Confidential and Proprietary of R. R. Donnelley & Sons Company. All rights reserved.

INVESTOR

PRESENTATIONFIRST QUARTER 2020

2

USE OF FORWARD LOOKING STATEMENTS NON-GAAP FINANCIAL INFORMATION

This presentation contains “forward-looking statements” within the meaning of, and subject to the safe harbor created

by, Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, strategy and plans

of the Company and its expectations relating to future financial condition and performance. These statements include

all those on the page under the heading “Full Year 2020 Guidance.” Readers are cautioned not to place undue reliance

on these forward-looking statements and any such forward-looking statements are qualified in their entirety by

reference to the following cautionary statements. All forward-looking statements speak only as of the date of this

presentation and are based on current expectations and involve a number of assumptions, risks and uncertainties that

could cause the actual results to differ materially from such forward-looking statements. Words such as “believes”,

“anticipates”, ”estimates”, “expects”, “intends”, “aims”, “potential”, “will”, “would”, “could”, “may”, “considered”, “likely”,

and variations of these words and similar future or conditional expressions are intended to identify forward-looking

statements but are not the exclusive means of identifying such statements. Such forward-looking statements are only

predictions and involve known and unknown risks and uncertainties. The Company does not undertake to and

specifically disclaims any obligation to publicly release the results of any revisions to these forward-looking statements

that may be made to reflect future events or circumstances after the date of such statement or to reflect the occurrence

of anticipated or unanticipated events. These factors include such risks and uncertainties detailed in the Company’s

periodic public filings with the SEC, including but not limited to, those discussed under the “Risk Factors” section in the

Company’s Form 10-K for the fiscal year ended December 31, 2019 and other filings with the SEC and in other

investor communications from the Company from time to time.

This document contains non-GAAP financial measures, including non-

GAAP adjusted income from operations, non-GAAP adjusted operating

margin, non-GAAP effective tax rate, non-GAAP adjusted diluted EPS

and net organic sales growth rate. The Company believes that these

non-GAAP measures, when presented in conjunction with comparable

GAAP measures, provide useful information about its operating results

and enhance the overall ability to assess the Company’s financial

performance. Internally, the company uses this non-GAAP information

as an indicator of business performance, and evaluates management’s

effectiveness with specific reference to these indicators. These

measures should be considered in addition to, not a substitute for, or

superior to, measures of financial performance prepared in accordance

with GAAP. A reconciliation of GAAP to non-GAAP financial measures

can be found in our periodic filings with the Securities and Exchange

Commission and in the investors section of our website, www.rrd.com.

SAFE HARBOR & NON-GAAP

3

COMPANY REPRESENTATIVES

Dan KnottsPresident & CEO

RRD

Terry PetersonEVP, CFO

RRD

Johan NystedtSVP, Finance

RRD

4

LEADING PROVIDER

OF MARKETING &

BUSINESS

COMMUNICATIONS

5

RRD AT A GLANCE

Business Services80%

Marketing Solutions20%

$6.3 billion2019 Net Sales

50,000+Clients across virtually all market segments›

As of December 31, 2019

36,400Employees worldwide›

261Locations›

29Countries›

Providing integrated end-to-end customer communications services

6

RRD – A MARKETING AND BUSINESS COMMUNICATIONS COMPANY

RRD MARKETING

SOLUTIONS

Empowering brands

to optimize customer

engagement with

maximum return

Insight

Interaction

Inspiration

Business

connections

Product

connections

Business

processes

CLIENT

COMPANY

CLIENT

CUSTOMERS

RRD BUSINESS

SERVICES

Enabling companies

to service and strengthen

customer relationships

with maximum efficiency

7

RRD MARKETING SOLUTIONS

Data Science

Advanced AnalyticsDirect Marketing

Creative Services

Content Management

In-Store

Marketing

Digital Print and Fulfillment

Insight

Inspiration

Interaction

Empowering brands

to optimize customer

engagement with

maximum return

Audience Modeling

Loyalty Programs

Innovative offerings to help our clients optimize engagement with their customers

8

RRD BUSINESS SERVICES

Commercial PrintBusiness

Forms

Packaging Labels

Supply Chain

ManagementLogistics

Customer

Communications

Business Process

OutsourcingBusiness

Processes

Business

Connections

Product

Connections

Enabling companies

to service customers

and strengthen

relationships with

maximum efficiency

Comprehensive capabilities to help our clients service, inform and transact with their customers

9

EXTENSIVE AND DIVERSE CLIENT BASE

“Our thanks to RRD for not only making the programs run as intended, but for helping {us} come up with solutions to potential production challenges based on our unique requirements.”

