Investor Presentation

May 7, 2008

2 May 7, 2008

Safe Harbor Statement

Use of Forward-Looking Statements This presentation contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. 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. The company does not undertake to and specifically declines 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.

The factors that could cause material differences in the expected results of RR Donnelley include, without limitation, the following: the successful execution and integration of acquisitions and the performance of the company's businesses following acquisitions; the ability to implement comprehensive plans for the integration of the sales force, cost containment, asset rationalization and other key strategies; competitive pressures in all markets in which the company operates; factors that affect customer demand, including changes in postal rates and postal regulations, changes in the capital markets, changes in advertising markets, the rate of migration from paper-based forms to digital format, customers' budgetary constraints and customers' changes in short-range and long-range plans; shortages or changes in availability, or increases in costs of, key materials (such as ink, paper and fuel); and other risks and uncertainties described in RR Donnelley's periodic filings with the Securities and Exchange Commission (SEC). Readers are strongly encouraged to read the full cautionary statements contained in RR Donnelley's filings with the SEC.

3 May 7, 2008

Non-GAAP Financial Information

The company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the company’s operating 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 net earnings to non-GAAP net earnings and further descriptions are presented in the tables attached to our Earnings Releases, which are available in the investors section of our website, rrdonnelley.com. Also available in the investors section of our website, rrdonnelley.com, is a description of additional non-GAAP financial measures referred to in this presentation.

4 May 7, 2008

Presenters

Tom Quinlan President and CEO

Miles McHugh EVP, CFO

Dan Leib SVP, Treasurer

Jenny Wong VP, Assistant Treasurer

5 May 7, 2008

Agenda

I. Executive Summary

II. Industry Dynamics

Consolidation

RR Donnelley’s Strategy

Impact of Distressed Printers

III. Financial Review

Q1 2008 Performance

2008 Guidance

IV. Deployment of Capital

Credit Metrics and Ratings Commitment

6 May 7, 2008

Executive Summary

Largest player in a highly fragmented marketDifferentiating front-end and logistics capabilitiesCost advantage driven by platform flexibility and economies in procurement, production and distribution

Scale

Breadth & Depth

Blue chip customer relationships; single-source provider opportunitiesBroadest offering of industry leading products and servicesIndustry experienced executive and senior management teams

FinancialStrong cash flow generation in a challenging price environmentGrowth rate has been greater than the broader print market; largest opportunity is with existing clientsSuccess in managing, acquiring and integrating core print acquisitionsFinancial discipline and productivity gains drive margin improvement

The Way Forward

Operational / productivity focusContinue targeted M&A activitiesMaintain strong investment grade credit metrics

7 May 7, 2008

Financial Strength

$576

$1,033$1,304 $1,420

$1,752

2003 2004 2005 2006 2007 2008G

$1.31$1.65

$2.94

$2.29$2.55

2003 2004 2005 2006 2007 2008G

$383

$768 $833

$1,270

$1,046

2003 2004 2005 2006 2007 2008G

(’03 – ’07)

CAGR: 22% (’03 – ’07)

CAGR: 35%

(’03 – ’07)

CAGR: 32%

(1) Excludes restructuring, impairment, integration charges and other one-time items.

EBITDA - CapexUS$ in millions

$7,156$8,430 $9,317

$11,587

$4,183

2003 2004 2005 2006 2007 2008G

(’03 – ’07)

CAGR: 29%Net RevenueUS$ in millions

PF Sales 4.1% 4.7% 2.5%Growth

EBITDA (1)US$ in millions$12,350

to$12,450

15%+ growth$3.08 to

$3.15

EPS (1)

6%+ growth

8 May 7, 2008

Business Generates Substantial Cash Flow

$376

$759

$972$904

$1,177

$183

$494 $501 $530

$695

0

200

400

600

800

1,000

1,200

2003 2004 2005 2006 2007

Cash Flow from Continuing Ops (CFFCO)CFFCO - Capex

$ in millions CAGR

39%

33%

9 May 7, 2008

Credit Metrics / Importance of Investment Grade

2007$ in millions ActualEBITDA 1,752Cash 379Total Debt 4,327Net Debt 3,948Total Debt / EBITDA 1 2.5xEBITDA / Interest 7.7x

Standard and Poor’s: BBB+

Moody’s: Baa2

Fitch: BBB

(1) The Cardinal Brands acquisition closed on 12/27/2007, as such no material impact to EBITDA in 2007.(2) EBITDA represents “Operating income (loss) excluding restructuring and impairment charges” plus “Depreciation and amortization” as reported in

the company’s press release.

