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A Year ofTransformationAnnual Shareholders Meeting

May 16, 2011

Joel Quadracci

Chairman, President & CEO

John Fowler

Executive Vice President & CFO

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Cautionary Note Regarding Forward-Looking Statements To the extent any statements made in this 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, Quad/Graphics’ objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook, and can generally be identified by the use of words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe” or “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. Among such risks, uncertainties and other factors that may impact Quad/Graphics are: the impact of significant overcapacity in the commercial printing industry, which creates downward pricing pressure and fluctuating demand for printing services; the impact of fluctuations in costs and availability of raw materials, energy costs and freight rates; Quad/Graphics may be unable to achieve the estimated potential synergies expected from the recently completed acquisition of World Color Press or it may take longer or cost more than expected to achieve those synergy savings;unexpected costs or liabilities related to the acquisition, including the effects of purchase accounting that may be different from Quad/Graphics’ allocations; failure to successfully integrate the operations of Quad/Graphics and World Color Press; the impact of electronic media and similar technological changes; changes in macroeconomic and political conditions in the countries where Quad/Graphics operates; regulatory matters and risks; legislative developments or changes in laws; the impact of fluctuations in interest rates and foreign exchange rates; the retention of existing, and continued attraction of additional, key employees; and the effect of accounting pronouncements issued periodically by standard-setting bodies.

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’ other filings with the United States Securities and Exchange Commission and other uncertainties and potential events when relying on the company’s forward-looking statements to make decisions with respect to Quad/Graphics.

Because forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from thoseexpressed 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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Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally

accepted accounting principles (GAAP), this presentation also contains non-

GAAP measures, specifically Adjusted EBITDA and Adjusted EBITDA Margin.

They are presented to provide additional information regarding Quad/Graphics’

performance and because they are important measures by which

Quad/Graphics gauges the profitability and assesses the performance of the

business. These measures should not be considered alternatives to net

earnings (loss) as a measure of operating performance or to cash flows from

operating activities as a measure of liquidity.

Adjusted EBITDA is defined as net earnings (loss) plus interest expense, income

tax expense, depreciation and amortization, and restructuring, impairment and

transaction-related charges.

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

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A Year of Transformation

A Bold Strategic Move

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40 YearsIn The Making

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Quad/Graphics Founded 1971

Pewaukee, Wisconsin

Employees:

> 5 full-time, 2 part-time

1 press

1 saddle stitcher

20,000 s.f. building

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A Company Built On Finding a Better Way

Entrepreneur, risk taker,

innovator

Lauded for cutting-edge

management practices

> Management by walking away

> Employee ownership and empowerment

Creator of the Quad Culture

Industry visionary

Harry V. Quadracci, Founder

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A Company Built On Strong Culture and Values

Consistent, visionary leadership

KISP: Keep It Simple, Perfect

Think small / Manage big

Invest in people

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Quad’s Values Wheel

Quad’s Values

Wheel

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A Bold Transformational Move

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A Unique OpportunityThe Acquisition Enabled Us To

Leverage the best of both platforms

Expand our geographic footprint

Expand our range of services

Increase efficiencies

Enhance the power of print in a

multichannel world

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Quad/Graphics Pre-Acquisition

3rd largest commercial printer in U.S.

Largest privately held printer in

Western Hemisphere

Headquartered in Sussex, WI

15 printing plants in 4 countries

11,600 employees

$1.8B in sales

Specializing in magazines, catalogs,

retail inserts and direct mail

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Quad/Graphics Today

2nd largest commercial printer in

Western Hemisphere

Headquartered in Sussex, WI

59 printing plants in 9 countries

24,500 employees

$4.8 billion in sales

Expanded product & service offering:

> Books

> Directories

> Offset retail inserts

> Greater range of direct mail

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Expanded Range of Products & Services

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Expanded Geographic Footprint

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4 Key Drivers of Integration Success

