1. Q4 2007 results - Analyst & Investor meeting 7 February 2007 12h00 CET Amsterdam Focus. Execute. Deliver.

2. Q4 2007Corporate Express - Productivity in your hands2 “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 1934. 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, 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.

3. Q4 2007Corporate Express - Productivity in your hands3 Full year 2007 - Highlights We revisited our strategy enabling us to fully unlock potential of our company – Strategic initiatives and changes Changes in senior management Worked hard to solve our internal issues in the US Name changed into Corporate Express – To reflect the strength of our brand – Private brands represent > EUR 1bn in sales We opened sourcing offices in Hong Kong and Shenzhen We divested ASAP Software, – 90% of our business is office products We are confident that our plans put us on the right path to drive the company forward

4. Q4 2007Corporate Express - Productivity in your hands4 Full year 2007 - Lessons learned We didn’t execute the model We have to improve drastically our operational execution and performance We dropped the ball in the US – New organisational structure and centralising customer care/back offices at same time – Underestimated impact of such internal focus – All too complicated, therefore “Simplify & Sell” – It all has to be customer focused It is all about:  Focus: 4 strategic initiatives  Execute: EMG, clear targets, KPIs, operationally  Deliver: avg. annual organic sales growth 2008-10 of 6% resulting in >7% EBITDA-margin

5. Q4 2007Corporate Express - Productivity in your hands5 Q4 2007 overview Net sales EUR 1,405 mln Organic growth 2% Constant rates 1.7% Gross contribution EUR 465 mln Constant rates 1.9% EBIT* EUR 70.3 mln Constant rates 2.7% * Before special items EPS EUR 0.70 (Q4 2006: EUR 0.23) EPS** EUR 0.28 (Q4 2006: EUR 0.29) ** Before special items/amortisation intangibles/ fair value changes

6. Q4 2007Corporate Express - Productivity in your hands6 2008 - Full of confidence about our plans Unchanged dividend of EUR 0.21 proposed Capex 2008 around EUR 100 mln, above 2007 levels – Two-third IT related, investments in future growth Continued investments in optimising our infrastructures North America – Consolidation distribution infrastructure in 2007 and Q1 2008 – Continued investments eCommerce (new Eway) Europe – New German dc (45,000 m², consolidating 3 existing ones) – SAP implementation in several countries, e.g. Benelux and UK Australia – New dc in New South Wales (40,000 m², to consolidate 6 existing ones) – Project NxtGen, phased implementation SAP

7. Q4 2007Corporate Express - Productivity in your hands7 2008 - looking forward Global Office Products generally in good shape – January 2008 sales growth performance in line with Q4 Can not expect that financial results would immediately reflect profound changes that are taken place We would expect to see results of operational improvements coming through during 2008

8. Q4 2007Corporate Express - Productivity in your hands8 Strategic direction 2008-2010 Four key strategic priorities to deliver profitable growth – Increase share of wallet – Improve category offering – Grow mid-market share – Strengthen geographic footprint Focus Execute Transform organisation into more operationally focussed and sales driven one One global management team Improve operational execution significantly Clear and specific targets; KPI’s; and accountability Deliver Global Office Products: Avg. annual organic sales growth at least 6% 2008-2010 Given business model, EBITDA* margin at least 7% * including corporate overhead

9. Q4 2007Corporate Express - Productivity in your hands9 Strategic direction 2008-2010 - Focus Four key strategic priorities to deliver profitable growth – Increase share of wallet – Improve category offering – Grow mid-market share – Strengthen geographic footprint Focus ‘Sales Excellence Programme’ UK Has been started and is bearing fruit Strengthened our capabilities of winning greater share of wallet Reorganised sales force to better address opportunities with existing clients and new clients Created training and development programmes Hired new sales people Identified penetration opportunities per customer for individual categories Supported by detailed account plans

10. Q4 2007Corporate Express - Productivity in your hands10 Strategic direction 2008-2010 - Execute Execute Transform organisation into more operationally focussed and sales driven one One global management team Improve operational execution significantly Clear and specific targets ; KPI’s; and accountability Key performance indicators

11. Q4 2007Corporate Express - Productivity in your hands11 Strategic direction 2008-2010 - Deliver Deliver Global Office Products: Avg. annual organic sales growth at least 6% 2008-2010 Given business model, EBITDA* margin at least 7% * including corporate overhead EBITDA-margin 2000-07 (before special items)