10 May 7, 2008

Agenda

I. Purpose of the Meeting

II. Industry Dynamics

Consolidation

RR Donnelley’s Strategy

Impact of Distressed Printers

III. Financial Review

Q1 2008 Performance

2008 Guidance

IV. Deployment of Capital

Credit Metrics and Ratings Commitment

11 May 7, 2008

Trends Shaping Industry

Customer Relationship Management

Consolidation(Printers, Suppliers

& Customers)

Electronic Substitution

Trends generally continuing at same paceImpact differs by print sector: results in new products / services

Total System Cost Focus

Regulatory Changes

Shift toward variable (customized), higher value-add printIT / data management capabilities increasingly importantto customers

Pricing pressure & excess capacityIndustry fragmentationLarge / diversified printers are better positioned to be successful

Positive and negative implicationsPrinters’ ability to offer compliance assurance / secure environment increasingly important

Printers who are able to offer lowest total print / document management cost and higher ROI are advantaged

12 May 7, 2008

Consolidating Industry*

RR Donnelley Quebecor World Cenveo Vertis Consolidated Graphics

1980 Banta Moore RR Donnelley World Color Quebecor Cadmus Mail Well Big Flower Consolidated Graphics

Bushman Quality Color American InLine Graphics Alden Press Pendell Waverly Press American Envelope Treasure Chest AGS Custom Graphics

Danbury Printing Nielsen Ringier (SR) Ringier Eusey Press Lancaster Press Supermex Retail Graphics Eastwood Printing

Greenfield Wallace Meredith/Burda Brown (Franklin) Arcata Mack Printing Graphic Art Center Laser Tech Kelmscott

Astron 9 Commercial Co's ASG RX Label Tech Webcraft Litho Graphix

Asia Printers Group Petty Commercial Envelope County Pub Global Group

Poligrafia Maxwell Rex Corporation KTB Electricity Printing

Spencer Press Diversified Print Co Nies/Artcraft

AdPlex (Charlestown) Alco Gravure Riverside Graphcom

OfficeTiger Kable Pacific Color Annan & Bird

Perry Judd's Providence Colorstream Hennegan

Von Hoffmann Web Cyril Scott

Cardinal Brands Pikes Peak Lithographing

Pro Line Printing

Banta Moore Wallace RR Donnelley World Color Quebecor Cadmus Cenveo

Moore Wallace World Color Cadmus

Banta

2008 RR Donnelley Quebecor World Cenveo Vertis Consolidated Graphics

•Sample representation – estimated total of 39,088 printing facilities in the United States at the end of 2006 (PIA/GATF, April 3, 2007)

Source: RR Donnelley management estimates

13 May 7, 2008

Consolidating Supplier and Customer Base

Supplier Consolidation• Paper companies• Ink companies

Consolidation Runs Across Business Spectrum• Media Companies• Retailers• Catalogers• Directory Publishers• Magazine and Book Publishers• Pharmaceuticals• Automotive• Bank/Financial Institutions• Food Industry

14 May 7, 2008

The Evolution of Print Relationships

Source: Derived from InfoTrends/Cap Ventures

Single Product Relationships

Time

Cus

tom

er R

elat

ions

hips

Multiple Product Relationships

Total Cost of Process/Procurement

Function

100% of Core Product(s)

1864 2000 2006 2008+

Clients focus on print supply chain, not just print

RRD reaches across total value chain

Ability to bring scale• Procurement• Distribution• Production

Leverage the relationship• 100% Positions• Trust in place• Vested Interest

15 May 7, 2008

Print Relationships Driven by Cost Drivers in the Print Supply Chain

86%86%

14%14%

• Return Analysis

• Administration

• Postage

• Fulfillment / Distribution

• Inventory Obsolescence

• Warehousing / Archiving

• Internal Document Prep / Review

• External / Internal Creative

• Printed Product

• Printed Product

Source: Derived from InfoTrends/CAP Ventures, December 10, 2004.

