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Print Agreement [Amendment No. 1] - Playboy Enterprises Inc. and Quad/Graphics Inc.

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                                FIRST AMENDMENT
                                ---------------

THIS FIRST AMENDMENT, dated August 15, 1996, by and between Playboy Enterprises,
Inc. ("Publisher") and Quad/Graphics, Inc. ("Quad/Graphics") hereinafter
referred to as the "Amendment".

                                   RECITALS:

A.   Publisher and Quad/Graphics entered into a certain Agreement, dated May 15,
     1990, pertaining to the performance of press service, subject to quality,
     pricing and schedule, (including four (4) color editorial separations,
     stripping, ad handling, cromalins, final films) platemaking or cylinder
     engraving, press work (including gravure), binding, mailing and delivery to
     common carriers in connection with Publisher's magazine entitled, Playboy
     (the "Work"), with Agreement was modified by the addendum dated November 7,
     1991, and the letter dated May 25, 1994, such Agreement, as so modified, is
     hereinafter collectively referred to as the "Agreement".

B.   Publisher and Quad/Graphics are desirous of amending the Agreement as
     hereinafter provided.

FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are
hereby acknowledged by each party, Quad/Graphics and Publisher agree as follows:

1.   The Agreement is amended to extend the term of the Agreement by one (1)
     year to expire November 1, 1997 (upon completion of production of the
     January 1998 issue of Playboy).

2.   The Preparatory Price List, dated March 1, 1996, attached hereto as Exhibit
     A, will constitute the pricing in effect for preparatory production taking
     place on or after the signing date of this Amendment, subject to adjustment
     as provided in the Agreement as hereby amended.

     The Manufacturing Prices, dated May 30, 1996, and attached hereto as
     Exhibit B, will constitute the pricing in effect for print production
     taking place on or after the signing date of this Amendment, subject to
     adjustment as provided in the Agreement as hereby amended.

     The Manufacturing Prices attached hereto as Exhibit B include the 6%
     gravure and offset ink increase, effective December 1, 1994, and the 6%
     gravure ink increase, effective January 1, 1996.

4.   The Paper Requirements, dated September 20, 1995 and attached hereto as
     Exhibit C, will constitute the paper requirements in effect at the time of
     this Amendment, subject to adjustment as provided in the Agreement.

5.   Quad/Graphics will waive its entitlement to and forego the August 1, 1996
     price escalation to reflect increases to Quad/Graphics' labor costs.

6.   Section 10.05 of the Agreement is amended to guarantee that the Preparatory
     and Manufacturing Prices, attached hereto as Exhibits A and B. will remain
     firm against increases in labor costs through July 31, 1997. Thereafter,
     prices may be adjusted once annually on or after August first to reflect
     changes to Quad/Graphics' cost of labor and each such adjustment will not
     exceed 85% of the change in the "all items" listing (1982-84=100) of the
     Milwaukee, Wisconsin Consumer Price Index for Urban Wage Earners and
     Clerical Workers (CPI-W) for the immediately preceding first half of the
     calendar year as compared to the first half of the preceding calendar year.

7.   Except as modified herein, the Agreement will continue in full force and
     effect without change.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers effective on the date herein set forth. 

       Playboy Enterprises                         Quad/Graphics, Inc.

By:/s/ MARIA DANAE MANDIS                 By:/s/ ROBERT C. FULLER
   ------------------------                  ------------------------

   Name:MARIA DANAE MANDIS                   Name:ROBERT C. FULLER
        -------------------                       -------------------          
   Title: VP/ PROD DIRECTOR                  Title: CHICAGO SUBS MGR.
         ------------------                        ------------------          
Date:  8/26/96                            Date:  8/26/96
     -----------------------------             ----------------------
<PAGE>

                                                                       Exhibit A
<PAGE>




                Playboy Enterprises, Inc. - Quad/Graphics, Inc.
                                First Amendment
                            Preparatory Price List
                             (dated March 1, 1996)

<PAGE>

<TABLE>
<CAPTION> 
                              QUAD/GRAPHICS, INC.
        1996 PREPARATORY CONTRACT PRICING FOR PLAYBOY ENTERPRISES, INC.
--------------------------------------------------------------------------------
<S>                                                                <C>
Prices are based on producing an 8-3/16" x 10-7/8" page size.

PLAYBOY 1996 (CONTRACT PRICING)

FURNISHED EDIT
(BASED ON 4/C, BUT INCLUDES 2/C OR 3/C ALSO)
ANY FULL PAGE STORIES OR CARTOONS AND ALSO PARTIAL PAGE CARTOONS.

Furnished edit - (RREU negatives)................................. $ 100.00 each

Furnished edit - (RRED positives without Matchprint proof)........ $  30.00 each

Furnished edit (RRED positives with Matchprint proof)..............$  70.00 each

B&W TYPE PAGES (FULL PAGE)

Supplied RRED positives (for full page edit)...................... $  15.00 each

FULL PAGE FURNISHED ADS (2/C, 3/C OR 4/C)

Supplied RREU negatives........................................... $ 135.00 each

Supplied RRED negatives........................................... $ 175.00 each

Supplied RRED positives........................................... $ 100.00 each

FULL PAGE B&W ADS

Supplied RREU negatives........................................... $  27.00 each

Supplied RRED positives........................................... $  15.00 each

PARTIAL PAGE ADS (BASED UPON B&W EDIT FILM. IF EDIT HAS SCANS, TINTS, K.O.'S,
HANDWORK, ETC. WILL BE BILLED PER THE ATTACHED PRICE LIST)

B&W ad (supplied RREU negatives).................................. $  30.00 each

2/C, 3/C or 4/C ad supplied as RREU negatives (price based on one
ad)............................................................... $ 155.00 each

2/C, 3/C or 4/C ad supplied as RREU negatives (price based on two
ads).............................................................. $ 225.00 each

PICK UP ADS (PARTIAL OR FULL PAGE)

Pick up B&W ad.................................................... $  25.00 each

Pick up 2/C, 3/C or 4/C ad........................................ $  45.00 each



--------------------------------------------------------------------------------
Quad/Imaging                       March 1, 1996                          Page 1



</TABLE>
                                       4


<PAGE>

                              QUAD/GRAPHICS, INC.
        1996 PREPARATORY CONTRACT PRICING FOR PLAYBOY ENTERPRISES, INC.
--------------------------------------------------------------------------------
PLAYBOY SPECIALS
BASE 4/C PAGE
(8-3/16" X 10-7/8")

BASE PAGE:
(081) Base 4/C page............................................... $575.00 page

      Price includes ripping type and line art from a supplied disk, all random
      4/C separations, color correction and touching up of skin blemishes or
      scratches as noted on each transparency, processing high resolution images
      into the desktop page file, outputting film, a composite Matchprint proof,
      color correction and retouching as noted on the first proof, reripping a
      page file, reprocessing high resolution images into the desktop page file,
      outputting a second set of final film and a second composite Matchprint
      proof and two blueline proofs.

You can determine the additional cost of items not specified in the estimate
such as silhouettes, drop shadows, versions, color corrections after the second
proof show and author alterations per the attached price list.

Your price estimate is based on the specifications and printed samples
(September/October 1993 Lingerie book, November/December 1993 Lingerie book,
Playboy's Video Playmates, Playboy's Satin, Leather & Lace supplement and the
1993 Centerfold Sensations) that you have provided.

You can help meet the estimated price and complete your project on time by
providing the following:

     . Macintosh based QuarkXPress page files created as single pages to be
       processed and output as final film.

     . Page files containing all type and line art (colored, tinted and built to
       butt), EPS files and square finish windows in position with low
       resolution images resident on the page.

     . Thermal proofs or laser proofs of designed pages containing trim marks,
       call outs for color breaks and tint values and low resolution files
       showing image position, size, cropping and angling.

     . A list of all CTs and fonts used in the document along with a list of the
       fonts, software and version used to create EPS files.

            


-------------------------------------------------------------------------------
Quad/Imaging                    March l, 1996                            Page 2
                                                           


                                      
<PAGE>

                              QUAD/GRAPHICS, INC.
      1996 PREPARATORY CONTRACT PRICE LIST FOR PLAYBOY ENTERPRISES, INC.
--------------------------------------------------------------------------------

Prices are based on producing an 8-3/16" x 10-7/8" page size.

PLAYBOY 1996 (CONTRACT PRICE LIST)

       COLOR SEPARATION
       Price includes a random color proof and either positives
       or negatives. Each subject will be scanned for a comparable
       representation of the original transparency or to the written
       instructions on the transparency within scanner limitations. Scans that
       are, in our judgement, extremely difficult to reproduce will require
       handwork. COLOR CORRECTION IS ADDITIONAL.
<TABLE>
<CAPTION>
<C>    <S>                                                         <C>
(356)  B & W separation........................................... $  30.00 each
       Four color separation
(301)  5" x 7".................................................... $  90.00 each
(302)  9" x 12"................................................... $ 125.00 each
(303)  14" x 20".................................................. $ 190.00 each

       DESKTOP PAGE PROCESSING
(036)  Trap color................................................. $  15.00 each
(297)  Black & white line scan.................................... $  12.00 each
(134)  Page processing, per color, (outputting film additional)... $  12.00 each
(489)  Digital file output (per color)............................ $  12.00 each
(073)  Output film (per color).................................... $  12.00 each

       ELECTRONIC SYSTEM
(496)  Electronic page assembly, color correction, swatch matching,
       retouching, special effects, rotation, extensive resizing,
       alteration of desktop page files........................... $ 200.00 hour

       CONVENTIONAL FILM ASSEMBLY
(052)  Color break mask........................................... $  12.00 each
(053)  Tint screen (per value, per color)......................... $  15.00 each
(057)  Reverse type............................................... $  30.00 page
(059)  Knock out mask............................................. $  30.00 each
(032)  Cadograph windows and rules................................ $  15.00 page
(069)  Dupe film (per color, per item) does not include strips.... $  12.00 each
(054)  Contact film (per color, per item) does not include strips. $  12.00 each
(061)  Strip film element......................................... $   6.00 film
(168)  Pick up with inspection (per color, per item).............. $   4.00 film
(021)  Handwork (per hour)........................................ $  55.00 hour
(066)  Final film (per color)..................................... $  12.00 each
(031)  Ad inspection.............................................. $  25.00 ad

       * Ad inspection includes checking the screen ruling and angle of films,
       inspecting films for holes and scratches, checking each film to the
       furnished proof, checking total density of the proof and noting any
       potential problems. Proofs are additional.

