<SUBMISSION>
<ACCESSION-NUMBER>0001047469-08-006833
<TYPE>CB
<PUBLIC-DOCUMENT-COUNT>6
<FILING-DATE>20080520
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>CORPORATE EXPRESS N.V.
<CIK>0000948634
<ASSIGNED-SIC>5110
<IRS-NUMBER>000000000
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>CB
<ACT>34
<FILE-NUMBER>005-79095
<FILM-NUMBER>08848882
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>HOOGOORDDREEF 62
<STREET2>1101 BE AMSTERDAM ZO
<CITY>THE NETHERLANDS
<STATE>P7
<ZIP>00000
<PHONE>01131206511111
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>HOOGOORDDREEF 62
<STREET2>1101 BE AMSTERDAM ZO
<CITY>THE NETHERLANDS
<STATE>P7
<ZIP>00000
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BUHRMANN NV
<DATE-CHANGED>19980814
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BUHRMAN NV
<DATE-CHANGED>19980814
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>NV KONINKLIJKE KNP BT
<DATE-CHANGED>19950727
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>STAPLES INC
<CIK>0000791519
<ASSIGNED-SIC>5940
<IRS-NUMBER>042896127
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0227
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>CB
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>500 STAPLES DRIVE
<STREET2>P O BOX 9328
<CITY>FRAMINGHAM
<STATE>MA
<ZIP>01702
<PHONE>5082535000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>500 STAPLES DR
<CITY>FRAMINGHAM
<STATE>MA
<ZIP>01702
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>CB
<SEQUENCE>1
<FILENAME>a2185840zcb.htm
<DESCRIPTION>CB
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<P style="font-family:times;"><FONT SIZE=2>


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 </FONT> <FONT SIZE=2>
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<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FORM&nbsp;CB  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Securities
Act Rule&nbsp;801 (Rights Offering) <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Securities Act Rule&nbsp;802 (Exchange Offer) <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Exchange Act Rule&nbsp;13e-4(h)(8) (Issuer Tender Offer) <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Exchange Act Rule&nbsp;14d-1(c) (Third Party Tender Offer) <FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Exchange Act Rule&nbsp;14e-2(d) (Subject Company Response) <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Filed or submitted in paper if permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(8): </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Corporate Express&nbsp;N.V.<BR>  </B></FONT><FONT SIZE=2>(Name of Subject Company) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Not Applicable<BR>  </B></FONT><FONT SIZE=2>(Translation of Subject Company's Name into English (if&nbsp;applicable)) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Netherlands<BR>  </B></FONT><FONT SIZE=2>(Jurisdiction of Subject Company's Incorporation or Organization) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Staples Acquisition&nbsp;B.V.<BR>
Staples,&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Name of Person(s) Furnishing Form) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Ordinary Shares<BR>
American Depositary Shares<BR>
Preference Shares A<BR>
2% Subordinated Convertible Bonds Due 2010 Convertible Into Ordinary Shares<BR>  </B></FONT><FONT SIZE=2>(Title of Class of Subject Securities) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Not Applicable<BR>  </B></FONT><FONT SIZE=2>(CUSIP Number of Class of Securities (if&nbsp;applicable)) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Not Applicable<BR>  </B></FONT><FONT SIZE=2>(Name, Address (including zip code) and Telephone Number (including area code)<BR>
of Person(s) Authorized to Receive Notices and Communications<BR>
on Behalf of Subject Company) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>May&nbsp;19, 2008<BR>  </B></FONT><FONT SIZE=2>(Date Tender Offer/Rights Offering Commenced) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT> <FONT SIZE=2><B>PART I.&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION SENT TO SECURITY HOLDERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Home Jurisdiction Documents.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The following document is attached as an exhibit to this Form: </FONT></P>

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<TH WIDTH="18%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Exhibit number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="78%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="78%" style="font-family:times;"><FONT SIZE=2>Offer Memorandum, dated May&nbsp;19,&nbsp;2008</FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2><B>Item&nbsp;2. Informational Legends.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Not applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>PART II.&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>None. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>PART III.&nbsp;&nbsp;&nbsp;&nbsp;CONSENT TO SERVICE OF PROCESS AND UNDERTAKING  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At the time of filing of this Form, Staples Acquisition&nbsp;B.V. has filed with the Commission a written irrevocable consent and power of attorney on
Form&nbsp;F-X. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT> <FONT SIZE=2><B>PART IV.&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURES  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. </FONT></P>

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<TD WIDTH="84%" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> STAPLES ACQUISITION&nbsp;B.V.<BR> </B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>CHRISTINE T. KOMOLA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(Signature)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Christine T. Komola, </FONT><FONT SIZE=2><I>Director</I></FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(Name and Title)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="84%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
May 20,</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
2008</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="84%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="5%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(Date)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>STAPLES,&nbsp;INC.<BR> </B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>KRISTIN A. CAMPBELL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(Signature)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Kristin A. Campbell, </FONT><FONT SIZE=2><I>Senior Vice President, General Counsel</I></FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(Name and Title)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="84%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
May 20,</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
2008</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="84%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="5%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(Date)</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>a2185840zex-1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
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  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>This Offer expires at 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008 unless extended  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> OFFER MEMORANDUM  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> dated 19&nbsp;May 2008  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> CASH OFFER  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> BY  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Staples Acquisition&nbsp;B.V.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(a
private limited liability company (</FONT><FONT SIZE=2><I>besloten vennootschap met beperkte aansprakelijkheid</I></FONT><FONT SIZE=2>)<BR>
incorporated under the laws of The Netherlands, with its statutory seat in Amsterdam,&nbsp;The&nbsp;Netherlands) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>FOR
ALL THE ISSUED AND OUTSTANDING ORDINARY SHARES WITH A NOMINAL VALUE OF EUR 1.20, ALL THE ISSUED AND OUTSTANDING AMERICAN DEPOSITARY SHARES, EACH OF WHICH REPRESENTS ONE ORDINARY SHARE, ALL THE
ISSUED AND OUTSTANDING DEPOSITARY RECEIPTS OF PREFERENCE SHARES A WITH A NOMINAL VALUE OF EUR 1.20 AND ALL THE ISSUED AND OUTSTANDING 2% SUBORDINATED CONVERTIBLE BONDS DUE 2010 CONVERTIBLE INTO
ORDINARY SHARES IN THE SHARE CAPITAL OF </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Corporate
Express&nbsp;N.V. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(a
public limited liability company (</FONT><FONT SIZE=2><I>naamloze vennootschap</I></FONT><FONT SIZE=2>) incorporated under the laws of<BR>
The Netherlands, with its statutory seat in Maastricht, The Netherlands) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
offer memorandum (the "</FONT><FONT SIZE=2><B>Offer Memorandum</B></FONT><FONT SIZE=2>") contains details of the cash offer by Staples Acquisition&nbsp;B.V. (the
"</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>"), an indirect wholly owned subsidiary of Staples,&nbsp;Inc., a Delaware corporation
("</FONT><FONT SIZE=2><B>Staples</B></FONT><FONT SIZE=2>"), to (i)&nbsp;all holders of issued and outstanding ordinary shares in the share capital of Corporate Express&nbsp;N.V.
("</FONT><FONT SIZE=2><B>Corporate Express</B></FONT><FONT SIZE=2>" or the "</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>") with a nominal value of EUR 1.20 each (the
"</FONT><FONT SIZE=2><B>Ordinary Shares</B></FONT><FONT SIZE=2>", holders of such Ordinary Shares being referred to as "</FONT><FONT SIZE=2><B>Ordinary Shareholders</B></FONT><FONT SIZE=2>"),
(ii)&nbsp;all holders of issued and outstanding American depositary shares of the Company, each of which represents one Ordinary Share (the "</FONT><FONT SIZE=2><B>ADSs</B></FONT><FONT SIZE=2>",
holders of such ADSs being referred to as "</FONT><FONT SIZE=2><B>ADS Shareholders</B></FONT><FONT SIZE=2>"), (iii)&nbsp;all holders of issued and outstanding depositary receipts of preference
shares A in the share capital of the Company with a nominal value of EUR 1.20 each (the "</FONT><FONT SIZE=2><B>Preference Shares</B></FONT><FONT SIZE=2>" and collectively with the Ordinary Shares
and the ADSs, the "</FONT><FONT SIZE=2><B>Shares</B></FONT><FONT SIZE=2>", holders of such Preference Shares being referred to as "</FONT><FONT SIZE=2><B>Preference
Shareholders</B></FONT><FONT SIZE=2>" and collectively with the Ordinary Shareholders and the ADS Shareholders, the "</FONT><FONT SIZE=2><B>Shareholders</B></FONT><FONT SIZE=2>") and (iv)&nbsp;all
holders of issued and outstanding 2% subordinated convertible bonds due 2010 convertible into Ordinary Shares (ISIN: XS01881343) (each unit representing a principal amount of EUR 1,000, such unit
being referred to as a "</FONT><FONT SIZE=2><B>Bond</B></FONT><FONT SIZE=2>" and, together with the Shares, the "</FONT><FONT SIZE=2><B>Securities</B></FONT><FONT SIZE=2>", and holders of such Bonds
being referred to as "</FONT><FONT SIZE=2><B>Bondholders</B></FONT><FONT SIZE=2>" and together with the Shareholders, the "</FONT><FONT SIZE=2><B>Securityholders</B></FONT><FONT SIZE=2>") to
purchase for cash the Securities held by them subject to the terms, conditions and restrictions contained in this Offer Memorandum (the offer for the Shares being referred to as the
"</FONT><FONT SIZE=2><B>Share Offer</B></FONT><FONT SIZE=2>", the offer for the Bonds being referred to as the "</FONT><FONT SIZE=2><B>Bond Offer</B></FONT><FONT SIZE=2>" and the Share Offer and the
Bond Offer collectively being referred to as the "</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>"). Unless the context requires otherwise, capitalised terms used and not otherwise defined in
this Offer Memorandum have the meanings set forth in Section&nbsp;3 (Definitions). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders
tendering their Ordinary Shares under the Offer will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, in consideration of each
Ordinary Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), EUR 8.00
per Ordinary Share, in cash, without interest and subject to any required withholding of taxes (the "</FONT><FONT SIZE=2><B>Offer Price per Ordinary Share</B></FONT><FONT SIZE=2>"). If, on or after
the date hereof but on or prior to the Settlement Date, any cash or share dividend or other distribution is declared in respect of the Ordinary Shares and the record date for such cash or share
dividend or other distribution occurs on or prior to the Settlement Date, the Offer Price per Ordinary Share will be decreased by an amount per Ordinary Share equivalent to any such cash or share
dividend or other distribution per Ordinary Share. </FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>Shareholders
tendering their ADSs under the Offer will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, in consideration of each ADS validly
tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), EUR 8.00 per ADS, in cash, without
interest and subject to any required withholding of taxes (the "</FONT><FONT SIZE=2><B>Offer Price per ADS</B></FONT><FONT SIZE=2>"). If, on or after the date hereof but on or prior to the Settlement
Date, any cash or share dividend or other distribution is declared in respect of the Ordinary Shares underlying the ADSs and the record date for such cash or share dividend or other distribution
occurs on or prior to the Settlement Date, the Offer Price per ADS will be decreased by an amount per ADS equivalent to any such cash or share dividend or other distribution per ADS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offer Price per ADS will be paid in U.S. dollars, based on the conversion of the Offer Price per ADS into U.S. dollars at the exchange rate obtainable by BNY Mellon Shareowner Services, the U.S.
