SAN RAMON, CA / The Special Committee of the Board of Directors of ARC Document Solutions, Inc. (the "Company"), a leading provider of digital printing and document-related services, announced that it received a non-binding proposal on April 8, 2024 from the Company's Chairman and Chief Executive Officer, Kumarakulasingam Suriyakumar, outlining Mr. Suriyakumar's intent to explore and evaluate a potential acquisition of all of the outstanding shares of the Company not already owned by Mr. Suriyakumar in a going-private transaction at a purchase price of $3.25 per share in cash (the "Proposed Transaction"). On June 27, 2024, Mr. Suriyakumar, Dilantha Wijesuriya, the Company's President and Chief Operating Officer, Jorge Avalos, the Company's Chief Financial Officer, Rahul Roy, the Company's Chief Technology Officer, Sujeewa Sean Pathiratne, a private investor, and certain entities affiliated with such persons (collectively, the "Acquisition Group") agreed in principle that they will work with each other to negotiate and consummate the Proposed Transaction. A copy of Mr. Suriyakumar's proposal is attached to the Schedule 13D filed by the Acquisition Group with the United States Securities and Exchange Commission on June 28, 2024. The Acquisition Group currently beneficially owns approximately 19.6% of the Company's outstanding shares of common stock, $0.001 per share.

In response to the proposal, on April 8, 2024, a special committee of the board of directors of the Company consisting entirely of independent, disinterested directors (the "Special Committee") was formed to review and evaluate the Proposed Transaction. The Special Committee retained William Blair & Company, L.L.C. to provide financial advice and K&L Gates LLP as legal counsel to assist in its ongoing review and evaluation of the Proposed Transaction and the Company's other strategic alternatives. Wilmer Cutler Pickering Hale and Dorr is acting as legal counsel to the Company.

The Special Committee intends to carefully consider the Proposed Transaction with the assistance of its independent financial and legal advisors. No assurances can be given regarding the terms and details of any transaction, that any proposal made by the Acquisition Group regarding a proposed transaction will be accepted by the Special Committee, that definitive documentation relating to any such transaction will be executed, or that a transaction will be consummated in accordance with that documentation, if at all.

The Company and the Special Committee do not intend to comment on or disclose further developments regarding the Special Committee's consideration of the proposal unless and until it deems further disclosure is appropriate or required. The Company's stockholders are advised to take no action at this time.