       PROOFING
(065)  Position proof (blueline).................................. $   3.00 each
(023)  Black & white proof (Velox or LOP)......................... $  10.00 each
(025)  Matchprint proof........................................... $  50.00 each
</TABLE>

--------------------------------------------------------------------------------
Quad/Imaging                     March l, 1996                            Page 3


<PAGE>

                                   EXHIBIT B

                Playboy Enterprises, Inc. - Quad/Graphics, Inc.
                                First Amendment

                           Manufacturing Price List
                             (dated May 30, 1996)
<PAGE>

                              PLAYBOY ENTERPRISES

                                PRICE SCHEDULES

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------
    OFFSET PRESSWORK                DEL.                                PLATES &       RATE
    FORM DESCRIPTION                 AS        OUT          PLATES     MAKEREADY       PER/M
------------------------------------------------------------------------------------------------
<S>                                <C>        <C>           <C>        <C>            <C>
 4 Page Flat Cover (4/4)            4's         4              8       $1,400.00      $ 4.15
 4 Page Flat Cover (5/5)            4's         4             10       $1,750.00      $ 4.45
 4 Page Flat Cover (6/6)            4's         4             12       $2,100.00      $ 4.75
 4 Page Flat Cover (7/4)            4's         4             11       $2,400.00      $ 5.05
 4 Page Flat Cover (7/5)            4's         4             12       $2,600.00      $ 5.05
 4 Page Flat Cover (8/4)            4's         4             12       $2,600.00      $ 5.25
 4 Page Flat Cover (8/5)            4's         4             13       $2,800.00      $ 5.25
 6 Page Gate Cover (4/4)            6's         2              8       $1,800.00      $10.35
 6 Page Gate Cover (5/5)            6's         2             10       $2,250.00      $10.85
 6 Page Gate Cover (6/6)            6's         2             12       $2,700.00      $11.35
 6 Page Gate Center (4/2)           6's         2              6       $1,400.00      $ 7.25
 6 Page Gate Center (4/4)           6's         2              8       $1,800.00      $ 7.25
 6 Page Gate Center (5/4)           6's         2              9       $2,050.00      $ 7.75
 6 Page Gate Center (5/5)           6's         2             10       $2,250.00      $ 8.00
 2 Page Body (1/1)                  2's         8              2       $  500.00      $ 1.65
 2 Page Body (2/2)                  2's         8              4       $  700.00      $ 1.65
 2 Page Body (4/4)                  2's         8              8       $1,400.00      $ 1.80
 2 Page Body (5/5)                  2's         8             10       $1,700.00      $ 1.95
 4 Page Body (1/1)                  4's         4              2       $  500.00      $ 3.16
 4 Page Body (2/2)                  4's         4              4       $  700.00      $ 3.16
 4 Page Body (4/4)                  4's         4              8       $1,400.00      $ 3.43
 4 Page Body (5/5)                  4's         4             10       $1,700.00      $ 3.73
 4 Page Body (6/5)                  4's         4             10       $1,850.00      $ 4.20
 4 Page Gate Body (1/1)             4's         4              2       $  500.00      $ 3.16
 4 Page Gate Body (2/2)             4's         4              4       $  700.00      $ 3.16
 4 Page Gate Body (4/4)             4's         4              8       $1,400.00      $ 3.43
 4 Page Gate Body (5/5)             4's         4             10       $1,700.00      $ 3.73
 6 Page Gate Body (4/4+4/4)         6's         4             16       $4,000.00      $ 4.55
 8 Page Body (1/1)                  8's         2              2       $  500.00      $ 5.88
 8 Page Body (2/2)                  8's         2              4       $  700.00      $ 5.88
 8 Page Body (4/4)                  8's         2              8       $1,400.00      $ 6.40
 8 Page Body (5/5)                  8's         2             10       $1,700.00      $ 7.00
 8 Page Body (1/1+1/1)              8's         4              4       $  700.00      $ 3.58
 8 Page Body (2/2+2/2)              8's         4              8       $1,400.00      $ 3.58
 8 Page Body (4/4+1/1)              8's         4             10       $1,750.00      $ 3.60
 8 Page Body (4/4+2/2)              8's         4             12       $2,125.00      $ 3.60
 8 Page Body (4/4+4/4)              8's         4             16       $2,800.00      $ 3.60
 8 Page Body (5/5+4/4)              8's         4             18       $3,150.00      $ 4.48
 8 Page Body (5/5+5/5)              8's         4             20       $3,500.00      $ 4.63
 8 Page Gate Body (4/4)             8's         2              8       $2,200.00      $ 7.50
 8 Page Gate Body (5/5)             8's         2             10       $2,450.00      $ 8.25
 -------------------------------------------------------------------------------------------
</TABLE>

Page 1                         Quad/Graphics Inc.                  May 30, 1996

                                      
<PAGE>
<TABLE>
<CAPTION>
                              PLAYBOY ENTERPRISES
                                PRICE SCHEDULES
-------------------------------------------------------------------------------
  OFFSET PRESSWORK         DEL.                            PLATES &       RATE
  FORM DESCRIPTION          AS       OUT      PLATES      MAKEREADY      PER/M
===============================================================================
<S>                        <C>       <C>       <C>        <C>           <C>
12 Page Body (1/1+1/1)     12's       2          4          $900.00      $6.70
12 Page Body (2/2+2/2)     12's       2          8        $1,600.00      $6 70
12 Page Body (4/4+1/1)     12's       2         10        $1,950.00      $6.75
12 Page Body (4/4+2/2)     12's       2         12        $2,300.00      $6.75
12 Page Body (4/4+4/4)     12's       2         16        $3,000.00      $6.75
12 Page Body (5/5+4/4)     12's       2         18        $3,350.00      $8.50
12 Page Body (5/5+5/5)     12's       2         20        $3,700.00      $8.80
16 Page Body (1/1)          8's       1          2          $500.00     $11.75
16 Page Body (2/2)          8's       1          4          $700.00     $11.75
16 Page Body (4/4)          8's       1          8        $1,400.00     $12.80
16 Page Body (5/5)          8's       1         10        $1,700.00     $14.00
16 Page Body (1/1+1/1)      8's       2          4          $700.00      $7.15
16 Page Body (2/2+2/2)      8's       2          8        $1,400.00      $7.15
16 Page Body (4/4+1/1)      8's       2         10        $1,750.00      $7.20
16 Page Body (4/4+2/2)      8's       2         12        $2,125.00      $7.20
16 Page Body (4/4+4/4)      8's       2         16        $2,800.00      $7.20
16 Page Body (5/5+4/4)      8's       2         18        $3,150.00      $8.95
16 Page Body (5/5+5/5)      8's       2         20        $3,500.00      $9.25
16 Page Body (1/1+1/1)     16's       2          4          $700.00      $6.70
16 Page Body (2/2+2/2)     16's       2          8        $1,400.00      $6.70
16 Page Body (4/4+1/1)     16's       2         10        $1,750.00      $6.75
16 Page Body (4/4+2/2)     16's       2         12        $2,125.00      $6.75
16 Page Body (4/4+4/4)     16's       2         16        $2,800.00      $6.75
16 Page Body (5/5+4/4)     16's       2         18        $3,150.00      $8.50
16 Page Body (5/5+5/5)     16's       2         20        $3,500.00      $8.80
--------------------------------------------------------------------------------
</TABLE>

Page 2                        Quad/Graphics Inc.                  May 30, 1996
<PAGE>

                         PLAYBOY ENTERPRISES
                           PRICE SCHEDULES

------------------------------------------------------------------------
   OFFSET PRESSWORK       DEL.                     PLATES &      RATE
   FORM DESCRIPTION        AS     OUT    PLATES    MAKEREADY    PER/M
========================================================================
32 Page Body (1/1+1/1)     8's     1        4        $700.00    $14.30
32 Page Body (2/2+2/2)     8's     1        8      $1,400.00    $14.30
32 Page Body (4/4+1/1)     8's     1       10      $1,750.00    $14.40
32 Page Body (4/4+2/2)     8's     1       12      $2,125.00    $14.40
32 Page Body (4/4+4/4)     8's     1       16      $2,800.00    $14.40
32 Page Body (5/5+4/4)     8's     1       18      $3,150.00    $17.90
32 Page Body (5/5+5/5)     8's     1       20      $3,500.00    $18.50
32 Page Body (1/1+1/1)    16's     1        4        $700.00    $13.40
32 Page Body (2/2+2/2)    16's     1        8      $1,400.00    $13.40
32 Page Body (4/4+1/1)    16's     1       10      $1,750.00    $13.50
32 Page Body (4/4+2/2)    16's     1       12      $2,125.00    $13.50
32 Page Body (4/4+4/4)    16's     1       16      $2,800.00    $13.50
32 Page Body (5/5+4/4)    16's     1       18      $3,150.00    $17.00
32 Page Body (5/5+5/5)    16's     1       20      $3,500.00    $17.60
------------------------------------------------------------------------
Rates are guaranteed for 1,500,000 impressions, replacements will be
invoiced as required thereafter. See below for plate and makeready changes
========================================================================
                                                                 RATE
OFFSET PRESS SUPPLEMENTAL PRICES                   MAKEREADY     PER/M
========================================================================
Plate Charges, each                                   $75.00       ---
Makeready Changes, each plate                         $85.00       ---
Rub Off                                              $400.00     $2.05
Perf signature                                       $200.00     $0.50
Multiple delivery charges, per delivery                  ---     $0.45
Press down time, per hour                            $500.00       ---
------------------------------------------------------------------------



Page 3                   Quad / Graphics Inc.               May 30, 1996

<PAGE>

                              PLAYBOY ENTERPRISES
                                PRICE SCHEDULES

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
GRAVURE PRESSWORK           DEL.                         CYLINDERS &   RATE
 FORM DESCRIPTION            AS        OUT    CYLINDERS   MAKEREADY    PER/M
================================================================================
<S>                         <C>        <C>    <C>        <C>          <C>
12 Page Body (4/4)           12's       4         8      $14,560.00   $ 5.35
12 Page Body (5/5)           12's       4        10      $18,200.00   $ 6.10
16 Page Body (4/4)           16's       4         8      $14,880.00   $ 5.35
16 Page Body (5/5)           16's       4        10      $18,600.00   $ 6.10
20 Page Body (4/4)           20's       2         8      $15,200.00   $10.70
20 Page Body (5/5)           20's       2        10      $19,000.00   $12.20
24 Page Body (4/4)           24's       2         8      $15,520.00   $10.70
24 Page Body (5/5)           24's       2        10      $19,400.00   $12.20
28 Page Body (4/4)           28's       2         8      $15,840.00   $10.70
28 Page Body (5/5)           28's       2        10      $19,800.00   $12.20
32 Page Body (4/4)           32's       2         8      $16,160.00   $10.70
32 Page Body (5/5)           32's       2        10      $20,200.00   $12.20
36 Page Body (4/4)           36's       2         8      $16,480.00   $16.05
36 Page Body (5/5)           36's       2        10      $20,600.00   $18.30
40 Page Body (4/4)           20's       1         8      $16,800.00   $21.40
40 Page Body (5/5)           20's       1        10      $21,000.00   $24.40
48 Page Body (4/4)           16's       2         8      $17,440.00   $16.05
48 Page Body (5/5)           16's       2        10      $21,800.00   $18.30
48 Page Body (4/4)           24's       1         8      $17,440.00   $21.40
48 Page Body (5/5)           24's       1        10      $21,800.00   $24.40
56 Page Body (4/4)           28's       1         8      $18,080.00   $21.40
56 Page Body (5/5)           28's       1        10      $22,600.00   $24.40
60 Page Body (4/4)           20's       2         8      $18,400.00   $32.10
60 Page Body (5/5)           20's       2        10      $23,000.00   $36.60
64 Page Body (4/4)           32's       1         8      $18,720.00   $21.40
64 Page Body (5/5)           32's       1        10      $23,400.00   $24.40
72 Page Body (4/4)           24's       1         8      $19,360.00   $32.10
72 Page Body (5/5)           24's       1        10      $24,200.00   $36.60
72 Page Body (4/4)           12's       1         8      $19,360.00   $34.50
72 Page Body (5/5)           12's       1        10      $24,200.00   $39.00
84 Page Body (4/4)           28's       1         8      $20,320.00   $32.10
84 Page Body (5/5)           28's       1        10      $25,400.00   $36.60
96 Page Body (4/4)           32's       1         8      $21,280.00   $32.10
96 Page Body (5/5)           32's       1        10      $26,600.00   $36.60
96 Page Body (4/4)           16's       1         8      $21,280.00   $34.50
96 Page Body (5/5)           16's       1        10      $26,600.00   $39.00
--------------------------------------------------------------------------------
</TABLE>
Included in makeready charges are bromides, one set of cylinders with one press
proof and the press makeready.
--------------------------------------------------------------------------------
Page 4                         Quad / Graphics Inc.                 May 30, 1996
<PAGE>

