LSC COMMUNICATIONS. Investor Presentation. August 2017

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1 LSC COMMUNICATIONS Investor Presentation August 2017

2 SAFE HARBOR LSC Communications Cautionary Statement Regarding Forward-Looking Statements This presentation includes certain "forward-looking statements" within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, strategy and plans of LSC Communications and its expectations relating to future financial condition and performance. Statements that are not historical facts, including statements about LSC Communications management s beliefs and expectations, are forward-looking statements. Words such as "believes," "anticipates," "estimates," "expects," "intends," "aims," "potential," "will," "would," "could," "considered," "likely," "estimate" and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While LSC Communications believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond LSC Communications control. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from LSC Communications current expectations depending upon a number of factors affecting the business and risks associated with the performance of the business. These factors include such risks and uncertainties detailed in LSC Communications Form 10-K filed on February 23, 2017 and LSC Communications periodic filings with the SEC. LSC Communications 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. 2 LSC COMMUNICATIONS

3 NON-GAAP FINANCIAL INFORMATION This presentation contains certain non-gaap measures. The Company believes that these non-gaap measures, such as non-gaap adjusted EBITDA and free cash flow, when presented in conjunction with comparable GAAP measures, provide useful information about the Company s operating results and liquidity and enhance the overall ability to assess the Company s financial performance. The Company uses these measures, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business. Non-GAAP adjusted EBITDA, non-gaap net income and free cash flow allow investors to make a more meaningful comparison between the Company s core business operating results over different periods of time. The Company believes that non-gaap adjusted EBITDA, non-gaap net income and free cash flow, when viewed with the Company s results under GAAP and the accompanying reconciliations, provides useful information about the Company s business without regard to potential distortions. By eliminating potential differences in results of operations between periods caused by factors such as depreciation and amortization methods, historic cost and age of assets, financing and capital structures, taxation positions or regimes, restructuring, impairment and other charges and gain or loss on certain equity investments and asset sales, the Company believes that non-gaap adjusted EBITDA and non-gaap net income can provide useful additional basis for comparing the current performance of the underlying operations being evaluated. By adjusting for the level of capital investment in operations, the Company believes that free cash flow can provide useful additional basis for understanding the Company s ability to generate cash after capital investment and provides a comparison to peers with differing capital intensity. 3 LSC COMMUNICATIONS

4 AGENDA + Business Overview + Investment Highlights + Financial Overview + Appendix 4 LSC COMMUNICATIONS

5 5 LSC COMMUNICATIONS Business Overview

6 LSC COMMUNICATIONS: A GLOBAL LEADER LSC AT A GLANCE EXTENSIVE PRODUCTS & SERVICE CAPABILITIES Global leader in traditional and digital print, print-related services and office products Serves the needs of publishers, merchandisers and retailers Service offering includes supply chain management, mail and distribution services, and e-book formatting Serves over 3,000 customers Strategically located operations with 49 production and manufacturing facilities in the U.S., Europe and Mexico 20 acquisitions completed since 2004 $3.65BN of revenues with $370MM of EBITDA (1) in 2016 Print Europe 7% Office Products Office Products 14% Directories 3% $3.65BN 2016 Sales Books 30% Magazines, catalogs & retail inserts 45% GLOBAL PLATFORM WITH SIGNIFICANT SCALE UNITED STATES MEXICO POLAND Print Locations Office Products Locations 1. Non-GAAP adjusted EBITDA 6 LSC COMMUNICATIONS 41 Production Facilities in the U.S. 8 International Manufacturing Facilities ~20 million Square Feet of Owned Facility Space

7 VALUE CREATION STRATEGY LSC IS UNIQUELY POSITIONED WITH A CLEAR STRATEGY FOR DELIVERING SIGNIFICANT VALUE TO ITS SHAREHOLDERS IN A DYNAMIC MARKET ENVIRONMENT Leverage Scale Disciplined M&A Value Creation Improve Operational Efficiency New Revenue Streams Grow Select Existing Revenue Streams 7 LSC COMMUNICATIONS