12. Floris Waller, CFO Corporate Express Divisional and financial overview

13. Q4 2007Corporate Express - Productivity in your hands13 North America Organic sales growth +3% – Q4 2006: -1% – 2007: Q1 = -1%; Q2 = -3%; Q3 = -1% – January 2008 in line with Q4 performance Market growth est. around -1%, same as in Q3 and Q2 – White-collar employment still up y-on-y – Some weakness in discretionary items (e.g. furniture) Financial services as sector about 10% of our sales Gaining market share in US and Canada – Facility double-digit growth – Office supplies, toner, paper all doing relatively well Increased share of wallet large customers – Internal programme “More from the Core”

14. Q4 2007Corporate Express - Productivity in your hands14 North America (Cont’d) Gross contribution 32.5% – Stable at constant rates growth rates – Down120 bps y-on-y; up versus Q2 and Q3 – Q4 impacted by mix effects due to above average growth  At strategic and large customers  At lower margin product categories, such as paper and toner Operating costs (excl. special items) +1.9% at constant rates – Increased selling, delivery and warehouse expenses – Partly offset by lower G&A costs Operating margin 3.6%; EBITDA-margin 5.7%

15. Q4 2007Corporate Express - Productivity in your hands15 Europe Organic sales growth 5% – 2007: Q1 = 6%; Q2 = 5%; Q3 = 7% – January 2008 in line with Q4 performance Market growth estimated to be 2-3% Our main markets performing well, showing ongoing sales and earnings growth – UK strong sales growth – Nordics despite facing tough y-on-y comps strong performance – Germany in line with European average for sales and results Gross contribution +100bps, as result merchandising initiatives, relatively stable sales mix Operating result impacted by some double running costs (mostly IT related)

16. Q4 2007Corporate Express - Productivity in your hands16 Australia Reported sales EUR 199 mln – 2007: Q1 = 2%; Q2 = 5%; Q3 = 1% – Q4 organic sales growth -1% Australian market estimated to be slightly down due to some deflationary pressure – Volumes up, value down Gross contribution growth 7.1% at constant rates Operating result up 1.8% at constant rate – High wage inflation – Operating margin of 8.1% Project NxtGen – Leveraging technology to drive further business efficiencies – Phased implementation of next generation ERP system (SAP)

17. Q4 2007Corporate Express - Productivity in your hands17 Q4 2007 Operating result Special items (SI) Operating result before SI DepreciationAmortisation other intangibles Underlying North America21.9(4.1)26.013.60.840.4 Europe 12.1(2.6)14.73.02.520.2 Australia16.2- 2.20.418.8 Office products50.2(6.7)56.918.83.779.4 Corporate(6.6)(9.2)2.70.1-2.8 Office products43.6(15.9)59.618.93.782.2 Operating result vs. underlying result Underlying operating result, being EBITDA before special items Q4 2007 EUR 82.2 mln, FY 2007 EUR 288.4 mln EBITDA-margin (includes Corporate) Q4 2007 6.5% Q3 20075.5% Q2 20074.9% Q1 20075.8%

18. Q4 2007Corporate Express - Productivity in your hands18 Printing Systems Division Q4 developed as expected, operating result EUR 10.7 mln – Q4 order intake slowed somewhat in anticipation DRUPA Order portfolio at year-end remains satisfactory – Slightly below last year level DRUPA: 2-week trade fair starting end of May – Once every 4 years – Showcase of technological innovation by a.o. Heidelberg Graphic Systems sales trend In EUR mln

19. Q4 2007Corporate Express - Productivity in your hands19 Q4 2007 ReportedSpecial itemsAmort. intangibles Fair value changes Underlying Operating result *54.3(15.9)(3.7)-74.0 Net financing costs(27.3)--(5.7)(21.6) Result before tax 27.0(15.9)(3.7)(5.7)52.4 Profit tax9.15.31.1(0.1)2.8 Other financial results92.296.5--(4.4) Net result128.385.9(2.6)(5.8)50.8 Reported vs. underlying profits Special items: ASAP Software divestment, book profit EUR 96.5 mln North America: EUR 4.1 mln for cost reductions at US headquarters Europe: EUR 2.6 mln for planned closure German dc Holding: EUR 3.0 mln severance payment former CEO Holding: EUR 5.3 mln reclassification defined contribution plans into defined benefit plans Holding: EUR 0.9 mln reversal book profit Veenman Germany Profit taxes: EUR 2.8 mln a consequence favourable progress with number of tax audits and net effect of adjustments to deferred tax assets and liabilities * Operating result = Global office Products (incl. Corporate) EUR 43.6 mln plus Printing Systems EUR 10.7 mln

