1. First Quarter 2004 Amsterdam, 6 May 2004

2. 2 “Safe Harbour” Statement under the Private Securities Litigation Reform Act of 1995 Statements included in this presentation 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 Buhrmann 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 June 27, 2003. 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. 3 Q1 2004 sales and EBITAE Sales EUR 1,348 mlnEBITAE EUR 51 mln Holding cost EUR 6mln

4. 4 Summary - First quarter 2004 “We are encouraged by the overall performance” ­Increase in organic sales ­Profitability improved substantially ­Sales EUR 1,348 million (-37%) ­Mainly due to divestment Paper Merchanting, currency impact ­Organic sales growth +2% - best performance in 12 quarters ­  Office Supplies Australia, ASAP software and Graphic Systems ­  Office Supplies North America and Office Supplies Europe

5. 5 Summary - First quarter 2004 (Cont’d) ­EBITA(E) flat at EUR 51mln, at constant rates +12% ­Strong improvement in continued operations ­Divested Paper Merchanting contributed EUR 15 mln in Q1-03 ­Working capital (4 quarter rolling average) further improved to 10.1% (from 11.1% Q1-03) ­Substantial increase in net profit* to EUR 25.7 mln ­Q1-03 EUR 5.1 mln ­Substantially lower financing costs, lower interest charges, cost reduction measures, efficiency gains ­EPS* EUR 0.13 (Q1 2003 EUR 0.02) * On ordinary operations before amortisation goodwill and exceptional items

6. 6 Organic growth Graphic Systems Q1 2004 7% of total Group’s sales OP Europe/Australia Q1 2004 29% of total Group’s sales OP North America Q1 2004 64% of total Group’s sales Buhrmann Office ProductsIncludes Paper Merchanting

7. 7 First quarter trends return on sales %

8. 8 Cash Flow and financing ­Available cash flow EUR (27) mln ­Increase in working capital of EUR 41 mln (seasonal decrease in creditors) ­Capex EUR 15 mln ­Interest-bearing net debt at EUR 893 mln ­Increase due to currency fluctuations and cash outflow ­In % of group equity 58% (Q1-2003 88%) ­Net financing costs more than halved to EUR 20.1 mln ­Lower level of debt ­Optimisation of debt portfolio conducted in Q4 2003

9. 9 Cash flow statement in EUR mln Q1 2004Q1 2003 Operating result on cash basis72.7138.9 Change in inventories28.2(6.2) Change in trade receivables43.0119.3 Change in trade creditors(158.3)(163.9) Change in other receivables/liabilities45.741.6 Change in working capital(41.4)(9.2) Financial payments(24.3)(35.5) Other operational payments(7.7)(11.3) Cash Flow from operational activities(0.7)82.9 Investments in tangible fixed assets(15.1)(18.1) Acquisitions, integration, divestments(11.5)(6.8) Available Cash Flow(27.3)58.0

10. 10 Average working capital as % of sales 4 quarter rolling average / Excl. Paper Merchanting Division From 11.1% to 10.1% From 12.1% to 11.1% EUR mln Working capital outflow Working capital inflow

11. 11 Net debt development Fixed Rates EUR/USD 1.22, EUR/GBP 0.67 Actual rates Debt reduction EUR 743 mln At fixed rates Debt reduction EUR 640 mln

12. 12 Total Office Products ­Q1 2004 ­Sales EUR 1,252 mln ­EBITAE EUR 58 mln ­Q1 2003 ­Sales EUR 1,381 mln ­EBITA EUR 51 mln ­Q1 2002 ­Sales EUR 1,667 mln ­EBITA EUR 86 mln

13. 13 Total Office Products Market conditions remained soft in most of our countries ­Organic growth flat y-on-y ­EBITAE +13% to EUR 58 mln (at constant rates +25%) ­Margin improvements through expansion private brand offering ­Successful reduction in cost base ­Efficiency gains ­Average capital employed down 11% year-on-year at constant rates ­Actual numbers -19% to EUR 785 mln ­eCommerce up to 34% of global office products sales