Settlement Agent, on the spot market in the United States on the date the cash consideration is received by the U.S. Settlement Agent for delivery in respect of such ADSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders
tendering their Preference Shares under the Offer will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, in consideration of each
Preference Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), EUR 3.15
per Preference Share, in cash, without interest and subject to any required withholding of taxes (the "</FONT><FONT SIZE=2><B>Offer Price per Preference Share</B></FONT><FONT SIZE=2>"). If, on or
after the date hereof but on or prior to the Settlement Date, any cash or share dividend or other distribution is declared in respect of the Preference Shares and the record date for such cash or
share dividend or other distribution occurs on or prior to the Settlement Date, the Offer Price per Preference Share will be decreased by an amount per Preference Share equivalent to any such cash or
share dividend or other distribution per Preference Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders
tendering their Bonds under the Offer will be paid on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, in consideration of each Bond validly
tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered, (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) EUR 1,164.72 per Bond, in cash,
without interest and subject to any required withholding of taxes (the "</FONT><FONT SIZE=2><B>Bond Offer Price</B></FONT><FONT SIZE=2>"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
Acceptance Period (as defined in Section&nbsp;3 (Definitions)) under the Offer begins at 9.00&nbsp;hours CET (3.00&nbsp;hours EDT), on 20&nbsp;May&nbsp;2008 and, unless extended, expires
at 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008 (such time, as may be extended in accordance with article&nbsp;15 of the Takeover Decree (as defined below), being referred
to as the "</FONT><FONT SIZE=2><B>Acceptance Closing Time</B></FONT><FONT SIZE=2>" and the day on which the Acceptance Closing Time, as may be extended in accordance with article&nbsp;15 of the
Takeover Decree, occurs being referred to as the "</FONT><FONT SIZE=2><B>Acceptance Closing Date</B></FONT><FONT SIZE=2>"). Acceptance of the Offer must be made in the manner specified in this Offer
Memorandum. Securities tendered prior to the Acceptance Closing Time may not be withdrawn, subject to the right of withdrawal of any tendered Securities during any extension of the Acceptance Period
in accordance with the provisions of article&nbsp;15, paragraph&nbsp;3 of the Decree public offers Wft (</FONT><FONT SIZE=2><I>Besluit openbare biedingen Wft</I></FONT><FONT SIZE=2>) (the
"</FONT><FONT SIZE=2><B>Takeover Decree</B></FONT><FONT SIZE=2>"). The Offeror reserves the right to extend the Offer past the Acceptance Closing Time. If the Offer is extended past the Acceptance
Closing Time, the Offeror will make an announcement to that effect in accordance with the Merger Rules (as defined in Section&nbsp;3 (Definitions)). The provisions of article&nbsp;15,
paragraph&nbsp;2 of the Takeover Decree require that any such announcement be made within three (3)&nbsp;Business Days (as defined in Section&nbsp;3 (Definitions)) following the Acceptance
Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offer is conditional upon, among other things, the satisfaction or waiver of certain conditions, including the valid tender (or defective tender provided that such defect has been waived by the
Offeror) prior to the Acceptance Closing Time of a number of Ordinary Shares, including Ordinary Shares represented by ADSs, that, together with the Ordinary Shares, including Ordinary Shares
represented by ADSs, owned by Staples or the Offeror and/or any of their affiliates at the Acceptance Closing Time, represents at least 75% of the Ordinary Shares, including Ordinary Shares
represented
by ADSs, issued and outstanding at the Acceptance Closing Time (the "</FONT><FONT SIZE=2><B>Minimum Acceptance Condition</B></FONT><FONT SIZE=2>"). The Offeror reserves the right to waive the Offer
Conditions (as defined in Section&nbsp;3 (Definitions)), including the Minimum Acceptance Condition, to the extent permitted by law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unless
the Acceptance Period is extended, the Offeror will, in accordance with article&nbsp;16, paragraph&nbsp;1 of the Takeover Decree, announce whether it declares the Offer unconditional
(</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) (the date on which the Offeror announces whether it declares the Offer unconditional being referred to in this </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>Offer
Memorandum as the "</FONT><FONT SIZE=2><B>Unconditional Date</B></FONT><FONT SIZE=2>") on a day within three (3)&nbsp;Business Days following the Acceptance Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Announcements
stating whether the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) and announcements concerning an extension of the Offer
past the Acceptance Closing Time will be made by press release, a copy of which will be made available on the Staples website at </FONT><FONT SIZE=2><I>www.staples.com.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Securityholders who have tendered and delivered their Securities to the
Offeror prior to the Acceptance Closing Time will receive promptly, but in any event within five (5)&nbsp;Business Days following the Unconditional Date (the "</FONT><FONT SIZE=2><B>Settlement
Date</B></FONT><FONT SIZE=2>"), the Offer Price per Ordinary Share, the Offer Price per ADS, the Offer Price per Preference Share and/or the Bond Offer Price, as applicable, in respect of each
Security validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Offer Memorandum has been prepared in accordance with article&nbsp;5:76 of the Wft (as defined in Section&nbsp;3 (Definitions)) in conjunction with article&nbsp;8, paragraph&nbsp;1 of the
Takeover Decree and has been approved by the Netherlands Authority for the Financial Markets (</FONT><FONT SIZE=2><I>Stichting Autoriteit Financi&euml;le Markten</I></FONT><FONT SIZE=2> or
"</FONT><FONT SIZE=2><B>AFM</B></FONT><FONT SIZE=2>"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>THIS OFFER MEMORANDUM CONTAINS DETAILED INFORMATION CONCERNING THE OFFER FOR ORDINARY SHARES, ADSs, PREFERENCE SHARES AND BONDS AND THE PROPOSED TRANSACTIONS AS THEY RELATE TO
STAPLES AND THE OFFEROR. STAPLES AND THE OFFEROR RECOMMEND THAT YOU READ THIS OFFER MEMORANDUM CAREFULLY.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>NEITHER THE OFFER NOR THIS OFFER MEMORANDUM HAS BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") NOR HAS THE SEC PASSED UPON THE FAIRNESS
OR MERITS OF THE OFFER OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED IN THIS OFFER MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_bf14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;RESTRICTIONS AND IMPORTANT INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;Restrictions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer is not being made, and the Securities will not be accepted for purchase from or on behalf of any Securityholders, in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority
not expressly contemplated by the terms of this Offer Memorandum. However, acceptances of the Offer by Securityholders not residing in The Netherlands will be accepted by the Offeror if such
acceptances comply with the acceptance procedure set out in this Offer Memorandum. Persons obtaining this Offer Memorandum are required to take due notice and observe all such restrictions and obtain
any necessary authorisations, approvals or consents. None of the Offeror, Staples, any of their respective affiliates or any director, employee or advisor of any of the foregoing accepts any liability
for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who would or otherwise intends to forward this Offer Memorandum
or any related document to any jurisdiction outside The Netherlands should carefully read this Section&nbsp;1 (Restrictions and Important Information) before taking any such action. The distribution
of this Offer Memorandum in jurisdictions other than The Netherlands may be restricted by law and therefore persons into whose possession this Offer Memorandum comes should inform themselves about and
observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the law of any such jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.1.1&nbsp;&nbsp;&nbsp;&nbsp;Canada and Japan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer and any solicitation in respect thereof is not being made, directly or indirectly, in or into Canada or Japan, or by use of the mails, or by any means or
instrumentalities of interstate or foreign commerce, or any facilities of a national securities exchange, of Canada or Japan. This includes, but is not limited to, post, facsimile transmission, telex
or any other electronic form of transmission and telephone. Accordingly, copies of this Offer Memorandum and any related press announcements,
acceptance forms and other documents are not being sent and must not be mailed or otherwise distributed or sent in, into or from Canada or Japan or, in their capacities as such, to custodians,
nominees or trustees holding Securities for persons residing in Canada or Japan. Persons receiving this Offer Memorandum and/or such other documents must not distribute or send them in, into or from
Canada or Japan, or use such mails or any such means, instrumentalities or facilities for any purpose in connection with the Offer; so doing will invalidate any purported acceptance of the Offer. None
of the Offeror, Staples or any of their respective affiliates will accept any tender by any such use, means, instrumentalities or facilities from within Canada or Japan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>1.1.2&nbsp;&nbsp;&nbsp;&nbsp;United States  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer is being made for the securities of a Dutch company and, while the Offer is subject to Dutch and certain applicable U.S. disclosure requirements, U.S. Securityholders
should be aware that this Offer Memorandum has been prepared in accordance with Dutch format and style, which differs from U.S. format and style. In addition, the consolidated financial information of
Corporate Express included or referred to herein has been prepared on the basis of International Financial Reporting Standards as adopted by the European Union ("IFRS as adopted by the EU") (as
defined in Section&nbsp;3 (Definitions)) and, accordingly, may not be comparable to financial statements prepared in accordance with U.S. generally accepted accounting principles. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>This
Offer qualifies for the "Tier&nbsp;I" exemption mentioned in Rule&nbsp;14d-1(d) under the Exchange Act (as defined in Section&nbsp;3 (Definitions)). Pursuant to an exemption
from Rule&nbsp;14e-5 under the Exchange Act, the Offeror and/or Staples may, from time to time, purchase Securities outside the Offer, including purchases in the regular stock market
trading at prices that could be higher than the Offer Price for the relevant Securities, as permitted under Dutch law and regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Corporate
Express and the Offeror are each incorporated under the laws of The Netherlands. Some or all of the officers and directors of Corporate Express and the Offeror, respectively, are residents
of countries other than the United States, and all or a substantial portion of the assets of Corporate Express and the Offeror are located outside the United States. As a result, it may not be
possible for U.S. Securityholders to effect service of process within the United States upon Corporate Express or the Offeror or such persons or to enforce against any of them judgments of U.S. courts
predicated upon the civil liability provisions of U.S. federal securities laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>References
to "EUR" are to the Euro, the legal currency of the European Monetary Union. All references to "USD" and "U.S. dollars" are to United States dollars. For convenience purposes, we have
converted certain Euro denominated figures at an exchange rate of USD&nbsp;1.5509 to EUR 1.00, the noon buying rate (rounded) on 13&nbsp;May 2008 for cable transfers in foreign currencies as
certified by the Federal Reserve Bank of New York. These conversions should not be construed as a representation that the Euro amounts actually represent such U.S. dollar amounts or could be converted
into U.S. dollars at the rate indicated or at any other rate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Certain
U.S. tax considerations are described in Section&nbsp;14.3 (Material U.S. Federal Income Tax Consequences of the Offer). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;Important Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This Offer Memorandum contains important information that should be read carefully before any decision is made to tender Securities in connection with the Offer.
Securityholders are advised to seek independent advice where necessary. In addition, Securityholders are urged to consult with their tax advisors regarding the tax consequences of tendering their
Securities in the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Without
prejudice to the paragraph immediately below, the Offeror accepts responsibility for the information contained in this Offer Memorandum. To the best of the knowledge and belief of the Offeror
(which has taken reasonable care to ensure that such is the case), the information contained in this Offer Memorandum for which it is responsible is in accordance with the facts and does not omit
anything likely to affect the import of such information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Offer Memorandum contains certain information relating to Corporate Express and the Corporate Express Group. This information has been compiled from information published by Corporate Express,
and has not been commented on or verified by the Offeror. The Offeror confirms that such information has been accurately reproduced from such sources and, so far as the Offeror is aware from
information published by Corporate Express, no facts have been omitted which would render the reproduced information inaccurate or misleading. However, as the underlying information has been prepared
by parties other than the Offeror or Staples, neither the Offeror nor Staples can assume responsibility for the accuracy of such underlying information. Please be aware that certain financial and
statistical information and other figures contained in this Offer Memorandum may be rounded up or down and should therefore not be regarded as exact. In preparing this Offer Memorandum, the Offeror
has relied upon publicly available information relating to Corporate Express, including periodic and other reports for Corporate Express, as filed with or furnished to the SEC, and its annual reports
and accounts made available in The Netherlands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
information included in this Offer Memorandum reflects the situation as at the date of this Offer Memorandum unless specified otherwise. Neither the issue nor the distribution of this Offer
Memorandum shall under any circumstances imply that the information contained herein is accurate and complete as of any time subsequent to this date or that there has been no change in the information
set out in this Offer Memorandum or in the affairs of Corporate Express, the Offeror, Staples or any of their respective subsidiaries or affiliates since the date of this Offer Memorandum. The
foregoing does not affect the obligation of the Offeror to make a public announcement pursuant to article&nbsp;4, paragraph&nbsp;3 of the Takeover Decree, if applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>No
person, other than the Offeror and Staples, is authorised in connection with the Offer to provide any information or to make any statements on behalf of the Offeror in connection with this Offer or
any information contained in this Offer Memorandum. If any such information or statement is provided or made by parties other than the Offeror and/or Staples, such information or statements should not
be relied upon as having been provided by or made by or on behalf of the Offeror and/or Staples. Any information or representation not contained in this Offer Memorandum must not be relied upon as
having been provided by or made by or on behalf of the Offeror and/or Staples. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Offer Memorandum is, and the agreements entered into between the Offeror and the Securityholders pursuant to the Offer and/or any tender, purchase or delivery of Securities will be, governed by
and construed in accordance with the laws of The Netherlands. The District Court of Amsterdam (</FONT><FONT SIZE=2><I>Rechtbank Amsterdam</I></FONT><FONT SIZE=2>) and its appellate courts shall have
exclusive jurisdiction to settle any disputes which might arise out of or in connection with this Offer Memorandum, the agreements entered into between the Offeror and the Securityholders pursuant to
the Offer and/or any tender, purchase or delivery of Securities. Accordingly, any legal action or proceedings arising out of or in connection with this Offer </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>Memorandum,
the Offer and/or any tender, purchase or delivery of Securities shall be brought exclusively in such courts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Offer Memorandum is published in the English language and a Dutch language summary is included as Section&nbsp;16 </FONT><FONT SIZE=2><I>(Nederlandse Samenvatting van het
Bod)</I></FONT><FONT SIZE=2>. In the event of any differences, whether or not in interpretation, between the English language text of this Offer Memorandum and the Dutch language summary of this Offer
Memorandum, the English language text of this Offer Memorandum shall prevail. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>ING
Bank&nbsp;N.V. has been appointed as the Dutch Settlement Agent for the Offer, and BNY Mellon Shareowner Services c/o&nbsp;Mellon Investor Services has been appointed as the U.S. Settlement
Agent for the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Addresses  </I></FONT></P>

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<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>The Offeror</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Staples Acquisition&nbsp;B.V.<BR>
Jool Hulstraat 24<BR>
1327 HA Almere<BR>
The Netherlands</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
The Dutch Settlement Agent</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
The U.S. Settlement Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
ING BANK&nbsp;N.V.<BR>
ING Wholesale Banking Securities Services<BR>
Attn: Paying Agency Services Department<BR>
Van Heenvlietlaan 220<BR>
1083 CN Amsterdam<BR>
The Netherlands<BR>
&nbsp;&nbsp;<BR>
Tel: +31 20&nbsp;797 9398<BR>
Fax: +31 20&nbsp;797 9607<BR>
&nbsp;&nbsp;<BR>
Email: iss.pas@mail.ing.nl</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><BR><FONT SIZE=2><I>By Overnight Courier or by Hand</I></FONT><FONT SIZE=2><BR>
&nbsp;<BR>
BNY Mellon Shareowner Services<BR>
c/o Mellon Investor Services<BR>
Attn: Corporate Action Department&#151;27<SUP>th</SUP>&nbsp;Floor<BR>
480 Washington Boulevard<BR>
Jersey City, NJ 07310<BR>
United States of America<BR>
&nbsp;<BR>
Tel: +1&nbsp;800&nbsp;777 3674<BR>
Facsimile Transmission:<BR>
+1&nbsp;201&nbsp;680 4626<BR>
To Confirm Facsimile Transmissions (For Eligible Institutions Only):<BR>
Confirm Receipt of Facsimile<BR>
By Telephone:&nbsp;+1&nbsp;201&nbsp;680 4860<BR>
&nbsp;&nbsp;<BR></FONT> <FONT SIZE=2><I>By Mail</I></FONT><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>
BNY Mellon Shareowner Services<BR>
c/o Mellon Investor Services<BR>
Attn: Corporate Action Department<BR>
P.O.&nbsp;Box&nbsp;3301<BR>
South Hackensack, NJ 07606<BR>
United States of America</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
The Information Agent</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Georgeson<BR>
2nd Floor<BR>
68 Upper Thames Street<BR>
London, EC4V 3BJ<BR>
United Kingdom</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
European Toll Free Tel: 00 800 6614 6614<BR>
U.S. Toll Free Tel: 1 866 201 4446<BR></FONT>
</TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><I>Availability of Copy Documentation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Digital copies of this Offer Memorandum are available on the website of Staples at </FONT><FONT SIZE=2><I>www.staples.com</I></FONT><FONT SIZE=2> and at the SEC's website at </FONT> <FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>.
