QUAD / GRAPHICS INC

Ticker: QUAD CUSIP: 747301109 Class: COM CL A

Employees Retirement System of Texas's Holding History (CIK: 0001398739)

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

Q4 2017

Shares 625 Value ($000) $14 Avg Close $22.68 Range $20.80 - $24.04

Q4 2014

Shares 3,614 Value ($000) $83 Avg Close $21.11 Range $18.11 - $23.50

Q3 2014

Shares 3,614 Value ($000) $70 Avg Close $21.65 Range $19.23 - $23.09

Q2 2013

Shares 909 Value ($000) $22 Avg Close $22.74 Range $19.60 - $25.00

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	625	$14	$22.68	$20.80 - $24.04
Q4 2014	3,614	$83	$21.11	$18.11 - $23.50
Q3 2014	3,614	$70	$21.65	$19.23 - $23.09
Q2 2013	909	$22	$22.74	$19.60 - $25.00