8 PRINT SEGMENT OVERVIEW SEGMENT SNAPSHOT + Print segment (86% of total revenues) produces magazines, catalogs, retail inserts, books and directories and provides print-related services + Largest producer of books in the U.S. + One of the largest producers of catalogs, magazines and retail inserts in North America + Offers a wide range of products and services to customers: Books: Produces hardcover and softcover books serving the education, trade, religious and testing sectors Magazines, Catalogs & Retail Inserts: Produces catalogs, magazines & retail inserts to customers specifications using either offset or gravure printing processes in combination with either onpress finishing, saddle-stitch binding or patent binding Directories: Produces directories which are mainly phone directories that support local and small business advertising Print-related Services: + Supply chain management offering includes procurement, warehousing, distribution, and inventory management for book publishers + Mail services offering includes list processing and mail sortation services that optimize postal costs for magazine and catalog customers + Other offerings include e-book formatting and distribution services $3,353 $381 $787 $149 NET SALES ($MM) $3,181 $3,127 $144 $126 $305 $272 $925 $1,097 $2,036 $1,807 $1, Magazines, Catalogs & Retail Inserts Books Europe Directories SELECT CUSTOMERS 10 of the top 10 book publishers in North America 9 of the top 10 direct mail catalogers 9 of the top 10 magazine publishers 8 LSC COMMUNICATIONS

9 PRINT INDUSTRY TRENDS Excess Industry Capacity Highly Competitive Environment THEMES + Despite a slight uptick in 2016, the overall industry s capacity utilization remains low at 65% (1) + Despite recent consolidation, this highly price-competitive segment continues to remain fragmented LSC S ADVANTAGE + Experienced management team with proven strategy for identifying plant rationalization opportunities in time-efficient manner + LSC continues to be one of the largest players in its segments and an active consolidator in the industry with 20 acquisitions since 2004 Customers Focus on Total Cost Technological Changes / Volume Pressures + Expectation for continued pricing pressure as customers focus on total cost including not only price, but materials and distribution costs + Changes in technology including electronic substitution and migration of paper based documents to digital data formats remain threats to the traditional print industry + LSC s scale and services offerings allow its customers to benefit from postal and supply chain efficiencies lowering their overall total costs + e-book adoption rates are stabilizing and LSC has benefited from growing industry-wide print book volume in recent years + Service offerings represents significant growth potential for LSC + Continued investments in digital print technology and focus on innovation initiatives help offset declines 1. Printing & Support capacity utilization per Federal Reserve as of December LSC COMMUNICATIONS

10 OFFICE PRODUCTS SEGMENT OVERVIEW SEGMENT SNAPSHOT + Office Products segment (14% of total revenues), produces a wide range of branded and private label products in five core categories: filing products, note-taking products, binder products, forms and envelopes + Customers include office superstores, office supply wholesalers, independent contract stationers, mass merchandisers and retailers and e-commerce resellers + Expanded offering with Ampad, Oxford and Pendaflex brands through the acquisition of Esselte s North American operations in 2014 KEY BRANDS & OFFERINGS NET SALES ($MM) $500 $562 $ SELECT CUSTOMERS Filing Products Private Label Note-taking Products Binder Products Forms Envelopes Private Label Private Label Private Label Private Label Product placement at 9 of the top 10 retailers Services 5 of the top 10 ecommerce retailers Top 5 supplies-vendor at both of the office supply superstores 10 LSC COMMUNICATIONS