- Top Ten Banking Institution

“Our communications are the confirmation of our promises to our customers and we have to get them right. We have been very good at managing our communications with our customers, but we are expanding our partnership with RR Donnelley to make us even better.”

- Top Financial Services Firm

“We want to work with the leader in the industry to stay on the forefront of this rapidly changing and complex environment.Communications are critical to our success and

RRD can help us with amore holistic approach to how we manage the full

spectrum of our communications efforts.”

- Top Healthcare Firm

“I have been in the Contract Management/Strategic Sourcing arena for manyyears. You are definitely in the top 1% of vendors with whom I’ve engaged. You are responsive, professional, thorough, and a delight to work with.”

- Top Retail Firm

50,000+Global

Clients

94%Fortune 100

86%Fortune 500

74%Fortune 1000

With our differentiated multichannel offerings and comprehensive portfolio of capabilities,

RRD serves clients from Main Street to the Fortune100

10

15%

85%

LIMITED CLIENT CONCENTRATION ACROSS BROAD RANGE OF INDUSTRIES

Estimated Revenue by Industry (2019) Revenue Concentration – Top 10 Clients (2019)

Financial

Retail

Services

Manufacturing –

Consumer Goods

Healthcare

Manufacturing –

Other

Publishing

Other

Top 10

Other

Note: Based on data covering $5.7bn out of $6.3bn in total 2019 sales.

Consumer

Technology

Company15%

14%

13%

11%

11%

8%

4%

24%

11

Strengthen our core›

Drive revenue growth and higher value offerings›

Improve balance sheet flexibility including debt reduction›

RRD STRATEGIC PRIORITIES

12

WINNING THROUGH

INTEGRATED

SOLUTIONS

13

BUILDING FOR THE FUTURE BY INTEGRATING PRINT AND DIGITAL

✓ Comprehensive portfolio of print and

marketing products and services

✓ Leading provider of integrated solutions

to broad and diverse set of clients

✓ Potential to further drive client spend

across entire RRD portfolio by

enhancing digital and data capabilities

✓ Opportunities to extend scale in existing

capabilities and “in source” additional

work

OBSERVATIONS

RRD

ADDRESSABLE

PRINT MARKET

$112B(1)

DIGITAL

EXECUTION

DATA

ANALYTICS

Integrated print &

digital solutions

(1) Per 2017 Bain analysis.

14

RRD VALUE PROPOSITION

Data Analytics

Postage & Mailing

Logistics/Freight

Warehousing & Fulfillment

Campaign Management

Multichannel Output

Design Consultation

Print Production

Specification Management

Vendor Management

Premedia Services

Translation

Creative Design

Photography

List Management

Brand Management

Sales

Ops

Stores

HR Mktg

Data Analytics

Postage & Mailing

Logistics/Freight

Warehousing & Fulfillment

Campaign Management

Multichannel Output

Design Consultation

Print Production

Specification Management

Vendor Management

Premedia Services

Translation

Creative Design

Photography

List Management

Brand Management

Comprehensive solutions to reduce complexity, drive efficiency, and enhance effectiveness

15

EXPANDING SCOPE OF CLIENT ENGAGEMENTS

Value to clients

Num

ber

of pro

vid

ers

Few

Many

Low High

• Fragmented print procurement

• Focus on print costs

• In-house print/document management

• Simple transactional relationships

Bid & buy processes

Total cost of ownership focus

• Integrated communications offering with workflow

tools and content management capabilities

• Desire to drive multichannel communications

effectiveness

• Centrally managed, consolidated print procurement

• Focus on document management costs, ROI-based decisions

• Outsourcing non-core processes

• Complex contractual relationships

Bundled offerings

Desire for more integrated solutions

RRD has the differentiated ability to support the expanding needs of our clients

16

$1,383$1,572

$2,266

$4,919

1 Year 2 Years 3 Years 4+ Years

Average Revenue Per Clients ($ in Thousands) – Top 1,000 Clients, Ex. Logistics (2019)

2.31 5.08 Memo: Revenue-

Weighted Avg. # of

Products

LEVERAGING PORTFOLIO TO CAPTURE GREATER SHARE OF CLIENT SPEND

Client Tenure -Top 1,000 by 2019 Sales (ex. Logistics)

