Exhibit 99.2 LSC COMMUNICATIONS New Segment Introduction November, 2018Exhibit 99.2 LSC COMMUNICATIONS New Segment Introduction November, 2018

SAFE HARBOR AND NON-GAAP INFORMATION 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 22, 2018 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. 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, non-GAAP adjusted EBITDA margin, non-GAAP net income/loss 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 adjusted EBITDA margin, non-GAAP net income/loss 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 adjusted EBITDA margin, non-GAAP net income/loss 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, non-GAAP adjusted EBITDA margin and non-GAAP net income/loss 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. 2 | LSC COMMUNICATIONSSAFE HARBOR AND NON-GAAP INFORMATION 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 22, 2018 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. 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, non-GAAP adjusted EBITDA margin, non-GAAP net income/loss 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 adjusted EBITDA margin, non-GAAP net income/loss 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 adjusted EBITDA margin, non-GAAP net income/loss 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, non-GAAP adjusted EBITDA margin and non-GAAP net income/loss 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. 2 | LSC COMMUNICATIONS

LSC COMMUNICATIONS’ NEW SEGMENTS SEGMENTS REDEFINED SEGMENTS REDEFINED AS BUSINESS EVOL AS BUSINESS EVOLVES VES Strategy execution requires re-evaluating segment structure • Acquisition of RR Donnelley’s print logistics business, combined with the acquisitions of Fairrington and The Clark Group creates industry leading logistics capabilities • Strategic divestiture of the European printing business and retail offset facilities • Continued evolution of new product and service offerings and acquisition activity Office Products 14% Office Products Book 14% 28% Other 10% $3.6BN $3.6BN 2017 Sales 2017 Sales Print 86% Magazines, Catalogs & Logistics 48% 3 | LSC COMMUNICATIONSLSC COMMUNICATIONS’ NEW SEGMENTS SEGMENTS REDEFINED SEGMENTS REDEFINED AS BUSINESS EVOL AS BUSINESS EVOLVES VES Strategy execution requires re-evaluating segment structure • Acquisition of RR Donnelley’s print logistics business, combined with the acquisitions of Fairrington and The Clark Group creates industry leading logistics capabilities • Strategic divestiture of the European printing business and retail offset facilities • Continued evolution of new product and service offerings and acquisition activity Office Products 14% Office Products Book 14% 28% Other 10% $3.6BN $3.6BN 2017 Sales 2017 Sales Print 86% Magazines, Catalogs & Logistics 48% 3 | LSC COMMUNICATIONS

LSC COMMUNICATIONS’ SEGMENT CHANGES PRIOR SEGMENTS NEW SEGMENTS MAGAZINES, CA MAGAZINES, CAT TA ALOGS LOGS & & LOGISTICS LOGISTICS • • Magazines & Catalogs (excludes Magazines & Catalogs (excludes Mexico Mexico & Print & Print Management) Management) • • Logistics Logistics PRINT PRINT • • Magazines, Catalogs & Retail Inserts Magazines, Catalogs & Retail Inserts BOOK BOOK • • Book Book • • Europe Europe • • Directories Directories OTHER OTHER • • Europe Europe • • Directories Directories • • Mexico Mexico • • Print Management Print Management OFFICE PRODUCTS OFFICE PRODUCTS OFFICE PRODUCTS OFFICE PRODUCTS 4 | LSC COMMUNICATIONSLSC COMMUNICATIONS’ SEGMENT CHANGES PRIOR SEGMENTS NEW SEGMENTS MAGAZINES, CA MAGAZINES, CAT TA ALOGS LOGS & & LOGISTICS LOGISTICS • • Magazines & Catalogs (excludes Magazines & Catalogs (excludes Mexico Mexico & Print & Print Management) Management) • • Logistics Logistics PRINT PRINT • • Magazines, Catalogs & Retail Inserts Magazines, Catalogs & Retail Inserts BOOK BOOK • • Book Book • • Europe Europe • • Directories Directories OTHER OTHER • • Europe Europe • • Directories Directories • • Mexico Mexico • • Print Management Print Management OFFICE PRODUCTS OFFICE PRODUCTS OFFICE PRODUCTS OFFICE PRODUCTS 4 | LSC COMMUNICATIONS