11 OFFICE PRODUCTS SEGMENT OVERVIEW Technological Advances Impact on Overall Demand THEMES + Information technology integration and continued penetration of digital forms and documents has reduced the usage of many paper-based products LSC S ADVANTAGE + LSC's management team has a proven track record of consistently matching costs to demand trends Increasing Prevalence of Private Label Fragmented Retailer Market + As consumer preferences shift towards private label, resellers have increased the pressure on suppliers to better differentiate often through product innovation, further improvement of private label products, and providing low cost solutions to end users + The global market is fragmented with the presence of many global and local players, and the two major retailers represent only a fraction of total industry revenues + A majority of LSC's business is currently in private label products, and management has strategically positioned product mix to take advantage of this trend while also consistently innovating our products to meet customer needs + LSC has a wide variety of nationally recognized brands and strategic relationships with major office product wholesalers to effectively serve small and mid-size independent retailers Shift to Online Channel / E- Commerce + Momentum in e-commerce expected to continue with both consumers and businesses shifting their buying from traditional office products retailers to e-commerce + LSC s market-leading brands are well-positioned to capture growth in the e-commerce channel through its existing direct to e-commerce retailer and directto-consumer strategies 11 LSC COMMUNICATIONS

12 LONG-TERM REVENUE OUTLOOK: NEXT 5 YEARS LSC OUTLOOK BETTER THAN INDUSTRY DRIVEN BY CONTINUED GROWTH IN SERVICES AND INNOVATION INITIATIVES Magazine, Catalog, Retail % of 2016 Net Sales 45% 30% Near-to-Medium Term Organic Growth Outlook (1) (7%) to (2%) Books (2%) to 3% 7% Europe (4%) to 1% Commentary + Ongoing shift in advertiser spend from print to electronic media + Offset by share gain from investment in co-mail, sourcing, and premedia + Catalog demand is expected to decline less rapidly than retail inserts and magazine volume + Modest declines from ongoing electronic substitution + Offset by growth from supply chain services + Upside from innovation initiatives including Anti-Piracy and Channel Management + Based on the mix of catalog, magazine, retail, and directory products along with premedia services 3% Directory (15%) to (10%) + Rapid electronic substitution for these products is expected to continue + Continuing to look for new revenue streams to offset decline Total Print Segment (4%) to (1%) Office Products (2%) to 3% 14% + Modest declines in demand for select office products + Offset by growth in private label volume Blended LSC Outlook: (3%) to 0% Industry Outlook: Low-to-mid single digit decline 1. Long-term revenue guidance reflects guidance in Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission, and is not being reaffirmed here. 12 LSC COMMUNICATIONS

13 13 LSC COMMUNICATIONS Investment Highlights

14 INVESTMENT HIGHLIGHTS 1 Leading Player Within a Large, Highly Fragmented Market 2 Extensive Product & Service Profile 3 Long-Standing Relationships with a Premier Customer Base 4 Strong M&A Track Record 5 Sharp Focus on Cost Structure with Additional Opportunities to Rationalize 6 Strong Cash Flow Profile With Attractive Dividend 7 Experienced Leadership Team 14 LSC COMMUNICATIONS

15 1 LEADING PLAYER WITHIN A LARGE, HIGHLY FRAGMENTED MARKET IN A HIGHLY FRAGMENTED PRINT INDUSTRY, ONLY A SMALL NUMBER OF PLAYERS HAVE THE SCALE TO EFFECTIVELY ADDRESS A CHANGING MARKET ENVIRONMENT U.S. Print Industry Revenues in 2016 MARKET TRENDS LSC ADVANTAGE $85 Billion Total LSC s Core & Related Target Markets are Significant Excess Industry Capacity Experienced Team Managing Facility Closures across US, Mexico and Europe LSC Core Related Unrelated Highly Competitive Environment Industry Consolidator with Strong M&A Track Record Highly Fragmented Core Market Largest Players by Revenues in Core LSC Markets (1) $ in billions Top 2 Players Represent Only a Fraction of the Core Market Customers Focus on Total Cost Scale Enables Postal & Supply Chain Efficiencies for Customers $4.3 QUAD $3.1 LSC Next largest company has less than $0.5BN in revenue Technological Changes / Volume Pressures Exposure to Growing Book Segment, Services Offering and Industry Leading Digital Print Platform to Help Offset Tech-driven Declines Source: IBISWorld, Printing in the US, November Company filings. 1. Represents latest fiscal year reported revenue. Sales reflect revenues from the entirety of Quad Graphics and LSC Communications Print segment. 15 LSC COMMUNICATIONS