16 May 7, 2008

A Large, Highly Fragmented Market Opportunity

Growth: 3.3% (2005 – 2006)

22%

7%4% 6%

45%

16%

Total U.S. Printing Industry$171.5 Bn

CommercialPrinting

TradeServices(PreMedia)

Specialty,Greeting

Forms, Labels

Packaging

Newspaper

2006 The global print Industry grew 2% in 2006 to $374 billion

• Forecast of $422.7 billion in 2011; 2.5% CAGR

The US print market grew 3.3% in 2006 to $171.5 billion

• Forecast of continued growth of 2-3% through 2010

Despite some recent consolidation, the industry remains highly fragmented

• In the EU25 states, estimate of 120,000 printing companies; mean of 8 employees

• Top 400 printers in the US account for less than 30% of the market

RR Donnelley is the largest printer in the world and the US

Source: Datamonitor, Global Commercial Printing, March 2007Source: PIA/GATF, Economic & Print Market Flash Report, April 3, 2007

17 May 7, 2008

SELECTED PRINTERS – 2007E REVENUE

PRODUCT AND SERVICE OFFERING

Note: Vertis is LTM revenue. Quad Graphics is reported annual sales per Quad’s website as of 4/30/08.(a) Estimated revenue for Information Network segment only. Total revenue is estimated to be $15.1 billion.(b) Estimated revenue for Information Communication segment only. Total revenue is estimated to be $14.7 billion.(c) Estimated revenue of ~$700 million reflect Brown Printing and Arvato.

Company Commercial Direct MarketingMCR &

Directories BooksForms and

Labels Financial PrintStatement

Outsourcing Document BPO

Quebecor WorldQuad GraphicsBrown Printing (Bertelsmann)CenveoToppan PrintingTranscontinentalVertisDeluxe CorpBowne & Co.Dai Nippon PrintingMerrillStandard RegisterConsolidated GraphicsWorkflowDSTWilliams LeaXeroxPitney BowesADPInnerworkings

(c)(a) (b)

Scale and Breadth

$ in Billions

$8.0$6.3 $5.7

$2.3 $2.1 $2.0 $1.6

$11.6

$1.4 $1.1 $0.9 $0.8 $0.7

$0.0

$5.0

$10.0

$15.0

18 May 7, 2008

RRD is Positioned to Meet Changing Needs

Buying Patterns/Needs• Cost Compression/Synergy

• Total System Cost Approach

• Economies of Scale Required

• ROI Management Focus

• Product Reengineering

• Personalization/Variability

• Outsourcing Print Procurement

RRD Strategic Selling Proposition • Diversified Global Platform

• Scale Across All Operations

• Differentiated Logistics/Fulfillment Offering

• Complete Print Management Services

• Linkage With ALL Media Types

• Ability To Expand With Customers

Master Plan

19 May 7, 2008

Master Plan

Multi-year plan drives:

• Customer targeting

• Capital allocation

• M&A priorities

End market analysis

• Growth

• Costs

• Investments

20 May 7, 2008

The Evolution of RR Donnelley’s Strategy

ManagementPut “World Class” team together

Built support infrastructure

• Admin/Finance/Ops

InvestmentDeveloped and implemented new strategy

Built, through organic investments and acquisitions, flexible full-service platform

OperationalFocused on continual productivity improvements

Absorbed equipment installs

Absorbed and integrated acquisitions

Asserted disciplines/metrics (cost compression culture)

Move quickly to restructure as pricing and demand changes

21 May 7, 2008

The RR Donnelley Strategy – A Living Process

Keys to Success

Industry and market knowledge

Sales planning

Leveraging scale as one platform

Investment prioritization

Advance planning for major cost takeout actions

Sales Growth Targets

Platform Optimization

Organic Investment

Acquisitions

22 May 7, 2008

Blue Chip Customer Relationships

Total of 40,000 customers• 155 customers with revenue > $10

million (1)

