1 Corporate Express – Scottsdale (AZ), 3 October 2007 Kees Bangma – Group Treasurer - Focus. Execute. Deliver. Strategic Review - Focus. Execute. Deliver.

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Presentation transcript:

1 Corporate Express – Scottsdale (AZ), 3 October 2007 Kees Bangma – Group Treasurer - Focus. Execute. Deliver. Strategic Review - Focus. Execute. Deliver.

2 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 “Safe Harbour” Statement under 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 Such forward-looking statements are made based upon management’s 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 Company’s filings with the US Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 9, 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.

3 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Overview Corporate Express Pure-play contract supplier within office products industry Leading global player Extensive logistical backbone Sophisticated eCommerce platforms Strong brands Over 18,000 employees 1 Last 4 quarters, excluding ASAP Software Global footprint Annual revenues of EUR 5.6 billion 1 #1 position in US, Australia, Norway, Sweden, Benelux and Germany Top 3 position in Canada, Austria, New Zealand, Ireland and Italy Present at over 300 locations in 20 countries in Europe, North America and Australia Company description

4 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 A leading player … Strong competitive position Pure-play contract OP supplier with distinct B2B model Large global footprint Scale benefits - Merchandising, sourcing Exchange best practices - Private brands, product range extension, Pick-to-Voice, eCommerce, Saleforce.com Scalable platform - Logistics and distribution infrastructure - Sophisticated eCommerce platforms Leading B2B market positions in key markets - #1 in US, Australia, Norway, Sweden, Benelux and Germany - Top 3 positions in Canada, Ireland, Austria, New Zealand and Italy Present at over 300 locations in 20 countries in Europe, North America and Australia Alliances in Europe, Latin America and South- East Asia Only player able to service customers globally - Strong sales growth with global accounts

5 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 … in an attractive market… High barriers to entry – Different infrastructures (IT, logistics) – Sourcing, multiple suppliers Operational leverage of fixed cost base Attractive Return on Capital Employed Attractive market Close link with white-collar employment Leverage of distribution, IT, eCommerce and sales force infrastructure Little risk of disintermediation

6 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 …and a streamlined operational infrastructure…

7 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 …but with room to drastically improve execution Decentralised organisation and unfocused go-to-market models …leading to unsuccessful execution and poor sales performance …however, with successful sourcing, merchandising, logistics and eCommerce Identified challenges – Under-utilized position with larger clients – Limited penetration in mid-market – Increasing complexity in category offering – Sub scale or absent in some geographies

8 FOCUS. EXECUTE. DELIVER. STRATEGIC REVIEW

9 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Key issues Corporate Express has the right strategy and is well positioned but has been lacking in execution… …we should further increase FOCUS and improve how we EXECUTE our plans... …we need to change our organisation and leadership to be able to unlock full potential and DELIVER shareholder value 1.Do we have a sound strategy? 2.How can we improve performance? 3.What operational changes are needed to deliver? Key questions Key issues

10 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Strategic direction Broaden product portfolio of businesses Focus. Execute. Deliver March-September 2007 Adding categories to create single source offer Shift organisation to category focus Focus on mid­market Private brands, preferred supplier, global sourcing Key strategic moves Key strategic moves Acquisitions in Australia, Scandinavia, North America, Spain Divested ASAP Software and Veenman Germany M&A activity 1.Do we have a sound strategy? 2.How can we improve performance? 3.What operational changes are needed to deliver? 4.Which strategic options do we have? Strategic Review Increase share of wallet Improve category offering Grow mid-market share One global management team KPI’s, accountability Strengthen geographic footprint

11 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Key actions to deliver shareholder value Launch 4 key strategic priorities to deliver profitable growth – Increase share of wallet – Improve category offering – Grow mid-market share – Strengthen geographic footprint Focus Execute Transform into a more operationally focussed and sales driven organisation Creation of one global management team to improve operational execution significantly Clear and specific targets, KPI’s and accountability Deliver Global Office Products: Average annual organic sales growth of at least 6% for Given business model, EBITDA margin of at least 7%