14. 14 Private brands ­Advantages customers: ­Broaden the selection of high quality products ­Quality product at lower price compared to manufacturer brand ­Same specifications as manufacturer brand ­Advantages Buhrmann: ­Increase brand awareness / customer loyalty ­Consistent ‘Value for money offer’ ­Contribute to improving margins

15. 15 Private brands (cont’d) Office Products Europe: Corporate Express ­1,100 sku’s to be expanded to 1,600 ­Roll-out started early 2003 as replacement for local private brands Office Products North America: multiple brand strategy ­Corporate Express Signature, Corporate Express Brand, EXP, DPS ­EXP (good quality, value pricing) and DPS (sourced from diversity manufacturers) are existing brands ­Roll-out Corporate Express Brand started in Q4 2003 ­Up to 1,300 sku’s will be released throughout 2004

16. 16 Office Products North America ­Q1 2004 ­Sales EUR 866 mln ­EBITAE EUR 43 mln ­Q1 2003 ­Sales EUR 1,003 mln ­EBITA EUR 43 mln ­Q1 2002 ­Sales EUR 1,271 mln ­EBITA EUR 71 mln

17. 17 ­Organic growth 2% (ASAP +21%, Office Products -2%) ­-2% organic growth in Office Products primarily due to ­Accelerated shift to private brand products ­Softness in furniture business ­Lower paper prices ­Added Value excl. ASAP improved 0.2% to 30.8% ­EBITAE flat at EUR 43 mln, at constant rates +16.5% ­Another strong quarter ASAP software ­Sales almost flat in euros. In US dollars +15% ­EBITAE EUR 5.0 mln (Q1-03 EUR 4.6 mln). In USD +28% Office Products North America

18. 18 Office Products Europe / Australia ­Q1 2004 ­Sales EUR 386 mln ­EBITAE EUR 15 mln ­Q1 2003 ­Sales EUR 378 mln ­EBITA EUR 8 mln ­Q1 2002 ­Sales EUR 396 mln ­EBITA EUR 15 mln

19. 19 ­Organic decline 2% (OP Europe down, OP Australia up) ­UK: Sequential positive sales trend, confirms management actions taken ­Benelux: market conditions remained weak ­Germany: Office supplies business performed better, while demand for furniture and copiers remained weak ­Other European countries generally continued to do well ­EBITAE up over 60% at constant rates ­Profitability European office products increased due to ­Restructuring implemented last year ­Success of margin enhancement initiatives such as private brand Office Products Europe / Australia Listed CE Australia discloses on semi-annual basis

20. 20 Graphic Systems ­Q1 2004 ­Sales EUR 96.7 mln ­EBITA EUR (1) mln ­Q1 2003 ­Sales EUR 62 mln ­EBITA EUR (9) mln ­Q1 2002 ­Sales EUR 100 mln ­EBITA EUR 1 mln

21. 21 ­Sales up 56% to EUR 97 mln, Organic growth 27% ­Q1-03 EUR 13 mln negative impact from new revenue recognition rule ­Too early to determine if market recovery is imminent given Late cyclical nature of business General economic circumstances have not improved ­DRUPA (6-19 May) may stimulate order intake in H2-04 ­Continue to reinforce “triple S” strategy ­EBITAE loss EUR 1 mln versus loss of EUR 9 mln in Q1-03 Graphic Systems

22. 22 Closing remarks ­From a stronger financial and operational base, the re-aligned and more focused marketing and sales efforts targeted at specific customer segments are having a positive effect on sales volumes ­Global sourcing initiatives and growth in our private brands are beneficiary to our absolute margins, although on average selling prices are lower for our private brands than for manufacturers’ brands ­We expect available cash flow to be positive for 2004

23. 23 Leaders in business services and distribution www.Buhrmann.com Corporate Communications +31.20.651.1034 Investor Relations +31.20.651.1042

24. 24 Financial considerations ­Effective tax rate (on EBTAE) full year 2004 about 15-20% ­Medium term around 25% ­Capex* 2004 about EUR 80 mln ­2003 EUR 79 mln (of which Paper Merchanting EUR 11 mln) ­Goodwill amortisation* 2004 about EUR 50 mln ­2003 EUR 52 mln (of which Paper Merchanting EUR 2 mln) ­Depreciation 2004* about EUR 87 mln ­2003 EUR 104 mln (of which Paper Merchanting EUR 17 mln) ­Holding costs about EUR 23 mln on annual basis ­US Dollar exposure ­A 10% change in USD/EUR exchange rate affects net result from ordinary operations before goodwill amortisation by approximately 7% * Subject to currency fluctuations

