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Use of Non-GAAP InformationThis news release contains certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP selling,general, and administrative expenses (“SG&A”), non-GAAP income from operations, non-GAAP operating margin, AdjustedEBITDA, Adjusted EBITDA margin, non-GAAP effective tax rate, non-GAAP net earnings, non-GAAP diluted earnings pershare, Free Cash Flow and organic net sales. The Company believes that these non-GAAP financial measures, when presentedin conjunction with comparable GAAP measures, provide useful information about the Company’s operating results andliquidity 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.The Company’s non-GAAP statement of operations measures, which include non-GAAP gross profit, non-GAAP SG&A, nonGAAP SG&A as % of total net sales, non-GAAP income from operations, non-GAAP operating margin, Adjusted EBITDA,Adjusted EBITDA margin, non-GAAP effective tax rate, non-GAAP net earnings and non-GAAP diluted earnings per share,are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that managementbelieves are not indicative of our ongoing operations. These adjusted measures exclude the impact of expenses associated withthe Company’s COVID-19 related recoveries and expenses, LSC multiemployer pension plans obligations, non-income taxcharges (income), net, accelerated rent expense, share-based compensation and eliminate potential differences in results ofoperations between periods caused by factors such as historic cost and age of assets, financing and capital structures, taxationpositions or regimes, restructuring, impairment and other charges and gain or loss on certain equity investments and asset sales.Free Cash Flow is a non-GAAP financial measure and is defined by the Company as net cash flow provided by operatingactivities less capital expenditures. By adjusting for the level of capital investment in operations, the Company believes thatfree cash flow can provide useful additional basis for understanding the Company’s ability to generate cash after capitalinvestment and provides a comparison to peers with differing capital intensity.Organic net sales is a non-GAAP financial measure and is defined by the Company as reported net sales adjusted for thechanges in foreign currency exchange rates.These non-GAAP financial measures should be considered in addition to, not a substitute for, or superior to, measures offinancial performance prepared in accordance with GAAP. In addition, these measures are defined differently by differentcompanies in our industry and, accordingly, such measures may not be comparable to similarly-titled measures of othercompanies.Use of Forward-Looking StatementsThis news release includes certain "forward-looking statements" within the meaning of, and subject to the safe harbor createdby, Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, strategy and plans of DFINand its expectations relating to future financial condition and performance. Statements that are not historical facts, includingstatements about DFIN 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 statementsbut are not the exclusive means of identifying such statements. While DFIN believes these expectations, assumptions,estimates and projections are reasonable, such forward-looking statements are only predictions and involve known andunknown risks and uncertainties, many of which are beyond DFIN’s control. By their nature, forward-looking statementsinvolve 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 DFIN’s current expectations depending upon a number of factors affecting thebusiness and risks associated with the performance of the business. These factors include such risks and uncertainties detailedin DFIN periodic public filings with the SEC, including but not limited to those discussed under "Special Note RegardingForward-Looking Statements" in DFIN's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, thosediscussed under “Special Note Regarding Forward-Looking Statements” in DFIN’s Quarterly Reports on Form 10-Q, and inother investor communications of DFIN’s from time to time. DFIN does not undertake to and specifically declines anyobligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect futureevents or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.3