Such websites do not constitute a part of, and are not included or referred to in, this Offer Memorandum. This Offer Memorandum may also be
read and copied at the SEC's public reference room at 100&nbsp;F Street, N.E. Room&nbsp;1580, Washington, DC 20549, United States of America. Copies of this Offer Memorandum are furthermore
available free of charge from the Dutch Settlement Agent, the U.S. Settlement Agent and the Information Agent at the addresses mentioned above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Copies
of the Offeror's Articles of Association are available free of charge from the offices of the Offeror and can be obtained by contacting the Offeror at the address mentioned above. The Offeror
is a newly incorporated entity and, accordingly, no annual reports of the Offeror are available. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Copies
of the Corporate Express </FONT><FONT SIZE=2><I>Articles of Association</I></FONT><FONT SIZE=2> are available on Corporate Express' website at </FONT> <FONT SIZE=2><I>www.cexpgroup.com</I></FONT><FONT SIZE=2> and through the website of the chamber of
commerce at </FONT><FONT SIZE=2><I>www.kvk.nl</I></FONT><FONT SIZE=2>. The financial
information of Corporate Express relating to the annual financial statements (</FONT><FONT SIZE=2><I>jaarrekening</I></FONT><FONT SIZE=2>) of Corporate Express for the Financial Year 2007 and the
Financial Year 2006 (including comparison figures for the Financial Year 2005), as adopted by the general meeting of Shareholders, are available on Corporate Express' website at </FONT> <FONT SIZE=2><I>www.cexpgroup.com</I></FONT><FONT SIZE=2> and
for the Financial Year 2006 and the Financial Year 2005 are available on the website of the chamber of commerce at </FONT> <FONT SIZE=2><I>www.kvk.nl</I></FONT><FONT SIZE=2>. The Corporate Express annual financial statements for the Financial Year
2007 are available on the website of the AFM at </FONT> <FONT SIZE=2><I>www.afm.nl</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>Forward-looking Statements  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This Offer Memorandum includes forward-looking statements that involve risk and uncertainty. Generally, words such as may, will, expect, intend, estimate, anticipate, believe,
plan, seek, continue or similar expressions identify forward-looking statements. Although the Offeror believes that the expectations reflected in such forward-looking statements are based on
reasonable assumptions and are, to the best of its knowledge, true and accurate on the date of this Offer Memorandum, no assurance can be given that such statements will be fulfilled or prove to be
correct, and no representations are made as to the future accuracy and completeness of the forward-looking statements. Any such forward-looking statement must be considered together with the fact that
actual events or results may vary
materially from such forward-looking statements due to, among other things, political, economic or legal changes in the markets and environments in which the Offeror, Staples and/or Corporate Express
do business, competitive developments or risks inherent in their respective business plans, uncertainties, risk and volatility in financial markets and other factors affecting them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offeror and Staples undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by
applicable laws and regulations or by any appropriate regulatory authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Financial Advisor  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Lehman Brothers is acting as financial advisor exclusively to the Offeror and Staples and to no one else in connection with the Offer and will not be responsible to anyone
other than the Offeror and Staples for providing the protections afforded to the clients of Lehman Brothers or for providing advice in relation to the Offer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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NAME="bg14701_2._table_of_contents"> </A>
<A NAME="toc_bg14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>Part&nbsp;I&nbsp;&nbsp;&nbsp;&nbsp;Offer Memorandum</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>1.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Restrictions and Important Information</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Table of Contents</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>3.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Definitions</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
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<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>4.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Letter to Shareholders</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
</TR>
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<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>5.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Summary</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>6.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Explanation of the Offer</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>7.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Invitation to the Shareholders</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>8.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Invitation to the Bondholders</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>43</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>9.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Information Regarding Corporate Express</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>10.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Capital and Shares</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>11.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Information on the Offeror</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>12.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Information on Staples</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>13.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Further Declarations Pursuant to the Takeover Decree</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>61</FONT></TD>
</TR>
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<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>14.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Tax Aspects of the Offer</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>61</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>15.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Press Releases</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
</TR>
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<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>16.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Nederlandse Samenvatting van het Bod</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>17.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Advisors</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>97</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>Part&nbsp;II&nbsp;&nbsp;&nbsp;&nbsp;Financial Information</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>Table of Contents Financial Information Section</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>1.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Introduction</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>F-1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%" style="font-family:times;"><FONT SIZE=2>Comparative Overview of the Consolidated Statements of Income, Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the Financial Year 2007, Financial Year 2006 and Financial Year 2005</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>F-1</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_ca14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Any reference in this Offer Memorandum to defined terms in plural form shall constitute a reference to such defined terms in singular form, and vice versa. All grammatical and
other changes required by the use of a definition in singular form shall be deemed to have been made herein and the provisions hereof shall be applied as if such changes have been made. A reference to
"including" means "including without limitation". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Defined
terms used in this Offer Memorandum shall have the following meaning: </FONT></P>

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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2>Acceptance Closing Date</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2>the date on which the Offer expires, being 27&nbsp;June 2008, or, where appropriate, as extended in accordance with article&nbsp;15 of the Takeover Decree</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Acceptance Closing Time</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the time at which the Offer expires, being at 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008, or, where appropriate, as extended in accordance with article&nbsp;15 of the Takeover Decree</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Acceptance Period</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the period during which the Securityholders can tender their Securities to the Offeror, which begins at 9.00&nbsp;hours CET (3.00&nbsp;hours EDT), on 20&nbsp;May 2008 and ends at the Acceptance Closing Time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Admitted Institutions</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
those institutions admitted to Euronext Amsterdam</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
ADR</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
an American depositary receipt, evidencing one ADS</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
ADS</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
issued and outstanding American depositary shares of the Company, each of which represents one issued and outstanding Ordinary Share</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
ADS Shareholder</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
holder(s) of ADS(s)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
AFM</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the Netherlands Authority for the Financial Markets (</FONT><FONT SIZE=2><I>Stichting Autoriteit Financi&euml;le Markten</I></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
ARC</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in Section&nbsp;6.5.12</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Boards</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the Supervisory Board and the Executive Board together</FONT></TD>
</TR>
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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Bondholder(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
a holder of Bond(s) and in whose name such Bond(s) are registered or a beneficial owner of Bond(s) holding such Bond(s) in accounts with a Direct Participant acting on the beneficial owner's behalf</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Bond Offer</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the offer for the Bonds described in this Offer Memorandum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Bond Offer Price</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
a cash amount of EUR 1,164.72 per Bond, in cash, without interest and subject to any required withholding of taxes in consideration of each Bond validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and
delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) under the terms and subject to the conditions and restrictions contained in this Offer Memorandum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Bond Terms and Conditions</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the terms and conditions of the Bonds as set forth in the Offering Circular</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Bonds</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
tradeable units of EUR 1,000 of Corporate Express' issued and outstanding 2% subordinated convertible bonds due 2010 convertible into Ordinary Shares</FONT></TD>
</TR>
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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Business Day</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
each day that is not a generally acknowledged public holiday as described in Article&nbsp;3 of the General Extension of Time-limits Act (</FONT><FONT SIZE=2><I>Algemene Termijnenwet</I></FONT><FONT SIZE=2>) or a non-working day as set out in the
Collective Agreements for the banking sector (</FONT><FONT SIZE=2><I>collectieve arbeidsovereenkomst voor het bankbedrijf</I></FONT><FONT SIZE=2>)</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
CET</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Central European Time</FONT></TD>
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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Change of Control</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in Section&nbsp;5.2</FONT></TD>
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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Clearing Systems</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Clearstream Luxembourg and Euroclear collectively</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Clearstream Luxembourg</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Clearstream Banking, soci&eacute;t&eacute; anonyme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Code</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the United States Internal Revenue Code of 1986, as amended</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Commissioner</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in Section&nbsp;6.5.12</FONT></TD>
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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Competition Act</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in Section&nbsp;6.5.12</FONT></TD>
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<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express or the Company</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express&nbsp;N.V., a public limited liability company (</FONT><FONT SIZE=2><I>naamloze vennootschap</I></FONT><FONT SIZE=2>), incorporated under the laws of The Netherlands, having its statutory seat in Maastricht and, having its registered
office at Hoogoorddreef 62, 1101 BE Amsterdam Zuidoost, The Netherlands and registered with the chamber of commerce under number&nbsp;33250021 and, where appropriate, also including the Corporate Express Group and the affiliates owned by
it</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express Articles of Association</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the articles of association (</FONT><FONT SIZE=2><I>statuten</I></FONT><FONT SIZE=2>) of Corporate Express, as most recently amended on 19&nbsp;April 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express Foundation</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Stichting preferente aandelen Corporate Express, a foundation incorporated and validly existing under the laws of The Netherlands, having its registered office at Hoogoorddreef 62, 1101 BE Amsterdam Zuidoost, The Netherlands and registered with the
chamber of commerce under number&nbsp;41077456</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express Group</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express and the group companies as referred to in article&nbsp;2:24b of the Dutch Civil Code owned by it</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express Peer Group</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Bed, Bath&nbsp;&amp; Beyond, Best Buy, CVS Caremark, Dell, Dick's, Home Depot, Lowe's, Office Depot, OfficeMax, PetSmart, Staples, Target, Tesco, United Stationers, Walgreens, Wal-Mart and W.W. Grainger</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Credit Agreement</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in Section&nbsp;5.6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Direct Participant</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
each person who is shown in the records of any of the Clearing Systems as a holder of Bond(s)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Direct Registration System</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
a system administered by the DTC pursuant to which the Bank of New York, the depository for the ADSs, may register the ownership of the uncertificated ADSs</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Disappearing Entity</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Legal Merger paragraph in Section&nbsp;6.6.5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Downstream Merger</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Legal Merger paragraph in Section&nbsp;6.6.5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
DTC</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Depository Trust Company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Dutch Settlement Agent</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
ING Bank&nbsp;N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
EBITDA</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
earnings before interest, taxes, depreciation and amortization</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
EC Merger Regulation</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in Section&nbsp;6.5.12</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
EDT</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Eastern Daylight Time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Electronic Acceptance Notice</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
an instruction notice to accept the Bond Offer in accordance with the requirements of the relevant Clearing System in the manner specified in this Offer Memorandum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
EUR</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Euro, the legal currency of the European Monetary Union</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=10,EFW="2185840",CP="STAPLES,INC.",DN="2",CHK=199709,FOLIO='10',FILE='DISK124:[08ZBT1.08ZBT14701]CA14701A.;16',USER='LPALLES',CD='19-MAY-2008;10:10' -->
<A NAME="page_ca14701_1_11"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Euronext Amsterdam</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Euronext Amsterdam&nbsp;N.V., or the Official Market Segment of the stock exchange of Eurolist by Euronext Amsterdam&nbsp;N.V., as appropriate</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Exchange Act</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
United States Securities and Exchange Act of 1934, as amended</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Executive Board</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the Executive Board (</FONT><FONT SIZE=2><I>raad van bestuur</I></FONT><FONT SIZE=2>) of Corporate Express</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Financial Year 2005</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
financial year of Corporate Express ended 31&nbsp;December 2005</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Financial Year 2006</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
financial year of Corporate Express ended 31&nbsp;December 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Financial Year 2007</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
financial year of Corporate Express ended 31&nbsp;December 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
I/B/E/S</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Institutional Brokers' Estimate System</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
IFRS as adopted by the EU</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the international accounting standards, international financial reporting standards and the related interpretations of these standards issued by the International Accounting Standards Board from time to time as adopted by the European
Union</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Information Agent</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Georgeson,&nbsp;Inc., which will provide Securityholders with assistance related to the procedures for tendering and delivering Securities and copies of documents related to the Offer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Legal Merger</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Acquisition of Remaining Shares paragraph in Section&nbsp;5.17</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Material Adverse Change</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