Memo: # of Clients

17 41 113 829

17

$6

$28

$72

$194

1 Year 2 Years 3 Years 4+ Years

Average Revenue Per Clients ($ in Thousands) – All Clients, Ex. Logistics (2019)

1.42 4.83Memo: Revenue-

Weighted Avg. # of

Products

Opportunity to expand relationship with new clients

(17,621 clients, or 44% of all clients (ex. logistics)

MEANINGFUL OPPORTUNITY TO FURTHER EXPAND CLIENT RELATIONSHIPS

Memo: # of Clients

9,252 3,616 4,753 22,566

Client Tenure - All (ex. Logistics)

18

INDUSTRY

DYNAMICS

19

RRD COMPETITIVE LANDSCAPE

Products

Marketing Solutions Business Services

Services

Agencies

Local Printers

Direct

Marketing

In-store

Marketing &

Displays

Print

Print

Labels

Forms

Customer

Statements

Packaging

Local Printers

Regional Dealers

Logistics

Sourcing

BPO

Supply Chain China ODM’s

Data Analytics

and Insights

Creative

Services

Content

Management

Email Services Pierre

Digital Marketing

Agencies

Internal Creative

Groups

Various Ad

Agencies

MYS

20

FINANCIAL

OVERVIEW

21

FINANCIAL TRENDS

Non-GAAP Adjusted EPS1

-$0.10 -$0.09

$0.25

$0.64

-$0.06 -$0.03

$0.31

$0.44

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

$32.9$36.5

$67.4

$107.0

$36.4 $39.2

$77.0

$93.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Non-GAAP Adjusted Income from

Operations1 ($ In millions)

$267.7

$243.8 $246.4

2017 2018 2019

$1.20

$0.70 $0.66

2017 2018 2019

Annual

Quarterly

(1) A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC and in the investors section of our website, www.rrd.com.

1.3%

2.7%

1.8%

-1.2%

-3.3%

-2.5%

-0.4%

-3.0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Organic Sales Growth Rates1

-1.3%

0.0%

1.1%

-2.3%

2016 2017 2018 2019

2018 2019 2018 2019 2018 2019

22

FULL YEAR 2019 OPERATING PERFORMANCE

($ In millions) FY 2019 FY 2018Better/(Worse)

Organic Sales

Change1

$ %

Net Sales $6,276.2 $6,800.2 ($524.0) (7.7%) (2.3%)

Business Services $4,995.7 $5,619.1 ($623.4) (11.1%) (4.6%)

Marketing Solutions $1,280.5 $1,181.1 $99.4 8.4% 8.4%

Adjusted Income from Operations1 $246.4 $243.8 $2.6 1.1%

Business Services $254.0 $264.4 ($10.4) (3.9%)

Marketing Solutions $68.6 $58.5 $10.1 17.3%

Corporate ($76.2) ($79.1) $2.9 3.7%

Adjusted Operating Margins1 3.9% 3.6% 34 bps

Business Services 5.1% 4.7% 40 bps

Marketing Solutions 5.4% 5.0% 40 bps

Interest Expense $150.6 $168.3 $17.7 10.5%

Adjusted earnings per share1 $0.66 $0.70 ($0.04) (5.7%)

(1) A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC and in the investors section of our website, www.rrd.com, including in the Form 8-K furnished with the SEC on February 25, 2020.

23

Commercial Print34%

Logistics16%

Packaging13%

Statements11%

Labels10%

Supply Chain Mgmt

6%

Forms5%

BPO5%

Direct Marketing

53%

DigitalPrint &

Fulfillment38%

Digital & Creative

9%

US74%

Asia15%

Europe7%

Other4%

FULL YEAR 2019 NET SALES PERFORMANCE (AS REPORTED)($ In millions)

Marketing SolutionsBusiness Services(1) Consolidated(1)

FY 2019 YOY Change

CommercialPrint $1,694.5 (12.5%)

Logistics $814.6 (26.6%)

Packaging $668.5 (0.5%)

Statements $545.4 (6.6%)

Labels $497.4 3.3%

Supply Chain Management $298.7 (6.9%)

Forms $244.3 (8.7%)

Business Process Outsourcing $232.3 (6.4%)

Total - Reported(1)

$4,995.7 (11.1%)

Total - Organic(2)

(4.6%)