16 1 LEADING PLAYER WITHIN A LARGE, HIGHLY FRAGMENTED MARKET LSC S SCALE ENABLES ITS CO-MAIL SERVICES WHICH COMBINES THE DISTRIBUTION OF PRINTED PUBLICATIONS IN AN EFFICIENT MANNER TO PROVIDE POSTAL SAVINGS Illustrative Cost Breakdown for Catalogers and Magazine Publishing Customers Postal Savings Based on Sortation Level (2) 48% 57% 63% Print & Print Materials (1) ~50% Postage ~50% Significant opportunity for savings through co-mail 21% 5 Digit Carrier Route High Density Saturation Sortation Level LSC MAKES CONTINUED INVESTMENTS TO LOWER TOTAL COSTS TO CUSTOMERS + Continuing investments to grow capability and capacity in co-mail services to support future growth + Continued enhancement of mail-list optimization software + Investments in materials and distribution to enable customer efficiencies LSC s Growing Co-mail Business (3) Source: United States Postal Service. 1. Includes costs for paper, print & bind, and pre-media. 2. Cumulative savings versus piece rate cost for 3-Digit/SCF level. Based on postal rates for barcoded machinable flats for periodicals outside county. 3. Represents LSC s co-mail units. 16 LSC COMMUNICATIONS

17 2 EXTENSIVE PRODUCT & SERVICE PROFILE ALLOWS US TO PROVIDE UNIQUE SOLUTIONS THAT MORE NARROW COMPETITORS CANNOT EASILY DUPLICATE BOOK EXAMPLE: END-TO-END PRINT & SUPPLY CHAIN SERVICES Vendor Management Materials Manufacturing Book Fulfillment Services Order-to- Cash Logistics SERVICE OFFERING SCALE DIGITAL PRINT PLATFORM CLIENT BENEFITS + Largest U.S. digital print platform for printing books + ~13 billion pages of capacity (1) + Growing platform for quick-turn production + Platform for short-run markets (selfpublishing) Significant savings on paper and procurement costs Cash flow improvements Quicker fulfillment rates to customers Increase in titles available for sale TRADITIONAL BOOK PRODUCTION SCALE WAREHOUSING & FULFILLMENT Reduce total payroll costs + 95 offset printing presses + 80 binding lines + 15 sheet-fed presses + Extensive component, finishing, packaging, and logistics capabilities million square ft. of warehouses + Full service offering includes: High volume storage Returns Kitting Fewer out-of-stock products Less inventory obsolescence Reduction in warehouse space 1. Calculated using expected go-forward annual digital print capacity after 2017 investment in HP Digital Production Technology. 17 LSC COMMUNICATIONS

18 2 EXTENSIVE PRODUCT & SERVICE PROFILE DESPITE CONTRIBUTING TO A MINIMAL PERCENTAGE OF REVENUES TODAY, LSC S INNOVATION EFFORTS REPRESENT SIGNIFICANT UPSIDE OPPORTUNITY WITH POTENTIAL FOR STRONG GROWTH AND A HIGH MARGIN REVENUE STREAM LSC S INNOVATION FOCUS BOOKS SECURITY & AUTHENTICATION SERVICES LSC has developed technologies for book publishers to allow for: Reputation as an industry leader for quality and innovation Counterfeit Detection End User Registration Return Validation Textbook Rental Programs Work to develop advanced technologies and solutions to enhance efficiencies, reduce time-to-market and deliver the best to our customers Supply Chain Visibility BOOK ANTI-PIRACY EXAMPLE Increased Sales of Additional Products & Services Focus on recognizing customer needs and responding quickly Piracy is a serious issue for publishers. Book piracy, whether in print or digital form, is costing publishers around the world billions of dollars annually -- International Publishers Association LSC launches SIMS (Secure Identity Management System) New technologies to protect clients IP Know Your Customer applications could have significant market potential 18 LSC COMMUNICATIONS

