Fitch Downgrades RR Donnelley’s Rating; Outlook Remains Negative

Liquidity

Fitch calculates RRD’s FCF (after dividends) for the last 12 months ended June 30, 2012 at $381 million. RRD’s pension was $1 billion underfunded at the end of 2011. The company intends to contribute $205 million to its various retirement funds, including its pension, in 2012. The 2012 contribution is reflected in Fitch’s FCF expectations. The contributions reflect the passing of the Moving Ahead for Progress in the 21st Century Act, which provided pension funding relief.