Dan Knotts, CEOTerry Peterson, CFOJohan Nystedt, SVP, Finance

THIRD QUARTER 2020 RESULTSOctober 28, 2020

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SAFE HARBOR & NON-GAAP

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. 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 followingcautionary 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 Form 10-Q for the quarter ended September 30, 2020, and other filings with the SEC and in other investor communications from the Company from time to time.

Use of Forward Looking Statements

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.

Non-GAAP Financial Information

Note on Continuing Operations

Beginning in the third quarter of 2020, we have reflected our Logistics business as discontinued operations for all periods presented. Our 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.

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Protecting the health and safety of our employees, clients, partners and suppliers

COVID-19 OPERATING PRIORITIES

RRD's COVID-19 Operating Plan | Key Focus Areas

Protecting the Health and

Safety of Our Employees

Maintaining Operational Continuity

Managing Business

Performance

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PROTECTING EMPLOYEE HEALTH AND SAFETY

Actions to Protect

Employee Safety

Flexible Working Policies

International and Domestic Travel Restrictions

Physical Distancing

Cross-Functional COVID-19 Task Force

Employee Screening and Education

Personal Protective Equipment

Hygiene Best Practices

Case Management

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29Countries

250+Facilities

35,000+Employees

50,000+Clients

• Realigning capacity and tightly managing costs to reflect changes in client volumes

• Leveraging extensive capabilities to capture new client opportunities in challenging business environment

• Aligning with supply chain partners to prevent operational and delivery disruptions

MAINTAINING OPERATIONAL CONTINUITYLeveraging our global footprint to honor our more than 150-year legacy of meeting client commitments

KEY AREAS OF FOCUS

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Highlights

• Net sales improved more than $100 million versus mid-point of previous expected range

• Adjusted IFO flat to prior year; adjusted operating margin improved by 100 bps driven by aggressive cost-out actions

• Operating cash flow in the quarter increased $40 million versus prior year; year-to-date up $113 million; third consecutive quarter of improvement

• Total liquidity at $543 million, up $83 million from prior quarter

• On track for close of Logistics DLS Worldwide sale and entered into definitive agreement to sell the International Mail and Parcel Logistics business; both expected to close by year end

• Launched plan to redeem $83.3 million of principal outstanding on Senior Notes due March 15, 2021

Sales • Consolidated– Reported: (15.9%)– Organic: (12.1%)

• Organic by segment– Business Services: (7.5%)– Marketing Solutions: (25.9%)– Both segments negatively

impacted by lower volumes resulting from the COVID-19 pandemic; Marketing Solutions further impacted by lower Census volume

• Income from operations: – GAAP: $15.9m– Non-GAAP adjusted:

$73.9m • Operating margin:

– GAAP: 1.3%– Non-GAAP adjusted: 6.2%

Profitability • Effective tax rate:– GAAP: 39.3%– Non-GAAP adjusted: 44.9%

• Diluted EPS from continuing operations:– GAAP: ($0.13)– Non-GAAP adjusted: $0.32

• Cash provided by operating activities: $69.4m

• CapEx: $16.3m• Total debt: $2.02b

Cash/Debt • Interest expense: $34.3m• Cash and cash equivalents: $414.8m

THIRD QUARTER OVERVIEW

A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC.

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INNOVATIVE SOLUTIONS TO CAPTURE EVOLVING MARKET OPPORTUNITIES

“Caring for You” kits, provide members with self-care items

KIT CARE PACKAGES FOR MEDICARE MEMBERS

• Large-scale project with short lead time

• Managed all aspects from print production to fulfillment

• Kits includes thermometer, hand sanitizer, and face masks

SOLUTIONS TO INCREASE SUPPLY CHAIN EFFICIENCY

Expanding relationship to include digitization of assets

• Print supply chain focus• Expanded to included asset

digitization• Developed customer-facing

website and mobile app for home warranty offering

LAUNCH OF NEW MEDICAL DATA DEVICE

• Packaging design, production, and kitting

• Managing business processes and full execution to ensure continuity and reliability across supply chain

Building on 20-year relationship to include medical device kitting

Large Pharmaceutical Company

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NEW SOLUTION OFFERINGS

FLEX MAILER TOUCHLESS WORLD BY RRD

• 100% Recyclable• Notable cost savings

• Customizable, branded packaging• Uses: Promotional items and product samples

• Prioritizes consumer safety• Contactless brand touch points

• NFC, QRC-powered interactions

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RRD STRATEGIC PRIORITIES

Improve Financial Flexibility

• Aggregated maturities for Senior Notes and Debentures due through 2024 now total $380 million, down $642 million from the beginning of the year

• Entered into definitive agreements to sell DLS Worldwide and International Mail and Parcel Logistics businesses, both expected to close by year end

Firmly on our strategic path to advance RRD as a leading provider of marketing and business communications