19 3 LONG-STANDING RELATIONSHIPS WITH A PREMIER CUSTOMER BASE More than 3,000 customers across print and office product segments Broad base of blue-chip customers Leading players in their industries Top customers average relationship tenure of 45+ years PRINT 9 of the top 10 direct mail catalogers 9 of the top 10 magazine publishers 10 of the top 10 book publishers in NA SELECT CUSTOMERS 55+ years 30+ years 50+ years 20+ years 80+ years OFFICE PRODUCTS Product placement at 9 of the top 10 retailers 25+ years 15+ years 35+ years 25+ years 35+ years 50+ years 80+ years 55+ years 80+ years Services 5 of the top 10 ecommerce retailers Top 5 supplies-vendor at both of the U.S. office supply superstores 19 LSC COMMUNICATIONS

20 4 STRONG M&A TRACK RECORD WE HAVE A PROVEN ABILITY TO STRATEGICALLY ACQUIRE, INTEGRATE AND RATIONALIZE QUICKLY AND OUR FUTURE TARGET UNIVERSE REMAINS ROBUST IN A FRAGMENTED MARKET M&A CRITERIA SIGNIFICANT TARGET MARKET THAT FITS CRITERIA Enhance existing product offerings Expand technological capabilities Top 400 Largest Printing Companies by 2016E Revenue (1) Companies in Relevant Target Segments (2) 54% Breakdown by Revenue Size >$25MM+ 54% Provide synergy opportunities Attractive financial return on investment Over 115 companies in relevant target sectors with more than $25MM in annual revenues TARGET CHARACTERISTICS 20 acquisitions completed since 2004 Private / Family-owned Sub-scale Niche customer bases Regional players Unique capabilities Innovative solutions Source: Company Management. 1. Printing Impressions, Printing Impressions 400, December Includes companies with primary specialties in book manufacturing, catalogs, directories, inserts and/or publications and periodicals. 20 LSC COMMUNICATIONS

21 5 SHARP FOCUS ON COST STRUCTURE AND EFFICIENCY IMPROVEMENT EXPERIENCED TEAM PROACTIVELY MANAGING FACILITY COSTS AND RATIONALIZATION PROCESS LSC S FACILITY RATIONALIZATION PROCESS COMMITMENT TO EFFICIENCY Rationalization Considerations: Evaluation of new business wins and upcoming RFPs Utilize proven facility rationalization model to understand annual P&L savings Real estate value as an offset to restructuring cost Work to minimize customer disruption and need to move large presses / binding lines Impact on distribution timing and cost Time of year for potential closing 13 facilities rationalized over last 5 years Best-in-class Safety Metrics: Injury rate 22% below the industry average 19 facilities with 1+ years/1million work hours without a Days Away Case Continuous Productivity Improvement Initiatives Plant overhead reviews resulting in identifiable cost reductions across the company Technological solutions identifying optimal ways to load assets and reduce labor costs Six Sigma methodologies leading to process improvements focused on reducing inventory and overall working capital 21 LSC COMMUNICATIONS

22 6 STRONG CASH FLOW PROFILE WITH ATTRACTIVE DIVIDEND CASH FLOW HIGHLIGHTS DIVIDEND YIELD (1) Disciplined approach to capital expenditures and cost management 5.1% Focus on capital efficiency driving strong cash flow conversion Ability to pursue M&A transactions within targeted leverage range of 1.75x to 2.25x 2.0% Stable cash flows enable deleveraging to complement M&A strategy Current quarterly dividend of $0.25 per share Board of Directors to review dividend quarterly S&P For LSC, dividend yield is calculated as the last quarter annualized dividend ($1.00) per share divided by the closing LKSD stock price as of August 2, LSC COMMUNICATIONS