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Condensed Consolidated Balance Sheets(UNAUDITED)(in millions, except per share data)AssetsCash and cash equivalentsReceivables, less allowances for expected losses of 14.5 in 2022(2021 - 12.7)Prepaid expenses and other current assetsAssets held for saleTotal current assetsProperty, plant and equipment, netOperating lease right-of-use assetsSoftware, netGoodwillOther intangible assets, netDeferred income taxes, netOther noncurrent assetsTotal assetsLiabilitiesAccounts payableOperating lease liabilitiesAccrued liabilitiesTotal current liabilitiesLong-term debtDeferred compensation liabilitiesPension and other postretirement benefits plan liabilitiesNoncurrent operating lease liabilitiesOther noncurrent liabilitiesTotal liabilitiesMarch 31, 2022 10.4 218.832.42.6264.218.445.266.5409.98.531.727.2871.6 EquityPreferred stock, 0.01 par valueAuthorized: 1.0 shares; Issued: NoneCommon stock, 0.01 par valueAuthorized: 65.0 shares;Issued and outstanding: 36.8 shares and 32.4 shares in 2022 (2021 35.9 shares and 33.0 shares)Treasury stock, at cost: 4.4 shares in 2022 (2021 - 2.9 shares)Additional paid-in capitalRetained earningsAccumulated other comprehensive lossTotal equityTotal liabilities and equity4December 31, 202154.818.5129.7203.0194.119.539.340.521.3517.7 54.5 199.123.52.6279.718.742.663.7410.08.731.728.2883.3 — 61.4124.019.840.639.421.1506.3— 0.4(57.1)260.6251.4(78.3)377.0883.3

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Condensed Consolidated Statements of Operations(UNAUDITED)(in millions, except per share data)Three Months Ended March 31,20222021Net salesTech-enabled servicesSoftware solutionsPrint and distributionTotal net salesCost of sales (a)Tech-enabled servicesSoftware solutionsPrint and distributionTotal cost of salesSelling, general and administrative expenses (a)Depreciation and amortizationRestructuring, impairment and other charges, netIncome from operationsInterest expense, netInvestment and other income, netEarnings before income taxesIncome tax expenseNet earnings Net earnings per share:BasicDilutedWeighted average number of common shares outstanding:BasicDilutedAdditional information:Gross margin (a)SG&A as a % of total net sales (a)Operating marginEffective tax rate(a) Exclusive of depreciation and amortization591.769.849.5211.0 118.560.366.5245.3 37.727.533.798.964.310.71.835.31.5(0.2)34.07.626.4 2 0.800.77 0.0%20.8%24.1%

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Reconciliation of GAAP to Non-GAAP MeasuresFor the Three Months Ended March 31, 2022 and 2021(UNAUDITED)(in millions, except per share data)For the Three Months Ended March 31, 2022GAAP basis measuresNon-GAAP adjustments:Restructuring, impairment and othercharges, netShare-based compensation expenseNon-income tax, netTotal Non-GAAP adjustments (a)Non-GAAP measures (a)Gross profit 112.1 ————112.1 Income (loss)fromSG&Aoperations64.3 35.3—(3.6)0.3(3.3)61.0 1.83.6(0.3)5.140.4Operatingmargin16.7%Netearnings (loss)Netper dilutedearnings (loss)share 26.4 0.770.9%1.7%(0.1%)2.4%19.1% 1.30.8(0.2)1.928.3 For the Three Months Ended March 31, 2021GAAP basis measuresNon-GAAP adjustments:Restructuring, impairment and othercharges, netShare-based compensation expenseLSC multiemployer pension plansobligationsNon-income tax, netCOVID-19 related recoveries, netLoss on equity investmentTotal Non-GAAP adjustments (a)Non-GAAP measures (a)Gross profit 135.0 —— ——(0.9)—(0.9)134.1 3)(0.1)——(10.5)63.0 (a)Income (loss)fromoperations 50.9Totals may not foot due to rounding.6Netearnings (loss) 35.2 0.040.02(0.01)0.050.82Netearnings (loss)per dilutedshare 1.020.6(0.7)0.02(0.02)5.20.1(0.7)0.14.639.8 0.15—(0.02)—0.131.15

