DFIN 2017 Annual Report

To Fellow Shareholders: 2017 was a successful first full year following our spin-off from RR Donnelley, and I am excited that the work we’ve done to stand up the company, combined with our ongoing investments in technology and talent, positions the company well to broaden and advance its competitive position in the marketplace. With the right solutions in moments that matter, Donnelley Financial Solutions delivers risk and compliance solutions that fuse deep industry experience, unparalleled service, and elegant technologies. We are proud to be a unique partner to our clients with the ability to offer a full suite of innovative and scalable solutions across the ever-changing global regulatory landscape. Within capital markets, Venue, our award-winning virtual data room offering, delivers a market-leading experience and breadth of capabilities to manage corporate transactions. For regulatory compliance filings, corporations depend on our client-enabled software offering, ActiveDisclosure, as well as our expert full-service offering, to manage and deliver crucial documentation. For investment management clients, our web-based FundSuiteArc platform offers an efficient and effective repository for clients to organize, manage, develop and deploy important data not only for regulatory compliance purposes, but also for their strategic initiatives as well. In Language Solutions, we offer a market-leading proprietary translation management system, MultiTrans, as well as a cloud- based, dynamic website translation platform. We provide our translations offerings to clients operating in a variety of industries, including the financial, corporate, life sciences and legal industries. Across each of our businesses, Donnelley Financial plans to invest in new software tools that add functionality and value for our clients. As noted on our fourth-quarter earnings call, our investment in technology will grow in 2018 and we are excited to share more about these growth initiatives at our inaugural Investor Day on May 22 nd in New York City. We hope to see you there! Looking back at 2017, we had a number of financial highlights: • Total revenue grew by 2.2% and non-GAAP adjusted EBITDA grew by 7.4%, despite a number of cost headwinds to operate as a standalone company. • Importantly, our 2017 revenue growth was fueled by the growth of our software-related offerings. Specifically, we grew this revenue by 15.1% for the year, and these offerings now comprise 13.6% of our total revenue. The digitization of our industry continues to accelerate, and we are well positioned to serve our clients with innovative solutions in the broader risk and compliance arena. • The company generated free cash flow of $63.6 million in 2017 and reduced total debt by approximately $130 million. I’ll close by reiterating my excitement for our future. Donnelley Financial Solutions remains well positioned to build new offerings for our clients, with a focus on dynamic software and data solutions. The ability to deliver a more comprehensive platform of solutions within large, evolving markets, and leverage our brand, domain expertise, client relationships and strong service, continue to make Donnelley Financial the partner of choice. In 2018 and beyond, we will strive to capitalize on these exciting dynamics, and believe that Donnelley Financial is poised to drive significant value for its shareholders. I thank you for your investment and look forward to updating you on our progress to drive value in the shares of Donnelley Financial Solutions for years to come. Sincerely, Daniel N. Leib Chief Executive Officer