23 7 EXPERIENCED LEADERSHIP TEAM LSC HAS AN EXPERIENCED MANAGEMENT TEAM WITH A PROVEN ABILITY TO EXECUTE OPERATIONALLY AND FINANCIALLY IN A DYNAMIC MARKET ENVIRONMENT Name / Position Years with RR Donnelley / LSC Years in Industry Tom Quinlan President, Chief Executive Officer and Chairman of the Board of Directors Drew Coxhead Chief Financial Officer Sue Bettman Chief Administrative Officer and General Counsel Kent Hansen Chief Accounting Officer and Controller Richard Lane Chief Strategy and Supply Chain Officer Dave Houck Chief Information Officer Janet Halpin Senior Vice President, Treasurer & Investor Relations Dave McCree President, Book and Directory Dave Cardona Senior Vice President, Magazine Group Jim Ellward President, Office Products John Coyle President, Group Sales 12+ years 25+ years 21+ years 21+ years 12+ years 12+ years <1 year <1 year 19+ years 27+ years 10+ years 25+ years 8+ years 8+ years 28+ years 28+ years 29+ years 29+ years 15+ years 15+ years 12+ years 33+ years 23 LSC COMMUNICATIONS

24 24 LSC COMMUNICATIONS Financial Overview

25 HISTORICAL FINANCIAL PERFORMANCE SNAPSHOT NET SALES ($MM) NON-GAAP ADJ. EBITDA ($MM) $5,000 $4,000 $3,853 $3,743 $3,654 $3,550 - $3,600 $500 $400 $392 $398 $370 $341 - $360 $3,000 $300 $2,000 $200 $1,000 $100 $0 % Reported Growth / (Decline) E $0 (1) (1) E 3.0% (2.9%) (2.4%) (2.8%) (1.5%) % Margin 10.2% 10.6% 10.1% 9.60% 10.00% $100 $80 $60 $40 $20 $0 CAPITAL EXPENDITURES ($MM) $60 $42 $48 $60 - $ E $300 $250 $200 $150 $100 $50 $0 NON-GAAP FREE CASH FLOW ($MM) $247 $233 $183 $125 - $155 (1) (1) E % of Sales 1.6% 1.1% 1.3% 1.7% - 1.8% % Conv. (2) 63.0% 58.5% 49.5% 35% 45% Note: Historical cash flows do not reflect interest payments, standalone costs and includes allocation of pension income net sales included $184mm from the acquisition of Courier, representing net sales from close date of 6/8/2015 to 12/31/2015. See reconciliation of non-gaap financials in appendix. 25 LSC COMMUNICATIONS 1. Full year guidance as of 2Q 2017 Earnings Call on August 3, 2017 and is not being reaffirmed here. 2. Represents free cash flow as a percent of Non-GAAP Adj. EBITDA.

26 CAPITALIZATION DEBT AND LEVERAGE ($MM) as of 6/30/2017 TOTAL LIQUIDITY ($MM) as of 6/30/2017 Capitalization Cash & Cash Equivalents $98 Term Loan Facility due Sept $ % Senior Secured Notes due Oct Capital Lease Obligations 6 Unamortized Debt Issuance Costs (15) Total Debt $744 Less: Current Portion (26) Total Long-Term Debt 718 Net Debt $646 Q LTM Adj. EBITDA $328 Gross Leverage Ratio 2.27x On February 2, 2017, LSC paid in advance the full amount of required amortization payments, $50 million, for the year ended December 31, 2017 for the Term Loan Facility Total Liquidity Cash $98 Stated Amount of Revolving Credit Facility $400 Less: Availability Reduction from Covenants 31 Amount Available Under the Revolving Credit Facility $369 Usage Borrowings Under the Credit Agreement Impact on Availability Related to Outstanding LoC (20) Net Available Liquidity $447 PENSION PLANS ($MM) as of 12/31/2016 Qualified Non-Qualified Total Benefit Obligation $2,439 $92 $2,531 Fair Value of Plan Assets 2,249 2 $2,251 Unfunded Status ($190) ($90) ($280) 26 LSC COMMUNICATIONS

