QUAD / GRAPHICS INC

Ticker: QUAD CUSIP: 747301109 Class: COM CL A

WATER ISLAND CAPITAL LLC's Holding History (CIK: 0001222765)

Note: Option positions (PUT/CALL) are excluded.

Q3 2019

Shares 209,100 Value ($000) $2,198 Avg Close $9.35 Range $7.31 - $12.12

Q2 2019

Shares 219,500 Value ($000) $1,736 Avg Close $10.47 Range $7.22 - $12.88

Q1 2019

Shares 24,448 Value ($000) $291 Avg Close $13.41 Range $10.91 - $16.88

Q4 2018

Shares 193,025 Value ($000) $2,378 Avg Close $16.13 Range $11.56 - $21.08

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2019	209,100	$2,198	$9.35	$7.31 - $12.12
Q2 2019	219,500	$1,736	$10.47	$7.22 - $12.88
Q1 2019	24,448	$291	$13.41	$10.91 - $16.88
Q4 2018	193,025	$2,378	$16.13	$11.56 - $21.08