Donnelley, Moore Wallace To Merge

Under the terms of the transaction, Moore Wallace shareholders will receive RR Donnelley shares based on a fixed exchange ratio of 0.63 of a RR Donnelley share for each Moore Wallace share. This represents (U.S.)$17.66 in value per Moore Wallace share, or approximately $2.8 billion in total equity value, a premium of 16 percent, based on the closing stock prices of both companies on the New York Stock Exchange (NYSE) on Friday, November 7, 2003. RR Donnelley will also assume approximately $900 million in Moore Wallace debt.