27 FINANCIAL POLICY LEVERAGE & LIQUIDITY PENSION PLANS CAPITAL EXPENDITURES + Continuing to target 1.75x to 2.25x gross leverage (1) + Strong free cash flow (2) generation supports commitment to leverage target + Combination of pre-payable and long term debt provides ability to efficiently pay down debt + US pension plans closed and frozen + De-risking actions and liability driven investment structure reduces funded status volatility while minimizing required contributions + Approximately 1.5% to 2.0% of net sales MERGERS & ACQUISITIONS + Selectively pursue strategic acquisitions + Strategy governed by target leverage DIVIDEND POLICY + Current quarterly dividend of $0.25 per share + Board of Directors to review dividend quarterly 1. Gross leverage defined as total debt / LTM non-gaap adjusted EBITDA. 2. Free cash flow defined as net cash provided by operating activities less capital expenditures. 27 LSC COMMUNICATIONS

28 FULL YEAR 2017 GUIDANCE ($ millions) 2017 Guidance (1) Net Sales $ $3.60 billion Non-GAAP Adjusted EBITDA 9.60% % Depreciation and Amortization Interest Expense- Net $155 - $165 million $68 - $72 million Effective Tax Rate 33% - 36% Capital Expenditures Free Cash Flow $60 - $65 million $125 - $155 million (1) Full year 2017 guidance as of Q Earnings Call on August 3, 2017 and is not being reaffirmed here. Certain components of the guidance given in the table above are provided on a non-gaap basis only, without providing a reconciliation to guidance provided on a GAAP basis. Information is presented in this manner, consistent with SEC rules, because the preparation of such a reconciliation could not be accomplished without "unreasonable efforts. The Company does not have access to certain information that would be necessary to provide such a reconciliation, including non-recurring items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, restructuring charges, impairment charges, pension settlement charges, acquisition-related expenses, gains or losses on investments and business disposals, losses on debt extinguishment and other similar gains or losses not reflective of the Company's ongoing operations. The Company does not believe that excluding such items is likely to be significant to an assessment of the Company's ongoing operations, given that such excluded items are not indicators of business performance. 28 LSC COMMUNICATIONS

29 29 LSC COMMUNICATIONS Appendix

30 NON-GAAP FINANCIAL MEASURES ($ millions) Total LSC Communications Q TTM Q FY 2016 Q Q Q Q FY 2015 FY 2014 Net sales $3,537 $848 $3,654 $821 $919 $949 $906 $3,743 $3,853 GAAP Net income (loss) (1) Restructuring, impairment and other charges, net Separation-related transaction expenses Pension settlement charge Acquisition-related expenses Purchase accounting inventory adj Depreciation and amortization Gain on bargain purchase (9) Interest expense / (income)-net (1) (3) (4) Income tax expense (benefit) 19 (2) Non-GAAP Adjusted EBITDA $328 $82 $370 $65 $80 $101 $93 $398 $392 Non-GAAP Adjusted EBITDA margin 9.3% 9.7% 10.1% 7.9% 8.7% 10.6% 10.3% 10.6% 10.2% Net cash provided by operating activities $254 $14 $231 $64 $95 $81 $41 $275 $307 Capital expenditures (65) (15) (48) (21) (13) (16) (7) (42) (60) Free cash flow $189 ($1) $183 $43 $82 $65 $34 $233 $ LSC COMMUNICATIONS