<TABLE>
<CAPTION>
                              PLAYBOY ENTERPRISES
                                PRICE SCHEDULES
--------------------------------------------------------------------------------
                                                                         RATE
  GRAVURE PRESS SUPPLEMENTAL PRICES                       MAKEREADY     PER/M
================================================================================
<S>                                                       <C>          <C>
Additional bromides, per page, per color                     $16.50       ---
Cylinder Charges, each                                    $1,200.00       ---
Makeready Changes, each cylinder                            $300.00       ---
Additional proofs (per side)                              $1,700.00       ---
Supplemental engraving for type only, each                  $508.00       ---
Cylinder storage 1st month, each cylinder                   $200.00       ---  
Cylinder storage each additional month, each cylinder       $100.00       ---
Press down time, per hour                                   $750.00       ---
================================================================================
                                                             COVER     BODY
          OFFSET INK PRICES                                   RATE     RATE
================================================================================
<S>                                                         <C>        <C>
4/Color pages, per/M                                         $0.356    $0.322
3/Color pages, per/M                                         $0.296    $0.263
2/Color pages, per/M                                         $0.178    $0.145
Black pages, per/M                                           $0.059    $0.059
5/Color (non metallic) pages, per/M                          $0.533    $0.533
6/Color (non metallic) pages, per/M                          $0.711    $0.711
7/Color (non metallic) pages, per/M                          $0.889    $0.889
8/Color (non metallic) pages, per/M                          $1.067    $1.067
Metallic Color less than 1/2 page, per/M                     $0.356    $0.356
Varnish                                                      $0.592    $0.592
UV Coat covers 1 & 4
  Makeready                                                 $250.00
  Run Rate, per/M                                             $9.00
UV Coat covers of gatefold (one side only)
  Makeready                                                 $250.00
  Run Rate, per/M                                            $13.50
================================================================================
                                                                       BODY
          GRAVURE INK PRICES                                           RATE
================================================================================
<S>                                                                    <C>
4/Color pages, per/M                                                   $0.540
3/Color pages, per/M                                                   $0.371
2/Color pages, per/M                                                   $0.238
Black pages, per/M                                                     $0.106
PMS ink will be invoiced at cost plus 10%                                 ---
--------------------------------------------------------------------------------
</TABLE>

                                                                             
Page 5                            Quad/Graphics Inc.             May 30, 1996

<PAGE>

<TABLE>
<CAPTION>
                              PLAYBOY ENTERPRISES
                                PRICE SCHEDULES
--------------------------------------------------------------------------------
                                                                        RATE
          PERFECT BINDING                                 MAKEREADY     PER/M
================================================================================
<S>                                                       <C>          <C>
Up to 12 pockets                                          $1,484.00    $32.77
      13 pockets                                          $1,566.00    $33.73
      14 pockets                                          $1,648.00    $34.69
      15 pockets                                          $1,731.00    $35.70
      16 pockets                                          $1,813.00    $36.71
      17 pockets                                          $1,896.00    $37.77
      18 pockets                                          $1,978.00    $38.83
      19 pockets                                          $2,060.00    $39.79
      20 pockets                                          $2,143.00    $40.96
      21 pockets                                          $2,225.00    $42.12
      22 pockets                                          $2,308.00    $43.23
      23 pockets                                          $2,390.00    $44.34
      24 pockets                                          $2,472.00    $45.45
      25 pockets                                          $2,555.00    $46.51
      26 pockets                                          $2,637.00    $47.57
      27 pockets                                          $2,720.00    $48.68
      28 pockets                                          $2,802.00    $49.74
      29 pockets                                          $2,885.00    $50.85
      30 pockets                                          $2,967.00    $51.91
      31 pockets                                          $3,049.00    $53.03
      32 pockets                                          $3,132.00    $54.09
      33 pockets                                          $3,214.00    $55.15
      34 pockets                                          $3,297.00    $56.26
      35 pockets                                          $3,379.00    $57.32
      36 pockets                                          $3,461.00    $58.43
--------------------------------------------------------------------------------
Rate Per/M includes all costs up through the trimming unit. Makeready
 prices are based on (3) machines.
--------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                                                                         RATE
PERFECT BINDING PREMIUMS                                                  MAKEREADY      PER/M
================================================================================================
<S>                                                                       <C>            <C>
Bind-in and Blow-in cards are counted as pockets                              ---          ---
First pocket change per stop, per machine                                  $82.00          ---
Each additional pocket change per same stop, per machine                   $41.00          ---
Demographic Insertion (body signatures only) (ink jet required)           $300.00        $4.00
Demographic Insertion (cover form only) (ink jet required)                $300.00        $3.00
Demographic Insertion (body forms and cover) (ink jet required)           $500.00        $6.00
Apply furnished tip-ons                                                    $60.00        $3.05
Label Aire/Dot whacker                                                     $60.00        $3.05
Handwork, per hour                                                         $20.00          ---
Binder holding time, per hour                                             $200.00          ---
------------------------------------------------------------------------------------------------
</TABLE>

Page 6                           Quad/Graphics Inc.              May 30, 1996
<PAGE>

<TABLE>
<CAPTION>
                              PLAYBOY ENTERPRISES
                                PRICE SCHEDULES

--------------------------------------------------------------------------------
                 IN-LINE POLYWRAP & MAILING                       RATE
           WITH ONE COLOR PRE-PRINTED SITMA PLASTIC               PER/M
================================================================================
<S>                                                               <C>    
Up to 12 pockets on perfect binder                                $42.67
      13 pockets on perfect binder                                $43.08
      14 pockets on perfect binder                                $43.58
      15 pockets on perfect binder                                $44.04
      16 pockets on perfect binder                                $44.49
      17 pockets on perfect binder                                $45.05
      18 pockets on perfect binder                                $45.50
      19 pockets on perfect binder                                $46.06
      20 pockets on perfect binder                                $46.56
      21 pockets on perfect binder                                $47.02
      22 pockets on perfect binder                                $47.62
      23 pockets on perfect binder                                $48.23
      24 pockets on perfect binder                                $48.88
      25 pockets on perfect binder                                $49.49
      26 pockets on perfect binder                                $50.15
      27 pockets on perfect binder                                $50.80
      28 pockets on perfect binder                                $51.41
      29 pockets on perfect binder                                $52.07
      30 pockets on perfect binder                                $52.67
      31 pockets on perfect binder                                $53.33
      32 pockets on perfect binder                                $53.98
      33 pockets on perfect binder                                $54.59
      34 pockets on perfect binder                                $55.25
      35 pockets on perfect binder                                $55.85
      36 pockets on perfect binder                                $56.51
 =============================================================================
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
                                                                                                    RATE
          IN-LINE POLYWRAP & MAILING PREMIUMS                                      MAKEREADY       PER/M
===========================================================================================================
<S>                                                                                 <C>            <C>
Inserts                                                                              $25.50        $2.05
Pocket changes, each                                                                 $50.00          ---
  Ink jet addressing and formatting upcharge (max 8 lines in one position)              ---        $2.54
  Ink jet "out of pocket" upcharge (per position)                                   $300.00        $5.00
  Ink jet code & message or code only                                               $150.00        $3.00
  Demographic Insertion                                                             $300.00        $5.00
  Additional colors and versions on poly film will be invoiced at cost plus 15%
  Label Aire/Dot whacker                                                             $60.00        $3.05
 ----------------------------------------------------------------------------------------------------------
</TABLE>

Page 7                      Quad/Graphics Inc.                     May 30, 1996
<PAGE>

<TABLE>
<CAPTION>
                              PLAYBOY ENTERPRISES
                                PRICE SCHEDULES
--------------------------------------------------------------------------------
                                                                       RATE
                NEWSSTAND & BULK PACKING                    MAKEREADY  PER/M
================================================================================
<S>                                                            <C>     <C>
Shrinkwrap in bundles                                           ---    $13.40
Newsstand label preparation                                     ---     $1.00
Onsert newsstand letter, per bundle                           $0.08       ---
================================================================================
                                                                       RATE
          OFF-LINE MAILING                                  MAKEREADY  PER/M
===============================================================================
<S>                                                          <C>      <C> 
Off-line mail with paper labels                              $60.00    $34.00
List changes, each                                           $30.60       ---
Insert into supplied envelopes                                  ---   $137.70
Insert into quad supplied envelopes                             ---   $211.14
Handwork, per hour                                           $30.00       ---
================================================================================
                                                                       RATE
          PACKING & HANDLING                                MAKEREADY  PER/M
================================================================================
<S>                                                         <C>        <C>
Off-line Polywrapping base piece                            $153.00    $32.15
Off-line polywrapping per insert                             $25.50     $2.05
Bulk in cartons, each (with attached shipping label)          $1.30       ---
Bulk on skids, each                                          $15.00       ---
Bulk on skids with sleeves, each                             $20.00       ---
Tearsheets (based on per hour rate)                          $30.00       ---
Handle furnished skids, each                                 $15.30       ---
Handling furnished stock, per cwt (as received)               $0.45       ---
--------------------------------------------------------------------------------
</TABLE>



Page 8                           Quad/Graphics Inc.               May 30, 1996
<PAGE>

                                   EXHIBIT C



                Playboy Enterprises, Inc. - Quad/Graphics, Inc.
                                First Amendment