NON-GAAP FINANCIAL MEASURES - CONSOLIDATED ($ millions) Total LSC Communications Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $943 $929 $999 $935 $848 $821 $3,603 $3,654 GAAP Net income (loss) 8 (11) (58) (3) 5 (1) ( 57) 106 Restructuring, impairment and other 11 6 42 60 21 6 129 18 charges - net Separation-related expenses - - - 1 2 1 4 5 Pension settlement charge - - - - - - - 1 Acquisition-related expenses 1 1 2 2 1 - 5 - Purchase accounting adjustments - 3 (2) 1 - - (1) - Loss on debt extinguishment - - 3 - - - 3 - Depreciation and amortization 34 38 42 39 39 40 160 171 Interest expense - net 18 20 20 19 16 17 72 18 Income tax expense (benefit) 5 (4) 36 ( 23) (2) 2 13 51 Non-GAAP Adjusted EBITDA $77 $53 $85 $96 $82 $65 $328 $370 Non-GAAP Adjusted EBITDA margin 8.2% 5.7% 8.5% 10.3% 9.7% 7.9% 9.1% 10.1% Net cash (used by) provided by ($2) ($24) $147 ($20) $14 $64 $205 $231 operating activities Capital expenditures (17) (20) (9) ( 15) ( 15) ( 21) ( 60) ( 48) Free cash flow ($19) ($44) $138 ($35) ($1) $43 $145 $183 5 | LSC COMMUNICATIONSNON-GAAP FINANCIAL MEASURES - CONSOLIDATED ($ millions) Total LSC Communications Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $943 $929 $999 $935 $848 $821 $3,603 $3,654 GAAP Net income (loss) 8 (11) (58) (3) 5 (1) ( 57) 106 Restructuring, impairment and other 11 6 42 60 21 6 129 18 charges - net Separation-related expenses - - - 1 2 1 4 5 Pension settlement charge - - - - - - - 1 Acquisition-related expenses 1 1 2 2 1 - 5 - Purchase accounting adjustments - 3 (2) 1 - - (1) - Loss on debt extinguishment - - 3 - - - 3 - Depreciation and amortization 34 38 42 39 39 40 160 171 Interest expense - net 18 20 20 19 16 17 72 18 Income tax expense (benefit) 5 (4) 36 ( 23) (2) 2 13 51 Non-GAAP Adjusted EBITDA $77 $53 $85 $96 $82 $65 $328 $370 Non-GAAP Adjusted EBITDA margin 8.2% 5.7% 8.5% 10.3% 9.7% 7.9% 9.1% 10.1% Net cash (used by) provided by ($2) ($24) $147 ($20) $14 $64 $205 $231 operating activities Capital expenditures (17) (20) (9) ( 15) ( 15) ( 21) ( 60) ( 48) Free cash flow ($19) ($44) $138 ($35) ($1) $43 $145 $183 5 | LSC COMMUNICATIONS

NON-GAAP FINANCIAL MEASURES – SEGMENTS ($ millions) Magazines, Catalogs and Logistics Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $401 $427 $484 $409 $341 $349 $1,583 $1,526 (Loss) income from operations (6) (14) (22) (41) (6) (4) (73) 28 Depreciation and amortization 15 16 20 18 17 17 72 76 Restructuring, impairment and other 6 4 31 51 2 2 86 4 charges - net Purchase accounting adjustments - - - 1 - - 1 - Non-GAAP Adjusted EBITDA $15 $6 $29 $29 $13 $15 $86 $108 Non-GAAP Adjusted EBITDA margin 3.7% 1.4% 6.0% 7.1% 3.8% 4.3% 5.4% 7.1% Capital expenditures $5 $9 $4 $6 $7 $7 $24 $19 Book Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $266 $249 $245 $276 $262 $239 $1,022 $1,097 Income from operations 19 9 9 26 18 9 62 86 Depreciation and amortization 13 14 14 14 16 16 60 67 Restructuring, impairment and other 3 1 8 2 3 2 15 6 charges - net Non-GAAP Adjusted EBITDA $35 $24 $31 $42 $37 $27 $137 $159 Non-GAAP Adjusted EBITDA margin 13.2% 9.6% 12.7% 15.2% 14.1% 11.3% 13.4% 14.5% Capital expenditures $9 $9 $1 $2 $3 $7 $13 $10 6 | LSC COMMUNICATIONSNON-GAAP FINANCIAL MEASURES – SEGMENTS ($ millions) Magazines, Catalogs and Logistics Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $401 $427 $484 $409 $341 $349 $1,583 $1,526 (Loss) income from operations (6) (14) (22) (41) (6) (4) (73) 28 Depreciation and amortization 15 16 20 18 17 17 72 76 Restructuring, impairment and other 6 4 31 51 2 2 86 4 charges - net Purchase accounting adjustments - - - 1 - - 1 - Non-GAAP Adjusted EBITDA $15 $6 $29 $29 $13 $15 $86 $108 Non-GAAP Adjusted EBITDA margin 3.7% 1.4% 6.0% 7.1% 3.8% 4.3% 5.4% 7.1% Capital expenditures $5 $9 $4 $6 $7 $7 $24 $19 Book Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $266 $249 $245 $276 $262 $239 $1,022 $1,097 Income from operations 19 9 9 26 18 9 62 86 Depreciation and amortization 13 14 14 14 16 16 60 67 Restructuring, impairment and other 3 1 8 2 3 2 15 6 charges - net Non-GAAP Adjusted EBITDA $35 $24 $31 $42 $37 $27 $137 $159 Non-GAAP Adjusted EBITDA margin 13.2% 9.6% 12.7% 15.2% 14.1% 11.3% 13.4% 14.5% Capital expenditures $9 $9 $1 $2 $3 $7 $13 $10 6 | LSC COMMUNICATIONS