Drive Revenue• Capturing new sales opportunities as a result of the pandemic • Introducing new products and services to meet the evolving needs of clients

Strengthen Core• Realigning capacity to reflect changes in client volumes• Executing aggressive actions to reduce cost structure, including $30.5

million reduction in adjusted SG&A expense in the quarter

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THIRD QUARTER NET SALES PERFORMANCE (AS REPORTED) ($ In millions)

Business Services(1) Marketing Solutions Consolidated(1)

` Q3 2020 YOY Change

Commercial Print(2) $347.7 (21.5%)

Packaging $193.6 6.3%

Labels $124.7 0.6%

Statements(2) $104.3 (22.2%)

Supply Chain Management $77.4 10.9%

Forms $48.2 (19.7%)Business Process Outsourcing(2) $40.9 (33.1%)

Total – Reported(1) $936.8 (12.8%)Total – Organic(3) (7.5%)

Q3 2020 YOY Change

Direct Marketing $125.9 (34.9%)

Digital Print & Fulfillment $104.4 (14.8%)

Digital & Creative Solutions $24.2 (11.7%)

Total – Reported $254.5 (25.9%)Total – Organic(3) (25.9%)

Q3 2020 YOY Change

US(2) $847.9 (14.8%)

Asia $240.9 (3.0%)

Europe(2) $54.3 (51.4%)

Other $48.2 (22.6%)

Total – Reported(1) $1,191.3 (15.9%)Total – Organic(3) (12.1%)

By Products and Services By Products and Services By Geography

37%

21%

13%

11%

8%

5% 5% Commercial PrintPackagingLabelsStatementsSupply Chain MgmtFormsBPO

49%41%

10%

Direct MarketingDigital Print & FulfillmentDigital & Creative

71%

20%

5% 4%

US

Asia

Europe

Other

$936.8 $254.5 $1,191.3

(1) Individual products, services and geographical categories YOY change are as reported and do not reflect the impact of business dispositions and FX.(2) Products and service categories negatively impacted by business dispositions and/or significant closures (Commercial Print, Statements and BPO).(3) A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC.

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FINANCIAL TRENDS – PROFITABILITY

• Adjusted income from operations flat and margins increased 100 bps vs. prior year period primarily due to:

– Lower volume associated with the global impact of COVID-19 and price pressure

– Lower volume associated with the Census project which was completed in the current quarter

– Actions to reduce cost structure, including a $30.5 million or 18.2% reduction in adjusted SG&A expense

• Adjusted EPS also benefited from:

– A lower effective tax rate associated with tax law changes from the CARES Act

– A $3.1 million reduction in interest expense

COMMENTS ON Q3 PERFORMANCE

Quarterly

Non-GAAP Adjusted EPS from Continuing Operations(1)

Non-GAAP Adjusted Income from Operations(1) ($ In millions)

$33.2 $33.5

$74.2$93.3

$50.5

$20.8

$73.9

Q1 Q2 Q3 Q4 Q1 Q2 Q3

$0.25$0.32

Q3 Q320202019 20202019

Year to Date$0.09

$0.49

Q3 YTD Q3 YTD20202019

$140.9 $145.2

Q3 YTD Q3 YTD20202019

(1) A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC.

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BALANCE SHEET AND CASH FLOW ($ In millions)

Total Debt

Capital ExpendituresOperating Cash Flow

Cash & Cash Equivalents

Key capital allocation priorities focused on preserving liquidity during COVID-19 pandemic• Delayed capital projects and reduced

discretionary spend• Suspended quarterly dividend• Expected to reduce gross debt by $350

to $400 million during the fourth quarterAsset based lending agreement:• $800 million facility with maturity in 2022• $410 million drawn; $127.8 million

available as of September 30, 2020Operating cash flow improved – third consecutive quarter• Working capital improvements• Lower tax payments

$274.3 $220.5

$144.7 $190.8

$450.7 $341.9

$414.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2020

$2,171.8 $2,121.4 $2,029.1

$1,818.4

$2,168.4 $2,035.9 $2,021.3

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2020

-$130.0

$12.9 $29.3

$227.1

-$79.6

$35.4 $69.4

Q1 Q2 Q3 Q4 Q1 Q2 Q3

$37.4 $39.0

$31.0 $31.4

$17.7 $20.4 $16.3

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2019

202020202019

2019

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CUMULATIVE EFFORTS TO IMPROVE BALANCE SHEET FLEXIBILITY

• Planned sale of Shenzhen, China printing facility for approximately $250 million in 2022; $122.3 million in deposits collected through September 30, 2020

• Since January 2017, sold ten facilities totaling approximately $30 million, including three facilities sold in 2020 for $3.3 million

• Sold investment in LSC in 2017 for $121.4 million

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

• Sold other investments in 2017 and2018 for approximately $13 million

Sale of Properties & InvestmentsBusiness Dispositions

• Entered into definitive agreement to sell International Mail and Parcel Logistics business

