Investor Presentation Second Quarter 2021

Slide / 2 SAFE HARBOR & NON-GAAP Use of Forward Looking Statements 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 R. R. Donnelley & Sons Company (the "Company") and its expectations relating to future financial condition and performance. 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 year ended December 31, 2020 and Form 10-Q for the quarter ended June 30, 2021, and other filings with the SEC and in other investor communications from the Company from time to time. Non-GAAP Financial Information While the Company reports its results in accordance with generally accepted accounting principles in the United States ("GAAP"), this presentation contains non-GAAP financial measures, including non-GAAP SG&A, non-GAAP adjusted income from operations, non- GAAP adjusted EBITDA, non-GAAP adjusted operating margin, non-GAAP interest expense, non-GAAP effective tax rate, non-GAAP adjusted diluted EPS, and gross and net leverage ratios. 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. Note on Continuing Operations Beginning in the third quarter of 2020, the Company has reflected its Logistics business as discontinued operations for all periods presented. The Company's references to net sales, SG&A, income from operations, net income or loss, and per share amounts in this presentation are on a continuing operations basis without Logistics. All prior periods presented have been restated to conform to this presentation. rr

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