Stable Value Fund As of March 31, 2021

ACTIVE / PASSIVE: WHAT IS IT1: Style Characteristics of Fund Actively Managed Short Inter- Long This option focuses on a diversified portfolio of U.S bonds and other Duration mediate Duration ASSET CLASS: debt securities. The fund is managed by Galliard. This is not a . High Quality Stable Value Medium BENCHMARK: FTSE 3 Month T-Bill Low Quality PERFORMANCE HISTORY (%) GOAL: Qtr YTD 1 Year 3 Years 5 Years 7 Years 10 Years Seeks stability of principal and Stable Value Fund2 0.48 0.48 2.22 2.41 2.27 2.16 2.23 consistency of returns with Benchmark 0.02 0.02 0.21 1.45 1.15 0.84 0.60 minimal volatility. Unit price, , and return will vary daily. 2020 2019 2018 2017 2016 2015 2014 Stable Value Fund2 2.37 2.61 2.31 2.04 2.04 1.93 1.72 WHAT IT INVESTS IN: Benchmark 0.58 2.25 1.86 0.84 0.27 0.03 0.03 Primarily invests in a broadly diversified portfolio of fixed SINCE INCEPTION RISK/RETURN GROWTH OF A $1,000 INVESTMENT1 income securities including financial instruments issued by 2,000 highly rated companies. These 3% 1,800 include backed Fund 1,600 contracts which are comprised 1,400 of two components: an 1,200 underlying 2% portfolio that invests primarily in 1,000 U.S. domestic fixed income 800

securities (bonds), and "wrap 1% Benchmark 600 contracts" issued by a high Return(Annualized Percent Return) 400 quality financial institution to 200 help provide stability of 0% 0 principal and a smooth credited 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% rate of interest. The fund may Risk (Annualized Standard Deviation) also hold cash or cash equivalents, bonds, and shares Fund Benchmark or units in stable value and/or SECTOR ALLOCATION CREDIT QUALITY collective trust funds. Fund U.S. Treasury 19.7% CURRENT EXPENSE RATIO3: U.S. Agency 0.0% 10% AAA 0.14%. This means you'll pay $1.40 Other U.S. Government 6.9% 14% AA per year for each $1,000 Corporates 26.0% A invested in the Fund. 7%

Fees are charged directly to the BBB Taxable Muni/Not for Profit 6.7% 69% fund. Agency MBS 17.9%

CHARACTERISTICS RISK PROFILE (SINCE INCEPTION) Fund FUND Duration (Years) 2.86 Beta 0.50 Yield to Maturity 0.7% Risk (Standard Deviation) 0.29% Market/Book Value 104.8% Excess Return 1.84% Blended Yield 2.2% Tracking Error 0.29 Number of Contract Issuers 4 Average Annual Turnover 47.67% Definitions & disclosures on following page Stable Value Fund As of March 31, 2021 Definitions

Duration measures a bond’s interest rate risk and is expressed in years. The longer the duration of a bond, the more sensitive the bond is to changes in interest rates. More specifically, duration is the approximate percentage change expected in a bond’s price for a 100 basis point change in yield, all else equal. Although other factors impact bond prices, prices tend to fall when interest rates increase, all else equal. Yield to Maturity is the expected of a bond if it is held to its maturity date; calculated by taking into account the current market price, stated redemption value, coupon payments and time to maturity and assuming all coupons are reinvested at the same rate. It is equivalent to the internal rate of return (IRR). Market/Book Value is a measure of the value of the underlying investment porfolio, which changes every day with markets, to the sum of participant balances plus accrued interest. Crediting Rate is the interest rate applied to the book value of a stable value investment contract, typically expressed as an effective annual yield. 2020 Standard deviation is a measure of risk that gauges the variability of actual returns from their expected values and the dispersion of these variations over time. Excess return represents the fund total return minus the return of the index. Beta measures the fund’s sensitivity to market movements in the broad based index. Tracking error represents the volatility of fund return relative to the benchmark, calculated as the standard deviation of the return relative to the benchmark. Interest Rate Risk is the risk that changes in interest rates may reduce (or increase) the market value of a bond. As interest rates rise, bond prices usually fall, and vice versa.

Disclosures

1. Fund allocations, characteristics, and statistics shown represent the actual R.R. Donnelley Stable Value Fund. 2. R.R. Donnelley's Stable Value Fund inception date is December 2006. Since this fund is customized it has no historical performance prior to December of 2006. Performance is provided by Northern Trust. 3. The "Current Expense Ratio" for this investment option is the management fee charged by the investment manager for the fund. The amount shown is an annual fee, although as a practical matter the fee is assessed throughout the year. The investment manager's fee may change based on the total portfolio value as well as contractual changes. There may be additional operational and administrative fees charged that are not captured in this expense ratio. 4. Although these risks are managed through quality, diversification, and duration guidelines, they are not completely eliminated. In general the bond market is volatile, and bond funds entail interest rate risk (as interest rates rise, bond prices usually fall, and vice versa; this effect is usually more pronounced for longer-term securities). Bond funds also entail the risk of issuer or counterparty default, issuer credit risk, and inflation risk. Although the goal of stable value funds is to preserve principal, such funds can lose value, and there is no guarantee that this fund will return all principal. Due to the nature of this investment option and the intended smoothing of performance facilitated by the wrap contract, the underlying investment portfolio may have market gains or losses which have not fully accrued to participant accounts. While wrap contracts are designed to help provide stability of principal and a smooth credited rate of interest, there may be circumstances under which the wrap contract may not meet these objectives.

Past performance is not a guarantee of and may not be indicative of future results.

This investment option is not guaranteed by any party and may result in negative performance and the loss of principal. This information is subject to change over time. While the information included herein is taken from sources believed to be reliable, no representations or warranties are provided as to the accuracy of the information. Information is as of the date noted and may not reflect the current strategy or positioning. Cash positions and other holdings may not be shown in top holdings, if applicable. Managers may hold cash or securities not included in the stated benchmark or category.

These summary reports are available through this site as a tool for evaluating the investment options available under the plans. There are a number of other tools available for analyzing and investment funds. This web site and the tools and information provided herein should not be your sole source of information in making investment decisions under the Plan.

The investment option is a custom strategy fund. This description is only intended to provide a brief overview of the fund. The fund manager may change over time.

This fund may invest in certain securities or stock of R.R. Donnelley or its affiliates.