• Entered into definitive agreement to sell Logistics DLS Worldwide business for $225 million

• Sold Logistics Courier business in March 2020 for $10.4 million

• Exited Chile operations in February 2020

• Sold GDS business in October 2019 for $53.7 million

• Sold R&D business in May 2019 for $11.6 million

• Sold Print Logistics business in July 2018 for $43.9 million

Total liquidity of $543 million as of September 30, 2020

• Operating cash flow improved $113 million from prior year for the nine months ended September 30, 2020; capital expenditures decreased $53 million from prior year for the same period

• Reduced annual interest expense $48.1 million from 2016 to 2019; year to date 2020 reduced by $12.9 million

• Improved working capital• Expect to repatriate approximately $35

million of international cash in 2020• Total international cash repatriation in

2019 was $327 million

Cash Flow

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CURRENT DEBT MATURITY PROFILE(1) ($ In millions)

(1) Reflects outstanding principal balance

• Recent exchanges, repurchases and repayments have reduced Senior Notes and Debentures due through 2024 by $642 million since beginning of year

• Expect to reduce debt by $350-$400 million during the fourth quarter

• Launched plan to redeem $83.3 million of principal outstanding on Senior Notes due March 15, 2021; redemption date is December 4, 2020

COMMENTS ON DEBT PROFILE

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Q4 EXPECTATIONS AND LIQUIDITY

Q4 adjusted IFO may be lower than amounts reported in Q3 2020 and Q4 2019. The Company will continue to benefit from previously implemented cost out actions along with additional actions to be taken in Q4. However, it is difficult to predict how much the pandemic will impact demand for our products and services

Operating cash flow in Q4 is expected to be lower than the amount reported in Q4 2019 as working capital improvements have been achieved earlier in 2020. In addition, Q4 will be negatively impacted by dispositions of the remaining Logistics businesses

Total liquidity at September 30th was $543 million, up $83 million since last quarterExpected to reduce gross debt by $350 to $400 million during Q4• Expect to close sales of

Logistics businesses; proceeds expected to be used to reduce debt

• Due to strong cash flow during the pandemic, plan to use excess cash to repay debt

Q4 sales expected to be $200 to $275 million lower than the prior year • Further impact from

the pandemic• Census work in the

prior year period that will not repeat

• An approximate $25 million reduction due to recent dispositions of GDS and Chile

Q&A

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KEY TAKEAWAYS

Strong Q3 operating performance reflected:

• Better than expected sales performance

• Aggressive cost-out actions improved adjusted operating margins 100 bps

Continue to leverage scale and portfolio diversification to capture new market opportunities

Improved operating cash flow for the third consecutive quarter

• Working capital improvements

• Lower tax payments• Deferral of employer

paid portion of payroll taxes

Advanced strategic priorities

• Announced divestitures of remaining logistics businesses

• Launched plan to redeem $83.3 million of 2021 Senior Notes

APPENDIX

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FINANCIAL TRENDS – ORGANIC SALES

• Organic decline by segment:– Business Services: (7.5%)– Marketing Solutions: (25.9%)

• Both segments negatively impacted by lower volumes resulting from the COVID-19 pandemic and lower pricing; Marketing Solutions further impacted by a reduction in Census related sales

• Three primary factors helped lessen the top line impact from the pandemic:– Diversification of products & services– Limited client & industry concentration– New products & services introduced to

meet the evolving needs of clients

COMMENTS ON Q3 PERFORMANCE

Organic Sales Change(1)

-2.9% -1.6%

1.2%

-1.7% -1.7%

-17.8%-12.1%

Q1 Q2 Q3 Q4 Q1 Q2 Q32019

Quarterly

2020

(1) A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC.

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THIRD QUARTER OPERATING PERFORMANCE

($ In millions) Q3 2020 Q3 2019Better/(Worse)

Organic SalesChange(1)

$ %

Net Sales $1,191.3 $1,417.2 ($225.9) (15.9%) (12.1%)

Business Services $936.8 $1,073.8 ($137.0) (12.8%) (7.5%)

Marketing Solutions $254.5 $343.4 ($88.9) (25.9%) (25.9%)

Adjusted Income from Operations(1) $73.9 $74.2 ($0.3) (0.4%)

Business Services $76.1 $72.4 $3.7 5.1%

Marketing Solutions $15.1 $24.5 ($9.4) (38.4%)

Corporate ($17.3) ($22.7) $5.4 23.8%

Adjusted Operating Margins(1) 6.2% 5.2% 100 bps

Business Services 8.1% 6.7% 140 bps

Marketing Solutions 5.9% 7.1% (120 bps)

(1) A reconciliation of GAAP to non-GAAP financial measures can be found in our periodic filings with the SEC.

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THANK YOU