                              Paper Requirements
                          (dated September 20, 1995)
<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
8 1/8" x 10 7/8" Book Size            ROLL         CYL.     BASIS                   RATE
PAPER REQUIREMENTS                    WIDTH        SIZE     WEIGHT    MAKEREADY     PER/M
============================================================================================
<S>                                  <C>          <C>       <C>       <C>           <C>
4 Page Flat Cover (4/4)              33.7500      22.750      80        1,293       37.49
4 Page Flat Cover (5/5)              33.7500      22.750      80        1,552       37.69
4 Page Flat Cover (6/6)              33.7500      22.750      80        1,810       38.08
  Press Stops, each                  33.7500      22.750      80          323          --
  Plate Changes, per plate           33.7500      22.750      80           81          --
6 Page Cover (4/4)                   24.5000      22.750      80        1,126       51.89
6 Page Cover (5/5)                   24.5000      22.750      80        1,314       52.39
6 Page Cover (6/6)                   24.5000      22.750      80        1,502       53.38
  Press Stops, each                  24.5000      22.750      80          188          --
  Plate Changes, per plate           24.5000      22.750      80           47          --
6 Page Center (4/2)                  23.1875      22.750      60          666       36.71
6 Page Center (4/4)                  23.1875      22.750      60          666       36.71
6 Page Center (5/4)                  23.1875      22.750      60          800       37.62
6 Page Center (5/5)                  23.1875      22.750      60          800       37.62
  Press Stops, each                  23.1875      22.750      60          133          --
  Plate Changes, per plate           23.1875      22.750      60           33          --
2 Page Body (1/1)                    33.5000      22.750      50          401       10.55
2 Page Body (2/2)                    33.5000      22.750      50          481       10.67
2 Page Body (4/4)                    33.5000      22.750      50          641       10.92
  Page Body (5/5)                    33.5000      22.750      50          802       11.05
  Page Body (1/1)                    33.5000      22.750      50          401       21.10
4 Page Body (2/2)                    33.5000      22.750      50          481       21.35
4 Page Body (4/4)                    33.5000      22.750      50          641       21.73
4 Page Body (5/5)                    33.5000      22.750      50          802       21.97
4 Page Body (1/1)                    33.5000      22.750      38          305       16.03
4 Page Body (2/2)                    33.5000      22.750      38          366       16.22
4 Page Body (4/4)                    33.5000      22.750      38          487       16.51
4 Page Body (5/5)                    33.5000      22.750      38          610       16.69
4 Page Gatefold (1/1)                30.5000      22.750      50          365       19.69
4 Page Gatefold (2/2)                30.5000      22.750      50          438       19.94
4 Page Gatefold (4/4)                30.5000      22.750      50          584       20.19
4 Page Gatefold (5/5)                30.5000      22.750      50          731       20.36
  Press Stops, each                  30.5000      22.750      50          146          --
  Plate Changes, per plate           30.5000      22.750      50           37          --
6 Page Gatefold (4/4)(4/4)           19.1250      22.750      50          825       25.90
  Press Stops, each, per web         19.1250      22.750      50           92          --
  Plate Changes, per plate           19.1250      22.750      50           23          --
8 Page Body (1/1)                    33.5000      22.750      50          401       42.19
8 Page Body (2/2)                    33.5000      22.750      50          481       42.70
8 Page Body (4/4)                    33.5000      22.750      50          641       43.44
8 Page Body (5/5)                    33.5000      22.750      50          802       43.93
8 Page Body (1/1)                    33.5000      22.750      38          305       32.07
8 Page Body (2/2)                    33.5000      22.750      38          366       32.45
8 Page Body (4/4)                    33.5000      22.750      38          487       33.01
8 Page Body (5/5)                    33.5000      22.750      38          610       33.39
</TABLE>

    Page 1                 QUAD/GRAPHICS INC.            September 20, 1995
<PAGE>


                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
   8 1/8" x 10 7/8" Book Size                    ROLL                CYL.    BASIS                     RATE
   PAPER REQUIREMENTS                            WIDTH               SIZE    WEIGHT    MAKEREADY       PER/M
=============================================================================================================
 <S>                                            <C>                 <C>        <C>      <C>           <C>
   8 Page Body (1/1+1/1)                        33.5000             22.750      50         642         42.82
   8 Page Body (2/2+2/2)                        33.5000             22.750      50         802         43.31
   8 Page Body (4/4+1/1)                        33.5000             22.750      50         963         43.56
   8 Page Body (4/4+2/2)                        33.5000             22.750      50       1,123         43.56
   8 Page Body (4/4+4/4)                        33.5000             22.750      50       1,284         43.56
   8 Page Body (5/5+4/4)                        33.5000             22.750      50       1,444         43.69
   8 Page Body (5/5+5/5)                        33.5000             22.750      50       1,604         44.06
   8 Page Body (1/1+1/1)                        33.5000             22.750      38         488         32.54
   8 Page Body (2/2+2/2)                        33.5000             22.750      38         610         32.92
   8 Page Body (4/4+1/1)                        33.5000             22.750      38         732         33.11
   8 Page Body (4/4+2/2)                        33.5000             22.750      38         854         33.11
   8 Page Body (4/4+4/4)                        33.5000             22.750      38         976         33.11
   8 Page Body (5/5+4/4)                        33.5000             22.750      38       1,097         33.21
   8 Page Body (5/5+5/5)                        33.5000             22.750      38       1,219         33.48
   8 Page Gatefold (4/4)                        31.7500             22.750      50         912         42.69
   8 Page Gatefold (5/5)                        31.7500             22.750      50       1,064         43.33
     Press Stops, each                          31.7500             22.750      50         152           ---
     Plate Changes, per plate                   31.7500             22.750      50          38           ---
  12 Page Body (1/1+                            33.5000             22.750      38         244         32.54
                    1/1)                        16.7500             22.750      38         122         16.27
  12 Page Body (2/2+                            33.5000             22.750      38         305         32.92
                    2/2)                        16.7500             22.750      38         152         16.46
  12 Page Body (4/4+                            33.5000             22.750      38         366         33.11
                    1/1)                        16.7500             22.750      38         183         16.55
  12 Page Body (4/4+                            33.5000             22.750      38         427         33.11
                    2/2)                        16.7500             22.750      38         213         16.55
  12 Page Body (4/4+                            33.5000             22.750      38         488         33.11
                    4/4)                        16.7500             22.750      38         244         16.55
  12 Page Body (5/5+                            33.5000             22.750      38         549         33.21
                    4/4)                        16.7500             22.750      38         274         16.60
  12 Page Body (5/5+                            33.5000             22.750      38         610         33.48
                    5/5)                        16.7500             22.750      38         305         16.74
  16 Page Body (1/1)                            33.5000             22.750      38         305         64.14
  16 Page Body (2/2)                            33.5000             22.750      38         366         64.90
  16 Page Body (4/4)                            33.5000             22.750      38         487         66.02
  16 Page Body (5/5)                            33.5000             22.750      38         610         66.78
  16 Page Body (1/1+1/1)                        33.5000             22.750      38         488         65.08
  16 Page Body (2/2+2/2)                        33.5000             22.750      38         610         65.84
  16 Page Body (4/4+1/1)                        33.5000             22.750      38         732         66.21
  16 Page Body (4/4+2/2)                        33.5000             22.750      38         854         66.21
  16 Page Body (4/4+4/4)                        33.5000             22.750      38         976         66.21
  16 Page Body (5/5+4/4)                        33.5000             22.750      38       1,097         66.41
  16 Page Body (5/5+5/5)                        33.5000             22.750      38       1,219         66.97
-------------------------------------------------------------------------------------------------------------
</TABLE>

Page 2                        QUAD/GRAPHICS INC.              September 20, 1995

<PAGE>

<TABLE>
<CAPTION>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS

----------------------------------------------------------------------------------------
8 1/8" x 10 7/8" Book Size           ROLL        CYL.      BASIS                   RATE
 PAPER REQUIREMENTS                  WIDTH       SIZE      WEIGHT     MAKEREADY    PER/M
========================================================================================
<S>                                  <C>        <C>        <C>        <C>         <C>
32 Page Body (1/1+1/1)               33.5000    22.750      38           488      130.16
32 Page Body (2/2+2/2)               33.5000    22.750      38           610      131.67
32 Page Body (4/4+1/1)               33.5000    22.750      38           732      132.42
32 Page Body (4/4+2/2)               33.5000    22.750      38           854      132.42
32 Page Body (4/4+4/4)               33.5000    22.750      38           976      132.42
32 Page Body (5/5+4/4)               33.5000    22.750      38         1,097      132.82
32 Page Body (5/5+5/5)               33.5000    22.750      38         1,219      133.94
   Press Stops per web, each         33.5000    22.750      50           160          --
   Press Stops per web, each         33.5000    22.750      38           122          -- 
   Plate Changes, per plate          33.5000    22.750      50            40          --
   Plate Changes, per plate          33.5000    22.750      38            30          --
----------------------------------------------------------------------------------------
</TABLE>                                                                      

<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
8 1/8" x 10 7/8" Book Size         ROLL       CYL.    BASIS               RATE
   PAPER REQUIREMENTS              WIDTH      SIZE    WEIGHT  MAKEREADY   PER/M
================================================================================
<S>                               <C>       <C>        <C>      <C>      <C>
4 Page Flat Cover (4/4)            33.7500   22.750     100      1,616    46.86
4 Page Flat Cover (5/5)            33.7500   22.750     100      1,940    47.11
4 Page Flat Cover (6/6)            33.7500   22.750     100      2,263    47.61
  Press Stops, each                33.7500   22.750     100        404       --
  Plate Changes, per plate         33.7500   22.750     100        102       --
6 Page Cover (4/4)                 24.5000   22.750     100      1,408    64.87
6 Page Cover (5/5)                 24.5000   22.750     100      1,643    65.49
6 Page Cover (6/6)                 24.5000   22.750     100      1,877    66.72
  Press Stops, each                24.5000   22.750     100        235       --
  Plate Changes, per plate         24.5000   22.750     100         59       --
6 Page Center (4/2)                23.1875   22.750      80        888    48.95
6 Page Center (4/4)                23.1875   22.750      80        888    49.48
6 Page Center (5/4)                23.1875   22.750      80      1,066    50.16
6 Page Center (5/5)                23.1875   22.750      80      1,066    50.16
  Press Stops, each                23.1875   22.750      80        178       --
  Plate Changes, per plate         23.1875   22.750      80         44       --
2 Page Body (1/1)                  33.5000   22.750      80        642    16.89
2 Page Body (2/2)                  33.5000   22.750      80        770    17.08
2 Page Body (4/4)                  33.5000   22.750      80      1,026    17.48
2 Page Body (5/5)                  33.5000   22.750      80      1,284    17.68
2 Page Body (1/1)                  33.5000   22.750      60        481    12.67
2 Page Body (2/2)                  33.5000   22.750      60        578    12.81
2 Page Body (4/4)                  33.5000   22.750      60        769    13.11
2 Page Body (5/5)                  33.5000   22.750      60        963    13.26
4 Page Body (1/1)                  33.5000   22.750      60        481    25.32
4 Page Body (2/2)                  33.5000   22.750      60        578    25.62
4 Page Body (4/4)                  33.5000   22.750      60        769    26.07
4 Page Body (5/5)                  33.5000   22.750      60        963    26.36
4 Page Body (1/1)                  33.5000   22.750      40        321    16.88
4 Page Body (2/2)                  33.5000   22.750      40        385    17.08
4 Page Body (4/4)                  33.5000   22.750      40        513    17.38
4 Page Body (5/5)                  33.5000   22.750      40        642    17.57
4 Page Gatefold (1/1)              30.5000   22.750      80        584    31.50
4 Page Gatefold (2/2)              30.5000   22.750      80        701    31.91
4 Page Gatefold (4/4)              30.5000   22.750      80        935    32.30
4 Page Gatefold (5/5)              30.5000   22.750      80      1,170    32.57
  Press Stops, each                30.5000   22.750      80        234       --
  Plate Changes, per plate         30.5000   22.750      80         58       --
6 Page Gatefold (4/4)(4/4)         19.1250   22.750      80      1,320    41.44
  Press Stops, each, per web       19.1250   22.750      80        147       --
  Plate Changes, per plate         19.1250   22.750      80         37       --
8 Page Body (1/1)                  33.5000   22.750      60        481    50.63
8 Page Body (2/2)                  33.5000   22.750      60        578    51.24
8 Page Body (4/4)                  33.5000   22.750      60        769    52.12
8 Page Body (5/5)                  33.5000   22.750      60        963    52.72
--------------------------------------------------------------------------------
</TABLE> 