NON-GAAP FINANCIAL MEASURES – SEGMENTS (continued) ($ millions) Office Products Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $154 $123 $143 $116 $125 $111 $495 $527 Income from operations 13 2 10 11 12 9 42 54 Depreciation and amortization 3 4 4 4 3 4 15 15 Restructuring, impairment and other 1 1 3 - - 1 4 - charges - net Purchase accounting adjustments - 1 1 - - - 1 - Non-GAAP Adjusted EBITDA $17 $8 $18 $15 $15 $14 $62 $69 Non-GAAP Adjusted EBITDA margin 11.0% 6.5% 12.6% 12.9% 12.0% 12.6% 12.5% 13.1% Capital expenditures $1 $0 $2 $1 $2 $0 $5 $3 Other Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $122 $130 $127 $134 $120 $122 $503 $504 Income from operations 7 7 6 5 10 7 28 27 Depreciation and amortization 2 4 3 3 3 2 11 12 Restructuring, impairment and other - - - 5 1 1 7 5 charges - net Non-GAAP Adjusted EBITDA $9 $11 $9 $13 $14 $10 $46 $44 Non-GAAP Adjusted EBITDA margin 7.4% 8.5% 7.1% 9.7% 11.7% 8.2% 9.1% 8.7% Capital expenditures $1 $1 $1 $1 $2 $6 $10 $10 7 | LSC COMMUNICATIONSNON-GAAP FINANCIAL MEASURES – SEGMENTS (continued) ($ millions) Office Products Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $154 $123 $143 $116 $125 $111 $495 $527 Income from operations 13 2 10 11 12 9 42 54 Depreciation and amortization 3 4 4 4 3 4 15 15 Restructuring, impairment and other 1 1 3 - - 1 4 - charges - net Purchase accounting adjustments - 1 1 - - - 1 - Non-GAAP Adjusted EBITDA $17 $8 $18 $15 $15 $14 $62 $69 Non-GAAP Adjusted EBITDA margin 11.0% 6.5% 12.6% 12.9% 12.0% 12.6% 12.5% 13.1% Capital expenditures $1 $0 $2 $1 $2 $0 $5 $3 Other Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 Net sales $122 $130 $127 $134 $120 $122 $503 $504 Income from operations 7 7 6 5 10 7 28 27 Depreciation and amortization 2 4 3 3 3 2 11 12 Restructuring, impairment and other - - - 5 1 1 7 5 charges - net Non-GAAP Adjusted EBITDA $9 $11 $9 $13 $14 $10 $46 $44 Non-GAAP Adjusted EBITDA margin 7.4% 8.5% 7.1% 9.7% 11.7% 8.2% 9.1% 8.7% Capital expenditures $1 $1 $1 $1 $2 $6 $10 $10 7 | LSC COMMUNICATIONS

NON-GAAP FINANCIAL MEASURES – SEGMENTS (continued) ($ millions) Corporate Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 (Loss) from operations (15) (10) (18) (19) (27) (14) (78) (65) Investment and other expense-net (13) (11) (13) (11) (12) (11) (47) (45) Depreciation and amortization 1 - 1 - - 1 2 1 Restructuring, impairment and other 1 - - 2 15 - 17 3 charges - net Separation-related expenses - - - 1 2 1 4 5 Pension settlement charge - - - - - - - 1 Acquisition-related expenses 1 1 2 2 1 - 5 - Loss on debt extinguishment - - 3 - - - 3 - Purchase accounting adjustments - 2 (3) - - - (3) - Non-GAAP Adjusted EBITDA $1 $4 ($2) ($3) $3 ($1) ($3) ($10) Capital expenditures $1 $1 $1 $5 $1 $1 $8 $6 8 | LSC COMMUNICATIONSNON-GAAP FINANCIAL MEASURES – SEGMENTS (continued) ($ millions) Corporate Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2017 FY 2016 (Loss) from operations (15) (10) (18) (19) (27) (14) (78) (65) Investment and other expense-net (13) (11) (13) (11) (12) (11) (47) (45) Depreciation and amortization 1 - 1 - - 1 2 1 Restructuring, impairment and other 1 - - 2 15 - 17 3 charges - net Separation-related expenses - - - 1 2 1 4 5 Pension settlement charge - - - - - - - 1 Acquisition-related expenses 1 1 2 2 1 - 5 - Loss on debt extinguishment - - 3 - - - 3 - Purchase accounting adjustments - 2 (3) - - - (3) - Non-GAAP Adjusted EBITDA $1 $4 ($2) ($3) $3 ($1) ($3) ($10) Capital expenditures $1 $1 $1 $5 $1 $1 $8 $6 8 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – Q2 YTD 2018 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q2 2017 YTD Net Sales as Reported $690 $501 $236 $242 $1,669 (1) Adjustments 181 - 59 - 240 Q2 2017 YTD Net Sales Pro Forma $871 $501 $295 $242 $1,909 Q2 2018 YTD Net Sales as Reported $828 $515 $277 $252 $1,872 (1) Adjustments - - - - - Q2 2018 YTD Net Sales Pro Forma $828 $515 $277 $252 $1,872 As Reported % Change 20.0% 2.8% 17.4% 4.1% 12.2% Pro Forma % Change (4.9%) 2.8% (6.1%) 4.1% (1.9%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% 0.3% 6.0% 0.8% Impact of pass-through paper sales 0.3% (0.4%) ---% (2.8%) (0.3%) Impact of adoption of new revenue recognition standard (0.2%) 0.9% (2.7%) 0.1% (0.3%) (2) Impact of sale of disposition (0.9%) ---% ---% ---% (0.4%) (3) Q2 2018 YTD Organic % Change (4.1%) 2.3% (3.7%) 0.8% (1.7%) The reported results of the Company include the results of acquired businesses from the acquisition dates forward. The Company has provided this schedule to reconcile reported net sales for the six months ended June 30, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquisitions during the six months ended June 30, 2018. For the six months ended June 30, 2017, the adjustments to net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), Fairrington (acquired July 28, 2017), and HudsonYards (acquired March 1, 2017). (2) Adjusted for the disposition of the Company’s retail offset printing facilities on June 5, 2018. There were no dispositions during the six months ended June 30, 2017. (3) Adjusted for the impact of acquisitions and dispositions, changes in FX rates, pass-through paper sales and the Company’s adoption of Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” during the six months ended June 30, 2018. 9 | LSC COMMUNICATIONSORGANIC GROWTH RATES – Q2 YTD 2018 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q2 2017 YTD Net Sales as Reported $690 $501 $236 $242 $1,669 (1) Adjustments 181 - 59 - 240 Q2 2017 YTD Net Sales Pro Forma $871 $501 $295 $242 $1,909 Q2 2018 YTD Net Sales as Reported $828 $515 $277 $252 $1,872 (1) Adjustments - - - - - Q2 2018 YTD Net Sales Pro Forma $828 $515 $277 $252 $1,872 As Reported % Change 20.0% 2.8% 17.4% 4.1% 12.2% Pro Forma % Change (4.9%) 2.8% (6.1%) 4.1% (1.9%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% 0.3% 6.0% 0.8% Impact of pass-through paper sales 0.3% (0.4%) ---% (2.8%) (0.3%) Impact of adoption of new revenue recognition standard (0.2%) 0.9% (2.7%) 0.1% (0.3%) (2) Impact of sale of disposition (0.9%) ---% ---% ---% (0.4%) (3) Q2 2018 YTD Organic % Change (4.1%) 2.3% (3.7%) 0.8% (1.7%) The reported results of the Company include the results of acquired businesses from the acquisition dates forward. The Company has provided this schedule to reconcile reported net sales for the six months ended June 30, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquisitions during the six months ended June 30, 2018. For the six months ended June 30, 2017, the adjustments to net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), Fairrington (acquired July 28, 2017), and HudsonYards (acquired March 1, 2017). (2) Adjusted for the disposition of the Company’s retail offset printing facilities on June 5, 2018. There were no dispositions during the six months ended June 30, 2017. (3) Adjusted for the impact of acquisitions and dispositions, changes in FX rates, pass-through paper sales and the Company’s adoption of Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” during the six months ended June 30, 2018. 9 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – Q2 2018 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q2 2017 Net Sales as Reported $341 $262 $125 $120 $848 (1) Adjustments 89 - 30 - 119 Q2 2017 Net Sales Pro Forma $430 $262 $155 $120 $967 $401 $266 $154 $122 $943 Q2 2018 Net Sales as Reported (1) Adjustments - - - - - $401 $266 $154 $122 $943 Q2 2018 Net Sales Pro Forma As Reported % Change 17.6% 1.5% 23.2% 1.7% 11.2% Pro Forma % Change (6.7%) 1.5% (0.6%) 1.7% (2.5%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% 0.2% 2.2% 0.3% Impact of pass-through paper sales 0.7% (1.2%) ---% (2.9%) (0.4%) Impact of adoption of new revenue recognition standard (0.4%) 1.4% 1.3% 0.3% 0.4% (2) Impact of sale of disposition (1.8%) ---% ---% ---% (0.8%) (3) Q2 2018 Organic % Change (5.2%) 1.3% (2.1%) 2.1% (2.0%) The reported results of the Company include the results of acquired businesses from the acquisition dates forward. The Company has provided this schedule to reconcile reported net sales for the three months ended June 30, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquisitions during the three months ended June 30, 2018 or 2017. For the three months ended June 30, 2017, the adjustments for net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), and Fairrington (acquired July 28, 2017). (2) Adjusted for the disposition of the Company’s retail offset printing facilities on June 5, 2018. There were no dispositions during the three months ended June 30, 2017. (3) Adjusted for the impact of acquisitions and dispositions, changes in FX rates, pass-through paper sales and the Company’s adoption of Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” during the three months ended June 30, 2018. 