Fitch Revises R.R. Donnelley’s Outlook from Stable to Negative

Fitch calculates RRD’s FCF (after dividends) for the last 12 months ended June 30, 2012 at $381 million. Fitch expects FCF to be approximately $300 million in 2012. 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 updated contributions reflect the passing of the Surface Transportation Extension Act of 2012, which provided pension funding relief.