• 980 customers with revenue > $1 million (1)

Serve over 90% of Fortune 500 and have approximately 15% of their print spend

• Opportunity to continue to grow our Fortune 500 Relationships

(1) Revenue in 2007

23 May 7, 2008

Platform Optimization - Asset Utilization

2007(2)

2nd Half52%1st Half

48%

Off peak (1H) growth has exceeded peak (2H) growth from 2004 to 2007

(1) 2004 includes pro forma results of Moore Wallace for Q1 as reported in Form 8-K (6/17/04) and 3 quarters of as reported results for Q2 – Q4 2004.(2) 2007 represents full-year results as reported.(3) EBITDA represents “Operating income (loss) excluding restructuring and impairment charges” plus “Depreciation and amortization” as reported in the

company’s press release.

2004 (1)

1st Half39%

2nd Half61%

EBITDA (3)

24 May 7, 2008

One RR Donnelley (Illustrative)

Magazine Publisher

Book Publisher

Directory Publisher

Healthcare Financial Retail

Internal Process (Pricing, Production Planning)

One Global Platform

Sales and Marketing

Sheetfed

PREPARE PRODUCE DELIVERGravure Offset

DigitalBindery

25 May 7, 2008

Acquisition Criteria

Does the acquisition candidate:

1. Help our existing customers?

2. Have capacity where we are constrained?

3. Have synergy opportunities?

26 May 7, 2008

Acquisitions (Core Print)

Previous core print acquisitions’ overlap allows for straightforward integration:• Conservatively estimate savings• Considerable cost-savings available through reduction in corporate expense and

improved operational efficiencies (utilization; procurement)• Open capacity of acquired companies allows for reduced RRD capital investment

in future

Significant depth of experience integrating acquisitions and restructuring companies:

• Successfully restructured Moore in late 2000• Successfully integrated Wallace Computer Services in 2003• Successfully integrated RRD/MWI in 2004• Successfully integrated Banta, Perry Judd’s and Von Hoffmann in 2007• Successfully integrating Cardinal and Pro Line in 2008

27 May 7, 2008

The Impact of Distressed Printers

Aggressive pricing began several years agoQuebecor filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada and Chapter 11 of the U.S. Bankruptcy Code in the U.S. on 1/21/08Market rumors of liquidity issues at other printersDifferences

• Management & culture• Breadth of product offering• Workforce relations• Ownership structure

Opportunities for RRD• Brand strength• Financial strength• Multiple products & services

28 May 7, 2008

Agenda

I. Purpose of the Meeting

II. Industry Dynamics

Consolidation

RR Donnelley’s Strategy

Impact of Distressed Printers

III. Financial Review

2008 Q1 Performance

2008 Guidance

IV. Deployment of Capital

Credit Metrics and Ratings Commitment

29 May 7, 2008

Q1 Performance

Net Sales ($ in millions)

(a) Includes synergies in forecasted periods.

$2,997$2,793$2,267

$1,927

(1) Excludes restructuring, integration and impairment expenses and ‘one-time’ items* Revenue, proforma for acquisitions, grew 1% from Q1:2007 to Q1:2008

+7.3%*

Non-GAAP EPS (1)

$0.69$0.66$0.57$0.54

2005 2006 2007 20082005 2006 2007 2008

30 May 7, 2008

2008 Guidance (Non-GAAP)

(1) Assumes no additional shares repurchased. Excludes, if any, restructuring and impairment charges and the resolution of certain tax items and other items that are not currently determinable, but may be significant. For that reason, the Company is unable to provide full-year GAAP net earnings and operating margin estimates at this time.