either:<BR>
(i) any event, events, circumstance or circumstances that, individually or in the aggregate, result, or could reasonably be expected to result, in a material adverse effect on the business, cash flow, financial or trading position, assets, profits,
operational performance, capitalization, or prospects of the Corporate Express Group; or</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2>(ii) any suspension or termination of trading in the Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Merger Date</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Legal Merger paragraph in Section&nbsp;6.6.5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Merger Rules</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
all applicable laws and regulations relating to the Offer, including without limitation the applicable provisions of the Wft, the Takeover Decree, any rules and regulations promulgated pursuant to the Wft and/or the Takeover Decree, the Dutch Works
Council Act (</FONT><FONT SIZE=2><I>Wet op de ondernemingsraden</I></FONT><FONT SIZE=2>), the Merger Code 2000 (</FONT><FONT SIZE=2><I>SER-besluit Fusiegedragsregels 2000</I></FONT><FONT SIZE=2>), the rules and regulations of Euronext Amsterdam, the
Dutch Civil Code, Regulation&nbsp;139/2004 of the Council of the European Communities and any other applicable securities (including United States securities laws) or regulatory laws</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Merging Entity</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Legal Merger paragraph in Section&nbsp;6.6.5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Merging Entity Parent</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Legal Merger paragraph in Section&nbsp;6.6.5</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=11,EFW="2185840",CP="STAPLES,INC.",DN="2",CHK=826475,FOLIO='11',FILE='DISK124:[08ZBT1.08ZBT14701]CA14701A.;16',USER='LPALLES',CD='19-MAY-2008;10:10' -->
<A NAME="page_ca14701_1_12"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Minimum Acceptance Condition</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the condition to the Offer that there be a valid tender (or a defective tender provided that such defect has been waived by the Offeror) prior to the Acceptance Closing Time of a number of Ordinary Shares, including Ordinary Shares represented by
ADSs, that, together with the Ordinary Shares, including Ordinary Shares represented by ADSs, owned by Staples or the Offeror and/or any of their affiliates at the Acceptance Closing Time, represents at least 75% of the Ordinary Shares, including
Ordinary Shares represented by ADSs, issued and outstanding at the Acceptance Closing Time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
NYSE</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
New York Stock Exchange</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
NYSE Trading Day</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
a day the NYSE is open for trading</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offer</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the Share Offer and the Bond Offer collectively</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offer Conditions</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the conditions to the Offer as set out in Section&nbsp;6.5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offer Memorandum</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
this offer memorandum relating to the Offer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offer Price per ADS</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
a cash amount of EUR 8.00 per ADS, in cash without interest and subject to any required withholding of taxes, in consideration of each ADS validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and
delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) on the terms and subject to the conditions and restrictions contained in this Offer Memorandum. If, on or after the date hereof but on or prior to the Settlement Date, any cash or
share dividend or other distribution is declared in respect of the Ordinary Shares underlying the ADSs and the record date for such cash or share dividend or other distribution occurs prior to the Settlement Date, the Offer Price per ADS will be
decreased by an amount per ADS equivalent to any such cash or share dividend or other distribution per ADS</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offer Price per Ordinary Share</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
a cash amount of EUR 8.00 per Ordinary Share, in cash without interest and subject to any required withholding of taxes, in consideration of each Ordinary Share validly tendered (or defectively tendered provided that such defect has been waived by
the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) on the terms and subject to the conditions and restrictions contained in this Offer Memorandum. If, on or after the date hereof but on or prior to the Settlement
Date, any cash or share dividend or other distribution is declared in respect of the Ordinary Shares and the record date for such cash or share dividend or other distribution occurs prior to the Settlement Date, the Offer Price per Ordinary Share
will be decreased by an amount per Ordinary Share equivalent to any such cash or share dividend or other distribution per Ordinary Share</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=12,EFW="2185840",CP="STAPLES,INC.",DN="2",CHK=396242,FOLIO='12',FILE='DISK124:[08ZBT1.08ZBT14701]CA14701A.;16',USER='LPALLES',CD='19-MAY-2008;10:10' -->
<A NAME="page_ca14701_1_13"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offer Price per Preference Share</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
a cash amount of EUR 3.15 per Preference Share, in cash without interest and subject to any required withholding of taxes, in consideration of each Preference Share validly tendered (or defectively tendered provided that such defect has been waived
by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) on the terms and subject to the conditions and restrictions contained in this Offer Memorandum. If on or after the date hereof but on or prior to the Settlement
Date, any cash or share dividend or other distribution is declared in respect of the Preference Shares and the record date for such cash or share dividend or other distribution occurs prior to the Settlement Date, the Offer Price per Preference Share
will be decreased by an amount per Preference Share equivalent to any such cash or share dividend or other distribution per Preference Share</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offering Circular</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the Offering Circular dated 16&nbsp;December 2003 with respect to the Bonds issued by Buhrmann&nbsp;N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Offeror or Staples Acquisition</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Staples Acquisition&nbsp;B.V., a private limited liability company (</FONT><FONT SIZE=2><I>besloten vennootschap met beperkte aansprakelijkheid</I></FONT><FONT SIZE=2>) incorporated and validly existing under the laws of The Netherlands, having its
statutory seat </FONT><FONT SIZE=2><I>(statutaire zetel)</I></FONT><FONT SIZE=2> in Amsterdam, The Netherlands and registered with the chamber of commerce under number&nbsp;34301291 and, where appropriate, also including the group companies as
described in article&nbsp;2:24b of the Dutch Civil Code</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Ordinary Share(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
issued and outstanding ordinary shares with a nominal value of EUR 1.20 each in the share capital of Corporate Express</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Ordinary Shareholder(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
holder(s) of Ordinary Share(s)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Post Acceptance Period</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the period, if any, after the Unconditional Date during which Securities not tendered into the Offer may be tendered to the Offeror in the same manner and under the same terms and conditions as set out in this Offer Memorandum (</FONT><FONT
SIZE=2><I>na-aanmeldingstermijn</I></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Preference Share(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
issued and outstanding depositary receipts of preference shares A with a nominal value of EUR 1.20 each in the share capital of Corporate Express</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Preference Shareholder(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
holder(s) of Preference Share(s)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Preference Shares Foundation</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Stichting Administratiekantoor van preferente aandelen Corporate Express, a foundation incorporated and validly existing under the laws of The Netherlands, having its registered office at Hoogoorddreef 62, 1101 BE Amsterdam Zuidoost, The Netherlands
and registered with the chamber of commerce under number&nbsp;41078709</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Purpose Loans</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in Section&nbsp;6.6.3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
SEC</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
United States Securities and Exchange Commission</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Security(ies)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Share(s) and Bond(s)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Securityholder(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
holders of one or more Share(s) or Bond(s)</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Settlement Date</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the date on which, in accordance with the terms and conditions of the Offer, payment of the Offer Price shall be made by the Offeror to the Securityholders who have validly tendered (or defectively tendered provided that such defect has been waived
by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) their Securities prior to the Acceptance Closing Time, which date shall be promptly, but in any event within five (5)&nbsp;Business Days following the
Unconditional Date, subject to the Offeror declaring the Offer unconditional (</FONT><FONT SIZE=2><I>gestanddoening</I></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Share(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Ordinary Share(s), ADS(s) and Preference Share(s)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Shareholder(s)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
holder(s) of one or more Share(s)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Share Offer</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the offer for the Shares described in this Offer Memorandum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Squeeze-Out</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Acquisition of Remaining Shares paragraph in Section&nbsp;5.17</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Staples</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Staples,&nbsp;Inc., a public company duly incorporated and validly existing under the laws of the State of Delaware, having its registered office at 500 Staples Drive, Framingham, MA 01702, United States of America</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Supervisory Board</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the supervisory board (</FONT><FONT SIZE=2><I>Raad van commissarissen</I></FONT><FONT SIZE=2>) of Corporate Express</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Surviving Entity</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Legal Merger paragraph in Section&nbsp;6.6.5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Takeover Decree</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the Decree public offers Wft (</FONT><FONT SIZE=2><I>Besluit openbare biedingen Wft</I></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Unconditional Date</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
the date on which the Offeror publicly announces whether it declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), in accordance with the Merger Rules. Article&nbsp;16 paragraph&nbsp;1 of the Takeover
Decree requires that such announcement be made within three (3)&nbsp;Business Days following the Acceptance Closing Date</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Upstream Merger</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
has the meaning ascribed thereto in the Legal Merger paragraph in Section&nbsp;6.6.5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
U.S. Settlement Agent</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
BNY Mellon Shareowner Services c/o Mellon Investor Services</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" style="font-family:times;"><FONT SIZE=2><BR>
Wft</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2><BR>
Dutch Financial Supervision Act (</FONT><FONT SIZE=2><I>Wet op het financieel toezicht</I></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="cc14701_4._letter_to_shareholders"> </A>
<A NAME="toc_cc14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;LETTER TO SHAREHOLDERS    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc14701_letter_from_ronald_l._sargent___let03133"> </A>
<A NAME="toc_cc14701_2"> </A>
<BR></FONT><FONT SIZE=2><B>LETTER FROM RONALD L. SARGENT<BR>  CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF STAPLES,&nbsp;INC.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Corporate Express Shareholder, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>I
am writing to provide some background on Staples' offer to buy all the shares of Corporate Express N.V. and to encourage you to carefully read the attached materials and participate in this tender
offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>You
may have read about our offer in the newspaper or through other news channels. I would like to offer you my perspective. We are making this offer directly to the shareholders because Corporate
Express has been unwilling to allow us to perform due diligence and negotiate a transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>I
firmly believe that our offer of EUR 8.00 per share delivers superior value to Corporate Express shareholders, and does so without the risks found in Corporate Express' long-term
business plan. Rather than the uncertainty of potential value for your investment, our offer provides shareholders with the certainty of realizing immediate and premium value for your investment. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>It
is an all cash offer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
offer of EUR 8.00 per ordinary share represents substantial premiums over share trading prices of Corporate Express over the past several months.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
offer represents a premium of approximately 90&nbsp;percent to Corporate Express' share price on 4 February&nbsp;2008, the day before rumours of a potential offer
for Corporate Express circulated in the market.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
offer also includes cash offers for the preference shares A and convertible bonds. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>In
addition, the joining of both companies would greatly enhance the career opportunities for Corporate Express employees and provide customers with expanded product and service offerings, improved
distribution capabilities, and a more efficient cost structure. Staples founded the office products industry in 1986, and today we are the world's leading provider of office products. With more than
76,000 associates in 22 countries around the world, we can offer Corporate Express' employees and customers access to the deep resources, talent and experience of a global leader. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Since
announcing our proposed offer on 19&nbsp;February&nbsp;2008, we have worked hard to prepare the offer described in this Offer Memorandum. As announced on 1 April, we obtained the bank
financing we need for this transaction. In addition, we obtained antitrust clearance in the United States and we anticipate that antitrust clearances in Canada and the European Union will be
forthcoming in the coming weeks. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples'
vision is straightforward: We want to be the world's best office products company&#151;for our customers, our associates, the communities where we operate, the environment and, of
course, our shareholders. We believe that Staples provides a better alternative to Corporate Express' current turnaround plans, and we sincerely hope you will support our proposal by tendering your
shares, preference shares A and convertible bonds. Instructions for doing so are included in the enclosed Offer Memorandum, but we encourage you to contact Georgeson, our information agent, between
9.00&nbsp;hours CET and 17.00 hours CET, if you have any questions at: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>European
Toll Free Tel: 00 800 6614 6614 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>US
Toll Free Tel: 1 866 201 4446 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Thank
you for your time and consideration, and for supporting Staples' proposal, which will bring great value to Corporate Express shareholders, customers and employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sincerely,
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g493233.jpg" ALT="SIG" WIDTH="151" HEIGHT="78">
  </B></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>Ronald
L. Sargent<BR></FONT> <FONT SIZE=2><B>Chairman and Chief Executive Officer  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_ce14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this Offer Memorandum.
Securityholders are advised to review this Offer Memorandum in detail and to seek independent advice where appropriate in order to reach a reasoned judgment in respect of the contents of this Offer
Memorandum and the Offer itself. Unless the context requires otherwise, capitalised terms used and not otherwise defined in this Offer Memorandum shall have the meanings set forth in Section&nbsp;3
(Definitions). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;The Share Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror hereby makes an offer to purchase from the Shareholders all the Shares, on the terms and subject to the conditions and restrictions contained in this Offer
Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders
who accept the Offer and tender Ordinary Shares will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, the Offer Price per Ordinary
Share of EUR 8.00, in cash without interest and subject to any required withholding of taxes in consideration of each Ordinary Share validly tendered (or defectively tendered provided that such defect
has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) subject to the Offeror declaring the Offer unconditional. If, on or after the date hereof but
on or prior to the Settlement Date, any cash or share dividend or other distribution is declared in respect of the Ordinary Shares, and the record date for such cash or share dividend or other
distribution occurs on or prior to the Settlement Date, the Offer Price per Ordinary Share will be decreased by an amount per Ordinary Share equivalent to any such cash or share dividend or other
distribution per Ordinary Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders
who accept the Offer and tender ADSs will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, the Offer Price per ADS of EUR 8.00, in
cash, without interest and subject to any required withholding of taxes in consideration of each ADS validly tendered (or defectively tendered provided that such defect has been waived by the Offeror)
and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) subject to the Offeror declaring the Offer unconditional. If, on or after the date hereof but on or prior to the Settlement
Date, any cash or share dividend or other
distribution is declared in respect of the Ordinary Shares underlying the ADSs and the record date for such cash or share dividend or other distribution occurs on or prior to the Settlement Date, the
