/Graphics undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Quad/Graphics, Inc. Overview

22,600Employees Worldwide

$480 million2016 Adjusted EBITDA

$246 million2016 Free Cash Flow

2.29xDebt Leverage Ratio at

3/31/2017

Quad/Graphics, Inc. Overview4

$4.3 billion2016 Net Sales

67Manufacturing Facilities

Located In:

United States

Argentina

Colombia

A global marketing services provider that helps brand owners market their products, services and content

more efficiently and effectively by using its strong print foundation in combination with other media channels.

France

Mexico

Poland

Peru

Agency Automotive E-Tail Financial Healthcare Insurance Publishing Retail Travel & Hospitality CPG

8,600 Clients in Diverse Vertical Industries5

6Creating A Better Way

6

ContinuedTransformation

Chapter 3

Build on solid foundation that continues today:• Technological innovator• Lasting culture & values• Strong management team• Premier manufacturing & distribution platform

1971 Founded FOR Employees

BY Employees

Pursue consolidating acquisitions to:• Enhance and expand product offering• Remove inefficient & underutilized capacity• Leverage efficient plants

Expand marketing services offering:• Urgently Innovate with an engaged workforce• Leverage our status as the industry’s

high-quality, low-cost producer• Help brand owners market more efficiently

and effectively with strong foundation in print

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Industry Consolidator

Chapter 2

FoundationalGrowth

Chapter 1

Strategic Investment in

7Strategic Goals

Walk in the Shoes of our Clients

Grow the Business Profitably

Strengthen the Core

Engage Employees

Enhance Financial Strength & Create Shareholder Value

8Experienced Leadership Team

8

Joel QuadracciChairman, President & Chief Executive Officer

Dave HonanExecutive Vice President & Chief Financial Officer

Kelly VanderboomPresident of Logistics, Vice President & Treasurer

Eric AshworthExecutive Vice President of Product Solutions & Market Strategy, and President of BlueSoHo

Jennie KentExecutive Vice President of Administration & General Counsel

Tom FrankowskiExecutive Vice President & Chief Operating Officer

Renee BaduraExecutive Vice President of Sales

26

Dave BlaisExecutive Vice President of Global Procurement and Platform Strategy

38

231

33

8 7 24

48 Age

Tenure with QUAD

53 Age

Tenure with QUAD

Age

Tenure with QUAD

56

Age

Tenure with QUAD

51

Age

Tenure with QUAD

45Age

Tenure with QUAD

48 42

Age

Tenure with QUAD

Age

Tenure with QUAD

54

John FowlerVice Chairman, EVP Global Strategy & Corporate Development & BOD Member

37

Age

Tenure with QUAD

66

Industry Dynamics & Value Proposition

$85 billionU.S. commercial print

industry annual revenue(1)

Commercial Print Industry

450,000U.S. commercial print industry employees(1)

49,000Companies in the U.S.

commercial print industry(1)

$39 billion2016 U.S. print advertising

spend(1)

Cyclical Pressures

Structural Pressures

Economy Consumer Confidence

Retail Environment

Disposable Income

Online Content

Mobile Devices

E-MarketingUnited

States Postal Service

______________________________(1) Source: November 2016 Printing in the U.S. IBISWorld Industry Report.

Treat all costs as variable to offset volume pressures.

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Fragmented & Competitive Industry

______________________________(1) Source: November 2016 Printing in the U.S. IBISWorld Industry Report.(2) Source: December 2016 Printing Impressions PI400.(3) Source: 2017 Federal Reserve Industrial Production and Capacity Utilization [G17] Reports. Includes printing of newspapers, magazines, books,

labels, stationary, etc., as well as data imaging, platemaking and bookbinding.

59%2009

65%2017 LTM

4 largest printing companies (including Quad/Graphics) total

annual revenue(1)

Industry Capacity Utilization(3)

83%Avg. 1972-2008

$85 billionU.S. Commercial Print

Industry (1)

50%400 largest printing

companies (including Quad/Graphics) total

annual revenue(2) 15%

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Understanding Client’s Pain Points

5.4 billionCo-mailed pieces in 2016

LargestCo-mail program in the print industry (both volume and

capacity)

Logistics and Co-Mailing are key differentiators and competitive advantages of Quad/Graphics

Paper Cost

Mailing/Distribution Cost

Manufacturing Cost

Client Cost Profile

50%And growing30%

20%

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Explosion of Media

Challenge is coordinating the strengths of different channels into an efficient and effective marketing campaign

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14Client Value Creation Strategy