Realize somewhat more

than $225 million in

synergy savings

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Integration Progress To Date

Hit the ground running:

> Announced 5 plant closures within 1 month of acquisition close

> Announced 10 plant closures to date, equating to approximately 5 million square feet

> Realized a gross reduction of 5,000 employees, and net reduction of approximately 3,300

> We continue to create jobs and career advancement opportunities in strategic locations across the platform

> Acquired HGI

> We remain confident that we will achieve stated goals

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Integration Progress to DateShoring Up the Business

Serving our clients and ensuring work is produced without

disruption is top priority

In 2010, we moved nearly 400 titles to a more efficient

platform

> Titles moved during peak season

> Retained 97% of revenue from work moved

Quad/Graphics ERP system roll-out underway with first

successful facility conversion complete

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$15M investment to enhance the book platform in Martinsburg, WV

Investments in digital press technology to support the book platform in

Fairfield, PA, and Dubuque IA

State-of-the-art press investments in the direct mail platform as part

of an ongoing $40M capital spending plan

Commercial investments including a substantial addition to

Burlington, WI, facility for several new state-of-the-art presses

$20M investment in the retail insert platform to reinforce our Midwest

presence and solidify our coast-to-coast capabilities

Ongoing platform investment in new technology, automation and

equipment upgrades

Integration Progress to DateInvesting $170M-$200M in 2011 on New Capital Projects Including

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Financial Overview

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Key Highlights of Acquisition

QUAD listed on NYSE

> Used equity rather than lever up the company with debt to finance the acquisition

> Executed share exchange with Worldcolor shareholders by issuing19 million new shares of Class A stock

Quad is a controlled public company with the Harry V. Quadracci family having voting control

Structure provides consistency in ownership, leadership and strategy

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2010 Financial Recap

Generated strong cash flow which allowed us to pay

down $216 million in net debt and invest more than

$80 million into our platform

Improved debt leverage ratio to 2.35x from 2.49x as of

July 2, 2010

Ended year with strong pro forma adjusted EBITDA of

$672 million representing a 3% increase over 2009

Pleased With Overall 2010 Performance

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Q1 2011 HighlightsResults In Line With Expectations

Business trends from 4th quarter 2010 continued

Revenue slightly increased to $1.1 billion versus

pro forma 2010

Adjusted EBITDA of $140.7 million and adjusted

EBITDA margin at 12.8%

> A $0.5 million increase vs. pro forma 1st quarter 2010 despite:

• Reduction in legacy Worldcolor volumes

• Pricing headwinds due to overcapacity in industry and

contractual pricing inherited at acquisition

• Incremental retirement and compensation expense incurred to

create sustainable comprehensive program for legacy

Worldcolor employees

• Rising energy and commodity costs

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Q1 2011 HighlightsBalance Sheet March 31, 2011 (US $ Millions)

The strength in our balance sheet and strong

cash flows were key factors in initiating the dividend

earlier than expected

ASSETS LIABILITIES AND EQUITY

Cash and cash equivalents 14.7$ Accounts payable 311.0$

Receivables 712.8 Other liabilities 397.7

Inventories 266.8 Current debt and capital leases 136.5

Other current assets 193.4 Long-term debt and capital leases 1,434.9

Property, plant and equipment-net 2,290.2 Deferred income taxes 441.7

Goodwill and other intangible assets 1,168.3 Pension, MEPPs & other post-retirement benefits 433.0

Other long term assets 224.7 Other long-term liabilities 216.8

Total assets 4,870.9$ Total liabilities 3,371.6

Equity 1,499.3

Total liabilities and equity 4,870.9$

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All amounts are as of March 31, 2011 and July 2, 2010 or for the trailing 12 months ended March 31, 2011 and July 2, 2010.

(1) Excludes Worldcolor pension and other postretirement liabilities.

(2) Interest coverage defined as LTM pro forma adjusted EBITDA divided by LTM pro forma interest expense.

