Floris Waller CFO and member Executive Board

1
Floris WallerCFO and member Executive Board

• Corporate Express US Analyst Meeting Denver
  12-13 September 2007

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Safe Harbour Statementunder the Private
Securities Litigation Reform Act of 1995

• Statements included in this press release, which
  are not historical facts are forward-looking
• statements made pursuant to the safe harbour
  provisions of the Private Securities Litigation
• Reform Act of 1995 and the Securities Exchange
  Act of 1934.
• Such forward-looking statements are made based
  upon managements expectations and
• beliefs concerning future events impacting
  Corporate Express and therefore involve a
• number of uncertainties and risks, including, but
  not limited to industry conditions,
• changes in product supply, pricing and customer
  demand, competition, risks in integrating
• new businesses, currency fluctuations, and the
  other risks described from time to time in the
• Companys filings with the US Securities and
  Exchange Commission, including the
• Companys Annual Report on Form 20-F filed with
  the Securities and Exchange Commission
• on March 9, 2007. As a result, the actual results
  of operations or financial conditions of the
• Company could differ materially from those
  expressed or implied in such forward-looking
• statements. Shareholders and other readers are
  cautioned not to place undue reliance on
• these forward-looking statements, which speak
  only as of the date on which they are made.
• The Company undertakes no obligation to update
  publicly or revise any forward-looking
• statements.

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What (not) to expect those days

• What to expect
• Focus will be on Corporate Express US (CEUS)
• CEUS is our North American division, excluding
  Canada
• Strategic accounts, merchandising, CEC, logistics
• What not to expect
• Strategic Review will not be discussed
• Outcome can be expected at end of September
• Specific date to be announcement later
• No update on current trading, neither for US nor
  for Group

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History of Corporate Express

• 1851 Incorporated
• 1938 Listed on Amsterdam stock exchange
• 1993 Merger KNP, Bührmann-Tetterode, VRG ? KNP
  BT
• 1998 KNP BT distributions sector ? Buhrmann NV
• 1999 Merger with Corporate Express, Inc.
• 2001 Acquisition Office Supplies Division Samas
• Acquisition Office Supplies Division USOP
• 2003 Sale of Paper Merchanting Division
• 2007 Sale of ASAP Software
• 2007 Renamed Corporate Express NV

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BT
VRG
KNP
1993 1995 1997 1998 1998
KNP BT
Sector Paper
Sector Packaging
Sector Distribution
30 flotation BT OPI on NYSE
Multipleadd-on acquisitions
Sappi
De-listing BT OPI
Kappa
Buhrmann
OP Europe
Graphic Systems
Paper Merchanting
OP North America
OP Australia
ISD
SCH Ltd
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1998 1999 2001 2003 2007
OP Europe
OP Australia
ASAP Software
Paper Merchanting
Graphic Systems
OP North America
Corporate Express
Multiple add-on acquisitions
Samas
US OP
PaperlinX
Dell
Corporate Express
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Going-concern overview - excl. ASAP Software

• Based on LTM figures, excluding ASAP Software and
  Davenport Office
• LTM sales EUR 5,621 mln
• Office Products EUR 5,020 mln
• Printing Systems EUR 601 mln
• LTM gross contribution EUR 1,839 mln
• Office Products EUR 1,651 mln
• As of sales 32.9
• Printing Systems EUR 188 mln
• LTM EBIT EUR 242 mln
• Office Products EUR 213 mln
• Includes Corporate (EUR 9 mln)
• As of sales 4.2
• Printing Systems EUR 29 mln
• Before special items

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OP Europe

• Sales increased 38 at constant rates
• Organic growth 5
• In general, market conditions are favourable with
• growing employment, solid economic conditions
• Strongest sales growth Nordics, UK, France
• Facility strong sales growth
• Continued strong improvement gross contribution
• 2007 continued organic sales growth expected and
  
• significantly higher sales and EBIT
• Sales improvement
• Merchandising

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OP Australia

• Q2 07 sales 9 at constant rates
• Generated across its diverse markets
• Healthy growth in facility and breakroom
• Contribution Educational Experience
• Gross contribution up 12
• In H2 2008 new state-of-the art distribution
• Centre to be opened in New South Wales
• Going forward,
• Focus on further leverage single-source model
• to drive organic growth
• Capitalise on acquisition strategy
• Strong focus on business efficiency
• improvements

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Printing Systems For FY 2007 optimistic about
continued sales and earnings growth
Excl. Veenman Group

• Q2 07 good quarter with sales 7
• Mainly driven by printing presses
• Sold Veenman Germany to Konica
• Net sales 2006 EUR 565 mln
• Graphic Systems EUR 471 mln
• Triple S 34 of total sales
• Veenman Group EUR 94 mln

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Global Office Products - Global Coverage
North America LTM sales EUR 3,059 mln 9,862 FTEs
Europe LTM sales EUR 1,186 mln 3,980 FTEs
Europe alliances
Southeast Asia alliances
Latin America alliances
Australia New Zealand LTM sales EUR 775
mln 2,537 FTEs
LTM Last twelve months
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Global Office Products - Global Coverage

• Global customers
• Only player with such capabilities, strong growth
• Combined sourcing
• Asian sourcing offices, supplier relations,
  private brands
• Exchange best practices
• Pick-to-Voice, eCommerce, Salesforce.com
• Product range extension
• Private brands

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Products and services From Office Supplies
towards Supplies for the Office
Europe
North America
Australia

• - Office supplies
• - Computer supplies
• Print forms management
• Facility
• Breakroom
• Office furniture
• - Customised corporate gifts
• Educational supplies
• IT hardware
• - Desktop software
• Others

? ? ? ? ? ? ? ? - - -
? ? ? ? ? ? - - - - -
? ? ? ? ? ? ? ? ? ? ?
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Market Environment
CONTRACT
Wide range / consumables Next Day Delivery
Corporate Express Office Depot Office
Max Staples Lyreco Regional/Local Players
Staples Office Depot Office Max Supermarkets
Independent Retailers
Staples Office Depot Office Max Regional/Local
Players
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Average working capital as of sales4 quarter
rolling average
9.7
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Consolidated cash flow statement
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Net interest-bearing debt Excl ASAP Software ,
in bold
1,456

1,208

• Leverage ratio 3.7x ? 3.3x
• Interest coverage ratio 4.5x ? 4.6x
• Net interest-bearing debt as percentage of
• group equity 98 ? 75

Assumes ASAP Software divestment per end of
June 2007 Proceeds USD 340 mln ( EUR 248 mln)
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Funding (per end of June 2007)
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Closing remarksProductivity in your hands

• Increased corporate focus on office products via
  divestment ASAP and Veenman Germany
• OP Europe, OP Australia, Printing systems showing
  good performance
• OP North America to be covered in detail today
  and tomorrow
• ---/---
• Strategic review outcome expected at end of
  September
• No trading update to be expected
• Enjoy your 1.5-day Corporate Express
• Analyst Investor meeting

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Productivity in your hands.