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Segment GAAP to Non-GAAP Reconciliation and Supplementary InformationFor the Three Months Ended March 31, 2022 and 2021(UNAUDITED)(in millions)For the Three Months EndedMarch 31, 2022Net salesIncome (loss) from operationsOperating margin %CapitalMarkets SoftwareSolutions Non-GAAP AdjustmentsRestructuring, impairment and othercharges, netShare-based compensation expenseNon-income tax, netTotal Non-GAAP adjustmentsNon-GAAP income (loss) fromoperationsNon-GAAP operating margin % Depreciation and amortizationAdjusted EBITDAAdjusted EBITDA margin % Capital expenditures For the Three Months EndedMarch 31, 2021Net salesIncome (loss) from operationsOperating margin % Non-GAAP AdjustmentsRestructuring, impairment and othercharges, netShare-based compensation expenseLSC multiemployer pension plansobligationsNon-income tax, netCOVID-19 related recoveries, netTotal Non-GAAP adjustmentsNon-GAAP income (loss) fromoperationsNon-GAAP operating margin % Depreciation and amortizationAdjusted EBITDAAdjusted EBITDA margin % Capital expenditures Capital Markets Compliance andCommunicationsManagement44.7 4.39.6%InvestmentCompanies SoftwareSolutions103.6 28.927.9%InvestmentCompanies Compliance andCommunicationsManagement25.1 6.224.7%Corporate37.6 8.121.5%Consolidated— 4.9 29.2 6.3 8.5 11.0%28.2%25.1%22.6%5.110.0 22.4%1.530.7 29.6%2.99.2 36.7%1.19.6 25.5%5.3 38.5 6.516.9%0.7 138.5 59.142.7%3.0 21.8 2.09.2%(8.5) nm40.419.1%0.1(8.4) nm10.751.124.2% 0.3 9.946.5 6.313.5%— )————(0.7)———10.50.1(0.9)10.46.6 58.9 17.1%42.5%3.710.3 26.8%1.560.4 43.6%3.7 0.62.0 9.2% nm - Not meaningful7 13.5%3.65.6 25.7%1.86.3 1.07.3 15.7%0.5 (12.5) 61.3nm25.0%—(12.5) nm9.871.129.0%1.4 8.0

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Condensed Consolidated Statements of Cash Flows(UNAUDITED)(in millions)Operating ActivitiesNet earningsAdjustments to reconcile net earnings to net cash used in operating activities:Depreciation and amortizationProvision for expected losses on accounts receivableShare-based compensationDeferred income taxesNet pension plan incomeAmortization of right-of-use assetsOtherChanges in operating assets and liabilities:Accounts receivable, netPrepaid expenses and other current assetsAccounts payableIncome taxes payable and receivableAccrued liabilities and otherOperating lease liabilitiesPension and other postretirement benefits plan contributionsNet cash used in operating activitiesInvesting ActivitiesCapital expendituresNet cash used in investing activitiesFinancing ActivitiesRevolving facility borrowingsPayments on revolving facility borrowingsTreasury share repurchasesProceeds from exercise of stock optionsFinance lease paymentsNet cash provided by financing activitiesEffect of exchange rate on cash and cash equivalentsNet decrease in cash and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents at end of periodSupplemental cash flow informationIncome taxes paid (net of refunds)Interest paidAdditional Information:Net cash used in operating activitiesLess: capital expendituresFree Cash FlowFor the Three Months Ended March 31,20222021 826.4 8.0)113.0(43.0)(52.6)0.3(0.4)17.30.7(44.1)54.510.4 2.50.9 (52.2) 9.9(62.1) (38.3)8.0(46.3)

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Reconciliation of Reported to Organic Net Sales(UNAUDITED)(in millions)Reported Net Sales:For the Three Months Ended March 31,2022For the Three Months Ended March 31,2021Net sales changeCapitalMarkets SoftwareSolutionsCapital Markets Compliance andCommunicationsManagementInvestmentCompanies SoftwareSolutionsInvestmentCompanies Compliance andCommunicationsManagementConsolidated 44.7 103.6 25.1 37.6 211.0 38.5 138.5 21.8 46.5 245.316.1%(25.2%)15.1%(19.1%)(14.0%)Year-over-year impact of changes inforeign exchange (FX) rates(0.3%)(0.1%)(0.9%)—(0.2%)Net organic sales change16.4%(25.1%)16.0%(19.1%)(13.8%)Supplementary non-GAAPinformation:9

