DFS Annual Report

• availability to maintain our brands and reputation; • the retention of existing, and continued attraction of, key employees, including management; • the effects of operating in international markets, including fluctuations in currency exchange rates; • the effect of economic and political conditions on a regional, national or international basis; • lack of market for our common stock; • lack of history as an operating company and costs associated with being an independent company; • failure to achieve certain intended benefits of the Separation; and • failure of RRD or LSC to satisfy their respective obligations under transition services agreements or other agreements entered into in connection with the Separation. Because forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Undue reliance should not be placed on such statements, which speak only as of the date of this document or the date of any document that may be incorporated by reference into this document. Consequently, readers of the Annual Report on Form 10-K should consider these forward looking statements only as the Company’s current plans, estimates and beliefs. The Company does not undertake 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 statements or to reflect the occurrence of anticipated or unanticipated events. The Company undertakes no obligation to update or revise any forward-looking statements in this Annual Report on Form 10-K to reflect any new events or any change in conditions or circumstances. 9