Offer Price per ADS will be decreased by an amount per ADS equivalent to any such cash or share dividend or other distribution per ADS. The Offer Price per ADS will be paid in U.S. dollars, based on
the conversion of the Offer Price per ADS, into U.S. dollars at the exchange rate obtainable by BNY Mellon Shareowner Services, c/o&nbsp;Mellon Investor Services, the U.S. Settlement Agent, on the
spot market in the United States on the date the cash consideration is received by the U.S. Settlement Agent for delivery in respect of such ADSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders
who accept the Offer and tender Preference Shares will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, the Offer Price per
Preference Share of EUR 3.15, in cash, without interest and subject to any required withholding of taxes, in consideration of each Preference Share validly tendered (or defectively tendered provided
that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) subject to the Offeror declaring the Offer unconditional. If, on or after the
date hereof but on or prior to the Settlement Date, any cash or share dividend or other distribution is declared in respect of the Preference Shares, and the record date for such cash or share
dividend or other distribution occurs on or prior to the Settlement Date, the Offer Price per Preference Share will be decreased by an amount per Preference Share equivalent to any such cash or share
dividend or other distribution per Preference Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.1 (Share Offer Price). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;The Bond Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror is making the Bond Offer to purchase from Bondholders all the Bonds on the terms and subject to the conditions and restrictions contained in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders
tendering their Bonds under the Bond Offer will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, in consideration of each Bond
validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>(</FONT><FONT
SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), the Bond Offer Price, which will be an amount in cash calculated in accordance with the following formula and rounded down to the nearest
eurocent (EUR 0.01): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bond
Offer Price&nbsp;= (B / C)&nbsp;* O, where: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>B</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means EUR 1,000, the principal amount of the Bond;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>C</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the applicable conversion price upon a Change of Control (as such term is defined in the Bond Terms and Conditions) on the
Settlement Date, as calculated in accordance with, and as adjusted according to the circumstances defined in, the Bond Terms and Conditions, including any Cash Dividend paid (as such term is defined
in the Bond Terms and Conditions); and </FONT><FONT SIZE=2><B> <BR><BR> </B></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>O</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the Offer Price per Ordinary Share. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Accordingly,
provided that no dividends or distributions have been paid or made on the Ordinary Shares between 31&nbsp;December 2007 and the Settlement Date other than the dividend of EUR 0.21 paid
on 24&nbsp;April 2008, the Bond Offer Price will be EUR 1,164.72 if the Settlement Date is on or prior to 18&nbsp;December 2008. Such amount is calculated as the product of (i)&nbsp;145.59
Shares (i.e.,&nbsp;"B" divided by "C", the conversion price of approximately EUR 6.87 per Ordinary Share that would apply to conversions taking place on or before 18&nbsp;December 2008 following a
Change of Control (after all adjustments required by the Bond Terms and Conditions, including prior Cash Dividends)) multiplied by (ii)&nbsp;"O", the Offer Price per Ordinary Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the avoidance of doubt, the Bond Offer Price will be deemed to include compensation for all interest accrued but unpaid through and including the Settlement Date and no additional consideration
shall be paid or due for that interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;8.1 (Bond Offer Price). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.3&nbsp;&nbsp;&nbsp;&nbsp;Substantiation of the Offer Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.3.1&nbsp;&nbsp;&nbsp;&nbsp;Offer Price per Ordinary Share  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer Price per Ordinary Share of EUR 8.00, together with the EUR 0.21 dividend that Shareholders have received per Ordinary Share since Staples announced its EUR 7.25
indicative offer on 19&nbsp;February 2008, represents: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 80% to the average closing price per Ordinary Share on Euronext Amsterdam during the one-month period ended on 18&nbsp;February
2008, the day before Staples publicly announced its intention to make an offer for Corporate Express; a premium of approximately 63% to the average closing price per Ordinary Share on Euronext
Amsterdam during the three-month period then ended; a premium of approximately 26% to the average closing price per Ordinary Share on Euronext Amsterdam during the six-month period then
ended and a discount of approximately 2% from the average closing price per Ordinary Share on Euronext Amsterdam during the twelve-month period then ended;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 90% to the closing price per Ordinary Share on Euronext Amsterdam on 4&nbsp;February 2008, the day before rumours of a potential offer for
Corporate Express circulated in the market;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 51% to the closing price per Ordinary Share on Euronext Amsterdam on 18&nbsp;February 2008, the day before Staples publicly announced its
intention to make an offer for Corporate Express; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 49% to the median target price per Ordinary Share on 18&nbsp;February 2008, the day before Staples publicly announced its intention to make an
offer for Corporate Express, based on target prices published by research analysts at ABN AMRO, Citigroup, Fortis, Goldman Sachs, ING, Keijser, Petercam, Rabo Securities, SNS Securities, Theodoor
Gilissen and UBS who follow Corporate Express and the market in which it operates and regularly issue reports thereon. Such target prices ranged from EUR 4.50 to EUR 9.00 per Ordinary Share. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.1 (Substantiation of the Offer Price). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><B>5.3.2&nbsp;&nbsp;&nbsp;&nbsp;Offer Price per ADS  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The Offer Price per ADS of EUR 8.00, together with the EUR 0.21 dividend that Shareholders have received per Ordinary Share since Staples announced its EUR 7.25 indicative
offer on 19&nbsp;February 2008 (USD&nbsp;12.41 and USD&nbsp;0.33, respectively), represents: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 90% to the average closing price per ADS on the NYSE during the one-month period ended on 15&nbsp;February 2008, the last NYSE
Trading Day before Staples publicly announced its intention to make an offer for Corporate Express; a premium of approximately 70% to the average closing price per ADS on the NYSE during the
three-month period then ended; a premium of approximately 36% to the average closing price per ADS on the NYSE during the six-month period then ended and a premium of approximately 10% to
the average closing price per ADS on the NYSE during the twelve-month period then ended;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 96% to the closing price per ADS on the NYSE on 4&nbsp;February 2008, the last NYSE Trading Day before rumours of a potential offer for
Corporate Express circulated in the market; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 57% to the closing price per ADS on the NYSE on 15&nbsp;February 2008, the last NYSE Trading Day before Staples publicly announced its intention
to make an offer for Corporate Express. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.1 (Substantiation of the Offer Price). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.3.3&nbsp;&nbsp;&nbsp;&nbsp;Offer Price per Preference Share  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer Price per Preference Share of EUR 3.15 represents: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 2% to the one-month average closing price of EUR&nbsp;3.09, approximately 0% to the three-month average closing price of
EUR&nbsp;3.15, approximately 1% to the six-month average closing price of EUR&nbsp;3.11 and approximately 1% to the one-year average closing price of EUR&nbsp;3.11 per
Preference Share on Euronext Amsterdam for the period ended 15&nbsp;May 2008;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 0% to the one-month average closing price of EUR&nbsp;3.12, approximately 3% to the three-month average closing price of
EUR&nbsp;3.05, approximately 2% to the six-month average closing price of EUR&nbsp;3.07 and approximately 0% to the one-year average closing price of EUR&nbsp;3.15 per
Preference Share on Euronext Amsterdam for the period ended 18&nbsp;February 2008, the day before Staples publicly announced its intention to make an offer for Corporate Express; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
price per Preference Share that does not take into account the EUR&nbsp;0.21 dividend paid to the Preference Shareholders on 11&nbsp;April 2008. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>5.3.4&nbsp;&nbsp;&nbsp;&nbsp;Bond Offer Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For each Bond tendered under the terms and conditions of the Bond Offer, the Offeror offers an amount in cash calculated in accordance with the following formula and rounded
down to the nearest eurocent (EUR 0.01) (the Bond Offer Price): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bond
Offer Price&nbsp;= (B / C)&nbsp;* O, where: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>B</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means EUR 1,000, the principal amount of the Bond;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>C</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the applicable conversion price upon a Change of Control on the Settlement Date, as calculated in accordance with, and as adjusted
according to the circumstances defined in, the Bond Terms and Conditions, including any Cash Dividend paid; and </FONT><FONT SIZE=2><B> <BR><BR> </B></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>O</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the Offer Price per Ordinary
Share. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Accordingly,
provided that no dividends or distributions have been paid or made on the Ordinary Shares between 31&nbsp;December 2007 and the Settlement Date other than the dividend of EUR 0.21 paid
on 24&nbsp;April 2008, the Bond Offer Price will be EUR 1,164.72 if the Settlement Date is on or prior to 18&nbsp;December 2008. Such amount is calculated as the product of (i)&nbsp;145.59
Shares (i.e.,&nbsp;"B" divided by "C", the conversion price of approximately EUR 6.87 per Ordinary Share that would apply to conversions taking place on or before 18&nbsp;December 2008 following a
Change of Control (after all adjustments required by the Bond Terms and Conditions, including prior Cash Dividends)) multiplied by (ii)&nbsp;"O", the Offer Price per Ordinary Share. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>For
the avoidance of doubt, the Bond Offer Price will be deemed to include compensation for all interest accrued but unpaid through and including the Settlement Date and no additional consideration
shall be paid or due for that interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
6.1 (Substantiation of the Offer Price). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.4&nbsp;&nbsp;&nbsp;&nbsp;The Offeror  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples Acquisition&nbsp;B.V., the Offeror, is a newly formed Dutch private limited company and an indirect wholly owned subsidiary of Staples,&nbsp;Inc. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.2 (The Offeror). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.5&nbsp;&nbsp;&nbsp;&nbsp;The Rationale for the Offer and Strategy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples believes the transaction will provide the following significant benefits to both Corporate Express and Staples stakeholders: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>All Cash Offer:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Offer provides Securityholders the opportunity to realize certain and immediate value in cash for their Securities. The
Offeror believes that Corporate Express faces significant business risks and execution challenges in pursuing its standalone strategy. These challenges, coupled with the weakening U.S. and global
economies, underscore the value created by Staples' all cash Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Enhanced Valuation:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The transaction delivers Securityholders superior value per share relative to the value based on Corporate Express'
standalone prospects: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>despite
implementing strategic initiatives and changes in management in October 2007, the per share value of the Ordinary Shares declined approximately 42% from EUR 7.54 on
the date Corporate Express announced the completion of its strategic review (1&nbsp;October 2007) to EUR 4.32 on the day before rumours of a potential offer for Corporate Express circulated in the
market (4&nbsp;February 2008). Staples believes the unaffected trading price and related Corporate Express valuation reflected the market's view of Corporate Express as a standalone company;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Offer Price per Ordinary Share, together with the EUR 0.21 dividend that Shareholders have received per Ordinary Share since Staples announced its EUR 7.25 indicative
offer on 19&nbsp;February 2008, represents a premium of approximately 90% to the closing price per Ordinary Share on Euronext Amsterdam on 4&nbsp;February 2008, the day before rumours of a
potential offer for Corporate Express circulated in the market;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Offer Price per Ordinary Share implies an 8.6x enterprise value to the consensus EBITDA estimate for Corporate Express for the year ended 31&nbsp;December 2008 as
reported by I/B/E/S on 18&nbsp;February 2008, the day before Staples publicly announced its intention to make an offer for Corporate Express. Such multiple represents a premium over the average
ratio of 7.1x for the enterprise value to the consensus EBITDA estimates for the year ended 31&nbsp;December 2008 (and calendarised if different than the actual year end of the respective companies)
for members of the Corporate Express Peer Group as reported by I/B/E/S on 18&nbsp;February 2008; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>after
Corporate Express announced the implementation of its strategic initiatives and changes in management in October 2007, the per share value of the Ordinary Shares
traded down from EUR 7.54 per share on 1&nbsp;October 2007 to a low of EUR 3.49 on 21&nbsp;January 2008, with an average trading price per Ordinary Share from 1&nbsp;October 2007 to
18&nbsp;February 2008 of EUR 5.95 (a discount of 37% from the Offer Price per Ordinary Share). </FONT></DD></DL>
<BR>

<P style="font-family:times;"><FONT SIZE=2><I>Compelling Combination:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a result of the business combination, Corporate Express will be able to focus on long term value creation within
a larger and more diverse organization with the greater financial resources (including earnings and cash flows) that are available to Staples. Customers and employees will realize both
short-term and long-term strategic, financial and other benefits: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Strength of Staples Senior Management Team:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Members of Staples' senior management team have an average tenure
with Staples of 14&nbsp;years and have led Staples to sales growth of 10% per year and earnings per share growth of 17% per year on a compound annual growth rate basis for the three fiscal years
ended 2&nbsp;February 2008. This earnings per share growth is on an adjusted basis excluding non-recurring items. If non-recurring items are included in earnings per share
for the three fiscal years </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>ended
2&nbsp;February 2008, the earnings per share growth would be 15% on a compound annual growth rate basis. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Realizing Operational Excellence:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Through the combined company, Corporate Express will be better positioned to
significantly improve its operating performance. Corporate Express' ability to draw upon Staples' management experience and implement Staples' best practices will allow it to boost its operating
performance, which, as illustrated in the table below, for the past three years, has been characterized by slower top line growth as compared to Staples, declining gross contribution margins as
compared to Staples' expanding gross profit margins and operating result margins significantly lower than Staples. Corporate Express will also benefit from Staples' extensive experience and resources
in the office products sector, including Staples' ongoing initiatives such as developing strategic relationships with key vendors, creating a shared value proposition for customers, optimizing its
supply chain and continuing to invest in customer service. </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="87%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Corporate Express<SUP>(3)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Staples<SUP>(4)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>Sales growth<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.4</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.4</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.9</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.9</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.6</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.3</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>Gross contribution (margin)<SUP>(2)</SUP> as a % of sales</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.7</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.8</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.1</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>Gross profit (margin)<SUP>(2)</SUP> as a % of sales</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.7</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.6</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.5</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>Operating result (margin) as a % of sales</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.6</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.9</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.0</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.7</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
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<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Staples'
fiscal year is the 52 or 53 weeks ending the Saturday closest to January&nbsp;31. Fiscal 2007 and fiscal 2005 each consisted of 52 weeks, while fiscal 2006 consisted of 53
weeks. The sales growth presented above for Staples is adjusted to reflect 52 weeks in fiscal 2006.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Corporate
Express reports gross contribution, while Staples reports gross profit. The definitions of these two metrics differ and, therefore, the two sets of values cannot be directly
compared. Corporate Express' gross contribution is defined in their 2007 Annual Report and Form&nbsp;20-F (as published by Corporate Express and presented at </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>) as net sales less
purchase value of trade goods sold. Staples' gross profit is defined as net sales less the cost of merchandise sold,
rent and occupancy costs, delivery and distribution expenses.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>All