FY 2019 YOY Change

Direct Marketing $676.7 16.4%

Digital Print & Fulfillment $492.1 3.7%

Digital & Creative Solutions $111.7 (10.7%)

Total - Reported $1,280.5 8.4%

Total - Organic(2)

8.4%

FY 2019 YOY Change

US $4,654.9 (6.7%)

Asia $907.8 (6.3%)

Europe $435.2 (10.4%)

Other $278.3 (21.7%)

Total - Reported(1)

$6,276.2 (7.7%)

Total - Organic(2)

(2.3%)

By Products and ServicesBy Products and Services By Geography

$4,995.7 $1,280.5 $6,276.2

(1) Individual products, services and geographical categories YOY change are as reported and do not reflect the impact of business dispositions and FX.

(2) A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC and in the investors section of our website, www.rrd.com, including in the Form 8-K furnished with the SEC on February 25, 2020.

24

BALANCE SHEET AND CASH FLOW – DEBT PAYDOWN TOP PRIORITY

$235.2$257.0 $247.0

$370.6

$274.3

$220.5

$144.7$190.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Cash & Cash Equivalents Total Debt

($140.3)

$12.3 $64.1

$267.4

($130.0)

$12.9 $29.3

$227.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Operating Cash Flow Capital Expenditures

$21.5 $26.5 $24.7

$31.7 $37.4 $39.0

$31.0 $31.4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

$2,188.5 $2,255.4 $2,177.3 $2,091.5 $2,171.8 $2,121.4 $2,029.1$1,818.4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42018 2019

Total Debt

2018 2019

2018 2019 2018 2019

25

CURRENT DEBT MATURITY PROFILE($ In millions)

Plan to repay 2020 maturity using availability on the ABL revolving credit facility; availability also sufficient to retire both 2021 maturities

but will continue to seek opportunities to monetize assets including facility sales and possibly business dispositions

(a) $633.7 million available as of December 31, 2019

$66$167

$60

$140$291 $298 $158

$69

$42

$758$540

$0

$200

$400

$600

$800

$1,000

2020 2021 2022 2023 2024 2029 2031

7.625% Senior Notes due June 15, 2020 7.875% Senior Notes due March 15, 2021 8.875% Debentures due April 15, 2021

7.000% Senior Notes due February 15, 2022 6.500% Senior Notes due November 15, 2023 6.000% Senior Notes due April 1, 2024

6.625% Debentures due April 15, 2029 8.820% Debentures due April 15, 2031 ABL Revolving Credit Facility ($800 million) - Drawn

ABL Revolving Credit Facility ($800 million) - Undrawn Term Loan B due January 15, 2024 (principal payments of $5.5 million due annually)

(b)

(a)

Continue to evaluate

opportunities to

extend our capital

structure and improve

our cost of capital

26

Business Dispositions

▪ Sale of GDS business in October 2019 – $47.3 million

▪ Sale of R&D business in Q2 2019 – $11.6 million

▪ Sale of Print Logistics in Q3 2018 - $43.9 million

Accelerated Cash

Repatriation

▪ Repatriated $71 million in Q4 of 2019; total repatriation in 2019 was $327 million

▪ Expects to repatriate an additional $50 million to $75 million of international cash in 2020

Sale of Properties &

Investments

▪ Planned sale of Shenzhen, China printing facility for approximately $250 million in 2021; non-refundable deposits of $98.2 million collected through December 31, 2019

including $53.6 million collected in 2019

▪ Since January 2017 sold seven facilities totaling approximately $27 million, including three facilities sold in 2019 for $10.1 million

▪ Sold investment in LSC in 2017 - $121.4 million

▪ Completed non-cash debt to equity exchange of investment in DFS in 2017 - $111.6 million

▪ Sale of other investments in 2017 and 2018 – Approximately $13 million

Cash Flow

▪ Delivered full year 2019 Operating Cash Flow of $139.3 million

▪ Reduced annual interest expense $30.4 million from 2016 to 2018; reduced $17.7 million in 2019; executed interest rate swaps to lower interest expense on term loan

▪ Reduced dividend mid-2018 - annual savings of approximately $31 million

CUMULATIVE EFFORTS TO IMPROVE BALANCE SHEET FLEXIBILITY

Debt outstanding down $569 million from December 31, 2016 to December 31, 2019

27

DISCIPLINED CAPITAL ALLOCATION

Leverage and

liquidity

▪ Laddered maturity structure; commitment to de-leveraging over time

▪ Five year credit facility that provides for seasonal working capital needs and liquidity buffer