25. 25 ASAP Software In EUR mlnQ1 2003Q2 2003Q3 2003Q4 2003Q1 2004 Sales149246164229147 Added value14.418.114.618.415.3 As % of sales9.6%7.4%8.9%8.0%10.4% EBITAE4.67.74.58.45.0 As % of sales3.0%3.1%2.7%3.7%3.4% In USD mln Sales 160277184270184 Added value15.420.516.421.819.1 EBITAE4.98.75.09.86.3

26. 26 Change in number of employees Excluding Paper Merchanting Division Number of employees decreased 4,005 (2,270 ) (1,614)(121)

27. 27 Funding (per 31-03-2004) in EUR mlnActualApplicable Interest % Revolver (EUR 255 mln facility) - Commitment fee 0.75% Drawings: EURIBOR + 2.50% Term Loans Total478 Term Loan A118 EURIBOR + 2.50% Term Loan B360 EURIBOR + 2.75% Convertible (subordinated) 115 2.00% Securitisation (ARSP)82 LIBOR + 0.50% High Yield ($ 350mln)(subordinated) 286 12.25% Other Debt Cash 62 Interest-Bearing Net Debt893

28. 28 (Cumulative) redemption scheme ARSP is considered to be a permanent programme Cumulative redemption scheme Redemption scheme

29. 29 Details on Credit Facility End ofMinimum Interest Coverage Maximum Leverage Ratio 20042.404.45 20052.654.10 20063.203.70 20073.503.25 2008 + thereafter 3.503.00 Applicable Margin for Leverage Ratio Term Loan A and Revolver Term Loans B Commitment Fee Revolver > 3.502.50%2.75%0.75% 3.00 - 3.502.25%2.75%0.75% 2.50 - 3.002.00%2.50%0.75% 2.00 - 2.501.75%2.50%0.75% < 2.001.50%2.50%0.75% ­Definitions for Credit Facility purposes may differ from published figures ­Interest Coverage = EBITDA / Interest Expense ­Leverage Ratio = Gross Debt / EBITDA ­Calculated on 4 quarter rolling basis

30. 30 Accounting policies Exceptional items – during the course of a year, certain events take place that may be viewed as part of a company’s normal business operations. these events however, have unique characteristics that set them apart from the company’s standard day-to-day operations, these events may be so infrequent and of such a size that reporting them as exceptional items provides the opportunity to give a more operationally oriented view on the results of the business. other events, such as restructurings are so large and impact the company’s operations and cost structure so significantly, that reporting them as exceptional items aims to clarify the effect of these decisions on the results of operations. In order to increase transparency these events have been separately disclosed as exceptional results Revenue recognition (for equipment sales of the Graphic Systems Division) – Following the release of the new Guideline for Annual Reporting on Revenue Recognition (270.2) from 2003 onwards the equipment sales are recorded after installation, instead of at delivery. Organic growth rates exclude all factors that disturb a like-for-like comparison, such as: currency exchange rate movements, acquisitions, divestments, variations in the number of working days, the change- to a commission-based model at our ASAP Software subsidiary, and the change in the sales recognition of the Graphic Systems Division Non-GAAP measures: Figures are often presented before exceptional items and where applicable before amortisation and impairment of goodwill. These figures are regarded by Buhrmann as key performance indicators increasing the transparency of the reporting.

31. 31 Drivers of value creation ­Focus on profitable organic growth ­Consolidate in large client segment and win new accounts ­Grow mid-market segment ­Product range extension & margin management ­Private brands ­Focus on cost control ­Continued re-engineering ­Customer profitability ­Focus on cash generation ­Working capital management ­Selective capital expenditure

32. 32 Financial targets ­EBITDA / cash interest > 3 times ­Debt /enterprise value < 50% Operational targets per division EBITAE ROCE* Office Products 6.5% 32.5% Graphic Systems 3 - 8% 15 - 40% *pre goodwill