Quad/Graphics Awarded $1.1 Billion Contract Renewal From Time I

Contract Runs Through Year End 2013 and Includes New Weekly Work for Printer's Oklahoma City Plant

SUSSEX, WI -- Quad/Graphics has renewed its long-standing business relationship with publisher Time Inc. with a new $1.1 billion agreement for the continued production of 22 titles through year end 2013. The titles covered under the agreement are Time, Sports Illustrated, SI for Kids, People, Teen People, Entertainment Weekly, Fortune Small Business, Business 2.0, Cottage Living, Parenting, Baby Talk, Health, Food & Wine, Travel + Leisure, Travel + Leisure Family, Sunset, Field & Stream, Golf, Popular Science, Outdoor Life, Ski and Skiing.

As part of the agreement, Quad/Graphics was also awarded the printing of additional copies of Time, Sports Illustrated and People, which will be produced from the company's two-year-old Oklahoma City plant beginning in January 2007. Quad/Graphics will expand its 2x8 web offset press and selective saddle stitching capabilities in Oklahoma City to accommodate the new work, and create upwards of 80 new jobs there.

Time Inc. cited Quad/Graphics' advanced manufacturing platform and capabilities, as well as its commitment to technological innovation, as primary reasons for awarding the new and renewed work to the printer.

"We're excited about the agreement that we've reached with Quad and thrilled that our titles will continue to benefit from the latest print technologies Quad offers along with the high level of professionalism and top-notch customer service that we've come to expect from everyone in the Quad organization," said Laura Reid, Vice President of Print for Time Inc. "We are looking forward to the years ahead and our continued close partnership with Quad/Graphics."

"Quad/Graphics is thrilled to continue our partnership with Time Inc. and be its largest print producer," said Joel Quadracci, President & COO of Quad/Graphics. "We will continue to build on our record of superior customer service, high-quality and timely production and technological innovation to meet Time Inc.'s needs."

Mr. Quadracci noted that because Quad/Graphics has chosen to grow its manufacturing operations organically throughout its 35-year history, "each of our plants is identically equipped and run, delivering consistent, streamlined service to multi-plant customers like Time Inc."

Quad/Graphics' relationship with Time Inc. spans more than 20 years. In addition to the 22 titles covered under the new agreement, Quad/Graphics also prints a significant portion of LIFE magazine and all of InStyle magazine under separate agreements.

About Quad/Graphics

Sussex, Wis.-based Quad/Graphics is the nation's largest printer of weekly magazines and the world's largest privately held printer of magazines, catalogs, direct mail and other commercial products. It has 12,000 employees worldwide and boasts annual sales of $1.9 billion.

About Time Inc.

Time Inc. is the world's largest magazine publisher, publishing 134 regular-frequency titles with 300 million readers. Time Inc. is a wholly owned subsidiary of Time Warner Inc., the world's leading media and entertainment company, whose businesses include filmed entertainment, interactive services, television networks, cable systems and publishing.