High-Quality, Low-Cost Producer

Marketing Services ProviderImprove

Efficiency

SAVE MORE

With Process

Optimization

Increase Effectiveness

UniqueOffering

SELL MORE

With Performance

Marketing

Financial Overview

Financial Overview – First Quarter($ in millions) March 31, 2017 March 31, 2016

Statement of Operations

Net Sales $ 999 $ 1,043

Cost of Sales 781 804

SG&A 96 119

Adjusted EBITDA(1) 122 120

Adjusted EBITDA Margin(1) 12.2% 11.5%

Statement of Cash Flows

Cash from Operating Activities $ 63 $ 112

Capital Expenditures 23 26

Free Cash Flow(1) 40 86

______________________________(1) See slide 23 for definitions of our non-GAAP measures and slide 24 for reconciliations of Adjusted EBITDA and Adjusted

EBITDA Margin and slide 25 for a reconciliation of Free Cash Flow as non-GAAP measures.

Q1 2017 results were in line with our expectations and we remain on track for delivering our 2017 financial guidance.

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2017 Annual Guidance(1)

US $ Millions 2017Net Sales $4.1 to $4.3 billion

Adjusted EBITDA(2) $440 to $480 million

Free Cash Flow(2) $225 to $275 million

Depreciation and Amortization $225 to $235 million

Interest Expense $70 to $80 million

Restructuring and Transaction-Related Cash Expenses $30 to $40 million

Capital Expenditures $75 to $90 million

Cash Taxes $10 to $20 million

Pension Cash Contributions(3) Approximately $10 million

______________________________(1) No change in annual 2017 guidance from ranges provided on February 22, 2017.(2) See slide 23 for definitions of our non-GAAP measures.(3) Includes single employer pension plans and multi-employer pension plans.

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Capital Structure as of March 31, 2017

______________________________

(1) See slide 23 for definitions of our non-GAAP measures and slide 26 for a reconciliation of Debt Leverage Ratio as a non-GAAP measure.

2.88x

2.62x

2.43x2.37x 2.36x 2.29x

2.00x

2.20x

2.40x

2.60x

2.80x

3.00x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Debt Leverage Ratio(1)

Long-Term Targeted Range

38%Floating

Rate Debt 62%Fixed Rate

Debt

$247 million, or 18%, reduction of debt since December 2015

$685 millionAvailable Liquidity

Under Revolver

5.0%Blended Interest Rate

January 2021Next Significant Maturity

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Shareholder Value

Declared dividend of $0.30 per share to be payable on June 2, 2017, to shareholders of record as of May 22, 2017

$0.00

$1.00

$2.00

2013 2014 2015 2016 2017

Regular Cash Dividend

$0.30$0.30

$0.30

$0.30

$0.30

$0.30

$0.30

$0.30

______________________________

(1) Dividend Yield is calculated as an annualized dividend of $1.20 per share divided by Quad/Graphics closing stock price on May 26, 2017 of $22.16.

Commitment to Dividend

5%Dividend Yield(1)

25%Dividend as % of Free Cash Flow

$0.30

$0.30

$0.30

$0.30 $0.30 $0.30 $0.30

$0.30

$0.30

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Financial Strength

Disciplined Capital

Deployment

Maximize Free Cash

Flow

Strong Balance Sheet

Strong Earnings Margin

Financial Policies• Maintain normalized leverage of 2.0x to 2.5x granted we may

operate above or below this range given timing of investments and growth opportunities

• Reduce leverage with generated free cash flow

• De-risk underfunded pensions and MEPPs

• Maintain strong relationships with a diversified group of Lenders

• Continue to maintain a staggered maturity profile to minimize refinancing risk

• Have a healthy balance of fixed vs. floating rate debt

• Always have adequate dry powder to pursue opportunities that are accretive to earnings, as well as to maintain a healthy access to liquidity during difficult economic times

• Return capital to shareholders as part of a balanced capital allocation strategy and maintenance of financial policies

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For questions contact:Kyle Egan – IR@qg.com

Supplemental Information

Use of Non-GAAP Financial Measures• In addition to financial measures prepared in accordance with accounting principles generally accepted in the United

States of America (GAAP), this presentation also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad/Graphics’ performance and are important measures by which Quad/Graphics’ management assesses the profitability and liquidity of its business. These Non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies. Reconciliations to the GAAP equivalent of these Non-GAAP measures are contained on slides 24 – 28.

• Adjusted EBITDA is defined as net earnings (loss) excluding interest expense, income tax expense (benefit), depreciation and amortization, restructuring, impairment and transaction-related charges, loss (gain) on debt extinguishment, and equity in loss of unconsolidated entity.

• Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales.

• Free Cash Flow is defined as net cash provided by operating activities less purchases of property, plant and equipment.

• Debt Leverage Ratio is defined as total debt and capital lease obligations divided by the last twelve months of Adjusted EBITDA.