▪ Accelerated cash repatriation from foreign jurisdictions, repatriated $327 million in 2019 and expects an additional $50 million to $75 million in 2020

▪ Reduced annual interest expense $48.1 million from 2016 to 2019

Pension plans

▪ Majority of US, Canada and UK pension plans closed and frozen

▪ De-risking actions and liability driven investment structure reduces funded status volatility while minimizing required contributions for US plans;

unfunded balance at December 31, 2019 is $137 million

Capital expenditures

▪ Business is becoming less capital intensive due to business mix

▪ Elevated capital expenditures for 2019 due to incremental investments in construction of a new facility in China and the 2020 Census project

▪ Target of ~1.4 - 1.6% of sales in FY 2020

Acquisitions and

dispositions

▪ Pursue selective strategic relationships and acquisitions that may help us accelerate our strategic goals

▪ Continue to execute on portfolio optimization strategies including the continuing pursuit of opportunities to monetize assets that do not negatively

impact our ability to service our core clients or execute our core strategy. Examples include:

▪ Divestiture of Print Logistics business for $43.9 million net proceeds in Q3 2018

▪ Divestiture of the R&D business for $11.6 million in Q2 2019

▪ Divestiture of GDS business for $47.3 million in Q4 2019

▪ Agreement to sell a property in Shenzen, China expected to close in 2021; gross proceeds ~$250 million

Dividends and

shares

▪ Annual dividend of approximately $8 million; Board of Directors to review dividend quarterly

▪ No planned share re-purchases

28

APPENDIX

29

COMPREHENSIVE PORTFOLIO OF KEY PRODUCTS AND SERVICES

Comprehensive portfolio of capabilities

utilized for multichannel solutions or

single points of entry

Statements

Commercial

PrintForms LabelsPackaging

Digital

Print & Fulfillment

Direct Marketing

Logistics Supply Chain ManagementDigital & Creative Solutions

Business Process Outsourcing

Marketing Solutions Business Services

30

RRD MARKETING SOLUTIONS – DIRECT MARKETING CLIENT EXAMPLE

Footwear Co was looking

to transform its business

and sought a partner that

could provide expertise in

targeted customer

communication strategies

Footwear Co

Data analyzed to calculate customer’s lifetime

value and identify cross-sell opportunities using

market basket analysis

Customer’s activities monitored and

personalized “we miss you” email with

special offer triggered if loyalty lapses

Email and mailing address captured

following purchase at retail store;

direct mail triggered if emails go unopened

High-value customers invited to

exclusive Footwear Co event and

encouraged to opt in to SMS and social media

• Increased marketing ROI for Footwear Co

• Dynamic customer profiles provide insight and strategic direction

• Predictive model identifies likely customer purchases and optimizes mktg spend

Results

31

RRD BUSINESS SERVICES – BUNDLED PACKAGING/LABELS/COMMERCIAL

CLIENT EXAMPLE

Pharma Co is revolutionizing

its approach to supply chain

management and sought

a partner with expertise

in the production of highly

regulated packaging and labels

Pharmaceutical Co

RRD builds out a cGMP compliant network

of print facilities to provide just-in-time serialized

products to final assembly sites

Client experiences improvements in

overall cost of managing supply chain

Annual use data for Packaging

& Labels is captured by RRD

RRD designs and manufactures a security

label that minimizes the risk of counterfeit

product and tampering

• 100% up-time at Client Assembly Facilities

• All products standardized and compliant with government standards

• Counterfeit production reduced in the marketplace

Results

32

EXPERIENCED AND DIVERSE MANAGEMENT TEAM

Proven team with deep expertise in executive leadership, global sales and operations, customer service and technology

Years with

RRD

Years

Experience

Past

Experience

Dan Knotts Chief Executive Officer 30+ 30+

Terry Peterson Chief Financial Officer 3 30+

Ken O'Brien Chief Information Officer 25 30+

John Pecaric President, Business Services 30+ 30+

Glynn Perry EVP, Domestic Operations and Chief Supply Chain Officer 30+ 30+

Sheila Rutt Chief Human Resources Officer 2 22

Doug Ryan President, Marketing Solutions 2 26

Elif Sagsen-Ercel EVP, Chief Strategy Officer 1 19

Deborah Steiner General Counsel 7 19