of the information above related to Corporate Express has been derived from their 2007 Annual Report and Form&nbsp;20-F (as published by Corporate Express and presented at </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>), except for
the 2005 sales growth rate. While Corporate Express' financial results for 2007, 2006 and 2005 reflect ASAP Software as a
discontinued operation, the net results of this business had been included in continuing operations for 2004. For comparability purposes, the 2005 sales growth rate above was calculated by removing
ASAP Software sales from the 2004 sales total reported in the 2006 Annual Report and Form&nbsp;20-F (as published by Corporate Express and presented at </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>). Corporate Express prepares its
financial statements in accordance with IFRS as adopted by the EU.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Staples
prepares its financial statements, from which the information in this table is derived, in accordance with U.S. Generally Accepted Accounting Principles. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Enhanced Geographic Reach:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The increased global diversification for both companies promotes growth and better
supports all stakeholders. The enhanced geographic reach of the combined businesses of Corporate Express and Staples will create opportunities for economies of scale and benefit customers as Staples
brings its operational excellence into new and existing geographies served by Corporate Express, although the precise amount of such economies of scale cannot be determined at this time as neither the
Offeror nor Staples has had access to non-public information relating to Corporate Express.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Improved Customer Value:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The combined business platform will better serve customers of both companies. Customers
will benefit from expanded product and service offerings, improved distribution capabilities, shared best practices and a more efficient cost structure.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Commitment to Corporate Values and Employees:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Staples is committed to responsible corporate citizenship, or what
Staples refers to internally as Staples Soul. Staples Soul is a holistic approach to business that recognizes the close connection between Staples' financial success and its desire to make a positive
impact on its associates, communities and the planet. Staples believes that by practicing sound ethics, sustaining the environment, embracing diversity, and giving back to the community, Staples will
solidify its place as the world's premier office products company. Staples believes Corporate Express employees will benefit from being part of the combined enterprise that adopts Staples' commitment
to people development and training opportunities.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Recognized Brands:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Staples and Corporate Express both have strong and well positioned brands. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.3 (The Rationale for the Offer and Strategy). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>5.6&nbsp;&nbsp;&nbsp;&nbsp;Financing of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On 1&nbsp;April 2008, Staples announced that it entered into a definitive USD&nbsp;3&nbsp;billion credit agreement (the "</FONT><FONT SIZE=2><B>Credit
Agreement</B></FONT><FONT SIZE=2>") with financing arranged by Lehman Brothers&nbsp;Inc., Bank of America and HSBC Bank USA and that the funds available under the Credit Agreement, together with its
cash reserves and the funds available under its existing revolving credit facility, are sufficient to finance Staples' acquisition of Corporate Express. There are no conditions precedent to funding
under the Credit Agreement other than customary conditions. Staples has no reason to believe that these conditions precedent under the Credit Agreement will not be satisfied at or prior to the
Acceptance Closing Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On
13&nbsp;May 2008, Staples announced an increase of the Offer Price per Ordinary Share to EUR 8.00. The funds available under the Credit Agreement, together with Staples' cash reserves and the
funds available under its existing revolving credit facility, are sufficient to finance the acquisition of Corporate Express following such price increase. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.4 (Financing of the Offer). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.7&nbsp;&nbsp;&nbsp;&nbsp;Offer Conditions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer, which comprises inter-related cash offers for different types of securities, is contingent upon the satisfaction or, to the extent legally permitted and at the
Offeror's sole discretion, waiver of certain conditions, including the valid tender (or defective tender provided that such defect has been waived by the Offeror) prior to the Acceptance Closing Time
of a number of Ordinary Shares, including Ordinary Shares represented by ADSs, that, together with the Ordinary Shares, including Ordinary Shares represented by ADSs, owned by Staples or the Offeror
and/or any of their affiliates at the Acceptance Closing Time, represents at least 75% of the Ordinary Shares, including Ordinary Shares represented by ADSs, issued and outstanding at the Acceptance
Closing Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.5 (Offer Conditions). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.8&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender of Securities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.8.1&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender by Ordinary Shareholders or Preference Shareholders through an Admitted Institution  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders who hold their Ordinary Shares or Preference Shares through an Admitted Institution must make their acceptance known via their custodian, bank or broker prior to
17.30&nbsp;hours CET (11.30&nbsp;hours EDT) on 27&nbsp;June 2008, unless the Acceptance Period is extended in accordance with Section&nbsp;7.5 (Extension of the Acceptance Period). Custodians,
banks or brokers may set an earlier deadline for communication by Shareholders in order to permit the custodian, bank or broker to communicate acceptances to the Dutch Settlement Agent in a timely
manner. Accordingly, Shareholders holding Ordinary Shares or Preference Shares through a financial intermediary should comply with the dates communicated by such financial intermediary as such dates
may differ from the dates and times noted in this Offer Memorandum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>If
the Offeror declares the Offer unconditional, the acceptance of the Offer by a Shareholder constitutes the Shareholder's binding agreement to sell, and the Offeror's agreement to purchase, the
Ordinary Shares or Preference Shares, subject to the terms and conditions set out in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.2.1 (Acceptance of the Offer and Tender of Shares by Ordinary Shareholders or Preference Shareholders through an Admitted Institution). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.8.2&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender by Ordinary Shareholders or Preference Shareholders Individually Recorded in the Corporate Express Shareholders Register  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders owning Ordinary Shares or Preference Shares individually recorded in the Corporate Express shareholders register wishing to accept the Offer in respect of such
Shares must deliver a completed and signed acceptance form to the Dutch Settlement Agent prior to the Acceptance Closing Time. The acceptance forms are available upon request from the Offeror or the
Dutch Settlement Agent (ING BANK&nbsp;N.V., ING Wholesale Banking Securities Services, Attn: Paying Agency Services Department, Van Heenvlietlaan 220, 1083 CN Amsterdam, The Netherlands, tel: +31
(0)&nbsp;20&nbsp;797 9398, fax: +31 (0)&nbsp;20&nbsp;797 9607, email: iss.pas@mail.ing.nl). The acceptance form will also serve as a deed of transfer (</FONT><FONT SIZE=2><I>akte
van levering</I></FONT><FONT SIZE=2>) with respect to the Shares referenced therein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.2.2 (Acceptance of the Offer and Tender by Ordinary Shareholders or Preference Shareholders Individually Recorded in the Corporate Express Shareholders Register). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.8.3&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender by ADS Shareholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders holding ADSs in registered form, either in ADR form or in uncertificated form through the Direct Registration System, may accept the Offer and tender ADSs to the
U.S. Settlement Agent by delivering to the U.S. Settlement Agent a properly completed and duly executed letter of transmittal, with any applicable signature guarantees from an eligible guarantor
institution, together with the ADRs representing the ADSs specified on the face of the letter of transmittal, if applicable, prior to the Acceptance Closing Time. The letters of transmittal and other
associated forms are available upon request from the U.S. Settlement Agent (BNY Mellon Shareowner Services, c/o Mellon Investor Services, Attn:&nbsp;Corporate Action Department&#151;27th
Floor, 480&nbsp;Washington Boulevard, Jersey City, NJ 07310, United States of America, tel: +1&nbsp;800&nbsp;777 3674, fax: +1&nbsp;201&nbsp;680 4626). If ADRs are
not available, Shareholders holding ADSs in the form of ADRs may also follow the guaranteed delivery procedures described in Section&nbsp;7.2.3 (Acceptance of the Offer and Tender by ADS
Shareholders) of this Offer Memorandum. Completed letters of transmittal and, if applicable, ADRs, should not be sent to the Offeror, Staples, the Dutch Settlement Agent, the Bank of New York, the
depositary for the ADSs, or the Information Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders
holding ADSs in book entry form, all of which are held through the facilities of DTC, must instruct the custodians, banks or brokers through which such Shareholders own their ADSs to
tender such ADSs to the DTC account of the U.S. Settlement Agent through the book-entry transfer facilities of DTC together with an agent's message acknowledging that the tendering ADS
Shareholder has received and agrees to be bound by the letter of transmittal and this Offer Memorandum prior to the Acceptance Closing Time. If the procedure for book-entry transfer cannot
be completed on a timely basis, Shareholders holding ADSs in book entry form may also follow the guaranteed delivery procedures described in Section&nbsp;7.2.3 (Acceptance of the Offer and Tender by
ADS Shareholders) of this Offer Memorandum. Custodians, banks or brokers may set an earlier deadline for communication by ADS Shareholders in order to permit the custodian, bank or broker to
communicate acceptances to the U.S. Settlement Agent in a timely manner. Accordingly, an ADS Shareholder holding ADSs through a financial intermediary should comply with the dates communicated by such
financial intermediary as they may differ from the dates and times noted in this Offer Memorandum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>If
the Offeror declares the Offer unconditional, the acceptance of the Offer by an ADS Shareholder constitutes the ADS Shareholder's binding agreement to sell, and the Offeror's agreement to purchase,
the ADSs, subject to the terms and conditions set out in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.2.3 (Acceptance of the Offer and Tender by ADS Shareholders). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.8.4&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender of Bonds by Bondholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders must make their acceptance of the Bond Offer known to their custodian, bank or broker by requesting their custodian, bank or broker to deliver a duly completed
Electronic Acceptance Notice to the Dutch Settlement Agent prior to the Acceptance Closing Time. If the Offeror declares the Offer
unconditional, the acceptance of the Bond Offer by a Bondholder constitutes the Bondholder's binding agreement to sell, and the Offeror's agreement to purchase, the Bonds to which the Electronic
Acceptance Notice relates, subject to the terms and conditions set out in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the Offer is not declared unconditional, all acceptances and corresponding Electronic Acceptance Notices will be deemed to be automatically withdrawn. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders
not holding their Bonds through the Clearing Systems should contact the Dutch Settlement Agent for information on the process through which they should submit their Bonds for acceptance
under the Bond Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;8.2 (Acceptance of the Offer and Tender of Bonds by Bondholders). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.9&nbsp;&nbsp;&nbsp;&nbsp;Undertakings, Representations and Warranties by Tendering Securityholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each Securityholder tendering Securities pursuant to the Offer undertakes, represents and warrants that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
tender of any Securities constitutes an acceptance by the Securityholder of the Offer with respect to the Securities as tendered, on and subject to the terms and
conditions of the Offer; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Securityholder has full power and authority to tender, sell and deliver (</FONT><FONT SIZE=2><I>leveren</I></FONT><FONT SIZE=2>), the Securities stated to have
been tendered to the Offeror (together with all rights attaching thereto) and, when the same are purchased by the Offeror for cash, the Offeror will acquire such Securities, with full title guarantee
and free and clear of all third party rights and restrictions of any kind;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Securityholder has not entered into any other agreement to tender, sell or deliver (</FONT><FONT SIZE=2><I>leveren</I></FONT><FONT SIZE=2>) the Securities stated
to have been tendered to any party other than the Offeror; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Securities are being tendered in compliance with the restrictions as set out in Section&nbsp;1. (Restrictions and Important Information) and the securities and
other applicable laws or regulations of the jurisdiction(s) in which such Securityholder is subject, and no registration, approval or filing with any regulatory authority of such jurisdiction is
required in connection with the tender of such Securities. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.3 (Undertakings, Representations and Warranties by Tendering Shareholders) and Section&nbsp;8.3 (Undertakings, Representations and Warranties by Tendering Bondholders). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.10&nbsp;&nbsp;&nbsp;&nbsp;Acceptance Period  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Acceptance Period begins at 9.00 hours CET (3.00 hours EDT) on 20 May 2008, and expires, subject to extension in accordance with article&nbsp;15 of the Takeover Decree,
at 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008. The Acceptance Period may be extended as described in Sections&nbsp;5.11, 7.5 and 8.5 (Extension of the Acceptance
Period). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Securities
tendered prior to the Acceptance Closing Time may not be withdrawn, subject to the right of withdrawal of any tendered Securities during any extension of the Acceptance Period in accordance
with the provisions of article&nbsp;15 of the Takeover Decree. Securities tendered prior to the initial Acceptance Closing Time may be withdrawn during the extended Acceptance Period. However,
during any such extension of the Acceptance Period, any Securities previously tendered and not withdrawn will remain subject to the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
all Offer Conditions are satisfied or, to the extent legally permitted and at the Offeror's sole discretion, waived and the Offeror declares the Offer unconditional, the Offeror will accept all
Securities that have been validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and not previously withdrawn pursuant to the terms of the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.4 (Acceptance Period). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.11&nbsp;&nbsp;&nbsp;&nbsp;Extension of the Acceptance Period  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If one or more of the Offer Conditions is not satisfied, the Offeror may extend the Acceptance Period one time for a minimum period of two (2)&nbsp;weeks and a maximum period
of ten (10)&nbsp;weeks so that the Offer Conditions may be satisfied or, to the extent legally permitted and at the Offeror's sole discretion, waived. If the Offeror extends the Acceptance Period,
the Offeror will make a public announcement to that effect within three (3)&nbsp;Business Days following the Acceptance Closing Date in accordance with article&nbsp;15, paragraph&nbsp;2 of the
Takeover Decree. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the Offeror extends the Offer past the initial Acceptance Closing Time, all references in this Offer Memorandum to the "Acceptance Closing Time", "Acceptance Closing Date" or "17.30&nbsp;hours
CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008" shall, unless the context requires otherwise, be changed, as applicable, to the latest time and date to which the Offer has been so extended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.5 (Extension of the Acceptance Period). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>5.12&nbsp;&nbsp;&nbsp;&nbsp;Declaring the Offer Unconditional  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer is subject to the satisfaction or, to the extent legally permitted and at the Offeror's sole discretion, waiver of the Offer Conditions, including, but not limited
to, the Minimum Acceptance Condition. The Offeror reserves the right to waive the Offer Conditions to the extent permitted by law. If the Offeror waives one or more Offer Conditions, the Offeror will
inform Securityholders of any such waiver by such means as required by the Merger Rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unless
the Acceptance Period is extended, the Offeror will announce within three (3)&nbsp;Business Days after the Acceptance Closing Date whether or not it declares the Offer unconditional. In the
event the Offer will not be declared unconditional, the Offeror will publicly announce the reasons why it did not declare the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Offer
unconditional. If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror will accept for payment all Securities validly
tendered (or defectively tendered provided that such defect has been waived by the Offeror). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.6 (Declaring the Offer Unconditional (</FONT><FONT SIZE=2><I>gestanddoening</I></FONT><FONT SIZE=2>)). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>5.13&nbsp;&nbsp;&nbsp;&nbsp;Post Acceptance Period  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If all Offer Conditions are satisfied or, to the extent legally permitted and at the Offeror's sole discretion, waived by the Offeror and the Offeror declares the Offer
unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror may, within three (3)&nbsp;Business Days after declaring the Offer unconditional, announce a Post
Acceptance Period to enable Securityholders that did not tender their Securities during the Acceptance Period to tender their Securities under the same terms and conditions applicable to the Offer.
Any such Post Acceptance Period will commence on the first Business Day following the announcement of a Post Acceptance Period and remain open for a period of no longer than two (2)&nbsp;weeks. If
the Post Acceptance Period is announced, the Offeror will continue to accept for payment all Securities validly tendered (or defectively tendered provided that such defect has been waived by the
Offeror) during such period and will pay for such Securities within five (5)&nbsp;Business Days following the end of the Post Acceptance Period or as otherwise set out in the announcement.