Page 4                      QUAD/GRAPHICS INC.              September 20, 1995

<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
8 1/8" x 10 7/8" Book Size         ROLL       CYL.    BASIS               RATE
   PAPER REQUIREMENTS              WIDTH      SIZE    WEIGHT  MAKEREADY   PER/M
================================================================================
<S>                               <C>       <C>        <C>      <C>      <C>
8 Page Body (1/1)                  33.5000   22.750     36       289      30.38
8 Page Body (2/2)                  33.5000   22.750     36       347      30.74
8 Page Body (4/5)                  33.5000   22.750     36       462      31.27
8 Page Body (5/5)                  33.5000   22.750     36       578      31.63
8 Page Body (1/1+1/1)              33.5000   22.750     60       770      51.38
8 Page Body (2/2+2/2)              33.5000   22.750     60       963      51.98
8 Page Body (4/4+1/1)              33.5000   22.750     60     1,155      52.27
8 Page Body (4/4+2/2)              33.5000   22 750     60     1,348      52.27
8 Page Body (4/4+4/4)              33.5000   22 750     60     1,540      52.27
8 Page Body (5/5+4/4)              33.5000   22.750     60     1,733      52.43
8 Page Body (5/5+5/5)              33.5000   22.750     60     1,925      52.87
8 Page Body (1/1+1/1)              33.5000   22.750     36       462      30.83
8 Page Body (2/2+2/2)              33.5000   22.750     36       578      31.19
8 Page Body (4/4+1/1)              33.5000   22.750     36       693      31.36
8 Page Body (4/4+2/2)              33.5000   22.750     36       809      31.36
8 Page Body (4/4+4/4)              33.5000   22.750     36       924      31.36
8 Page Body (5/5+4/4)              33.5000   22.750     36     1,040      31.46
8 Page Body (5/5+5/5)              33.5000   22.750     36     1,155      31.72
8 Page Gatefold (4/4)              31.7500   22.750     60     1,095      51.23
8 Page Gatefold (5/5)              31.7500   22.750     60     1,277      51.99
  Press Stops, each                31.7500   22.750     60       182         --
  Plate Changes, per plate         31.7500   22.750     60        46         --
12 Page Body (1/1+                 33.5000   22.750     36       231      30.83
                  1/1)             16.7500   22.750     36       116      15.41
12 Page Body (2/2+                 33.5000   22.750     36       289      31.19
                  2/2)             16.7500   22.750     36       144      15.59
12 Page Body (4/4+                 33.5000   22.750     36       347      31.36
                  1/1)             16.7500   22.750     36       173      15.68
12 Page Body (4/4+                 33.5000   22.750     36       404      31.36
                  2/2)             16.7500   22.750     36       202      15.68
12 Page Body (4/4+                 33.5000   22.750     36       462      31.36
                  4/4)             16.7500   22.750     36       231      15.68
12 Page Body (5/5+                 33.5000   22.750     36       520      31.46
                  4/4)             16.7500   22.750     36       260      15.73
12 Page Body (5/5+                 33.5000   22.750     36       578      31.72
                  5/5)             16.7500   22.750     36       289      15.86
16 Page Body (1/1)                 33.5000   22.750     36       289      60.76
16 Page Body (2/2)                 33.5000   22.750     36       347      61.48
16 Page Body (4/4)                 33.5000   22.750     36       462      62.55
16 Page Body (5/5)                 33.5000   22.750     36       578      63.27
--------------------------------------------------------------------------------
</TABLE>

Page 5                      QUAD/GRAPHICS INC.                September 20, 1995
<PAGE>


                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
8 1/8" x 10 7/8" Book Size        ROLL      CYL.      BASIS              RATE
   PAPER REQUIREMENTS             WIDTH     SIZE      WEIGHT  MAKEREADY  PER/M
==============================================================================
<S>                              <C>       <C>        <C>     <C>       <C>
16 Page Body (1/1+1/1)           33.5000   22.750       36        462    61.65
16 Page Body (2/2+2/2)           33.5000   22.750       36        578    62.37
16 Page Body (4/4+1/1)           33.5000   22.750       36        693    62.73
16 Page Body (4/4+2/2)           33.5000   22.750       36        809    62.73
16 Page Body (4/4+4/4)           33.5000   22.750       36        924    62.73
16 Page Body (5/5+4/4)           33.5000   22.750       36      1,040    62.92
16 Page Body (5/5+5/5)           33.5000   22.750       36      1,155    63.44
32 Page Body (1/1+1/1)           33.5000   22.750       36        462   123.31
32 Page Body (2/2+2/2)           33.5000   22.750       36        578   124.74
32 Page Body (4/4+1/1)           33.5000   22.750       36        693   125.45
32 Page Body (4/4+2/2)           33.5000   22.750       36        809   125.45
32 Page Body (4/4+4/4)           33.5000   22.750       36        924   125.45
32 Page Body (5/5+4/4)           33.5000   22.750       36      1,040   125.83
32 Page Body (5/5+5/5)           33.5000   22.750       36      1,155   126.89
   Press Stops, per web, each    33.5000   22.750       80        257       --
   Press Stops, per web, each    33.5000   22.750       60        193       --
   Press Stops, per web, each    33.5000   22.750       36        116       --
   Plate Changes, per plate      33.5000   22.750       80         64       --
   Plate Changes, per plate      33.5000   22.750       60         48       --
   Plate Changes, per plate      33.5000   22.750       36         29       --
------------------------------------------------------------------------------
</TABLE>

Page 6                         QUAD/GRAPHICS INC.             September 20,1995
<PAGE>

<TABLE>
<CAPTION>
                                    PLAYBOY ENTERPRISES
                                    PAPER REQUIREMENTS
------------------------------------------------------------------------------------------
8 1/8" X 10 7/8" BOOK SIZE                  ROLL      CYL.     BASIS                RATE
   PAPER REQUIREMENTS                      WIDTH      SIZE     WEIGHT  MAKEREADY   PER/M
==========================================================================================
<S>                                       <C>        <C>       <C>     <C>         <C>
12 Page Body (4/4)                        66.875     33.500      38     4,481      47.82
12 Page Body (5/5)                        66.875     33.500      38     5,377      48.51
16 Page Body (4/4)                        89.125     33.500      38     5,971      63.73
16 Page Body (5/5)                        89.125     33.500      38     7,166      65.25
20 Page Body (4/4)                        55.750     33.500      38     3,735      79.74
20 Page Body (5/5)                        55.750     33.500      38     4,482      80.89
24 Page Body (4/4)                        66.875     33.500      38     4,481      95.65
24 Page Body (5/5)                        66.875     33.500      38     5,377      97.03
28 Page Body (4/4)                        78.000     33.500      38     5,226     111.56
28 Page Body (5/5)                        78.000     33.500      38     6,271     113.17
32 Page Body (4/4)                        89.125     33.500      38     5,971     127.47
32 Page Body (5/5)                        89.125     33.500      38     7,166     129.31
36 Page Body (4/4)                        66.875     50.250      38     6,721     143.47
36 Page Body (5/5)                        66.875     50.250      38     8,065     145.54
40 Page Body (4/4)                        55.750     33.500      38     3,735     159.47
40 Page Body (5/5)                        55.750     33.500      38     4,482     161.77
48 Page Body (4/4)                        89.125     50.250      38     8,957     191.20
48 Page Body (5/5)                        89.125     50.250      38    10,748     193.96
48 Page Body (4/4)                        66.875     33.500      38     4,481     191.29
48 Page Body (5/5)                        66.875     33.500      38     5,377     194.05
56 Page Body (4/4)                        78.000     33.500      38     5,226     223.12
56 Page Body (5/5)                        78.000     33.500      38     6,271     226.34
60 Page Body (4/4)                        55.750     50.250      38     5,603     239.21
60 Page Body (5/5)                        55.750     50.250      38     6,723     242.66
64 Page Body (4/4)                        89.125     33.500      38     5,971     254.94
64 Page Body (5/5)                        89.125     33.500      38     7,166     258.62
72 Page Body (4/4)                        66.875     50.250      38     6,721     286.94
72 Page Body (5/5)                        66.875     50.250      38     8,065     291.08
84 Page Body (4/4)                        78.000     50.250      38     7,839     334.68
84 Page Body (5/5)                        78.000     50.250      38     9,407     339.50
96 Page Body (4/4)                        89.125     50.250      38     8,957     382.41
96 Page Body (5/5)                        89.125     50.250      38    10,748     387.93
   Cylinder Changes, per cylinder         55.750     33.500      38       374         --
   Cylinder Changes, per cylinder         66.875     33.500      38       448         --
   Cylinder Changes, per cylinder         78.000     33.500      38       523         --
   Cylinder Changes, per cylinder         89.125     33.500      38       597         --
   Cylinder Changes, per cylinder         55.750     50.250      38       560         --
   Cylinder Changes, per cylinder         66.875     50.250      38       672         --
   Cylinder Changes, per cylinder         78.000     50.250      38       784         --
   Cylinder Changes, per cylinder         89.125     50.250      38       896         --
------------------------------------------------------------------------------------------
</TABLE>


Page 7                      QUAD/GRAPHICS INC.                September 20, 1995
<PAGE>


                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
   8 1/8" X 10 7/8" BOOK SIZE                    ROLL       CYL.     BASIS                    RATE
   PAPER REQUIREMENTS                            WIDTH      SIZE     WEIGHT      MAKEREADY    PER/M
======================================================================================================
<S>                                             <C>        <C>         <C>        <C>          <C>
   12 Page Body (4/4)                           66.875     33.500      36          4,245        45.31
   12 Page Body (5/5)                           66.875     33.500      36          5,094        45.96
   16 Page Body (4/4)                           89.125     33.500      36          5,657        60.38
   16 Page Body (5/5)                           89.125     33.500      36          6,789        61.81
   20 Page Body (4/4)                           55.750     33.500      36          3,539        75.54
   20 Page Body (5/5)                           55.750     33.500      36          4,246        76.63
   24 Page Body (4/4)                           66.875     33.500      36          4,245        90.61
   24 Page Body (5/5)                           66.875     33.500      36          5,094        91.92
   28 Page Body (4/4)                           78.000     33.500      36          4,951       105.69
   28 Page Body (5/5)                           78.000     33.500      36          5,941       107.21
   32 Page Body (4/4)                           89.125     33.500      36          5,657       120.76
   32 Page Body (5/5)                           89.125     33.500      36          6,789       122.50
   36 Page Body (4/4)                           66.875     50.250      36          6,367       135.92
   36 Page Body (5/5)                           66.875     50.250      36          7,641       137.88
   40 Page Body (4/4)                           55.750     33.500      36          3,539       151.08
   40 Page Body (5/5)                           55.750     33.500      36          4,246       153.26
   48 Page Body (4/4)                           89.125     50.250      36          8,486       181.14
   48 Page Body (5/5)                           89.125     50.250      36         10,183       183.75
   48 Page Body (4/4)                           66.875     33.500      36          4,245       181.23
   48 Page Body (5/5)                           66.875     33.500      36          5,094       183.84
   56 Page Body (4/4)                           78.000     33.500      36          4,951       211.37
   56 Page Body (5/5)                           78.000     33.500      36          5,941       214.42
   60 Page Body (4/4)                           55.750     50.250      36          5,308       226.62
   60 Page Body (5/5)                           55.750     50.250      36          6,370       229.89
   64 Page Body (4/4)                           89.125     33.500      36          5,657       241.52
   64 Page Body (5/5)                           89.125     33.500      36          6,789       245.01
   72 Page Body (4/4)                           66.875     50.250      36          6,367       271.84
   72 Page Body (5/5)                           66.875     50.250      36          7,641       275.76
   84 Page Body (4/4)                           78.000     50.250      36          7,426       317.06
   84 Page Body (5/5)                           78.000     50.250      36          8,912       321.63
   96 Page Body (4/4)                           89.125     50.250      36          8,486       362.28
   96 Page Body (5/5)                           89.125     50.250      36         10,183       367.51
      Cylinder Changes, per cylinder            55.750     33.500      36            354          ---
      Cylinder Changes, per cylinder            66.875     33.500      36            424          ---
      Cylinder Changes, per cylinder            78.000     33.500      36            495          ---
      Cylinder Changes, per cylinder            89.125     33.500      36            566          ---
      Cylinder Changes, per cylinder            55.750     50.250      36            531          ---
      Cylinder Changes, per cylinder            66.875     50.250      36            637          ---
      Cylinder Changes, per cylinder            78.000     50.250      36            743          ---
      Cylinder Changes, per cylinder            89.125     50.250      36            849          ---
 </TABLE>