10 | LSC COMMUNICATIONSORGANIC GROWTH RATES – Q2 2018 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q2 2017 Net Sales as Reported $341 $262 $125 $120 $848 (1) Adjustments 89 - 30 - 119 Q2 2017 Net Sales Pro Forma $430 $262 $155 $120 $967 $401 $266 $154 $122 $943 Q2 2018 Net Sales as Reported (1) Adjustments - - - - - $401 $266 $154 $122 $943 Q2 2018 Net Sales Pro Forma As Reported % Change 17.6% 1.5% 23.2% 1.7% 11.2% Pro Forma % Change (6.7%) 1.5% (0.6%) 1.7% (2.5%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% 0.2% 2.2% 0.3% Impact of pass-through paper sales 0.7% (1.2%) ---% (2.9%) (0.4%) Impact of adoption of new revenue recognition standard (0.4%) 1.4% 1.3% 0.3% 0.4% (2) Impact of sale of disposition (1.8%) ---% ---% ---% (0.8%) (3) Q2 2018 Organic % Change (5.2%) 1.3% (2.1%) 2.1% (2.0%) The reported results of the Company include the results of acquired businesses from the acquisition dates forward. The Company has provided this schedule to reconcile reported net sales for the three months ended June 30, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquisitions during the three months ended June 30, 2018 or 2017. For the three months ended June 30, 2017, the adjustments for net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), and Fairrington (acquired July 28, 2017). (2) Adjusted for the disposition of the Company’s retail offset printing facilities on June 5, 2018. There were no dispositions during the three months ended June 30, 2017. (3) Adjusted for the impact of acquisitions and dispositions, changes in FX rates, pass-through paper sales and the Company’s adoption of Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” during the three months ended June 30, 2018. 10 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – Q1 2018 Magazines, Office Catalogs & Book Other Total LSC Products Logistics ($ millions) Q1 2017 Net Sales as Reported $349 $239 $111 $122 $821 (1) Adjustments 92 - 30 - 122 Q1 2017 Net Sales Pro Forma $441 $239 $141 $122 $943 Q1 2018 Net Sales as Reported $427 $249 $123 $130 $929 (1) Adjustments - - - - - Q1 2018 Net Sales Pro Forma $427 $249 $123 $130 $929 As Reported % Change 22.3% 4.2% 10.8% 6.6% 13.2% Pro Forma % Change (3.2%) 4.2% (12.8%) 6.6% (1.5%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 9.8% 1.3% Impact of pass-through paper sales ---% 0.8% ---% (2.5%) (0.1%) Impact of adoption of new revenue recognition standard (0.1%) 0.3% (7.0%) ---% (1.0%) (2) Q1 2018 Organic % Change (3.1%) 3.1% (5.8%) (0.7%) (1.7%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended March 31, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquisitions during the three months ended March 31, 2018. For the three months ended March 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), Fairrington (acquired July 28, 2017), and HudsonYards Studios (acquired March 1, 2017). (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates, pass-through paper sales and the Company’s adoption of Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” during the three months ended March 31, 2018. 11 | LSC COMMUNICATIONSORGANIC GROWTH RATES – Q1 2018 Magazines, Office Catalogs & Book Other Total LSC Products Logistics ($ millions) Q1 2017 Net Sales as Reported $349 $239 $111 $122 $821 (1) Adjustments 92 - 30 - 122 Q1 2017 Net Sales Pro Forma $441 $239 $141 $122 $943 Q1 2018 Net Sales as Reported $427 $249 $123 $130 $929 (1) Adjustments - - - - - Q1 2018 Net Sales Pro Forma $427 $249 $123 $130 $929 As Reported % Change 22.3% 4.2% 10.8% 6.6% 13.2% Pro Forma % Change (3.2%) 4.2% (12.8%) 6.6% (1.5%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 9.8% 1.3% Impact of pass-through paper sales ---% 0.8% ---% (2.5%) (0.1%) Impact of adoption of new revenue recognition standard (0.1%) 0.3% (7.0%) ---% (1.0%) (2) Q1 2018 Organic % Change (3.1%) 3.1% (5.8%) (0.7%) (1.7%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended March 31, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquisitions during the three months ended March 31, 2018. For the three months ended March 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), Fairrington (acquired July 28, 2017), and HudsonYards Studios (acquired March 1, 2017). (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates, pass-through paper sales and the Company’s adoption of Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” during the three months ended March 31, 2018. 