R.R.

Donnelley & Sons Company Investor Presentation

October 2010

Safe Harbor & Non-GAAP

Use of Forward-Looking Statements This presentation contains "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 presentation 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 statements. The company 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. The factors that could cause material differences in the expected results of RR Donnelley include, without limitation, the following: the volatility and disruption of the capital and credit markets, and adverse changes in the global economy; successful execution and integration of acquisitions; successful negotiation of future acquisitions; and our ability to integrate operations successfully and achieve enhanced earnings or effect cost savings; the ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, system y integration g and other key y strategies; g the ability y to divest non-core businesses; future g growth rates in our core businesses; competitive p pressures in all markets in which we operate; our ability to access unsecured debt in the capital markets and the participants ability to perform to our contractual lending and insurance agreements; factors that affect customer demand, including changes in postal rates and postal regulations, changes in the capital markets, changes in advertising markets, the rate of migration from paper-based forms to digital formats, customers budgetary constraints, and customers changes in short-range and long-range plans; the ability to gain customer acceptance of our new products and technologies; the ability to secure and defend intellectual property rights and, when appropriate, license required technology; customer expectations and financial strength; performance issues with key suppliers; changes in the availability or costs of key materials (such as ink, paper and fuel) or in prices received for the sale of by-products; changes in ratings of our debt securities, as a result of financial community and rating agency perceptions of our business, operations and financial condition and the industry in which we operate; the ability to generate cash flow or obtain financing to fund growth; the effect of inflation, changes in currency y exchange g rates and changes g in interest rates; ; the effect of changes g in laws and regulations, g , including g changes g in accounting g standards, , trade, , tax, , environmental compliance (including the emission of greenhouse gases and other air pollution controls), health and welfare benefits, price controls and other regulatory matters and the cost, which could be substantial, of complying with these laws and regulations; contingencies related to actual or alleged environmental contamination; the retention of existing, and continued attraction of additional, customers and key employees; the effect of a material breach of security of any of our systems; the effect of labor disruptions or labor shortages; the effect of economic and political conditions on a regional, national or international basis; the effect of economic weakness and constrained advertising; uncertainty about future economic conditions; the possibility of future terrorist activities or the possibility of a future escalation of hostilities in the Middle East or elsewhere; the possibility of a regional or global health pandemic outbreak; adverse outcomes of pending and threatened litigation; and other risks and uncertainties detailed from time to time in our filings with the SEC, including under Risk Factors in our Annual Report on Form 10-K. Readers are strongly encouraged to read the full cautionary statements contained in RR Donnelley's y filings g with the SEC. Non-GAAP Financial Information The company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the companys operating performance. Internally, the company uses this non-GAAP information as an indicator of business performance, and evaluates managements effectiveness with specific reference to these indicators. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP net earnings to non non-GAAP GAAP net earnings and further descriptions are presented in the tables attached to our Earnings Releases, Releases which are available in the investors section of our website, rrdonnelley.com. Also available in the investors section of our website, rrdonnelley.com, is a description of additional non-GAAP financial measures referred to in this presentation.

Agenda

I Executive Summary page 4 I.

II Industry Dynamics page 8 II.

III. RR Donnelley y Strategy gy p page g 15

IV. Financial Review page 23

Company Overview
Description
NASDAQ: RRD Global provider of integrated communications Founded more than 145 years ago Approximately 57,000 employees The company leases or owns 547 facilities worldwide: 344 in the U.S. and 203 internationally.

Customers
Over 60,000 customers 143 customers with revenue > $10 million ( (2009 revenue) ) 890 customers with revenue > $1 million (2009 revenue) Serve 100% of Fortune 100 and 94% of the Fortune 500, and 88% of the Fortune 1000

Sales / EBITDA1 / Margin

$12.0 $10.0
$9.3 $8 4 $8.4 $7.2 $11.6 $11.6 $9.9

$8.0 $6.0 $4.0 $2.0

$0.6 $4.2

$1.0

$1.3

$1.4

$1.8

$1.8

$1.3

$2003 2004 2005 2006 2007 2008 2009 2010G

Revenue EBITDA EBITDA Margin
2

16% 15% 14% 13% 12% 11% 10% 9% 8% 7% 6%

1. Excludes restructuring, impairment, integration charges and other one-time items. 2. 2010G (as of August 4, 2010 and not reaffirmed here) for revenue is 1% growth