20. Q4 2007Corporate Express - Productivity in your hands20 in EUR mlnQ4 07Q4 06FY 07Guidance FY 08 EBIT54.366.5201.2 Depreciation pp&e and Amortisation intangibles25.027.397.9± 100 Share based employee benefits 1.32.28.2 Additions to / (release of) provisions (0.7)(6.0)(3.6) Change in inventories6.0(18.7)(12.0) Change in trade receivables46.237.7(12.0) Change in trade payables(55.0)50.5(16.7) Change in other receivables/liabilities(22.3)35.1(14.2) Change in working capital(25.2)104.6(21.6) Payments for defined benefits plans3.0(6.4)(4.3) Profit tax paid(9.7)(6.8)(31.4)35 - 40 Other operational payments(5.2)(6.9)(18.5) Cash Flow operational activities42.9174.5228.0 Cash flow discontinued operations6.732.0(4.8) Investments in pp&e and software(20.6)(23.7)(81.6)± 100 Acquisitions, integration, divestments251.3(21.4)202.9 CF available for financing activities (Total group) 279.1160.3340.6 Consolidated cash flow statement

21. Q4 2007Corporate Express - Productivity in your hands21 Average working capital as % of sales Rolling 4 quarter average (excludes ASAP Software) 11.0% ­ Working capital (per yearend 2007) EUR 563 mln (EUR 560 mln per end 2006) ­ Gains in account receivables offset by lower payables

22. Q4 2007Corporate Express - Productivity in your hands22 Net interest-bearing debt Leverage ratio: 3.1x Interest coverage ratio 3.7x - Adjusted for the sale of ASAP Net interest-bearing debt as % of group equity: 69% Average blended effective cash interest rate (incl. dividend pref. shares A) 2007: 6.7% 2006: 6.6% 2005: 6.9%

23. Q4 2007Corporate Express - Productivity in your hands23 (Cumulative) redemption scheme Cumulative redemption scheme Redemption scheme

24. Q4 2007Corporate Express - Productivity in your hands24 Senior Credit Facility Covenants are part of any credit facility for non- investment grade credit facilities – Definitions differ somewhat from published figures a.o.  Currency: not quarter end, but monthly average  Treatment special items and acquisitions / divestments Leverage ratio (acc. to Credit Facility) – Calculated on 4 quarter rolling basis – Gross debt / EBITDA – Max. EUR 50mln cash to be deducted from gross debt Q3 2007 3.6x2008: max. 4.0x Q4 2007 3.1x2009: max. 3.5x Interest coverage (acc. to Credit Facility) Q3 2007 4.0x2008: min. 3.5x Q4 2007 3.7x2009: min. 3.5x

25. Peter Ventress, CEO Corporate Express Closing remarks

26. Q4 2007Corporate Express - Productivity in your hands26 Focus. Execute. Deliver. Closing remarks: Focus. Execute. Deliver. We revisited our strategy enabling us to fully unlock potential of our company – Strategic initiatives and changes – Changes in senior management – Worked hard to solve our internal issues in the US – Continued investments in optimising our infrastructures We have to improve drastically our operational execution and performance Global Office Products in general in good shape – January sales growth performance in line with Q4 Can not expect that financial results would immediately reflect profound changes that are taken place We would expect to see results of operational improvements coming through during 2008

27. . FOCUS. EXECUTE. DELIVER.

28. Q4 2007Corporate Express - Productivity in your hands28 Guidance FY 2008 Tax rate ± 20% (excl. fair value effects, special items, amortisation intangibles, div preference shares A) – Medium term 20-25% – 2008 cash tax payments ± EUR 35 - 40 mln Capex ± EUR 100 mln – FY 2007 EUR 85.4 mln, year Depreciation ± EUR 85 mln – FY 2007 EUR 84.0 mln, year Amortisation other intangibles ± EUR 15 mln – FY 2007 EUR 12.9 mln Corporate ± EUR 12 mln – 2007 Holdings ± EUR 32 mln – 2008 net contribution for expected return on plan assets and interest obligations ± EUR 20 mln

29. Q4 2007Corporate Express - Productivity in your hands29 in EUR mlnActualCash Interest % Revolver (EUR 255 mln facility)20LIBOR +2.50% drawn; +0.75% undrawn Term Loans A / D (senior credit facility) 395EURIBOR +2.50%/2.00% Securitisation118LIBOR +0.40% drawn; +0.28% liq. facility Convertible (subordinated)1152.00% Equity Adjustment Convertible(21) High Yield bonds (USD 300 mln; subordinated)2047 7/8%-8¼% semi annual Preferences Shares A (nominal value)18121 cts/share; EUR 11mln Other Debt153 Capitalized financed fees(18) Cash(50) Interest - Bearing Net Debt1,097 Funding Per year-end 2007

30. . FOCUS. EXECUTE. DELIVER.