11 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – FULL YEAR 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Full Year 2016 Net Sales as Reported $1,526 $1,097 $527 $504 $3,654 (1) Adjustments 400 - 137 44 581 Full Year 2016 Net Sales Pro Forma $1,926 $1,097 $664 $548 $4,235 Full Year 2017 Net Sales as Reported $1,583 $1,022 $495 $503 $3,603 (1) Adjustments 243 - 95 - 338 Full Year 2017 Net Sales Pro Forma $1,826 $1,022 $590 $503 $3,941 As Reported % Change 3.7% (6.8%) (6.1%) (0.2%) (1.4%) Pro Forma % Change (5.2%) (6.8%) (11.1%) (8.2%) (6.9%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 1.8% 0.2% Impact of pass-through paper sales 0.2% (1.9%) ---% (1.8%) (0.7%) (2) Full Year 2017 Organic % Change (5.4%) (4.9%) (11.1%) (8.2%) (6.4%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the twelve months ended December 31, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the twelve months ended December 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI (acquired August 21, 2017), CREEL (acquired August 17, 2017), Fairrington (acquired July 28, 2017), and HudsonYards (acquired March 1, 2017). For the twelve months ended December 31, 2016, the adjustments for net sales of acquired businesses reflect the net sales of Continuum (acquired December 2, 2016), in addition to the acquisitions noted above. (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 12 | LSC COMMUNICATIONSORGANIC GROWTH RATES – FULL YEAR 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Full Year 2016 Net Sales as Reported $1,526 $1,097 $527 $504 $3,654 (1) Adjustments 400 - 137 44 581 Full Year 2016 Net Sales Pro Forma $1,926 $1,097 $664 $548 $4,235 Full Year 2017 Net Sales as Reported $1,583 $1,022 $495 $503 $3,603 (1) Adjustments 243 - 95 - 338 Full Year 2017 Net Sales Pro Forma $1,826 $1,022 $590 $503 $3,941 As Reported % Change 3.7% (6.8%) (6.1%) (0.2%) (1.4%) Pro Forma % Change (5.2%) (6.8%) (11.1%) (8.2%) (6.9%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 1.8% 0.2% Impact of pass-through paper sales 0.2% (1.9%) ---% (1.8%) (0.7%) (2) Full Year 2017 Organic % Change (5.4%) (4.9%) (11.1%) (8.2%) (6.4%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the twelve months ended December 31, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the twelve months ended December 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of Clark Group (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI (acquired August 21, 2017), CREEL (acquired August 17, 2017), Fairrington (acquired July 28, 2017), and HudsonYards (acquired March 1, 2017). For the twelve months ended December 31, 2016, the adjustments for net sales of acquired businesses reflect the net sales of Continuum (acquired December 2, 2016), in addition to the acquisitions noted above. (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 12 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – Q4 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q4 2016 Net Sales as Reported $415 $256 $130 $118 $919 (1) Adjustments 105 - 32 4 141 Q4 2016 Net Sales Pro Forma $520 $256 $162 $122 $1,060 Q4 2017 Net Sales as Reported $484 $245 $143 $127 $999 (1) Adjustments 8 - 9 - 17 Q4 2017 Net Sales Pro Forma $492 $245 $152 $127 $1,016 As Reported % Change 16.6% (4.3%) 10.0% 7.6% 8.7% Pro Forma % Change (5.4%) (4.3%) (6.2%) 4.1% (4.2%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 7.4% 0.8% Impact of pass-through paper sales 0.2% (0.8%) ---% (2.5%) (0.4%) (2) Q4 2017 Organic % Change (5.6%) (3.5%) (6.2%) (0.8%) (4.6%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended December 31, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the three months ended December 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017) and Quality Park (acquired November 9, 2017). For the three months ended December 31, 2016, the adjustments for net sales of acquired businesses reflect the net sales of Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), and Fairrington (acquired July 28, 2017), HudsonYards Studios (acquired March 1, 2017) and Continuum (acquired December 2, 2016), in addition to the acquisitions noted above. (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 13 | LSC COMMUNICATIONSORGANIC GROWTH RATES – Q4 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q4 2016 Net Sales as Reported $415 $256 $130 $118 $919 (1) Adjustments 105 - 32 4 141 Q4 2016 Net Sales Pro Forma $520 $256 $162 $122 $1,060 Q4 2017 Net Sales as Reported $484 $245 $143 $127 $999 (1) Adjustments 8 - 9 - 17 Q4 2017 Net Sales Pro Forma $492 $245 $152 $127 $1,016 As Reported % Change 16.6% (4.3%) 10.0% 7.6% 8.7% Pro Forma % Change (5.4%) (4.3%) (6.2%) 4.1% (4.2%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 7.4% 0.8% Impact of pass-through paper sales 0.2% (0.8%) ---% (2.5%) (0.4%) (2) Q4 2017 Organic % Change (5.6%) (3.5%) (6.2%) (0.8%) (4.6%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended December 31, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the three months ended December 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of The Clark Group (acquired November 29, 2017) and Quality Park (acquired November 9, 2017). For the three months ended December 31, 2016, the adjustments for net sales of acquired businesses reflect the net sales of Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), and Fairrington (acquired July 28, 2017), HudsonYards Studios (acquired March 1, 2017) and Continuum (acquired December 2, 2016), in addition to the acquisitions noted above. (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 13 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – Q3 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics $379 $310 $127 $133 $949 Q3 2016 Net Sales as Reported (1) Adjustments 89 - 2 12 103 $468 $310 $129 $145 $1,052 Q3 2016 Net Sales Pro Forma Q3 2017 Net Sales as Reported $409 $276 $116 $134 $935 (1) Adjustments 42 - 1 - 43 $451 $276 $117 $134 $978 Q3 2017 Net Sales Pro Forma As Reported % Change 7.9% (11.0%) (8.7%) 0.8% (1.5%) Pro Forma % Change (3.6%) (11.0%) (9.3%) (7.6%) (7.0%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 4.1% 0.6% Impact of pass-through paper sales 1.1% (4.5%) ---% (1.4%) (1.0%) (2) Q3 2017 Organic % Change (4.7%) (6.5%) (9.3%) (10.3%) (6.6%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended September 30, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the three months ended September 30, 2017, the adjustments for net sales of acquired businesses reflect the net sales of Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), and Fairrington (acquired July 28, 2017). For the three months ended September 30, 2016, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017) and Continuum (acquired December 2, 2016), in addition to the acquisitions noted above. (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 14 | LSC COMMUNICATIONSORGANIC GROWTH RATES – Q3 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics $379 $310 $127 $133 $949 Q3 2016 Net Sales as Reported (1) Adjustments 89 - 2 12 103 $468 $310 $129 $145 $1,052 Q3 2016 Net Sales Pro Forma Q3 2017 Net Sales as Reported $409 $276 $116 $134 $935 (1) Adjustments 42 - 1 - 43 $451 $276 $117 $134 $978 Q3 2017 Net Sales Pro Forma As Reported % Change 7.9% (11.0%) (8.7%) 0.8% (1.5%) Pro Forma % Change (3.6%) (11.0%) (9.3%) (7.6%) (7.0%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% 4.1% 0.6% Impact of pass-through paper sales 1.1% (4.5%) ---% (1.4%) (1.0%) (2) Q3 2017 Organic % Change (4.7%) (6.5%) (9.3%) (10.3%) (6.6%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended September 30, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the three months ended September 30, 2017, the adjustments for net sales of acquired businesses reflect the net sales of Publishers Press (acquired September 7, 2017), NECI, LLC (acquired August 21, 2017), CREEL Printing (acquired August 17, 2017), and Fairrington (acquired July 28, 2017). For the three months ended September 30, 2016, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017) and Continuum (acquired December 2, 2016), in addition to the acquisitions noted above. (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 14 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – Q2 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q2 2016 Net Sales as Reported $352 $288 $142 $124 $906 (1) Adjustments 2 - - 12 14 Q2 2016 Net Sales Pro Forma $354 $288 $142 $136 $920 Q2 2017 Net Sales as Reported $341 $262 $125 $120 $848 (1) Adjustments - - - - - Q2 2017 Net Sales Pro Forma $341 $262 $125 $120 $848 As Reported % Change (3.1%) (9.0%) (12.0%) (3.2%) (6.4%) Pro