Page 8                        QUAD/GRAPHICS INC.              September 20, 1995

<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS

<TABLE>
<CAPTION> 
<S>                                   <C>          <C>             <C>            <C>             <C>
--------------------------------------------------------------------------------------------------------------
  8 1/8" X 10 7/8" BOOK SIZE         ROLL           CYL.           BASIS                          RATE
 PAPER REQUIREMENTS                  WIDTH          SIZE           WEIGHT         MAKEREADY       PER/M
=============================================================================================================
12 Page Body (4/4)                  66.875          33.500           45             5,306           56.63
12 Page Body (5/5)                  66.875          33.500           45             6,367           57.45
16 Page Body (4/4)                  89.125          33.500           45             7,071           75.48
16 Page Body (5/5)                  89.125          33.500           45             8,486           77.27
20 Page Body (4/4)                  55.750          33.500           45             4,423           94.42
20 Page Body (5/5)                  55.750          33.500           45             5,308           95.79
24 Page Body (4/4)                  66.875          33.500           45             5,306          113.27
24 Page Body (5/5)                  66.875          33.500           45             6,367          114.90
28 Page Body (4/4)                  78.000          33.500           45             6,189          132.11
28 Page Body (5/5)                  78.000          33.500           45             7,426          134.01
32 Page Body (4/4)                  89.125          33.500           45             7,071          150.95
32 Page Body (5/5)                  89.125          33.500           45             8,486          153.13
36 Page Body (4/4)                  66.875          50.250           45             7,959          169.90
36 Page Body (5/5)                  66.875          50.250           45             9,551          172.35
40 Page Body (4/4)                  55.750          33.500           45             4,423          188.85
40 Page Body (5/5)                  55.750          33.500           45             5,308          191.57
48 Page Body (4/4)                  89.125          50.250           45            10,607          226.43
48 Page Body (5/5)                  89.125          50.250           45            12,728          229.69
48 Page Body (4/4)                  66.875          33.500           45             5,306          226.53
48 Page Body (5/5)                  66.875          33.500           45             6,367          229.80
56 Page Body (4/4)                  78.000          33.500           45             6,189          264.22
56 Page Body (5/5)                  78.000          33.500           45             7,426          268.03
60 Page Body (4/4)                  55.750          50.250           45             6,635          283.27
60 Page Body (5/5)                  55.750          50.250           45             7,962          287.36
64 Page Body (4/4)                  89.125          33.500           45             7,071          301.90
64 Page Body (5/5)                  89.125          33.500           45             8,486          306.26
72 Page Body (4/4)                  66.875          50.250           45             7,959          339.80
72 Page Body (5/5)                  66.875          50.250           45             9,551          344.70
84 Page Body (4/4)                  78.000          50.250           45             9,283          396.33
84 Page Body (5/5)                  78.000          50.250           45            11,140          402.04
96 Page Body (4/4)                  89.125          50.250           45            10,607          452.85
96 Page Body (5/5)                  89.125          50.250           45            12,728          459.39
   Cylinder Changes, per cylinder   55.750          33.500           45               442              --
   Cylinder Changes, per cylinder   66.875          33.500           45               531              --
   Cylinder Changes, per cylinder   78.000          33.500           45               619              --
   Cylinder Changes, per cylinder   89.125          33.500           45               707              --
   Cylinder Changes, per cylinder   55.750          50.250           45               663              --
   Cylinder Changes, per cylinder   66.875          50.250           45               796              --
   Cylinder Changes, per cylinder   78.000          50.250           45               928              --
   Cylinder Changes, per cylinder   89.125          50.250           45             1,061              --


--------------------------------------------------------------------------------------------------------------
Page 9                       QUAD/GRAPHICS INC.               September 20, 1995
</TABLE>
<PAGE>

September 9, 1996                                          [QUAD/GRAPHICS LOGO]

  TO: Maria Mandis
FROM: Jackie Luedtke
  RE: Revised Paper Requirements

--------------------------------------------------------------------------------

Please find attached a copy of the revised paper requirements as per your
request. These requirements are to replace Exhibit C which is attached to the
new one year Amendment that was signed between Playboy and Quad/Graphics. I am
sorry for any inconvenience this may have caused you in the interim.

Please let me know if I can help with anything else. Thank You.




  QUAD/LOMIRA 952 Badger Road, Lomira, Wisconsin 53048-9999 PHONE 414-269-4700

<PAGE>


                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>

          8 1/8" X 10 7/8" BOOK SIZE             ROLL        CYL.     BASIS                   RATE
             PAPER REQUIREMENTS                 WIDTH        SIZE     WEIGHT      MAKEREADY   PER/M
=======================================================================================================
<S>                                             <C>         <C>       <C>             <C>       <C>
4 Page Flat Cover (4/4)                         33.7500     22.750     100             1,616     46.86
4 Page Flat Cover (5/5)                         33.7500     22.750     100             1,940     47.11
4 Page Flat Cover (6/6)                         33.7500     22.750     100             2,263     47.61
  Press Stops, each                             33.7500     22.750     100               404       ---
  Plate Changes, per plate                      33.7500     22.750     100               102       ---
6 Page Cover (4/4)                              24.5000     22.750      80             1,126     51.89
6 Page Cover (5/5)                              24.5000     22.750      80             1,314     52.39
6 Page Cover (6/6)                              24.5000     22.750      80             1,502     53.38
  Press Stops, each                             24.5000     22.750      80               188       ---
  Plate Changes, per plate                      24.5000     22.750      80                47       ---
6 Page Center (4/2)                             23.1875     22.750      60               666     36.71
6 Page Center (4/4)                             23.1875     22.750      60               666     37.11
6 Page Center (5/4)                             23.1875     22.750      60               800     37.62
6 Page Center (5/5)                             23.1875     22.750      60               800     37.62
  Press Stops, each                             23.1875     22.750      60               133       ---
  Plate Changes, per plate                      23.1875     22.750      60                33       ---
2 Page Body (1/1)                               33.5000     22.750      50               401     10.55
2 Page Body (2/2)                               33.5000     22.750      50               481     10.67
2 Page Body (4/4)                               33.5000     22.750      50               641     10.92
2 Page Body (5/5)                               33.5000     22.750      50               802     11.05
4 Page Body (1/1)                               33.5000     22.750      50               401     21.10
4 Page Body (2/2)                               33.5000     22.750      50               481     21.35
4 Page Body (4/4)                               33.5000     22.750      50               641     21.73
4 Page Body (5/5)                               33.5000     22.750      50               802     21.97
4 Page Body (1/1)                               33.5000     22.750      40               321     16.88
4 Page Body (2/2)                               33.5000     22.750      40               385     17.08
4 Page Body (4/4)                               33.5000     22.750      40               513     17.38
4 Page Body (5/5)                               33.5000     22.750      40               642     17.57
4 Page Gatefold (1/1)                           30.5000     22.750      60               438     23.63
4 Page Gatefold (2/2)                           30.5000     22.750      60               526     23.93
4 Page Gatefold (4/4)                           30.5000     22.750      60               701     24.23
4 Page Gatefold (5/5)                           30.5000     22.750      60               877     24.43
  Press Stops, each                             30.5000     22.750      60               175       ---
  Plate Changes, per plate                      30.5000     22.750      60                44       ---
6 Page Gatefold (4/4)(4/4)                      19.1250     22.750      60               990     31.08
  Press Stops, each, per web                    19.1250     22.750      60               110       ---
  Plate Changes, per plate                      19.1250     22.750      60                27       ---
8 Page Body (1/1)                               33.5000     22.750      50               401     42.19
8 Page Body (2/2)                               33.5000     22.750      50               481     42.70
8 Page Body (4/4)                               33.5000     22.750      50               641     43.44
8 Page Body (5/5)                               33.5000     22.750      50               802     43.93
8 Page Body (1/1)                               33.5000     22.750      40               321     33.76
8 Page Body (2/2)                               33.5000     22.750      40               385     34.16
8 Page Body (4/4)                               33.5000     22.750      40               513     34.75
8 Page Body (5/5)                               33.5000     22.750      40               642     35.15
-------------------------------------------------------------------------------------------------------
</TABLE>
Page 1                        Quad / Graphics Inc.            September 9, 1996
<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
8 1/8" X 10 7/8" BOOK SIZE         ROLL          CYL.        BASIS                      RATE
PAPER REQUIREMENTS                 WIDTH         SIZE        WEIGHT       MAKEREADY     PER/M
---------------------------------------------------------------------------------------------
<S>                                <C>           <C>         <C>          <C>           <C>
8 Page Body (1/1+1/1)              33.5000       22.750        50            642        42.82
8 Page Body (2/2+2/2)              33.5000       22.750        50            802        43.31
8 Page Body (4/4+1/1)              33.5000       22.750        50            963        43.56
8 Page Body (4/4+2/2)              33.5000       22.750        50          1,123        43.56
8 Page Body (4/4+4/4)              33.5000       22.750        50          1,284        43.56
8 Page Body (5/5+4/4)              33.5000       22.750        50          1,444        43.69
8 Page Body (5/5+5/5)              33.5000       22.750        50          1,604        44.06
8 Page Body (1/1+1/1)              33.5000       22.750        40            513        34.25
8 Page Body (2/2+2/2)              33.5000       22.750        40            642        34.65
8 Page Body (4/4+1/1)              33.5000       22.750        40            770        34.85
8 Page Body (4/4+2/2)              33.5000       22.750        40            899        34.85
8 Page Body (4/4+4/4)              33.5000       22.750        40          1,027        34.85
8 Page Body (5/5+4/4)              33.5000       22.750        40          1,155        34.95
8 Page Body (5/5+5/5)              33.5000       22.750        40          1,284        35.25
8 Page Gatefold (4/4)              31.7500       22.750        60          1,095        51.23
8 Page Gatefold (5/5)              31.7500       22.750        60          1,277        51.99
  Press Stops, each                31.7500       22.750        60            182          --
  Plate Changes, per plate         31.7500       22.750        60             46          --
12 PageBody (1/1+                  33.5000       22.750        40            257        34.25
                1/1)               16.7500       22.750        40            128        17.13
12 Page Body (2/2+                 33.5000       22.750        40            321        34.65
                  2/2)             16.7500       22.750        40            160        17.33
12 Page Body (4/4+                 33.5000       22.750        40            385        34.85
                  1/1)             16.7500       22.750        40            193        17.42
12 Page Body (4/4+                 33.5000       22 750        40            449        34.85
                  2/2)             16.7500       22.750        40            225        17.42
12 Page Body (4/4+                 33.5000       22.750        40            513        34.85
                  4/4)             16.7500       22.750        40            257        17.42
12 Page Body (5/5+                 33.5000       22.750        40            578        34.95
                  4/4)             16.7500       22.750        40            289        17.48
12 Page Body (5/5+                 33.5000       22.750        40            642        35.25
                  5/5)             16.7500       22.750        40            321        17.62
16 Page Body (1/1)                 33.5000       22.750        40            321        67.51
16 Page Body (2/2)                 33.5000       22.750        40            385        68.31
16 Page Body (4/4)                 33.5000       22.750        40            513        69.50
16 Page Body (5/5)                 33.5000       22.750        40            642        70.30
16 Page Body (1/1+1/1)             33.5000       22.750        40            513        68.51
16 Page Body (2/2+2/2)             33.5000       22.750        40            642        69.30
16 Page Body (4/4+1/1)             33.5000       22.750        40            770        69.70
16 Page Body (4/4+2/2)             33.5000       22 750        40            899        69.70
16 Page Body (4/4+4/4)             33.5000       22.750        40          1,027        69.70
16 Page Body (5/5+4/4)             33.5000       22.750        40          1,155        69.91
16 Page Body (5/5+5/5)             33.5000       22.750        40          1,284        70.49
---------------------------------------------------------------------------------------------
</TABLE>
Page 2                          Quad / Graphics Inc.           September 9, 1996