Revenue; $12.35 to $12.45 billion; low single-digit growth pro forma for acquisitions

Operating margin (non-GAAP) slight expansion over 2007’s 10%(1)

Depreciation and amortization; ~ $640 million, includes ~ $130 million of purchase accounting amortization

Interest expense – net; ~ $235 million

Effective tax rate (non-GAAP); ~ 33% to 34%

Non-GAAP EPS (fully diluted) = $3.08 to $3.15(1)

Capex = ~$400 millionEBITDA – Capex = Growth 15%+

31 May 7, 2008

2008 Priorities

Continue to Capture ShareContinue to

Capture Share

M&A ActivityM&A Activity

• Leverage “One RR Donnelley” platform and relationships• Employ integrated sales approach across RRD platform• Target significant Print Management opportunities; gain

additional 100% positions• Focus on filling off-peak capacity

• Continue to pursue niche core print targets that meet changing customer demands, serve our capacity needs and have cost savings opportunities

IntegrationIntegration• Finalize integration of Banta, Perry Judd’s and Von Hoffmann• Cardinal Brands and Pro Line integration underway• Direct IT investments to facilitate integration

32 May 7, 2008

Operational and Financial Flexibility

Committed available liquidity and cash of $1.5 billion

Structural and financial flexibility to react to market conditions• Manage capital deployment

– Capital spending– Share repurchase– M&A activities

• Variable cost reduction– Incentive compensation– Workforce reduction– Plant closures

Much more diversification in our business portfolio than in the past

Experienced management team with proven track record

33 May 7, 2008

Revenue Distribution by End-Markets Is Much More Diversified Now

24%

14%

10%8%

7%

5%

5%

7%

4%

15%

1%

MagCatRetail Book/Dir Var. Print F&LCom Print Logistics Fin Print Digital SolBPO GTS Int'l

37%

29%

12%

11%

2%6%

3%

MagCatRetail Book/Dir Logistics Fin Print

Digital Sol Int'l Var Print

2000 Revenue: $5.8 Billion 2007 Revenue: $11.6 Billion

34 May 7, 2008

Liquidity as of 3/31/2008

$ in millions

Cash

Committed Revolver/CP Market

1 Year – Due August ’08 1

9 Months – Due May ’08 1

Commercial Paper

Total Committed Revolver/CP Market

Available Liquidity

Total Amount

$398

2,000

$2,000

$2,398

Outstanding

$ -

300

50

517

$867

$867

Available

$398

$1,133

$1,531

(1) Replaced $400mm commercial paper balance with drawings under the $2 billion revolver in August 2007, $50mm of which was repaid in February 2008.

35 May 7, 2008

Strong Liquidity Profile

$2 billion in commercial paper program backstopped by revolver committed through January 8, 2012

• Maintained flexibility during market liquidity crunch in August 2007• Replaced a portion of CP balance with bank debt

– $350 million bank debt maturing in May and August• CP balance at 3/31/2008 was $517 million

Financial covenants of revolver:• Interest coverage ratio of not less than 3:1• Leverage ratio of not higher than 4:1 • In compliance with the covenants at 3/31/2008

36 May 7, 2008

Pro Forma Long-Term Debt Maturity Profile

$ in millions

400499

624 599499

970

$0

$200

$400

$600

$800

$1,000

$1,200

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017+

Weighted average interest rate of ~5.50% on existing long-term debt

3.75% 4.95% 4.95% 5.50% 6.65%Interest Rate 5.63%

37 May 7, 2008

Agenda

I. Purpose of the Meeting

II. Industry Dynamics

Consolidation

RR Donnelley’s Strategy

Impact of Distressed Printers

III. Financial Review

Q1 2008 Performance

2008 Guidance

IV. Deployment of Capital

Credit Metrics and Ratings Commitment

38 May 7, 2008

Prudent Capital Deployment

Dividend• Quarterly dividend has remained at $0.26 per share since July 2003

Capital expenditures• Capital investment is approximately $400mm for 2008. Reduction of

approximately $82mm from 2007

M&A• Focus on core print opportunities

Share repurchases• 7.7 million shares repurchased in 2007• Replenished in February 2008 authorization back to 10 million shares• 2.7 million shares repurchased in 2008

39 May 7, 2008

Our Commitment to Investment Grade Metrics

RRD has emerged as the leader in the commercial printing industry• Unparalleled scale in highly competitive industry• Broadest portfolio of products and services• Financial results have consistently exceeded expectations over the last four years

We are committed to strong investment grade metrics

Standard and Poor’s: BBB+

Moody’s: Baa2

Fitch: BBB