Forma % Change (3.7%) (9.0%) (12.0%) (11.8%) (7.8%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% (0.7%) (0.1%) Impact of pass-through paper sales 0.6% (2.4%) ---% (2.2%) (0.9%) (2) Q2 2017 Organic % Change (4.3%) (6.6%) (12.0%) (8.9%) (6.8%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended June 30, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquistions during the three months ended June 30, 2017. For the three months ended June 30, 2016, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017) and Continuum (acquired December 2, 2016). (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 15 | LSC COMMUNICATIONSORGANIC GROWTH RATES – Q2 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q2 2016 Net Sales as Reported $352 $288 $142 $124 $906 (1) Adjustments 2 - - 12 14 Q2 2016 Net Sales Pro Forma $354 $288 $142 $136 $920 Q2 2017 Net Sales as Reported $341 $262 $125 $120 $848 (1) Adjustments - - - - - Q2 2017 Net Sales Pro Forma $341 $262 $125 $120 $848 As Reported % Change (3.1%) (9.0%) (12.0%) (3.2%) (6.4%) Pro Forma % Change (3.7%) (9.0%) (12.0%) (11.8%) (7.8%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% (0.7%) (0.1%) Impact of pass-through paper sales 0.6% (2.4%) ---% (2.2%) (0.9%) (2) Q2 2017 Organic % Change (4.3%) (6.6%) (12.0%) (8.9%) (6.8%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended June 30, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: There were no acquistions during the three months ended June 30, 2017. For the three months ended June 30, 2016, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017) and 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. 15 | LSC COMMUNICATIONS

ORGANIC GROWTH RATES – Q1 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q1 2016 Net Sales as Reported $380 $243 $128 $129 $880 (1) Adjustments 2 - - 12 14 $382 $243 $128 $141 $894 Q1 2016 Net Sales Pro Forma $349 $239 $111 $122 $821 Q1 2017 Net Sales as Reported (1) Adjustments 1 - - - 1 Q1 2017 Net Sales Pro Forma $350 $239 $111 $122 $822 As Reported % Change (8.2%) (1.6%) (13.3%) (5.4%) (6.7%) Pro Forma % Change (8.4%) (1.6%) (13.3%) (13.5%) (8.1%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% (2.8%) (0.4%) Impact of pass-through paper sales (1.3%) 0.8% ---% (1.4%) (0.6%) (2) Q1 2017 Organic % Change (7.1%) (2.4%) (13.3%) (9.3%) (7.1%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended March 31, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the three months ended March 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017). For the three months ended March 31, 2016, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017) and Continuum (acquired December 2, 2016). (2) Adjusted for net sales of acquired businesses, the impact of changes in FX rates and pass-through paper sales. 16 | LSC COMMUNICATIONSORGANIC GROWTH RATES – Q1 2017 Magazines, Office Catalogs & Book Other Total LSC Products ($ millions) Logistics Q1 2016 Net Sales as Reported $380 $243 $128 $129 $880 (1) Adjustments 2 - - 12 14 $382 $243 $128 $141 $894 Q1 2016 Net Sales Pro Forma $349 $239 $111 $122 $821 Q1 2017 Net Sales as Reported (1) Adjustments 1 - - - 1 Q1 2017 Net Sales Pro Forma $350 $239 $111 $122 $822 As Reported % Change (8.2%) (1.6%) (13.3%) (5.4%) (6.7%) Pro Forma % Change (8.4%) (1.6%) (13.3%) (13.5%) (8.1%) Non-GAAP Adjustments: Impact of changes in foreign exchange rates ( fx ) ---% ---% ---% (2.8%) (0.4%) Impact of pass-through paper sales (1.3%) 0.8% ---% (1.4%) (0.6%) (2) Q1 2017 Organic % Change (7.1%) (2.4%) (13.3%) (9.3%) (7.1%) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended March 31, 2017 and 2016 to pro forma net sales as if the acquisitions took place as of January 1, 2016 for purposes of this schedule. (1) Adjusted for net sales of acquired businesses: For the three months ended March 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017). For the three months ended March 31, 2016, the adjustments for net sales of acquired businesses reflect the net sales of HudsonYards (acquired March 1, 2017) and 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. 16 | LSC COMMUNICATIONS

investor.relations@lsccom.com | 773-272-9275 | 191 N Wacker (Suite 1400), Chicago, Illinois 60606investor.relations@lsccom.com | 773-272-9275 | 191 N Wacker (Suite 1400), Chicago, Illinois 60606