RR Donnelley Pre-Releases Expected Second-Quarter 2008 Earnings and Reaffirms Full-Year 2008 Guidance

CHICAGO–(EMWNews)–R.R. Donnelley & Sons Company (NYSE:RRD):

• Expects second-quarter 2008 GAAP earnings per diluted share from

  continuing operations of at least $0.67

• Expects second-quarter 2008 non-GAAP earnings per diluted share from

  continuing operations of at least $0.72

• Reaffirms full-year 2008 non-GAAP earnings per diluted share from

  continuing operations guidance of $3.08 to $3.15

• Will release second-quarter 2008 results on August 6 before the market

  opens and host a conference call at 10:00 am eastern time on the same

  day

R.R. Donnelley & Sons Company (NYSE:RRD) announced today that

it expects its second-quarter 2008 earnings per diluted share from

continuing operations to be at least $0.67 on a GAAP basis and,

excluding restructuring and impairment charges (net of tax), to be at

least $0.72 on a non-GAAP basis, on an average fully diluted share base

of approximately 213 million in the quarter. Second-quarter 2008 revenue

is expected to be approximately $2.9 billion while the tax rate (GAAP

and non-GAAP) is expected to be approximately 34%. In addition, the

Company reaffirmed its full-year 2008 non-GAAP earnings per diluted

share from continuing operations guidance of $3.08 to $3.15.

“We are pleased with our expected second-quarter results in the context

of challenging global economic conditions,” said Thomas J. Quinlan III,

RR Donnelley’s President and Chief Executive Officer. “We continue to

benefit from the scale of our platform, the breadth of our product and

service offerings, the diverse range of customers we serve, and our

focus on cost compression. We look forward to speaking with you on

August 6 when we report our final second-quarter financial results.”

In the second quarter of 2008, non-GAAP net earnings from continuing

operations exclude restructuring and impairment charges (net of tax). A

reconciliation of GAAP net earnings per fully diluted share to non-GAAP

net earnings per fully diluted share for these adjustments is presented

in the attached table. For the full year of 2008, GAAP net earnings per

diluted share from continuing operations may include restructuring and

impairment charges, 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

estimates at this time.

The company believes that non-GAAP earnings per diluted share is 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 this

indicator. This measure should be considered in addition to, not a

substitute for, or superior to, measures of financial performance

prepared in accordance with GAAP.

Conference Call Details

RR Donnelley will host a conference call and simultaneous webcast to

discuss its second-quarter results on Wednesday, August 6, at 10:00 a.m.

Eastern Time (9:00 a.m. Central Time). The live webcast will be

accessible on RR Donnelley’s web site: www.rrdonnelley.com.

Individuals wishing to participate can join the conference call by

dialing 706.634.1139. A webcast replay will be archived on the Company’s

web site for 30 days after the call. In addition, a telephonic replay of

the call will be available for seven days at 706.645.9291, passcode

55582190.

About RR Donnelley

RR Donnelley (NYSE:RRD) is the world’s premier full-service provider of

print and related services, including business process outsourcing.

Founded more than 140 years ago, the company provides products and

solutions in commercial printing, direct mail, financial printing, print

fulfillment, labels, forms, logistics, call centers, transactional

print-and-mail, print management, online services, digital photography,

color services, and content and database management to customers in the

publishing, healthcare, advertising, retail, technology, financial

services and many other industries. The largest companies in the world

and others rely on RR Donnelley’s scale, scope and insight through a

comprehensive range of online tools, variable printing services and

market-specific solutions.

Use of Forward-Looking Statements

This news release may contain “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 news

release 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. Readers are

strongly encouraged to read the full cautionary statements contained in

RR Donnelley’s filings with the SEC. RR Donnelley disclaims any

obligation to update or revise any forward-looking statements.

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