Q1 2011 HighlightsWell Capitalized (US $ Millions)

Significant debt and pension liability reductions

since the Worldcolor acquisition

March 31st

2011July 2nd

2010

Unrestricted Cash & Cash Equivalents 15 43

Debt¹ 1,571 1,795

Debt/LTM Pro forma Adjusted EBITDA¹ 2.34X 2.49X

Interest Coverage² 5.2X NM

Pension, MEPPs & Other Post Retirement Benefits 433 547

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Q1 2011 HighlightsDeclared Dividend Earlier Than Anticipated

We have initiated our first dividend as a public company based on our confidence to:

> Generate sustained strong future cash flows

> Continue to pay down debt

> Successfully complete Worldcolor integration

Quarterly dividend of $0.20 per share payable on June 10, 2011

> This represents an annualized dividend of $0.80 per share

Enhances Returns to Shareholders

Through Broadened Capital Allocation Strategy

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Creating Shareholder Value

Profitable Growth

> Greenfield / Organic

> Acquisition

Margin Improvement

Disciplined Capital Management

> Capital spending

> Working capital cash cycle

> Leverage / Use of debt

> Balance sheet risk

> Dividend policy / Share repurchase

Stock Price Multiple Expansion

> Size and industry position

> New business

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Why Print?

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Print Works

82% of consumers acted on a newspaper insert ad in the past 30 days2

96% of adults under age 35 read magazines1

1 2010/11 Magazine Handbook

2 MORI, 2009

3 The OnCampus Research Electronic Book and

E-Reader Device Survey, 2010

4 Pitney Bowes Study, April 2010

66% of consumers prefer to receive printed catalogs vs. viewing them online4

74% of college students prefer printed textbooks over digital3

5.8% Percentage by which direct mail spending is predicted to grow in 20117

34% Average improvement in response rates from campaigns combining print and other channels vs. print alone5

20-50% The rise in website sales after a catalog mail drop6

5 InfoTrends study 2011

6 Key Catalog / Multichannel Issues Study

7 Winterberry Group, Outlook 2011: What to Expect in

Direct & Direct Marketing

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Data

Drives

Response

It’s an “All of the Above World”

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Product Line Solutions

Magazines • Advanced demographic binding

• Custom web formats

• Co-mail

• Digital publishing

• XML repository

• Workflow tools for automated publishing and asset management

• Ad and page production portals

Catalogs • Targeted personalization / selective binding

• Co-mail

• Digital editions

• iPad app with e-commerce capability

• Workflow tools for automated page production

Books • Short or on-demand runs using digital presses

• Longer hardcover and paperback runs using web offset

• e-books

Retail • Workflow tools for automated page production

• Versioning

• Creative outputs

• In-store signage and point-of-purchase displays

Direct Mail • Variable data digital printing

• Data analytics

• Creative format & design

• Integrated PURLs / microsites / email

• Commingle

Directories • Direct mail

• Integrated multichannel solutions

Redefining Print in a Multichannel World

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Moving Forward

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Unwavering Strategic Goals Redefine print as the foundation

of coordinated multichannel

marketing campaigns

Use an efficient and innovative

distribution network to provide

enhanced value to clients

Maximize operational and

technological excellence

Drive domestic and international

growth in core and related

businesses

Empower, engage and develop

our employees

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Meet and exceed the needs of our customers

Strong commitment to a safe work environment for employees

Continue to make great progress on our integration plan

Remain operationally impatient to improve results

Invest in the platform with disciplined focus on economic

asset life vs. mechanical life

Stay strategically disciplined in growing profitably

Remain steadfast in our focus to increase and maximize

shareholder value

Moving ForwardContinue To Balance our Priorities

Declaration of Dividend Reflects Confidence in Business

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“I’ll Tell You When We Get There.”

- Harry V. Quadracci

Where Do We Go From Here?

Harry’s Letter to the Future

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Q&A

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Innovative People Redefining Print