Opportunity to expand our Fortune 1000 relationships

4

EBITDA Margin n

(in $ billions)

Strategic Differentiators
Largest player in a highly fragmented market Differentiating front-end and logistics capabilities Cost advantage driven by platform flexibility and economies in procurement,
production and distribution

Scale

Breadth & Depth

Blue chip customer relationships; single-source provider opportunities Broadest offering of industry leading products and services Technology-based gy investments driving g further differentiation Industry experienced executive and senior management teams

Financial

Strong cash flow generation in a challenging price environment Growth rate has been greater than the broader print market Financial discipline and productivity gains drive results Best positioned industry participant to withstand economic headwinds Best-positioned

Business Generates Substantial Cash Flow

Stock Price $16.42 $3.4B $6 2B $6.2B 4.7x

Current RRD Metrics

(Stock Price and Market Cap as of 9/8/10; net debt and TTM EBITDA as of 6/30/10)

Market Cap Enterprise Value EV/EBITDA (TTM)

1,600 1,400
1 426 1,426

$50.00 $40.00 $30.00

838 700 501 530 695 625 494 376

1,200 1,000
in $mil lions
972 1,182 1,018

800
759

904

600 400 200

183

$20 00 $20.00 $10.00

2004 2010G avg CFCO Capex is ~$584mm, excluding the impact of 2009 items noted below

0 2003 2004 2005 2006 2007 2008 2009 2010G

Cash Flow from Continuing Ops (CFCO)

CFCO - Capex

Note: 2009 cash flow includes benefits related to the decline in value and reorganization of certain entities within the International segment, reductions in working capital and the impact of no bonus payments in 2009. The aggregate impact of these items is approximately $685 million. 2010G is guidance as of Q2 2010 Earnings Call on August 4, 2010; assumes midpoint of guidance range for CFCO-Capex ($600mm - $650mm) and midpoint of guidance range for Capex ($200mm - $225mm), and is not being reaffirmed here.

St tock Price

1,231

Agenda

I Executive Summary page 4 I.

II Industry Dynamics page 8 II.

III. RR Donnelley y Strategy gy p page g 15

IV. Financial Review page 23

A Large, Highly Fragmented Market Opportunity

2009 Total U.S. Printing Industry
$140.7 Bn1
Commercial Printing

The global print industry in 2009 was estimated at approx.

$393.7 $393 7 billion2, $278.3 $278 3 billion excluding e cl ding Ne Newspaper spaper The US print market, excluding Newspaper, was estimated at approximately $111.5 billion in 2009 Despite some recent consolidation, the industry remains highly fragmented; top 400 printers in the US account for approximately i t l 35% of f th the market k t RR Donnelley is the largest printer in the world and the U.S.

Newspaper

U.S. Print Industry Value of Shipments ($mm)

Packaging

200,000 180,000 160,000 140,000 120,000

Forms Labels Forms, Specialty, Trade Greeting Services (PreMedia)

100,000 80,000 60,000 40,000 20,000 0

20 04 20 09 20 00 20 07 20 02 19 96 19 97 19 98 19 99 20 01 20 03 20 05 20 06 20 08

Sources: 1) PIA/GATF, Print Market Atlas 2) Datamonitor, Global Commercial Printing, Mar 2010

Source: PIA/GATF

Industry Trends
Printer Consolidation

Share Gain Opportunity

Supplier C Consolidation lid ti

Many printers looking/forced to exit the business Competing Media Challenging Pricing Dynamics Raw Material Cost Increases