<PAGE>

<TABLE>
<CAPTION>
                                                        PLAYBOY ENTERPRISES
                                                        PAPER REQUIREMENTS

-------------------------------------------------------------------------------------------------------------
   8 1/8" X 10 7/8" BOOK SIZE                  ROLL       CYL.         BASIS                            RATE
     PAPER REQUIREMENTS                        WIDTH      SIZE         WEIGHT         MAKEREADY        PER/M
=============================================================================================================
<S>                                           <C>         <C>            <C>           <C>            <C>
32 Page Body (1/1+1/1)                        33.5000     22.750         40              513          137.01
32 Page Body (2/2+2/2)                        33.5000     22.750         40              642          138.60
32 Page Body (4/4+1/1)                        33.5000     22.750         40              770          139.39
32 Page Body (4/4+2/2)                        33.5000     22.750         40              899          139.39
32 Page Body (4/4+4/4)                        33.5000     22.750         40            1,027          139.39
32 Page Body (5/5+4/4)                        33.5000     22.750         40            1,155          139.81
32 Page Body (5/5+5/5)                        33.5000     22.750         40            1,284          140.99
   Press Stops, per web, each                 33.5000     22.750         50              160            --
   Press Stops, per web, each                 33.5000     22.750         40              128            --
   Plate Changes, per plate                   33.5000     22.750         50               40            --
   Plate Changes, per plate                   33.5000     22.750         40               32            --
-------------------------------------------------------------------------------------------------------------

</TABLE>



Page 3                     Quad/Graphics Inc.               September 9, 1996

<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
      8 1/8" X 10 7/8" BOOK SIZE        ROLL     CYL.   BASIS              RATE
          PAPER REQUIREMENTS            WIDTH    SIZE   WEIGHT  MAKEREADY  PER/M
================================================================================
<S>                                    <C>      <C>     <C>     <C>        <C>
 4 Page Flat Cover (4/4)               33.7500  22.750    100       1,616  46.86
 4 Page Flat Cover (5/5)               33.7500  22.750    100       1,940  47.11
 4 Page Flat Cover (6/6)               33.7500  22.750    100       2,263  47.61
   Press Stops, each                   33.7500  22.750    100         404    --
   Plate Changes, per plate            33.7500  22.750    100         102    --

 6 Page Cover (4/4)                    24.5000  22.750    100       1,408  64.87
 6 Page Cover (5/5)                    24.5000  22.750    100       1,643  65.49
 6 Page Cover (6/6)                    24.5000  22.750    100       1,877  66.72
   Press Stops, each                   24.5000  22.750    100         235    --
   Plate Changes, per plate            24.5000  22.750    100          59    --

 6 Page Center (4/2)                   23.1875  22.750     80         888  48.95
 6 Page Center (4/4)                   23.1875  22.750     80         888  49.48
 6 Page Center (5/4)                   23.1875  22.750     80       1,066  50.16
 6 Page Center (5/5)                   23.1875  22.750     80       1,066  50.16
   Press Stops, each                   23.1875  22.750     80         178    --
   Plate Changes, per plate            23.1875  22.750     80          44    --

 2 Page Body (1/1)                     33.5000  22.750     80         642  16.89
 2 Page Body (2/2)                     33.5000  22.750     80         770  17.08
 2 Page Body (4/4)                     33.5000  22.750     80       1,026  17.48
 2 Page Body (5/5)                     33.5000  22.750     80       1,284  17.68

 2 Page Body (1/1)                     33.5000  22.750     60         481  12.67
 2 Page Body (2/2)                     33.5000  22.750     60         578  12.81
 2 Page Body (4/4)                     33.5000  22.750     60         769  13.11
 2 Page Body (5/5)                     33.5000  22.750     60         963  13.26

 4 Page Body (1/1)                     33.5000  22 750     60         481  25.32
 4 Page Body (2/2)                     33.5000  22.750     60         578  25.62
 4 Page Body (4/4)                     33.5000  22.750     60         769  26.07
 4 Page Body (5/5)                     33.5000  22.750     60         963  26.36

 4 Page Body (1/1)                     33.5000  22.750     40         321  16.88
 4 Page Body (2/2)                     33.5000  22.750     40         385  17.08
 4 Page Body (4/4)                     33.5000  22.750     40         513  17.38
 4 Page Body (5/5)                     33.5000  22.750     40         642  17.57

 4 Page Gatefold (1/1)                 30.5000  22.750     80         584  31.50
 4 Page Gatefold (2/2)                 30.5000  22.750     80         701  31.91
 4 Page Gatefold (4/4)                 30.5000  22.750     80         935  32.30
 4 Page Gatefold (5/5)                 30.5000  22.750     80       1,170  32.57
   Press Stops, each                   30.5000  22.750     80         234    --
   Plate Changes, per plate            30.5000  22.750     80          58    --

 6 Page Gatefold (4/4)(4/4)            19.1250  22.750     80       1,320  41.44
   Press Stops, each, per web          19.1250  22.750     80         147    --
   Plate Changes, per plate            19.1250  22.750     80          37    --

 8 Page Body (1/1)                     33.5000  22.750     60         481  50.63
 8 Page Body (2/2)                     33.5000  22.750     60         578  51.24
 8 Page Body (4/4)                     33.5000  22.750     60         769  52.12
 8 Page Body (5/5)                     33.5000  22.750     60         963  52.72
--------------------------------------------------------------------------------
</TABLE>


       Page 4                Quad / Graphics Inc.         September 9, 1996

<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
      8 1/8" X 10 7/8" BOOK SIZE        ROLL     CYL.   BASIS              RATE
          PAPER REQUIREMENTS            WIDTH    SIZE   WEIGHT  MAKEREADY  PER/M
================================================================================
<S>                                    <C>      <C>     <C>     <C>        <C>
 8 Page Body (1/1+1/1)                 33.5000  22.750     60         770  51.38
 8 Page Body (2/2+2/2)                 33.5000  22.750     60         963  51.98
 8 Page Body (4/4+1/1)                 33.5000  22.750     60       1,155  52.27
 8 Page Body (4/4+2/2)                 33.5000  22.750     60       1,348  52.27
 8 Page Body (4/4+4/4)                 33.5000  22.750     60       1,540  52.27
 8 Page Body (5/5+4/4)                 33.5000  22.750     60       1,733  52.43
 8 Page Body (5/5+5/5)                 33.5000  22.750     60       1,925  52.87

 8 Page Gatefold (4/4)                 31.7500  22.750     60       1,095  51.23
 8 Page Gatefold (5/5)                 31.7500  22.750     60       1,277  51.99
   Press Stops, each                   31.7500  22.750     60         182    --
   Plate Changes, per plate            31.7500  22.750     60          46    --
   Press Stops, per web, each          33.5000  22.750     80         257    --
   Press Stops, per web, each          33.5000  22.750     60         193    --
   Plate Changes, per plate            33.5000  22.750     80          64    --
   Plate Changes, per plate            33.5000  22.750     60          48    --
--------------------------------------------------------------------------------
</TABLE>


       Page 5                Quad / Graphics Inc.         September 9, 1996

<PAGE>


                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
 ---------------------------------------------------------------------------------------------------------
          8 1/8" X 10 7/8" BOOK SIZE             ROLL        CYL.     BASIS                         RATE
              PAPER REQUIREMENTS                 WIDTH       SIZE     WEIGHT       MAKEREADY        PER/M
==========================================================================================================
<S>                                             <C>         <C>         <C>          <C>             <C>
  12 Page Body (4/4)                            66.875      33.500      40           4,716           50.34
  12 Page Body (5/5)                            66.875      33.500      40           5,660           51.07
  16 Page Body (4/4)                            89.125      33.500      40           6,286           67.09
  16 Page Body (5/5)                            89.125      33.500      40           7,543           68.68
  20 Page Body (4/4)                            55.750      33.500      40           3,932           83.93
  20 Page Body (5/5)                            55.750      33.500      40           4,718           85.14
  24 Page Body (4/4)                            66.875      33.500      40           4,716          100.68
  24 Page Body (5/5)                            66.875      33.500      40           5,660          102.13
  28 Page Body (4/4)                            78.000      33.500      40           5,501          117.43
  28 Page Body (5/5)                            78.000      33.500      40           6,601          119.12
  32 Page Body (4/4)                            89.125      33.500      40           6,286          134.18
  32 Page Body (5/5)                            89.125      33.500      40           7,543          136.11
  36 Page Body (4/4)                            66.875      50.250      40           7,075          151.02
  36 Page Body (5/5)                            66.875      50.250      40           8,490          153.20
  40 Page Body (4/4)                            55.750      33.500      40           3,932          167.86
  40 Page Body (5/5)                            55.750      33.500      40           4,718          170.29
  48 Page Body (4/4)                            89.125      50.250      40           9,428          201.27
  48 Page Body (5/5)                            89.125      50.250      40          11,314          204.17
  48 Page Body (4/4)                            66.875      33.500      40           4,716          201.36
  48 Page Body (5/5)                            66.875      33.500      40           5,660          204.27
  56 Page Body (4/4)                            78.000      33.500      40           5,501          234.86
  56 Page Body (5/5)                            78.000      33.500      40           6,601          238.25
  60 Page Body (4/4)                            55.750      50.250      40           5,898          251.80
  60 Page Body (5/5)                            55.750      50.250      40           7,077          255.43
  64 Page Body (4/4)                            89.125      33.500      40           6,286          268.36
  64 Page Body (5/5)                            89.125      33.500      40           7,543          272.23
  72 Page Body (4/4)                            66.875      50.250      40           7,075          302.04
  72 Page Body (5/5)                            66.875      50.250      40           8,490          306.40
  84 Page Body (4/4)                            78.000      50.250      40           8,252          352.29
  84 Page Body (5/5)                            78.000      50.250      40           9,902          357.37
  96 Page Body (4/4)                            89.125      50.250      40           9,428          402.54
  96 Page Body (5/5)                            89.125      50.250      40          11,314          408.34
     Cylinder Changes, per cylinder             55.750      33.500      40             393             ---
     Cylinder Changes, per cylinder             66.875      33.500      40             472             --- 
     Cylinder Changes, per cylinder             78.000      33.500      40             550             ---
     Cylinder Changes, per cylinder             89.125      33.500      40             629             ---
     Cylinder Changes, per cylinder             55.750      50.250      40             590             ---
     Cylinder Changes, per cylinder             66.875      50.250      40             707             ---
     Cylinder Changes, per cylinder             78.000      50.250      40             825             ---
     Cylinder Changes, per cylinder             89.125      50.250      40             943             ---
----------------------------------------------------------------------------------------------------------
</TABLE>
Page 6                       Quad / Graphics Inc.              September 9, 1996

