RRD Continues to Execute Proven Strategy and Deliver Results

R.R. Donnelley & Sons Company (NYSE: RRD) (“RRD” or the “Company”) today issued the following statement to its stakeholders:

RRD is an industry leading marketing and business communications company with a well-defined strategy focused on creating long-term stakeholder value. Through the focused execution of its three strategic priorities – to strengthen core performance, drive revenue growth through higher value offerings, and improve financial flexibility – RRD is well positioned for the future. As described in its August 2, 2021 press release, RRD has delivered solid results over the last two years and through Friday, September 24, 2021, has delivered 67.8% in total stockholder return vs. pre-COVID period (assumes February 20, 2020) and has outperformed the average return of Russell 3,000 companies, which delivered a total stockholder return of 37.0% during the same period.

Since the spin in 2016, RRD has made strategic investments to drive profitable growth, divested non-core businesses, and proactively improved its balance sheet. In 2020, the Company expanded its technology solutions portfolio and introduced new products that enable its clients to simplify complexity, reduce costs, and enhance the effectiveness of their communications. The Company also invested to increase production capacity in its core growth businesses, including labels and packaging, where RRD has delivered sales growth in each of the last five quarters, including double-digit organic sales growth in the second quarter of 2021. In addition, at the end of 2020, RRD reported its lowest gross and net leverage levels since the spin.

RRD benefits from a strong and diverse Board that provides effective oversight and guidance on the execution of the Company’s strategy in addition to regular evaluations of the Company’s portfolio and other strategic opportunities. The RRD Board and management engage regularly with stockholders, including Chatham Asset Management LLC (“Chatham”), to understand their perspectives and discuss the Company’s strategy and prospects. The RRD Board is composed of seven highly qualified directors, six of whom are independent and of which four were appointed in the last five years including one that was appointed in February of 2021. The directors bring a wide range of experiences and skills that bring diversity of thought and perspectives to the boardroom. In addition, the Board expects to evaluate additional board candidates in the near term in an effort to execute smooth transitions upon upcoming retirements. The Board has informed Chatham that they would consider all qualified candidates Chatham wanted to put forward.

The Board regularly reviews the Company’s strategic priorities and opportunities to maximize value, and is unified in its commitment to serving the best interest of all RRD stakeholders. Relatedly, the Board will continue to review potential divestitures of additional non-core assets on terms favorable to the Company as part of its continuing strategic review of the RRD portfolio.

Both the Board and management are confident in RRD’s strategic direction and in its ability to deliver significant, sustainable value creation for each of its stakeholders.

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