Customer Consolidation

Over-levered B l Balance Sh Sheets t

Excess C Capacity it

Consolidation in Print Industry and with Supplier Base

RR Donnelley 1980 Banta Bushman Danbury Printing Greenfield Moore Quality Color Nielsen Wallace RR Donnelley American InLine Graphics Ringier (SR) Meredith/Burda Astron Asia Printers Group Poligrafia Spencer Press AdPlex (Charlestown) Office Tiger Perry Judd's Von Hoffmann Cardinal Brands Pro Line Printing RR Donnelley Moore Wallace Banta World Color Alden Press Ringier Brown (Franklin) 9 Commercial Co's Quad/Graphics Quebecor Pendell Eusey Press Arcata ASG Petty Maxwell Diversified Alco Gravure Kable Providence Web Quad/Graphics Cadmus Waverly Press Lancaster Press Mack Printing Cenveo Mail Well American Envelope Supermex Graphic Art Center RX Label Tech Commercial Envelope Rex Corporation Consolidated Graphics Consolidated Graphics AGS Custom Graphics Eastwood Printing Kelmscott Litho Graphix Global Group Electricity Printing Nies / Artcraft Graphcom Annan & Bird Hennegan Cyril Scott Pikes Peak Lithographing

Banta

Moore Wallace

World Color

Quebecor World Color

Quad/Graphics World Color

Cadmus

Cenveo Cadmus

2010

RR Donnelley

Quad/Graphics

Cenveo

Consolidated Graphics

Paper Suppliers
Domtar/Weyerhaeuser Abitibi/Bowater Mead/Westvaco UPM/Kymmene IP/Champion Georgia Pacific/ Ft. James Stora NA/ Newpage

Ink Suppliers
Flint/NAPIC + Continental BASF Graphics + Alper Ink Group + SICPA + Day D Flint acquired by XSYS European

Sample representation, for illustrative purposes only Source: RR Donnelley management estimates

10

RRD Is The Largest Printer With The Broadest Product And Service Offering
LTM Revenue as of 6/30/10 (unless otherwise noted), $ in Billions

$9.9

$9.8 $7.9 $4.8 $2.0 $1.8 $1.4

$1.3

$1.0

$0.7

$0.7

$0.7
(c)

(a)

(b)

Company

Commercial

Direct Marketing

MCR & Directories

Books

Forms and Labels

Financial Print

Statement Outsourcing

Document BPO

Print Mgmt

Quad/Graphics Brown Printing (Bertelsmann) Cenveo Toppan Printing Transcontinental Vertis Deluxe Corp Bowne & Co. Dai Nippon Printing Merrill Standard Register Consolidated Graphics Workflow DST Williams Lea Xerox Pitney Bowes ADP Innerworkings
Note: Transcontinental as of LTM 7/31/10 (a) Revenue for Information Network segment only. Total revenue of $16.8 billion. (b) Revenue for Information Communication segment only. Total revenue of $17.5 billion. (c) Revenue estimates for Brown Printing combined with Bertelsmann Arvato AG.

11

Customer Buying Habits Evolving

Clients focus on print supply chain, just p print not j Bid & Buy Processes RRD reaches across total value chain Ability to bring scale Procurement Distribution Production Bundled Offerings Leverage the relationship 100% Positions Trust in place Vested Interest RRDs financial strength enables a T t l Cost Total C t of f Ownership O hi focus f Strong cash flow Debt reduction and maturity profile
Low

Many

Number r of Provide ers

Total Cost of Ownership Focus

Few

Value to Customers

High

Investment grade credit metrics

12

Industry Peer Comparison in $mm

Company Name Revenue 9,869.9
2 3

EBITDA 1,315.7 721.3 367.0 216.6 339.0 124.7 54.4 48.1 25.0 37.4 1,933.5

EBITDA Margin 13.3% 15.1% 18.3% 12.0% 27.0% 12.4% 7.8% 7.1% 5.6% 13.3% 14.9%

Timeframe LTM 6/10 LTM 6/10 LTM 7/10 LTM 6/10 LTM 6/10 LTM 6/10 LTM 6/10 LTM 6/10 LTM 6/10 LTM 6/10

Debt 3,405.9 1,805.0 700.6 1,292.7 1,430.0 174.0 24.2 50.6 47.6 82.0 5,606.7

Debt / EBITDA

2.6x 2.5x 1.9x 6.0x 4.2x 1.4x 0.4x 1.1x 1.9x 2.2x 2.9x

4,775.1 2,009.8 1,804.1 1,256.1 1,001.7 , 700.7 680.5 444.4 281.3

Total of peers listed above

12,953.7

1. 2. 3.

