Quad/Graphics : June 2024 Sidoti Virtual Conference - Presentation

June 12, 2024

Chairman, President &

Chief Executive Officer

Chief Financial Officer

Quad

This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform

Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results, financial condition, sales, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of the Company and can generally be identified by the use of words or phrases 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. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control.

The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printing services and significant overcapacity in a highly competitive environment creates downward pricing pressures and potential under- utilization of assets; the impact of increased business complexity as a result of the Company's transformation to a marketing experience company; the impact of changes in postal rates, service levels or regulations, including delivery delays; the impact of fluctuations in costs (including labor and labor-related costs, energy costs, freight rates and raw materials, including paper and the materials to manufacture ink) and the impact of fluctuations in the availability of raw materials, including paper, parts for equipment and the materials to manufacture ink; the impact macroeconomic conditions, including inflation, high interest rates and recessionary concerns, as well as cost and labor pressures, distribution challenges and the price and availability of paper, have had, and may continue to have, on the Company's business, financial condition, cash flows and results of operations (including future uncertain impacts); the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of a data-breach of sensitive information, ransomware attack or other cyber incident on the Company; the fragility and decline in overall distribution channels; the failure to attract and retain qualified talent across the enterprise; the impact of digital media and similar technological changes, including digital substitution by consumers; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the impact of risks associated with the operations outside of the United States ("U.S."), including trade restrictions, currency fluctuations, the global economy, costs incurred or reputational damage suffered due to improper conduct of its employees, contractors or agents, and geopolitical events like war and terrorism; the failure to successfully identify, manage, complete and integrate acquisitions, investment opportunities or other significant transactions, as well as the successful identification and execution of strategic divestitures; the impact negative publicity could have on our business and brand reputation; significant capital expenditures and investments may be needed to sustain and grow the Company's platforms, processes, systems, client and product technology, marketing and talent, and to remain technologically and economically competitive; the impact of the various restrictive covenants in the Company's debt facilities on the Company's ability to operate its business, as well as the uncertain negative impacts macroeconomic conditions may have on the Company's ability to continue to be in compliance with these restrictive covenants; 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; the impact of regulatory matters and legislative developments or changes in laws, including changes in cybersecurity, privacy and environmental laws; the impact on the holders of Quad's 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; and the other risk factors identified in the Company's most recent Annual Report on Form 10-K, which may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. Except to the extent required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or

otherwise.

2

• Featuring through-the-line marketing solutions deployed across offline and online channels
• Accessing additional revenue opportunity in advertising and marketing services industry
• Serving 2,700 clients across growing verticals such as retail, publishing, consumer packaged goods, finance and insurance, health and direct-to-consumer
• Winning new clients and diversifying revenue and client mix through strategic investments in innovative data and media solutions, agency talent, business development and marketing
• Proven ability to execute and scale costs driving Free Cash Flow generation
• Divesting non-core assets and generating cash to fuel growth strategy
• Targeting approximately 1.8x Debt Leverage by the end of 2024, a reduction of over $600M or 60% since 1/1/20
• Supports investments in growth businesses and shareholder returns including dividends and share buybacks

Quad

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Our history of strategic acquisitions enables us to stay competitive in

the marketplace and supports our mission to help our clients find a better way.

1971	2010	2018	2023 and Forward

Foundational	Industry	Multi-channel	Marketing
growth	efficiencies	solutions	experience (MX)
Built a strong print	Acquired to extend print	Diversified offering to	Helping brands make direct
platform that continues to	offering and improve	support demand of	consumer connections,
this day	efficiencies	integrated marketing	from household to in-store
		services	to online

Quad

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A global marketing experience company

$

2,700+	$3B	13,150	40+	70+
Clients representing	Net sales	Employees	Manufacturing	Client dedicated teams
diverse vertical		worldwide	and distribution
industries			facilities
			worldwide

Quad

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MX

CX

Quad

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From offline to online, across Creative, Production and Media, fueled by Intelligence and Tech, Quad's MX Suite of products and services is flexibly tailored for the unique needs of the marketer.

Brand Strategy & Design

In-Store & Packaging

Omnichannel

Data & Analytics

Content Creation &

Print & Managed

Marketing

Client

Testing & Measurement

Studios

Services

Technology

Quad

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RETAIL

GROCERY

PUBLISHING

CPG

FINANCE & INSURANCE

HEALTH

DIRECT-TO-

CONSUMER

Quad

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Integrated

Solutions

10%

7%

Agency	15%	Targeted
Solutions
	Catalogs	Print

Integrated

Solutions

10%

Agency18%

Solutions

Catalogs

2%

QuadMed Logistics

4% Europe

International

Print	5%	Latin
	America

1%

Directories 10%

Magazines

	10%
	Direct
	Marketing
Net Sales	6% Packaging
		& Instore
	4% Special
		Interest
	6%	Pubs.
20%
Retail Inserts	Books
	(Divested)

9%

2% Logistics

QuadMed

5% Europe

Latin	Net Sales
8% America

International

Print

1%	11%	12%
Magazines
Directories
	Retail Inserts

12%

Direct

Marketing

8%

Packaging

& In-store

4%

Special

Interest

Pubs.

Targeted

Print

Large Scale

Print

Large Scale

Print

Quad

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x

• Gives retailers and consumer packaged goods companies the ability to deliver engaging brand messages and promotions at the store shelf
• Partnering with The Save Mart Companies to launch its in-store retail media network
• Leverages growth opportunities in omnichannel Retail Media Networks, where ad spending is expected to exceed $100 billion by 2027(1)

1. Source: EMARKETER, March 2024

Quad

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