31 NON-GAAP FINANCIAL MEASURES (Cont d) ($ millions) Print Segment Q TTM Q FY 2016 Q Q Q Q FY 2015 FY 2014 Magazines, catalogs and retail inserts $1,609 $378 $1,632 $383 $441 $407 $377 $1,807 $2,036 Book 1, , Europe Directories Net sales $3,044 $723 $3,127 $710 $789 $822 $764 $3,181 $3,353 Income from operations Depreciation and amortization Restructuring, impairment and other charges, net Purchase accounting inventory adjustments, net Non-GAAP Adjusted EBITDA $272 $64 $310 $52 $69 $87 $78 $324 $338 Non-GAAP Adjusted EBITDA margin 8.9% 8.9% 9.9% 7.3% 8.7% 10.6% 10.2% 10.2% 10.1% Office Products Segment Q TTM Q FY 2016 Q Q Q Q FY 2015 FY 2014 Net sales $493 $125 $527 $111 $130 $127 $142 $562 $500 Income from operations Depreciation and amortization Restructuring, impairment and other charges, net Purchase accounting inventory adjustments, net Non-GAAP Adjusted EBITDA $64 $15 $69 $14 $20 $15 $17 $67 $62 Non-GAAP Adjusted EBITDA margin 13.0% 12.0% 13.1% 12.6% 15.4% 11.8% 12.0% 11.9% 12.4% 31 LSC COMMUNICATIONS

32 ORGANIC GROWTH RATES ($ millions) Magazines, Catalogs, and Retail Inserts Books Europe Directories Total Print Total Office Products Total LSC Q Net Sales as Reported $ 377 $ 288 $ 67 $ 32 $ 764 $ 142 $ 906 Adjustments (1) Q Net Sales Pro Forma $ 391 $ 288 $ 67 $ 32 $ 778 $ 142 $ 920 Q Net Sales as Reported $ 378 $ 262 $ 56 $ 27 $ 723 $ 125 $ 848 Adjustments (1) Q Net Sales Pro Forma $ 378 $ 262 $ 56 $ 27 $ 723 $ 125 $ 848 As Reported % Change 0.3% -9.0% -16.4% -15.6% -5.4% -12.0% -6.4% Pro Forma % Change -3.3% -9.0% -16.4% -15.6% -7.1% -12.0% -7.8% Non-GAAP Adjustments: Impact of pass-through paper sales 0.5% -2.4% 0.0% -9.4% -1.0% 0.0% -0.9% Impact of changes in foreign exchange rates -0.3% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1% Q Organic % Change (2) -3.5% -6.6% -16.4% -6.2% -6.0% -12.0% -6.8% Q YTD Net Sales as Reported $ 784 $ 531 $ 137 $ 64 $ 1,516 $ 270 $ 1,786 Adjustments (1) Q YTD Net Sales Pro Forma $ 813 $ 531 $ 137 $ 64 $ 1,545 $ 270 $ 1,815 Q YTD Net Sales as Reported $ 761 $ 501 $ 112 $ 59 $ 1,433 $ 236 $ 1,669 Adjustments (1) Q YTD Net Sales Pro Forma $ 762 $ 501 $ 112 $ 59 $ 1,434 $ 236 $ 1,670 As Reported % Change -2.9% -5.6% -18.2% -7.8% -5.5% -12.6% -6.6% Pro Forma % Change -6.3% -5.6% -18.2% -7.8% -7.2% -12.6% -8.0% Non-GAAP Adjustments: Impact of pass-through paper sales -0.5% -0.9% 0.0% -6.3% -0.8% 0.0% -0.7% Impact of changes in foreign exchange rates -0.5% 0.0% -0.7% 0.0% -0.3% 0.0% -0.3% Q YTD Organic % Change -5.3% -4.7% -17.5% -1.5% -6.1% -12.6% -7.0% (1) Adjusted for net sales of acquired businesses: There were no acquisitions during the three months ended June 30, For the six months ended June 30, 2017, the adjustment to net sales of an acquired business reflects the net sales of HudsonYards Studios ("HudsonYards") (acquired March 1, 2017). For the three and six months ended June 30, 2016, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards and Continuum Management Company, LLC ("Continuum") (acquired December 2, 2016). (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 32 LSC COMMUNICATIONS

33 N Wacker (Suite 1400), Chicago, Illinois 60606

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