12 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 To become a fully operational driven company Peter Ventress (CEO): ”We have to transform radically our management structure and our ability to execute.” Decentralised structure no longer appropriate Organisation has to mirror our unique position as global pure play B2B office supplies company Transform into a more operationally focussed and sales driven organisation Creation of one global management team to improve operational execution significantly

13 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Peter Ventress (CEO) Executive Management Group New management team Strong operational focus Jay Mutschler President USA Peter Damman President Europe Ron Lalla EVP Merchan- dising Not yet filled SVP People & Organisation Tim Beauchamp SVP Operations Dick Dijkstra SVP IT Grant Harrod President Australia Supervisory Board Executive Board George Dean To retire as planned after AGM in April 2008 Floris Waller (CFO)

14 FOCUS. EXECUTE. DELIVER. FINANCIALS

15 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 H performance as reported Sales up 2.4% to EUR 3,194 million – 7.0% at constant rates Organic growth Corporate Express +3% – Office Products North America down 2% – Office products industry US facing challenging environment – US operations stable after disruptions in sales force and customer service OP Europe and OP Australia showing good performance Printing systems reporting a good first half Operating result EUR 108 mln – (4.2%), at constant rates flat Operating result before special items EUR 119 mln – (16.7%), at constant rates (13%)

16 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 in EUR mlnQ2 07LTMGuidance FY 07 EBIT Depreciation pp&e ± 90 Amortisation intangibles ± 12 Adjustments for non-cash (0.2)0.4 Change in inventories(2.8)(38.2) Change in trade receivables(70.8)(63.1) Change in trade payables Change in other receivables/liabilities(25.3)2.5 Change in working capital7.2(33.1) Payments for defined benefits plans(2.5)(13.2)± (10) Profit tax paid(8.5)(30.2)± (35) Other operational payments(0.5)(29.2) Cash Flow operational activities Investments in pp&e and software(26.1)(92.7)± (100) Acquisitions, integration, divestments(1.7)(279.2) CF available for financing activities45.8(130.2) Consolidated cash flow statement

17 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Net interest-bearing debt Excl ASAP Software *, in bold ­ Leverage ratio: 3.7x → 3.3x * ­ Interest coverage ratio 4.5x → 4.6x * ­ Net interest-bearing debt as percentage of group equity: 98% → 75% * 1,456 1,208 * Assumes ASAP Software divestment per end of June 2007 Proceeds USD 340 mln (± EUR 248 mln) *

18 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 in EUR mln ActualCash Interest % Revolver (EUR 255 mln facility)42LIBOR +2.50% drawn; +0.75% undrawn Term Loans A / D (senior credit facility)642EURIBOR +2.50%/2.00% Convertible (subordinated) % Equity Adjustment Convertible(22) Securitisation172 LIBOR +0.40% drawn; +0.28% un-drawn High Yield bonds (USD 300 mln; subordinated)2227 7/8%-8¼% semi annual Preferences Shares A (nominal value)18121 cts/share; EUR 11mln Other Debt202 Capitalized financed fees(21) Cash(77) Interest – Bearing Net Debt1,456 Funding (per end of June 2007)

19 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Trading update Q results Q to be published Tuesday 6 November CEUS organisation stabilised; enhanced morale ‘Simplify and Sell’ approach paying off Continue to gain market share Office Products North America Organic growth (1%) Q (3%) Q (1%) Office Products Europe Organic growth +7% Q % Q % Organic growth Q3 2007

20 FOCUS. EXECUTE. DELIVER. Corporate Express Strategic Review; FOCUS. EXECUTE. DELIVER. 1 October 2007 Key actions to deliver shareholder value Launch 4 key strategic priorities to deliver profitable growth – Increase share of wallet – Improve category offering – Grow mid-market share – Strengthen geographic footprint Focus Execute Transform into a more operationally focussed and sales driven organisation Creation of one global management team to improve operational execution significantly Clear and specific targets, KPI’s and accountability Deliver Global Office Products: Average annual organic sales growth of at least 6% for Given business model, EBITDA margin of at least 7%

21. FOCUS. EXECUTE. DELIVER.