Floris Waller CFO and member Executive Board

1CXP Analyst and Investor Meeting Denver – 12-13 September 2007

Floris WallerCFO and member Executive Board

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

2CXP Analyst and Investor meeting, Denver - 12-13 September 2007

“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 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.


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


History of Corporate Express

1851 Incorporated1938 Listed on Amsterdam stock exchange

1993 Merger KNP, Bührmann-Tetterode, VRG KNP BT1998 KNP BT distribution’s sector Buhrmann NV

1999 Merger with Corporate Express, Inc.

2001 Acquisition Office Supplies Division SamasAcquisition Office Supplies Division USOP

2003 Sale of Paper Merchanting Division

2007 Sale of ASAP Software

2007 Renamed Corporate Express NV


BTVRGKNP

KNP BT

Sector Paper Sector Packaging Sector Distribution

Sappi

Kappa

30% flotationBT OPI on NYSE

Multipleadd-on

acquisitionsDe-listingBT OPI

1993

1995

1997

1998

1998Buhrmann

OP North America

GraphicSystems

PaperMerchanting

OP Europe

OP Australia

ISD

SCH Ltd


Multiple

add-on

acquisitions

CorporateExpress

US OPSamas

1998

1999

2001

2003

2007

PaperlinX

Dell

Corporate Express

OP North America

ASAPSoftware

PaperMerchanting

OP Europe

OP Australia

GraphicSystems


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

8

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

22%

9

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

15%

10

Printing Systems For FY 2007 optimistic about continued sales and earnings growth

0

150

300

450

600

1983 1986 1989 1992 1995 1998 2001 2004 2007Sales Trend

• 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

Sales

83%

17%

Graphics Veenman

Excl. Veenman Group


North AmericaLTM sales EUR 3,059 mln

9,862 FTEs

EuropeLTM sales EUR 1,186 mln

3,980 FTEs

Australia & New ZealandLTM sales EUR 775 mln

2,537 FTEs

Southeast Asiaalliances

Latin Americaalliances

Europealliances

LTM = Last twelve months

Global Office Products - Global Coverage


Global customersOnly player with such capabilities, strong growth

• Combined sourcingAsian sourcing offices, supplier relations, private brands

• Exchange best practicesPick-to-Voice, eCommerce, Salesforce.com

Product range extension Private brands

Global Office Products - Global Coverage


Products and services From ‘Office Supplies’ towards ‘Supplies for the Office’

NorthAmerica

Europe

- Office supplies- Computer supplies- Print & forms management- Facility- Breakroom - Office furniture

- Customised corporate gifts- Educational supplies - IT hardware- Desktop software- Others

---

--

---

Australia


Market Environment

Corporate Express

Office Depot

Office Max

Staples

Lyreco

Regional/Local Players

Staples

Office Depot

Office Max

Supermarkets Independent

Retailers

Wide range / consumables

Next Day Delivery

CONTRACT DIRECT MAIL

Limited Offering

RETAIL

Physical PresenceLease obligation

Staples

Office Depot

Office Max

Regional/Local Players


7%

8%

9%

10%

11%

Average working capital as % of sales4 quarter rolling average

9.7%


in EUR mln Q2 07 LTM Guidance FY 07

EBIT 54.7 247.1

Depreciation pp&e 20.4 89.2 ± 90

Amortisation intangibles 3.1 10.8 ± 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 106.0 65.8

Change in other receivables/liabilities (25.3) 2.5

Change in working capital 7.2 (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 73.6 241.6

Investments in pp&e and software (26.1) (92.7) ± (100)

Acquisitions, integration, divestments (1.7) (279.2)

CF available for financing activities 45.8 (130.2)

Consolidated cash flow statement


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)

*


in EUR mln

Actual Cash Interest %

Revolver (EUR 255 mln facility) 42 LIBOR +2.50% drawn; +0.75% undrawn

Term Loans A / D (senior credit facility) 642 EURIBOR +2.50%/2.00%

Convertible (subordinated) 115 2.00%

Equity Adjustment Convertible (22)

Securitisation 172LIBOR +0.40% drawn; +0.28% un-drawn

High Yield bonds (USD 300 mln; subordinated) 222 7 7/8%-8¼% semi annual

Preferences Shares A (nominal value) 181 21 cts/share; EUR 11mln

Other Debt 202

Capitalized financed fees (21)

Cash (77)

Interest – Bearing Net Debt 1,456

Funding (per end of June 2007)

19

Closing remarksProductivity in your handsProductivity 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 ExpressEnjoy your 1.5-day Corporate Express

Analyst & Investor meetingAnalyst & Investor meeting

20CXP Analyst and Investor Meeting Denver – 12-13 September 2007

Productivity in your hands.

Documents

Floris Waller CFO and member Executive Board