Calculated as Total Debt divided by Non-GAAP EBITDA. Pro forma for acquisition of Worldcolor Transcontinental data reported in CAD, converted to USD at rate of 1 USD:1.04089 CAD

13

Agenda

I Executive Summary page 4 I.

II Industry Dynamics page 8 II.

III. RR Donnelley y Strategy gy p page g 15

IV. Financial Review page 23

14

Short Term Priorities

New product development Leverage existing customer base to generate organic growth M&A opportunities

Top p line strategy gy

Cost control

Maintain variable cost structure Use technology to continue to increase productivity Disciplined approach to managing costs

Cash flow & liquidity

Debt: No significant obligations until 2014 Capex: Prudent capital deployment ($200mm $ - $225mm $ in 20101) M&A: Very disciplined approach; focus in lieu of capex Dividends: Quarterly Board of Directors review

1. 2010 Guidance as of Q2 2010 Earnings Call on August 4, 2010; not reaffirmed here

15

RRD is Positioned to Meet Changing Needs

Buying Patterns/Needs Cost Compression/Synergy Total System Cost Approach Economies of Scale Required ROI Management Focus Short Term Focus History of Relationship Valueless Product P d tR Reengineering i i Personalization/Variability Outsourcing Print Procurement RRD Strategic Selling Proposition Diversified Global Platform Scale Across All Operations Differentiated Logistics/Fulfillment Offering Complete Print Management Services Linkage With All Media Types Ability To Expand With Customers

16

Expanding Relationships With Existing Customers

Opportunity for RRD to leverage scale and product breadth to increase customer penetration 154 customers purchased 7 or more products and services in 2009, compared to 133 customers in 2008 Strategy remains focused on organic growth through further expansion of existing customer relationships
2007
154
131 133

160 140

2008

2009

# of Cust tomers

120 100 80 60 40

81 70

88

59
49 39

20 7+
Note: Includes only products/services provided in North America

28 22

31

8+

9+

10+

Number of Products & Services Purchased

17

2010 Announced Contract Wins

8/9/10 - RR Donnelley Awarded Multi-Year Agreement to Provide Enterprise-Wide Promotional and Marketing Materials to Pharmaceutical Company Eisai Inc. 7/22/10 - RR Donnelley Awarded New 5-Year Contract by Desjardins Group
Agreement Includes Variable Digital Printing and Mailing of Client Statements and Other Critical Communications Documents

7/14/10 - RR Donnelley Awarded Multi-Year Premedia and Catalog Production Agreement by Hanover Direct, Inc. 7/13/10 - RR Donnelley Awarded Production of Leading Hotels of the World, Ltd. Directory 7/12/10 - RR Donnelley Awarded Agreement to Produce Harvard Business Review Magazine 7/7/10 - RR Donnelley Awarded New Multi-Year Multi-Million Dollar Contract by SourceMedia
Exclusive Agreement Includes All Of Its Magazines Plus Digital And Commercial Printing Of Books, Collateral Materials And Show Daily Publications

5/18/10 - RR Donnelley Awarded Multi-Year Multi-Million Dollar Agreement by Workman Publishing Company 5/4/10 - RR Donnelley to Produce Digitally Printed Books for Penguin Group (USA) Inc. Inc 5/3/10 - RR Donnelley Awarded Multi-Year Multi-Million Dollar Agreement by Thomas Nelson, Inc.
Will Draw On RR Donnelley's Global Platform For Production Of Bibles And Other Religious Texts

4/29/10 - RR Donnelley to Provide All of Publisher Hanley Wood's Digital Magazine Editions
DigiMag(R) Complements Printed Communications

3/23/10 - RR Donnelley Awarded Multiyear Agreement by Williams-Sonoma, Inc.

