Standard Register

Second Quarter 2007

Conference Call

July 27, 2007

 Safe Harbor Statement:

This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for fiscal year 2007 and beyond could differ materially from the Company’s current expectations. Forward-looking statements are identified by words such as “anticipates,” “projects,” “expects,” “plans,” “intends,” “believes,” “estimates,” “targets,” and other similar expressions that indicate trends and future events. Factors that could cause the Company’s results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company’s products and services, the frequency, magnitude and timing of paper and other raw-material-price changes, general business and economic conditions beyond the Company’s control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company’s success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company’s filing with The Securities and Exchange Commission, including its report on Form 10-K for the year ended December 31, 2006. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely. 

2

Dennis L. Rediker

President and Chief Executive Officer

3

Results for the Second Quarter

• Revenue down 5 percent or $11.5 million• Shortfall attributed to three accounts - $12 million• Growth areas net of three accounts:

Labels +2 percent Digital Print +3 percent POD Services +9 percent Document Systems +22 percent Commercial Print Services +16 percent

• Gross margins fell 3.1 percentage points due to lower revenue

• Excluding Pension Amortization, SG&A – improved by $1 million

• Operating Profit was $3.3 million vs. $12.2 million4

Results for 1st Half 2007 vs. 1st Half 2006

• Revenue was down 2.8 percent or $12.6 million

• Same three accounts accounted for declines of $20 million

• Growth areas net of three account: Digital Print +18 percent Document Systems +19 percent Commercial Print Service +11 percent

• Gross Margins weaker due to lower revenue

• Excluding Pension Amortization, SG&A lower

• Operating Profit of $12.7 million vs. $26.4 million

5

Outlook

6

• Revising revenue guidance from low to mid single-digit and flat for full year

• Annualizing 1st half revenue we need $18 million in additional revenue in 2nd half

• Will come in 3 areas:- Reduction of backlog $10 million- New Products 5 million- Implementations 5 million

$20 million total• $15 million in cost reductions in 2nd half 2007• $25 million in cost reductions in 2008

Craig J. Brown

Chief Financial Officer

7

2007 2006 Continuing Operations 2007 2006

211.2 222.7 Revenue 438.6 451.2-5.2% % Change -2.8%

67.2 77.8 Gross Margin 143.1 159.631.8% 34.9% % Revenue 32.6% 35.4%

57.3 58.3 SG&A Expense [Excl Pension Amort / Settle] 117.2 118.56.6 7.3 Depreciation & Amortization 13.2 14.63.3 12.2 Operating Income [1] 12.7 26.4

1.6% 5.5% % Revenue 2.9% 5.9%

10.3 6.7 Pension Loss Amortization / Settlement 17.3 12.71.4 0.6 Restructuring & Impairment 3.4 3.40.8 0.4 Interest Expense & Other 1.5 0.9

-9.2 4.4 Pretax Income -9.5 9.4

-5.4 2.7 Net Income on Continuing Operations -5.5 5.6

-0.19 0.10 EPS on Continuing Operations Attribution -0.19 0.19-0.03 -0.01 Restructuring & Impairment -0.07 -0.07-0.22 -0.14 Amortization of Prior Years' Pension Losses -0.36 -0.260.06 0.25 All Other 0.24 0.53

0.7 -11.2 Discontinued Operations 0.1 -12.7

0.03 -0.39 EPS on Discontinued Operations 0.00 -0.44

-4.6 -8.5 Total Net Income -5.5 -7.0

-0.16 -0.29 Total Earnings Per Share -0.19 -0.24

[1] Non-GAAP measure - Operating Income Before Restructuring, Impairment, Pension Loss Amortization, and Pension Settlement.

Standard Register CompanyAnalysis of Operations

2nd Quarter 6 Months YTD

8

$ Millions

Operating Investment Jun-06 Dec-06 Jun-07

Working Capital Excl Cash & Debt 114.1 116.3 114.3Capital Assets @ NBV 121.4 119.3 119.6All Other Net LT Assets / (Liabilities) -60.3 -76.6 -63.7Net Operating Investment 175.2 159.1 170.2

Turnover -- Working Capital + Capital Assets 3.8x 3.8x 3.8x

Capital Structure

Total Debt 18.7 41.4 54.1Cash & Short-term Investments 2.4 0.5 0.0Net Debt [Debt less Cash] 16.3 40.9 54.1Net Debt: Total Capital 9.3% 25.7% 31.8%

Shareholders' Equity 158.9 118.2 116.1Total Capital 175.2 159.1 170.2

Standard Register CompanyBalance Sheet Analysis

9

For Additional Information, contact:

Robert J. Cestelli

Vice President, Investor Relations

Phone: 937.221.1304

Fax: 937.221.1205

E-mail: robert.cestelli@standardregister.com

Website: www.standardregister.com

10