• Adjusted Diluted Earnings Per Share is defined as net earnings (loss) excluding restructuring, impairment and transaction-related charges, loss (gain) on debt extinguishment, equity in loss of unconsolidated entity and discrete income tax items, divided by diluted weighted average number of common shares outstanding.

Select icons throughout the presentation were designed by Plainicon from Flaticon. 23

Adjusted EBITDAFirst Quarter (US $ Millions)

Three Months Ended March 31,

2017 2016

Net earnings $ 25.4 $ 3.8

Interest expense 18.2 20.7Income tax expense 6.7 1.7Depreciation and amortization 58.7 78.1

EBITDA [Non-GAAP] $ 109.0 $ 104.3EBITDA Margin [Non-GAAP] 10.9% 10.0%

Restructuring, impairment and transaction-related charges 9.2 28.9Loss (gain) on debt extinguishment 2.6 (14.1)Equity in loss of unconsolidated entity 0.7 0.9

Adjusted EBITDA [Non-GAAP] $ 121.5 $ 120.0

Adjusted EBITDA Margin [Non-GAAP] 12.2% 11.5%

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Free Cash Flow(US $ Millions)

Three Months Ended March 31,

2017 2016

Net cash provided by operating activities $ 63.3 $ 112.6

Less: purchases of property, plant and equipment (23.4) (26.2)

Free Cash Flow [Non-GAAP] $ 39.9 $ 86.4

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March 31, 2017 December 31, 2016

Total debt and capital lease obligations on the balance sheets $ 1,102.8 $ 1,130.8

Divided by: Trailing twelve months Adjusted EBITDA [Non-GAAP] 481.6 480.1

Debt Leverage Ratio [Non-GAAP] 2.29x 2.36x

Debt Leverage Ratio(US $ Millions, Except Ratio Data)

______________________________

(1) The calculation of Adjusted EBITDA for the trailing twelve months ended March 31, 2017 and December 31, 2016, was as follows:

Add SubtractTrailing Twelve Months EndedYear Ended Three Months Ended

December 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017

Net earnings $ 44.9 $ 25.4 $ 3.8 $ 66.5

Interest expense 77.2 18.2 20.7 74.7

Income tax expense 13.0 6.7 1.7 18.0

Depreciation and amortization 277.1 58.7 78.1 257.7

EBITDA [Non-GAAP] $ 412.2 $ 109.0 $ 104.3 $ 416.9

Restructuring, impairment and transaction-related charges 80.6 9.2 28.9 60.9

Loss (gain) on debt extinguishment (14.1) 2.6 (14.1) 2.6

Equity in loss of unconsolidated entity 1.4 0.7 0.9 1.2

Adjusted EBITDA [Non-GAAP] $ 480.1 $ 121.5 $ 120.0 $ 481.6

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March 31, 2017 December 31, 2016

ASSETSCash and cash equivalents $ 6.5 $ 9.0Receivables 505.1 563.6Inventories 269.0 265.4Other current assets 54.7 64.6Property, plant and equipment—net 1,487.2 1,519.9Other intangible assets 55.4 59.7Other long-term assets 93.0 87.9

Total assets $ 2,470.9 $ 2,570.1

LIABILITIES AND SHAREHOLDERS’ EQUITYAccounts payable $ 304.4 $ 323.5Other current liabilities 283.0 346.6Current debt and capital leases 78.8 92.1Long-term debt and capital leases 1,024.0 1,038.7Deferred income taxes 38.6 35.3Single and multi-employer pension obligations 154.0 162.3Other long-term liabilities 127.4 130.1

Total liabilities $ 2,010.2 $ 2,128.6Shareholders’ equity $ 460.7 $ 441.5

Total liabilities and shareholders’ equity $ 2,470.9 $ 2,570.1

Balance Sheet(US $ Millions)

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Three Months Ended March 31,

2017 2016

Earnings before income taxes and equity in loss of unconsolidated entity $ 32.8 $ 6.4

Restructuring, impairment and transaction-related charges 9.2 28.9Loss (gain) on debt extinguishment 2.6 (14.1)

44.6 21.2

Income tax expense at 40% normalized tax rate 17.8 8.5

Adjusted net earnings [Non-GAAP] $ 26.8 $ 12.7

Basic weighted average number of common shares outstanding 49.1 47.6Plus: effect of dilutive equity incentive instruments [Non-GAAP] 2.4 0.9Diluted weighted average number of common shares outstanding [Non-GAAP] 51.5 48.5

Adjusted Diluted Earnings Per Share [Non-GAAP] $ 0.52 $ 0.26

Diluted Earnings Per Share [GAAP] $ 0.49 $ 0.08

Adjusted Diluted Earnings Per ShareFirst Quarter (US $ Millions, Except Per Share Data)

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