Securities validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) during the Post Acceptance Period may not be withdrawn. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.7 (Post Acceptance Period). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.14&nbsp;&nbsp;&nbsp;&nbsp;Settlement of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), Securityholders who accepted the Offer and tendered and
delivered their Securities prior to the Acceptance Closing Time will receive on the Settlement Date, which will take place no later than five (5)&nbsp;Business Days following the Unconditional Date,
the Offer Price per Ordinary Share, the Offer Price per ADS, the Offer Price per Preference Share and/or the Bond Offer Price, as applicable, in respect of each Security validly tendered (or
defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.8 (Settlement of the Offer). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.15&nbsp;&nbsp;&nbsp;&nbsp;Tax Consequences  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Section&nbsp;14 (Tax Aspects of the Offer) discusses certain tax consequences of accepting the Offer and tendering Securities. The Offeror urges Securityholders to consult
their own tax advisor to determine the particular tax consequences applicable to them (including the application of any state, local or foreign income and other tax laws) from the receipt of cash in
exchange for Securities pursuant to the Offer, in light of their individual circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.16&nbsp;&nbsp;&nbsp;&nbsp;Commissions and Fees  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders who accept the Offer and tender their Shares will not have to pay any transaction fees or brokerage commissions if: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Shareholder instructs the Shareholder's financial intermediary, that is an Admitted Institution, to tender the Shareholder's Ordinary Shares or Preference Shares,
subject to the policies of such Admitted Institution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Shareholder's Ordinary Shares or Preference Shares are registered in the Shareholder's name and the Shareholder tenders them to the Dutch Settlement Agent; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Shareholder holds ADSs in registered form and tenders them to the U.S. Settlement Agent. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>If
a financial intermediary tenders ADSs on behalf of a Shareholder, such financial intermediary may charge the Shareholder a fee for doing so. Shareholders should consult their financial intermediary
to determine whether any charges will apply. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Admitted
Institutions are entitled to receive a commission from the Dutch Settlement Agent on behalf of the Offeror in the amount of EUR 0.00542 in respect of each Ordinary Share validly tendered (or
defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), and EUR&nbsp;0.0098 in respect of each
Preference Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), up to a
maximum of EUR 2,500 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>per
tendering Shareholder. The commission must be claimed from the Offeror through the Dutch Settlement Agent within thirty (30)&nbsp;days after the Settlement Date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;7.9 (Commissions and Fees). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.17&nbsp;&nbsp;&nbsp;&nbsp;Risks and Consequences Following Settlement of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Securityholders who do not accept the Offer and tender their Securities should carefully consider the following risks, which are in addition to the risks associated with the
business, operations and structure of Corporate Express and its subsidiaries as the business, operations and structure of Corporate Express and its subsidiaries may change from time to time. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Possible Effects of the Offer on the Market for the Securities.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Settlement of the Offer
will reduce the number of Securities that might otherwise trade publicly and could adversely affect the liquidity and market value of the remaining Securities held by the public.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Termination of Listing.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;If the Offeror declares the Offer unconditional, the Offeror
intends to terminate the listing of Ordinary Shares and Preference Shares on Euronext Amsterdam and the listing of ADSs on the NYSE as soon as possible thereafter. This would further adversely affect
the liquidity of any Shares not tendered in the Offer. In the case of a public offer, Euronext Amsterdam policy prohibits delisting until at least 95% of the listed shares are held by a single entity
or by a group controlled by a single entity. The Offeror also intends to cause Corporate Express to make a filing with the SEC requesting termination of the registration of the ADSs under the Exchange
Act, which may result in the termination of Corporate Express' reporting obligations under the Exchange Act. The Offeror further intends to cause Corporate Express to terminate the deposit agreement
relating to the ADSs.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Acquisition of Remaining Shares.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The Offeror expects to acquire all of the issued and
outstanding Shares and to align Corporate Express with the holding and financing structure of Staples and its affiliates by any legally permitted means. Such means may include, but will not
necessarily be limited to, a compulsory acquisition procedure in accordance with article&nbsp;2:359c or 2:92a of the Dutch Civil Code (a
"</FONT><FONT SIZE=2><B>Squeeze-Out</B></FONT><FONT SIZE=2>"), a legal merger (</FONT><FONT SIZE=2><I>juridische fusie</I></FONT><FONT SIZE=2>) between Corporate Express and the Offeror
and/or an affiliate of the Offeror in accordance with article&nbsp;2:309 et seq of the Dutch Civil Code (a "</FONT><FONT SIZE=2><B>Legal Merger</B></FONT><FONT SIZE=2>"), a contribution of assets
to Corporate Express in exchange for new shares issued (in which case the existing shareholders do not have pre-emptive rights), or a sale of assets by Corporate Express.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Reorganisation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;After Settlement of the Offer, the Offeror may reorganise and
restructure the Corporate Express Group. Such reorganisation may have a significant effect on the structure, assets and business of the Corporate Express Group and may result in Corporate Express and
Staples operating their businesses together by means of joint venture or other contractual arrangements. A reorganisation may also result in the sale of assets from any entity within the Corporate
Express Group to Staples, its subsidiaries or affiliates or to a third party.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Margin Regulations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The ADSs are currently "margin securities" under the regulations of
the Board of Governors of the United States Federal Reserve System, which regulations have the effect, among other things, of allowing brokers to extend credit on the collateral of the ADSs for the
purpose of buying, carrying or trading in securities. Following Settlement of the Offer, the ADSs may no longer qualify as "margin securities".
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Conversion to Private Limited Company.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;As soon as the applicable legal requirements have
been satisfied, the Offeror intends to convert Corporate Express into a Dutch private limited company (</FONT><FONT SIZE=2><I>besloten vennootschap met beperkte
aansprakelijkheid</I></FONT><FONT SIZE=2>), which will, among other consequences, cause all Ordinary Shares and Preference Shares to become subject to transfer restrictions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Reduced Governance Rights.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;In the event that the Shares or shares of any successor to
Corporate Express cease to be publicly traded, the statutory and non-statutory provisions applicable to the governance of public or listed companies will no longer apply and the rights of
minority shareholders will be limited to the statutory minimum.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Controlling Shareholder.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Following the Settlement Date, Corporate Express will be
majority controlled by the Offeror and the Offeror and/or its affiliates will appoint all or a majority of the members of the Supervisory Board and the Executive Board.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Dividend Policy.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The Offeror expects to cause Corporate Express to stop paying regular
cash dividends after the Settlement Date for the foreseeable future, subject to any applicable requirements under </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_cg14701_1_26"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Dutch
law. Distributions, if any, on the relevant Shares made after the Settlement Date (if any) will be deducted for purposes of establishing the value per Share in the event of any Legal Merger or
other relevant measure. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Tax Treatment of Distributions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The Offeror and its affiliates have no insight into, and
will have no responsibility for, the tax consequences for Shareholders resulting from any cash or share dividend or other distribution made by Corporate Express or any successor entity to Corporate
Express.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Possible Actions in Respect of the Bonds.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The Offeror may decide to take action after
settlement of the Bond Offer to redeem all Bonds outstanding, thereafter, or to amend the Bond Terms and Conditions. Such amendments may include amendment of the maturity of the Bonds or amendment of
the covenants made by Corporate Express vis-&agrave;-vis Bondholders to make such covenants consistent with the covenants made by Staples to its financing banks. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.6 (Risks and Consequences Following Settlement of the Offer). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.18&nbsp;&nbsp;&nbsp;&nbsp;Employee Consultations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Consultations have taken place with the trade unions involved, and the secretariat of the Social Economic Council (</FONT><FONT SIZE=2><I>Sociaal-Economische
Raad</I></FONT><FONT SIZE=2>) has been informed of the Offer in accordance with the SER Merger Code 2000 (</FONT><FONT SIZE=2><I>SER-besluit Fusiegedragsregels
2000</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
view of the fact that no agreement has been reached with the Boards on the Offer, the Dutch Works Councils Act (</FONT><FONT SIZE=2><I>Wet op de Ondernemingsraden</I></FONT><FONT SIZE=2>) does not
require consultation by the Offeror of the (central) works council of Corporate Express in respect of the actual Offer itself. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;6.7 (Employee Consultations). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.19&nbsp;&nbsp;&nbsp;&nbsp;Announcements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror will make any announcements stating whether the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) or
concerning an extension of the Offer past the initial Acceptance Closing Time by press release, a copy of which will be made available on the Staples website at </FONT> <FONT SIZE=2><I>www.staples.com.</I></FONT><FONT SIZE=2> See Section&nbsp;7.10
and 8.9 (Announcements) and Sections&nbsp;7.5 and 8.5 (Extension of the Acceptance Period). Subject to any
applicable requirements of the Merger Rules, including, to the extent applicable, the U.S. federal securities laws and regulations, and without limiting the manner in which the Offeror may choose to
make any public announcement, the Offeror will have no obligation to communicate any public announcement other than as described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.20&nbsp;&nbsp;&nbsp;&nbsp;Indicative Timetable  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="32%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Expected Date and Time</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="65%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Event</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2>19 May 2008</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><FONT SIZE=2>Publication of press release announcing the availability of this Offer Memorandum and the commencement of the Offer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
9.00 hours CET (3.00 hours EDT) on 20 May 2008</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><FONT SIZE=2><BR>
Commencement of the Acceptance Period under the Offer, in accordance with article&nbsp;14 of the Takeover Decree</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008, subject to extension</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><BR><FONT SIZE=2><I>Acceptance Closing Time</I></FONT><FONT SIZE=2><BR>
Deadline for Securityholders wishing to accept the Offer and tender their Securities</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
Not later than three (3)&nbsp;Business Days after the Acceptance Closing Date</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><BR><FONT SIZE=2><I>Unconditional Date</I></FONT><FONT SIZE=2><BR>
the date on which the Offeror will publicly announce whether the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) in accordance with the Merger Rules. Article&nbsp;16, paragraph&nbsp;1 of
the Takeover Decree requires the Offeror to make such announcement within three (3)&nbsp;Business Days after the Acceptance Closing Date</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
Not later than five (5)&nbsp;Business Days after the Unconditional Date</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><BR><FONT SIZE=2><I>Settlement Date</I></FONT><FONT SIZE=2><BR>
the date on which, in accordance with the terms and conditions of the Offer, the Offeror shall pay the Offer Price per Ordinary Share, the Offer Price per ADS, the Offer Price per Preference Share and/or the Bond Offer Price, as applicable, in
respect of each Security validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>) prior to the Acceptance Closing Time, which date
shall be promptly, but in any event, within five (5)&nbsp;Business Days following the Unconditional Date, subject to the Offeror declaring the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=1><A
NAME="cg14701_6._explanation_of_the_offer"> </A>
<A NAME="toc_cg14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;EXPLANATION OF THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On 19&nbsp;February 2008, Staples announced that it made a proposal to the Executive Board and the Supervisory Board to acquire all the issued and outstanding Ordinary
Shares. In a subsequent press release dated 18&nbsp;March 2008, Staples confirmed its intention to acquire Corporate Express and in such release, and again in a press release dated 1&nbsp;April
2008, confirmed that it had secured debt financing that, together with existing cash reserves and the existing revolving credit facility, would provide Staples with funding sufficient to satisfy its
obligations under the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;Substantiation of the Offer Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.1.1&nbsp;&nbsp;&nbsp;&nbsp;Introduction  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In preparing this Offer, the Offeror did not have access to non-public information of Corporate Express. Accordingly, the Offeror relied on certain publicly
available financial information as derived from annual accounts, analyst presentations, market reports, press releases and additional public financial information provided by Corporate Express. There
are certain risks associated with completing an acquisition based solely on publicly available information, including unforeseen integration risks, undisclosed forward-looking business plans,
undisclosed litigation, undisclosed liabilities and unforeseen impact on Staples' credit ratings and, consequentially, Staples' cost of debt. Staples and the Offeror have taken all of the
aforementioned into account to the extent reasonably possible in determining the Offer Price per Ordinary Share, the Offer Price per Preference Share, the Offer Price per ADS and the Bond Offer Price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Offer Price per Ordinary Share, the Offer Price per ADS and the Offer Price per Preference Share  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In establishing the Offer Price per Ordinary Share, the Offer Price per ADS and the Offer Price per Preference Share, the Offeror has carefully considered the history and
prospects of Corporate Express, including analyses of historic financial information derived from Corporate Express' financial statements, market reports and press releases and potential future
developments in profitability, cash flows and balance sheet. The Offer also takes into account historical market valuation of the Shares. Furthermore, the Offeror has performed careful financial
analyses and considered other relevant data in establishing such offer prices. The most material of such analyses and data are identified below: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Corporate
Express' consolidated balance sheet position as of 31&nbsp;December 2007;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>182,901,621
Ordinary Shares issued and outstanding as of 31&nbsp;March 2008;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>5,477,381
options to acquire Ordinary Shares outstanding as of 31&nbsp;December 2007 as shown in the table below. The option holders have the right to tender the Ordinary
Shares issuable upon the exercise of the options under the same terms and conditions as described in this Offer Memorandum: </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg14701_options_outstanding_to_acquire_ordinary_shares"> </A>
<A NAME="toc_cg14701_2"> </A>
<BR></FONT><FONT SIZE=2><B>Options Outstanding to Acquire Ordinary Shares    <BR>    </B></FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="55%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Year of Granting</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of Options</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Exercise Price</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2003</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>400,738</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>EUR 2.70</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2003</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>899</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>EUR 3.59</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2004</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>599,170</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>EUR 7.37</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2005</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,371,089</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>EUR 7.40</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2006</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,430,922</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>EUR 14.65</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2007</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,674,563</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>EUR 10.08</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Total</B></FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>5,477,381</B></FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="51%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Weighted Average Exercise Price</B></FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>EUR 9.77</B></FONT></TD>
</TR>
</TABLE></DIV>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>53,281,979
Preference Shares issued and outstanding as of 31&nbsp;March 2008;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>target
share prices for Ordinary Shares published by research analysts at ABN AMRO, Citigroup, Fortis, Goldman Sachs, ING, Keijser, Petercam, Rabo Securities, SNS
Securities, Theodoor Gilissen and UBS who follow Corporate Express and the market in which it operates and regularly issue reports thereon. As of 18&nbsp;February 2008, the day before Staples
publicly announced its intention to make an offer for Corporate Express, the median target price for Ordinary Shares published by such research analysts was EUR 5.50, the average target price for
Ordinary Shares published by such research analysts was EUR 6.08 and the target prices for Ordinary Shares published by such research analysts at these institutions ranged from EUR&nbsp;4.50 to EUR
9.00; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
comparison of valuation multiples of Corporate Express to the valuation multiples of members of the Corporate Express Peer Group. The comparability of Corporate Express to
members of the Corporate Express Peer Group is, however, subject to certain limitations, as the members of the Corporate Express Peer Group operate in a variety of countries, employ different business
models, have different capital structures and are listed on different stock exchanges. The average ratio of enterprise value to the consensus EBITDA estimates for the year ended 31&nbsp;December
2008 (and calendarised if different than the actual year end of the respective companies) for members of the Corporate Express Peer Group as reported by I/B/E/S on 18&nbsp;February 2008, the day
before Staples publicly announced its intention to make an offer for Corporate Express, was approximately 7.1x. The Offer Price per Ordinary Share implies a ratio of enterprise value to the consensus