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Reconciliation of Net Earnings to Adjusted EBITDA(UNAUDITED)(in millions)For the TwelveMonths EndedMarch 31, 2022 137.1March 31, 2022 26.4For the Three Months EndedDecember 31, 2021September 30, 2021 25.6 37.079.9Tech-enabled servicesSoftware solutionsPrint and distributionTotal net sales492.7279.5186.8959.0Adjusted EBITDA margin % 28.7% 91.769.849.5211.024.2%10 124.973.834.1232.826.3% 142.169.336.3247.733.3% June 30, 202142.9Net earningsAdjustmentsRestructuring, impairment and othercharges, netShare-based compensation expenseLSC multiemployer pension plansobligationsNon-income tax, netCOVID-19 related recoveries, netGain on sale of long-lived assets, netGain on equity investmentsDepreciation and amortizationInterest expense, netPension income and other income, netIncome tax expenseTotal Non-GAAP adjustmentsAdjusted EBITDA 134.066.666.9267.529.9%

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Reconciliation of Net Earnings (Loss) to Adjusted EBITDA(UNAUDITED)(in millions)For the TwelveMonths EndedFor the Three Months EndedMarch 31, 2021 5.2March 31, 2021 35.2December 31, 2020 (35.8)September 30, 2020 0.6)62.160.8Tech-enabled servicesSoftware solutionsPrint and distributionTotal net sales445.8213.2260.1919.1Adjusted EBITDA margin % 23.3% 118.560.366.5245.329.0%11 107.454.248.7210.316.6% 104.551.153.9209.522.7% June 30, 2020(1.3)Net earnings (loss)AdjustmentsRestructuring, impairment and othercharges, netShare-based compensation expenseLSC multiemployer pension plansobligationsNon-income tax, netCOVID-19 related (recoveries)expense, netLoss on equity investmentAccelerated rent expenseeBrevia contingent considerationDepreciation and amortizationInterest expense, netPension income and other income, netIncome tax expense (benefit)Total Non-GAAP adjustmentsAdjusted EBITDA 115.447.691.0254.023.9%

Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN")Debt and Liquidity Summary(UNAUDITED)(in millions)Total LiquidityAvailabilityStated amount of the Revolving Facility (a)Less: availability reduction from covenantsAmount available under the Revolving FacilityMarch 31, 2022 300.0—300.0UsageBorrowings under the Revolving FacilityImpact on availability related to outstandingletters of creditAmount used under the Revolving FacilityAvailability under the Revolving FacilityCash and cash equivalentsNet Available Liquidity .454.538.5Adjusted EBITDA for the twelve months ended March31, 2022 and 2021, and the year ended December 31,2021 274.80.7x183.70.7x 22.0194.1Non-GAAP Net Leverage (defined as non-GAAPNet Debt divided by Adjusted EBITDA)300.0—300.0—Total debtNon-GAAP Net Debt (defined as total debt less cashand cash equivalents) March 31, 202170.0238.3Non-GAAP Gross Leverage (defined as total debtdivided by Adjusted EBITDA)December 31, 2021 352.3 124.0 294.80.4x69.50.2x316.5252.7 214.41.2x214.21.0x(a) The Company has a 300.0 million senior secured revolving credit facility (the “Revolving Facility”). The Revolving Facility is subjectto a number of covenants, including a minimum Interest Coverage Ratio and a maximum Consolidated Net Leverage Ratio, both asdefined and calculated in the credit agreement. There was 70.0 million of borrowings outstanding under the Revolving Facility as ofMarch 31, 2022, and 2.1 million of outstanding letters of credit that reduced the availability under the Revolving Facility as ofMarch 31, 2022. Based on the Company’s results of operations for the twelve months ended March 31, 2022 and existing debt, theCompany would have had the ability to utilize the remaining 227.9 million of the 300.0 million Revolving Facility and not have beenin violation of the terms of the Revolving Facility agreement.12

CHICAGO - May 5, 2022 - Donnelley Financial Solutions, Inc. (NYSE: DFIN), (the "Company" or "DFIN") today reported financial results for the first quarter of 2022. Highlights for the first quarter of 2022: Record first-quarter software solutions net sales of 69.8 million, an increase of 15.8%, from the first quarter of 2021;