Renewed Agreement Expands Relationship With Catalog Production And Distribution Services

3/9/10 - RR Donnelley Awarded $375 Million Multiyear Agreement by Cengage Learning to Provide College Textbook Printing, Graphic Management and Related Services 1/14/10 - RR Donnelley D ll Awarded A d d Multiyear M lti Agreement A t to t Provide P id Printing P i ti Services S i for f AT&T Advertising Ad ti i Solutions S l ti

18

Well Positioned in the Evolving Digital World

Powerful combination of:

Traditional print & bind assets Front-end and back-end services Technology-based investments Blue chip customer portfolio

enables enables growth opportunities beyond print

19

RR Donnelley Technology Announcements

Extending our reputation as the industrys industry s technology leader
Date 7/15/10 7/8/10 5/4/10 4/29/10 2/23/10 2/11/10 12/17/09 11/4/09 10/27/09 10/8/09 9/14/09 9/10/09 9/1/09 6/24/09 6/18/09 5/4/09 3/30/09 3/13/09 2/4/09 12/8/08 11/13/08 11/6/08 PressRelease RRDonnelleyExpands Research&DevelopmentCentertoFeaturePrintedElectronics,InkandMaterialsLabs RRDonnelley yIntroduces FirstHigh g ResolutionHigh g Speed p Digital/Offset g / PressCombination RRDtoProduceDigitallyPrintedBooksforPenguinGroup(USA)Inc. RRDtoProvideAllofPublisherHanleyWood'sDigitalMagazineEditions RRDtoAcquireBownefor$481MillioninCash RRDAnnounces theReleaseofiCOMPLiiPhoneApp RRDIntroducesNewMobileApplicationforBroker/DealersandFinancialAdvisors RRDIntroducesiPhoneApplicationasFirstinaSeriesThatBringsInnovativeOfferingstoMobileDevices RRDIntroducesEnhancements toVenueSM RRDAnnounces ReleaseofRightContentSharedContentSolution RRDandMullerMartiniReachExclusiveAgreementtoCreateIndustry'sFirstHighSpeedInlineInkJetprintingandBookBindingSystem RRDandHPPlantoCreateanAlliancetoDevelopNextGenerationDigitalPrintingTechnology RRDExpands ServiceOfferingwithStakeinHelium,World'sLargestCollaborativeWritingCommunity RRDRecognizedforLogisticsExcellence(OneSite) RRDEnhances eDeliveryCapabilities withAcquisitionofProspectusCentral,LLC RRDUnveilsBreakthroughTechnology:FullyVariableOffsetPrinting RRDAnnounces FirstIntegratedGlobalDigitalPrintPlatformwithNewDigitalHighSpeedColorPressTechnology RRDLeveragesGoogle'sLeadingSearchCapabilities toEnhanceVenueSMDataRoomApplication RRDEnhances CustomPointSystemwithPowerfulDirectMailCapabilities RRDAnnounces NewQuestionandAnswerModuleforVenue(SM)VirtualDataRoom RRDAnnounces ofRightProspectusDocumentRepository RRDLaunches ECoMEnterpriseCommunications Management FocusSegment All Book Book Magazine Financial/All Financial Financial OfficeProducts Financial Financial Book All Magazine/All All Financial All Statements Financial DirectMail Financial Financial BPO

20

Logistics Capabilities are a Key Differentiator

RR Donnelley Logistics is a leader in 3rd party Logistics and Warehousing Solutions
Over the road Transportation LTL Full Truckload Expedited p Services Air Courier International Distribution Intermodal Transportation Consolidation & Warehousing

Annual volumes in excess of:

320 320,000 000 Truck Load Shipments 250,000 LTL & Dock Drop Distribution Shipments 35,000 Intermodal Shipments 12.5 Million Expedited shipments 18 million pallets distributed
21

Transportation Network Comprised of:

O Over 7,500 7 500 (3 (3-Digit Di it Zi Zip t to 3 3-Digit) Di it) O Origin i i & Destination Lane Pairings National distribution Tonnage in excess of 5 Billion pounds 1.8 million sq q ft of warehouse and cross dock space p

Agenda

I Executive Summary page 4 I.

II Industry Dynamics page 8 II.