<PAGE>

<TABLE>
<CAPTION>
                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
----------------------------------------------------------------------------------------------------
    8 1/8" X 10 7/8" BOOK SIZE                     ROLL     CYL.    BASIS                     RATE
      PAPER REQUIREMENTS                           WIDTH   SIZE     WEIGHT    MAKEREADY       PER/M
====================================================================================================
<S>                                                <C>     <C>        <C>     <C>            <C>
12 Page Body (4/4)                                 66.875  33.500     45      5,306           56.63
12 Page Body (5/5)                                 66.875  33.500     45      6,367           57.45
16 Page Body (4/4)                                 89.125  33.500     45      7,071           75.48
16 Page Body (5/5)                                 89.125  33.500     45      8,486           77.27
20 Page Body (4/4)                                 55.750  33.500     45      4,423           94.42
20 Page Body (5/5)                                 55.750  33.500     45      5,308           95.79
24 Page Body (4/4)                                 66.875  33.500     45      5,306          113.27
24 Page Body (5/5)                                 66.875  33.500     45      6,367          114.90
28 Page Body (4/4)                                 78.000  33.500     45      6,189          132.11
28 Page Body (5/5)                                 78.000  33.500     45      7,426          134.01
32 Page Body (4/4)                                 89.125  33.500     45      7,071          150.95
32 Page Body (5/5)                                 89.125  33.500     45      8,486          153.13
36 Page Body (4/4)                                 66.875  50.250     45      7,959          169.90
36 Page Body (5/5)                                 66.875  50.250     45      9,551          172.35
40 Page Body (4/4)                                 55.750  33.500     45      4,423          188.85
40 Page Body (5/5)                                 55.750  33.500     45      5,308          191.57
48 Page Body (4/4)                                 89.125  50.250     45     10,607          226.43
48 Page Body (5/5)                                 89.125  50.250     45     12,728          229.69
48 Page Body (4/4)                                 66.875  33.500     45      5,306          226.53
48 Page Body (5/5)                                 66.875  33.500     45      6,367          229.80
56 Page Body (4/4)                                 78.000  33.500     45      6,189          264.22
56 Page Body (5/5)                                 78.000  33.500     45      7,426          268.03
60 Page Body (4/4)                                 55.750  50.250     45      6,635          283.27
60 Page Body (5/5)                                 55.750  50.250     45      7,962          287.36
64 Page Body (4/4)                                 89.125  33.500     45      7,071          301.90
64 Page Body (5/5)                                 89.125  33.500     45      8,486          306.26
72 Page Body (4/4)                                 66.875  50.250     45      7,959          339.80
72 Page Body (5/5)                                 66.875  50.250     45      9,551          344.70
84 Page Body (4/4)                                 78.000  50.250     45      9,283          396.33
84 Page Body (5/5)                                 78.000  50.250     45     11,140          402.04
96 Page Body (4/4)                                 89.125  50.250     45     10,607          452.85
96 Page Body (5/5)                                 89.125  50.250     45     12,728          459.39
   Cylinder Changes, per cylinder                  55.750  33.500     45        442            --
   Cylinder Changes, per cylinder                  66.875  33.500     45        531            --
   Cylinder Changes, per cylinder                  78.000  33.500     45        619            --
   Cylinder Changes, per cylinder                  89.125  33.500     45        707            --
   Cylinder Changes, per cylinder                  55.750  50.250     45        663            --
   Cylinder Changes, per cylinder                  66.875  50.250     45        796            --
   Cylinder Changes, per cylinder                  78.000  50.250     45        928            --
   Cylinder Changes, per cylinder                  89.125  50.250     45      1,061            --
----------------------------------------------------------------------------------------------------
</TABLE>
 Page 7                     Quad / Graphics Inc.               September 9, 1996

<PAGE>

                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
     8 1/8" X 10 7/8" BOOK SIZE                 ROLL       CYL.        BASIS                     RATE
     PAPER REQUIREMENTS                         WIDTH      SIZE        WEIGHT      MAKEREADY     PER/M
==========================================================================================================
<S>                                             <C>        <C>         <C>         <C>           <C>
12 Page Body (4/4)                              66.875     33.500      50          5,896           62.93
12 Page Body (5/5)                              66.875     33.500      50          7,075           63.83
16 Page Body (4/4)                              89.125     33.500      50          7,857           83.86
16 Page Body (5/5)                              89.125     33.500      50          9,428           85.85
20 Page Body (4/4)                              55.750     33.500      50          4,915          104.92
20 Page Body (5/5)                              55.750     33.500      50          5,898          106.43
24 Page Body (4/4)                              66.875     33.500      50          5,896          125.85
24 Page Body (5/5)                              66.875     33.500      50          7,075          127.67
28 Page Body (4/4)                              78.000     33.500      50          6,876          146.79
28 Page Body (5/5)                              78.000     33.500      50          8,252          148.90
32 Page Body (4/4)                              89.125     33.500      50          7,857          167.72
32 Page Body (5/5)                              89.125     33.500      50          9,428          170.14
36 Page Body (4/4)                              66.875     50.250      50          8,843          188.78
36 Page Body (5/5)                              66.875     50.250      50         10,612          191.50
40 Page Body (4/4)                              55.750     33.500      50          4,915          209.83
40 Page Body (5/5)                              55.750     33.500      50          5,898          212.86
48 Page Body (4/4)                              89.125     50.250      50         11,786          251.58
48 Page Body (5/5)                              89.125     50.250      50         14,143          255.21
48 Page Body (4/4)                              66.875     33.500      50          5,896          251.70
48 Page Body (5/5)                              66.875     33.500      50          7,075          255.33
56 Page Body (4/4)                              78.000     33.500      50          6,876          293.57
56 Page Body (5/5)                              78.000     33.500      50          8,252          297.81
60 Page Body (4/4)                              55.750     50.250      50          7,372          314.75
60 Page Body (5/5)                              55.750     50.250      50          8,847          319.29
64 Page Body (4/4)                              89.125     33.500      50          7,857          335.45
64 Page Body (5/5)                              89.125     33.500      50          9,428          340.29
72 Page Body (4/4)                              66.875     50.250      50          8,843          377.55
72 Page Body (5/5)                              66.875     50.250      50         10,612          383.00
84 Page Body (4/4)                              78.000     50.250      50         10,314          440.36
84 Page Body (5/5)                              78.000     50.250      50         12,377          446.71
96 Page Body (4/4)                              89.125     50.250      50         11,786          503.17
96 Page Body (5/5)                              89.125     50.250      50         14,143          510.43
   Cylinder Changes, per cylinder               55.750     33.500      50            491              -
   Cylinder Changes, per cylinder               66.875     33.500      50            590              -
   Cylinder Changes, per cylinder               78.000     33.500      50            688              -
   Cylinder Changes, per cylinder               89.125     33.500      50            786              -
   Cylinder Changes, per cylinder               55.750     50.250      50            737              -
   Cylinder Changes, per cylinder               66.875     50.250      50            884              -
   Cylinder Changes, per cylinder               78.000     50.250      50          1,031              -
   Cylinder Changes, per cylinder               89.125     50.250      50          1,179              -
---------------------------------------------------------------------------------------------------------
</TABLE>

                                                                              
                                                               September 9, 1996
Page 8                         Quad / Graphics Inc.
<PAGE>

<TABLE>
<CAPTION>
                              PLAYBOY ENTERPRISES
                              PAPER REQUIREMENTS
--------------------------------------------------------------------------------
 8 1/8" X 10 7/8" BOOK SIZE          ROLL     CYL.   BASIS               RATE
 PAPER REQUIREMENTS                  WIDTH    SIZE   WEIGHT  MAKEREADY   PER/M
================================================================================
<S>                                  <C>     <C>     <C>     <C>         <C>   
 12 Page Body (4/4)                  66.875  33.500    60      7,075      75.51
 12 Page Body (5/5)                  66.875  33.500    60      8,490      76.60
 16 Page Body (4/4)                  89.125  33.500    60      9,428     100.63
 16 Page Body (5/5)                  89.125  33.500    60     11,314     103.02
 20 Page Body (4/4)                  55.750  33.500    60      5,898     125.90
 20 Page Body (5/5)                  55.750  33.500    60      7,077     127.71
 24 Page Body (4/4)                  66.875  33.500    60      7,075     151.02
 24 Page Body (5/5)                  66.875  33.500    60      8,490     153.20
 28 Page Body (4/4)                  78.000  33.500    60      8,252     176.14
 28 Page Body (5/5)                  78.000  33.500    60      9,902     178.69
 32 Page Body (4/4)                  89.125  33.500    60      9,428     201.27
 32 Page Body (5/5)                  89.125  33.500    60     11,314     204.17
 36 Page Body (4/4)                  66.875  50.250    60     10,612     226.53
 36 Page Body (5/5)                  66.875  50.250    60     12,734     229.80
 40 Page Body (4/4)                  55.750  33.500    60      5,898     251.80
 40 Page Body (5/5)                  55.750  33.500    60      7,077     255.43
 48 Page Body (4/4)                  89.125  50.250    60     14,143     301.90
 48 Page Body (5/5)                  89.125  50.250    60     16,971     306.26
 48 Page Body (4/4)                  66.875  33.500    60      7,075     302.04
 48 Page Body (5/5)                  66.875  33.500    60      8,490     306.40
 56 Page Body (4/4)                  78.000  33.500    60      8,252     352.29
 56 Page Body (5/5)                  78.000  33.500    60      9,902     357.37
 60 Page Body (4/4)                  55.750  50.250    60      8,847     377.70
 60 Page Body (5/5)                  55.750  50.250    60     10,616     383.14
 64 Page Body (4/4)                  89.125  33.500    60      9,428     402.54
 64 Page Body (5/5)                  89.125  33.500    60     11,314     408.34
 72 Page Body (4/4)                  66.875  50.250    60     10,612     453.06
 72 Page Body (5/5)                  66.875  50.250    60     12,734     459.60
 84 Page Body (4/4)                  78.000  50.250    60     12,377     528.43
 84 Page Body (5/5)                  78.000  50.250    60     14,853     536.06
 96 Page Body (4/4)                  89.125  50.250    60     14,143     603.80
 96 Page Body (5/5)                  89.125  50.250    60     16,971     612.51
    Cylinder Changes, per cylinder   55.750  33.500    60        590         --
    Cylinder Changes, per cylinder   66.875  33.500    60        707         --
    Cylinder Changes, per cylinder   78.000  33.500    60        825         --
    Cylinder Changes, per cylinder   89.125  33.500    60        943         --
    Cylinder Changes, per cylinder   55.750  50.250    60        885         --
    Cylinder Changes, per cylinder   66.875  50.250    60      1,061         --
    Cylinder Changes, per cylinder   78.000  50.250    60      1,238         --
    Cylinder Changes, per cylinder   89.125  50.250    60      1,414         --
 -------------------------------------------------------------------------------
</TABLE>
      Page 9                      Quad / Graphics Inc.         September 9, 1996