III. RR Donnelley y Strategy gy p page g 15

IV. Financial Review page 23

22

Operational and Financial Flexibility

Strong cash flow performance; stable through economic cycles
Free cash flow of $ $600mm - $ $650mm expected p in 20101

Diversified and balanced platform Structural and financial flexibility to react to market conditions
Variable cost reduction
Incentive compensation Workforce reduction Plant closures

Balanced capital deployment

Strong cash position and balance sheet Optimize cash flows Focus on investment grade credit metrics

Available liquidity of $1.9 billion at 6/30/10 Experienced management team with proven track record
1. 2010 guidance as of August 4, 2010 and is not being reaffirmed here; free cash flow defined as operating cash flow less capex

23

Diversified Revenue Sources

2000 Revenue: $5.8 Billion
6% 2% 3%

2009 Revenue: $9.9 Billion

15% 21%

11% 37%

3% 6%

2% 2%
12%

15% 5%

5% 6%
29%
MagCatRetail Premedia Book/Dir Int'l Logistics Var Print Fin Print
MagCatRetail Com Print Office Products

12% 8%
Book/Dir Logistics BPO Var. Print Fin Print GTS F&L Premedia Int'l

As reported, International Segment, which includes BPO (6.1%), GTS (3.3%) and Intl (15.2%), represents 24.6% of total revenue.

24

Broad offering provides balance and some protection from economic cycle
Performance Relative to Economic Cycle
Least Sensitive Most Sensitive

Compliance / Business Support Global Investment Markets Statement Printing Business Process Outsourcing Healthcare H lth C Compliance li

Core Business / Product

Marketing/Branding

Books Magazines Catalogs Office Products Directories Technology Manuals Forms and Labels

Direct Mail Commercial Print Retail Inserts Digital Solutions

Revenue Mix

Revenue Mix

Revenue Mix

20-25%

40-45%

35-40%

25

Strong Liquidity and Favorable Maturity Profile

Liquidity Profile (in $mm) at 6/30/10 Total Liquidity C h Cash Committed Credit Facility ("Facility") (1) Usage Borrowings under Facility June 30, 2010 61 8 615.8 1,244.9 1,860.7 $ 1,860.7

Net Available Liquidity

Debt Maturity Profile (in $mm) at 6/30/10

$800
3

599
$600

622 500

$400
2

346 159

400

400 349

$200

$0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+

Interest Rate

5.63%

4.95%

5.50% 8.60%

6.13%

11.25% 7.63% 7.58%

1. Due to the Facilitys financial covenant that limits total debt to four times adjusted EBITDA for the last twelve months, the Company could have incurred up $1,244.9 million of additional debt under the Facility or otherwise, in aggregate, without ith t violation. i l ti The Th $1,244.9 $1 244 9 million illi of f maximum i additional dditi l debt d bt is i $755.1 $755 1 million illi less l than th the th amount t otherwise th i available il bl under d the th $2 billion billi committed itt d Facility. F ilit 2. The Company expects to close the Bowne acquisition ($481mm) in the second half of 2010 and finance it through a combination of cash on hand, borrowings under the Revolving Credit Facility or through the issuance of debt securities. 3. On April 9, 2010, the Company entered into interest rate swap agreements to effectively change the interest rate on $600 million of its fixed-rate senior notes to floating rate LIBOR plus a basis point spread. These interest rate swaps are designated as fair value hedges against changes in value of the Companys 4.95% senior notes due April 1, 2014 attributable to changes in the benchmark interest rate. 4. The $400mm 2019 notes are subject to coupon step-ups based on debt ratings.

26

2010 Guidance as of August 4, 2010

(all excluding the impact of the Bowne acquisition)

Year-over-year revenue growth of approximately 1%

Includes slightly unfavorable year-over-year impact of changes in foreign exchange rates

Non-GAAP Operating margin of 7.3% 7.5%

Overcoming non-cash increases in pension and post-retirement benefits expense (~$44mm) and the non-cash increase in the LIFO inventory provision (~$30mm) ( $30mm) in 2010

Depreciation and amortization of approximately $540 million Interest expense of approximately $225 million Effective tax rate (non-GAAP) range of approximately 29% to 31%
This estimate could be significantly impacted by business trends affecting different countries in which we do business or by changes in tax law

Fully-diluted Fully diluted share base of approximately 210 million Free cash flow1 of approximately $600 million to $650 million Capex of approximately $200 million to $225 million
1. Free cash flow defined as operating cash flow less capex

27