EBITDA estimate for Corporate Express for the year ended 31&nbsp;December 2008, as reported by I/B/E/S on 18&nbsp;February 2008, of approximately 8.6x;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
comparison of Corporate Express' Ordinary Share price over the last twelve months to an index comprised of the share prices of members of the Corporate Express Peer Group
over the same period. The comparability of Corporate Express to members of the Corporate Express Peer
Group is, however, subject to certain limitations, as the members of the Corporate Express Peer Group operate in a variety of countries, employ different business models, have different capital
structures and are listed on different stock exchanges;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>bid
premiums in transactions involving offers for publicly traded ordinary shares of the following 22 companies announced during the period from 1&nbsp;January 2005 to
28&nbsp;March 2008 that were deemed comparable to Staples' offer for Corporate Express: Hunter Douglas, P&amp;O Nedlloyd, Versatel, AM, Frans Maas, McGregor, Airspray, Athlon Holding, VNU, Nedschroef,
Wegener, Endemol, Univar, Numico, ABN AMRO, Getronics, TeleAtlas, Hagemeyer, Grolsch, Vedior, Stork and Econosto. For such offers, the median and average bid premiums to the trading price one
(1)&nbsp;day prior to the announcement of the offer were 18.0% and 27.9%, respectively, and the median and average bid premiums to the trading price one month prior to the announcement of the offer
were 24.9% and 32.0%, respectively;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
historical market prices for the Preference Shares; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>offers
for publicly traded preference shares in the Dutch Market (and in particular preference shares issued by ABN AMRO) that were deemed comparable to the Offer for the
Preference Shares. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><I>Bond Offer Price  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For each Bond tendered under the terms and conditions of the Bond Offer, the Offeror offers an amount in cash calculated in accordance with the following formula and rounded
down to the nearest eurocent (EUR 0.01) (the Bond Offer Price): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bond
Offer Price&nbsp;= (B / C)&nbsp;* O, where: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>B</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means EUR 1,000, the principal amount of the Bond;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>C</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the applicable conversion price upon a Change of Control on the Settlement Date, as calculated in accordance with, and as adjusted
according to the circumstances defined in, the Bond Terms and Conditions, including any Cash Dividend paid; and </FONT><FONT SIZE=2><B> <BR><BR> </B></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>O</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the Offer Price per Ordinary
Share. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Accordingly,
provided that no dividends or distributions have been paid or made on the Ordinary Shares between 31&nbsp;December 2007 and the Settlement Date other than the dividend of EUR 0.21 paid
on 24&nbsp;April 2008, the Bond Offer Price will be EUR 1,164.72 if the Settlement Date is on or prior to 18&nbsp;December 2008. Such amount is calculated as the product of (i)&nbsp;145.59
Shares (i.e.,&nbsp;"B" divided by "C", the conversion price of approximately EUR 6.87 per Ordinary Share that would apply to conversions taking place on or before 18&nbsp;December 2008 following a
Change of Control (after all adjustments required by the Bond Terms and Conditions, including prior Cash Dividends)) multiplied by (ii)&nbsp;"O", the Offer Price per Ordinary Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the avoidance of doubt, the Bond Offer Price will be deemed to include compensation for all interest accrued but unpaid through and including the Settlement Date and no additional consideration
shall be paid or due for that interest. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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 </FONT> <FONT SIZE=2><B>6.1.2&nbsp;&nbsp;&nbsp;&nbsp;Premiums  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer Price per Ordinary Share of EUR 8.00, together with the EUR 0.21 dividend that Shareholders have received per Ordinary Share since Staples announced its EUR 7.25
indicative offer on 19&nbsp;February 2008, represents: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 80% to the average closing price per Ordinary Share on Euronext Amsterdam during the one-month period ended on 18&nbsp;February
2008, the day before Staples publicly announced its intention to make an offer for Corporate Express; a premium of approximately 63% to the average closing price per Ordinary Share on Euronext
Amsterdam during the three-month period then ended; a premium of approximately 26% to the average closing price per Ordinary Share on Euronext Amsterdam during the six-month period then
ended and a discount of approximately 2% from the average closing price per Ordinary Share on Euronext Amsterdam during the twelve-month period then ended;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 90% to the closing price per Ordinary Share on Euronext Amsterdam on 4&nbsp;February 2008, the day before rumours of a potential offer for
Corporate Express circulated in the market;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 51% to the closing price per Ordinary Share on Euronext Amsterdam on 18&nbsp;February 2008, the day before Staples publicly announced its
intention to make an offer for Corporate Express; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 49% to the median target price per Ordinary Share on 18&nbsp;February 2008, the day before Staples publicly announced its intention to make an
offer for Corporate Express, based on target prices published by research analysts at ABN AMRO, Citigroup, Fortis, Goldman Sachs, ING, Keijser, Petercam, Rabo Securities, SNS Securities, Theodoor
Gilissen and UBS who follow Corporate Express and the market in which it operates and regularly issue reports thereon. Such target prices ranged from EUR&nbsp;4.50 to EUR&nbsp;9.00 per Ordinary
Share. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>See
Section 10.2 (Ordinary Share Price Development). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offer Price per ADS of EUR 8.00, together with the EUR 0.21 dividend that shareholders have received per Ordinary Share since Staples announced its EUR 7.25 indicative offer on 19&nbsp;February
2008 (USD&nbsp;12.41 and USD&nbsp;0.33, respectively), represents: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 90% to the average closing price per ADS on the NYSE during the one-month period ended on 15&nbsp;February 2008, the last NYSE
Trading Day before Staples publicly announced its intention to make an offer for Corporate Express; a premium of approximately 70% to the average closing price per ADS on the NYSE during the
three-month period then ended; a premium of approximately 36% to the average closing price per ADS on the NYSE during the six-month period then ended and a premium of approximately 10% to
the average closing price per ADS on the NYSE during the twelve-month period then ended;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 96% to the closing price per ADS on the NYSE on 4&nbsp;February 2008, the last NYSE Trading Day before rumours of a potential offer for
Corporate Express circulated in the market; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 57% to the closing price per ADS on the NYSE on 15&nbsp;February 2008, the last NYSE Trading Day before Staples publicly announced its intention
to make an offer for Corporate Express. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2>The
Offer Price per Preference Share of EUR 3.15 represents: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 2% to the one-month average closing price of EUR&nbsp;3.09, approximately 0% to the three-month average closing price of
EUR&nbsp;3.15, approximately 1% to the six-month average closing price of EUR&nbsp;3.11 and approximately 1% to the one-year average closing price of EUR&nbsp;3.11 per
Preference Share on Euronext Amsterdam for the period ended 15&nbsp;May 2008;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 0% to the one-month average closing price of EUR&nbsp;3.12, approximately 3% to the three-month average closing price of
EUR&nbsp;3.05, approximately 2% to the six-month average closing price of EUR&nbsp;3.07 and approximately 0% to the one-year average closing price of EUR&nbsp;3.15 per
Preference Share on Euronext Amsterdam for the period ended 18&nbsp;February 2008, the day before Staples publicly announced its intention to make an offer for Corporate Express; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
price per Preference Share that does not take into account the EUR&nbsp;0.21 dividend paid to the Preference Shareholders on 11&nbsp;April 2008. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;The Offeror  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples Acquisition&nbsp;B.V., the Offeror, is a newly formed Dutch private limited company and an indirect wholly owned subsidiary of Staples. Staples formed the Offeror for
the purpose of making the Offer and acquiring all of the issued and outstanding Securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples
pioneered the office superstore concept in 1986 and today is the world's largest office products company. Staples is committed to making it easy to buy a wide range of office products,
including supplies, technology, furniture, and business services. In the fiscal year ended 2&nbsp;February 2008, Staples generated sales of approximately USD&nbsp;19.4&nbsp;billion. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>See
Section&nbsp;11 (Information on the Offeror). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;The Rationale for the Offer and Strategy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples believes the transaction will provide the following significant benefits to both Corporate Express and Staples stakeholders: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>All Cash Offer:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Offer provides Securityholders the opportunity to realize certain and immediate value in cash for their Securities.
Corporate Express faces significant business risks and execution challenges in pursuing its standalone strategy. These challenges, coupled with the weakening U.S. and global economies, underscore the
value created by Staples' all cash Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Enhanced Valuation:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The transaction delivers Securityholders superior value per share relative to the value based on Corporate Express'
standalone prospects: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>despite
implementing strategic initiatives and changes in management in October 2007, the per share value of the Ordinary Shares declined approximately 42% from EUR 7.54 on
the date Corporate Express announced the completion of its strategic review (1&nbsp;October 2007) to EUR 4.32 on the day before rumours of a potential offer for Corporate Express circulated in the
market (4&nbsp;February
2008). Staples believes the unaffected trading price and related Corporate Express valuation reflected the market's view of Corporate Express as a standalone company;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Offer Price per Ordinary Share, together with the EUR 0.21 dividend that Shareholders have received per Corporate Express Ordinary Share since Staples announced its EUR
7.25 indicative offer on 19&nbsp;February 2008, represents a premium of approximately 90% to the closing price per Ordinary Share on 4&nbsp;February 2008, the day before rumours of a potential
offer for Corporate Express circulated in the market;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Offer Price per Ordinary Share, implies an 8.6x enterprise value to the consensus EBITDA estimates for Corporate Express expected for the year ended 31&nbsp;December
2008 as reported by I/B/E/S on 18&nbsp;February 2008, the day before Staples publicly announced its intention to make an offer for Corporate Express. Such multiple represents a premium over the
average ratio of 7.1x for the enterprise value to the consensus EBITDA estimates for the year ended 31&nbsp;December 2008 (and calendarised if different than the actual year end of the respective
companies) for members of the Corporate Express Peer Group as reported by I/B/E/S on 18&nbsp;February 2008; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>after
Corporate Express announced the implementation of its strategic initiatives and changes in management in October 2007, the per share value of the Ordinary Shares
traded down from EUR 7.54 per share on 1&nbsp;October 2007 to a low of EUR 3.49 on 21&nbsp;January 2008, with an average trading price per Ordinary Share from 1&nbsp;October 2007 to
18&nbsp;February 2008 of EUR 5.95 (37% below the Offer Price per Ordinary Share). </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><I>Compelling Combination:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a result of the business combination, Corporate Express will be able to focus on long term value creation within
a larger and more diverse organization with the greater financial resources that are available to Staples. Customers and employees will realize both short-term and long-term
strategic, financial and other benefits: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Strength of Staples Senior Management Team:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Members of Staples' senior management team have an average tenure
with Staples of 14&nbsp;years and have led Staples to sales growth of 10% per year and earnings per share growth of 17% per year on a compound annual growth rate basis for the three fiscal years
ended 2&nbsp;February 2008. This earnings per share growth is on an adjusted basis, excluding non-recurring items. If non-recurring items are included in earnings per share
for the three fiscal years ended 2&nbsp;February 2008, the earnings per share growth would be 15% on a compound annual growth rate basis. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Realizing Operational Excellence:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Through the combined company, Corporate Express will be better positioned to
significantly improve its operating performance. Corporate Express' ability to
draw upon Staples' management experience and implement Staples' best practices will allow it to boost its operating performance, which, as illustrated in the table below, for the past three years, has
been characterized by slower top line growth as compared to Staples, declining gross contribution margins as compared to Staples' expanding gross profit margins and operating result margins
significantly lower than Staples. Corporate Express will also benefit from Staples' extensive experience and resources in the office products sector, including Staples' ongoing initiatives such as
developing strategic relationships with key vendors, creating a shared value proposition for customers, optimizing its supply chain and continuing to invest in customer service. </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="50%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Corporate Express<SUP>(3)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Staples<SUP>(4)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="50%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="50%" style="font-family:times;"><FONT SIZE=2>Sales growth<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.6</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.3</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="50%" style="font-family:times;"><FONT SIZE=2>Gross contribution (margin)<SUP>(2)</SUP> as a % of sales</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.8</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="50%" style="font-family:times;"><FONT SIZE=2>Gross profit (margin)<SUP>(2)</SUP> as a % of sales</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>A</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.6</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="50%" style="font-family:times;"><FONT SIZE=2>Operating result (margin) as a % of sales</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.6</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.0</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
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<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Staples'
fiscal year is the 52 or 53 weeks ending the Saturday closest to January 31. Fiscal 2007 and fiscal 2005 each consisted of 52 weeks, while fiscal 2006 consisted of 53 weeks.
The sales growth presented above for Staples is adjusted to reflect 52 weeks in fiscal 2006.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Corporate
Express reports gross contribution, while Staples reports gross profit. The definitions of these two metrics differ and, therefore, the two sets of values cannot be directly
compared. Corporate Express' gross contribution is defined in their 2007 Annual Report and Form&nbsp;20-F (as published by Corporate Express and presented at </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>) as net sales less
purchase value of trade goods sold. Staples' gross profit is defined as net sales less the cost of merchandise sold,
rent and occupancy costs, delivery and distribution expenses.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>All
of the information above related to Corporate Express has been derived from their 2007 Annual Report and Form&nbsp;20-F (as published by Corporate Express and presented at </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>), except for
the 2005 sales growth rate. While Corporate Express' financial results for 2007, 2006 and 2005 reflect ASAP Software as a
discontinued operation, the net results of this business had been included in continuing operations for 2004. For comparability purposes, the 2005 sales growth rate above was calculated by removing
ASAP Software sales from the 2004 sales total reported in the 2006 Annual Report and Form&nbsp;20-F (as published by Corporate Express and presented at </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>). Corporate Express prepares its
financial statements in accordance with IFRS as adopted by the&nbsp;EU.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Staples
prepares its financial statements, from which the information in this table is derived, in accordance with U.S.&nbsp;Generally Accepted Accounting Principles. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Enhanced Geographic Reach:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The increased global diversification for both companies promotes growth and better
supports all stakeholders. The enhanced geographic reach of the combined businesses of Corporate Express and Staples will create opportunities for economies of scale and benefit customers as Staples
brings its operational excellence into new and existing geographies served by Corporate Express, although the precise amount of such economies of scale cannot be determined at this time as neither the
Offeror nor Staples has had access to non-public information relating to Corporate Express.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Improved Customer Value:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The combined business platform will better serve customers of both companies. Customers
will benefit from expanded product and service offerings, improved distribution capabilities, shared best practices and a more efficient cost structure.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Commitment to Corporate Values and Employees:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Staples is committed to responsible corporate citizenship, or what
Staples refers to internally as Staples Soul. Staples Soul is a holistic approach to business that recognizes the close connection between Staples' financial success and its desire to make a positive
impact on its associates, communities and the planet. Staples believes that by practicing sound ethics, sustaining the environment, embracing diversity, and giving back to the community, Staples will
solidify its place as the world's premier office products company. Staples believes Corporate Express employees will benefit from being part of the combined enterprise that adopts Staples' commitment
to people development and training opportunities.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Recognized Brands:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Staples and Corporate Express both have strong and well positioned brands. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>6.4&nbsp;&nbsp;&nbsp;&nbsp;Financing of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On 1&nbsp;April 2008, Staples announced that it entered into the Credit Agreement with financing arranged by Lehman Brothers&nbsp;Inc., Bank of America and HSBC Bank USA,
and that the funds available under the Credit Agreement, together with its cash reserves and funds available under its existing revolving credit facility, are sufficient to finance Staples'
acquisition of Corporate Express. There are no conditions </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>precedent
to funding under the Credit Agreement other than customary conditions. Staples has no reason to believe that these conditions precedent under the Credit Agreement will not be satisfied at or
prior to the Acceptance Closing Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On
13&nbsp;May 2008, Staples announced an increase of the Offer Price per Ordinary Share to EUR 8.00. The funds available under the Credit Agreement, together with Staples' cash reserves and the
funds available under its existing revolving credit facility, are sufficient to finance the acquisition of Corporate Express following such price increase. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.5&nbsp;&nbsp;&nbsp;&nbsp;Offer Conditions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The obligation of the Offeror to declare the Offer, which comprises inter-related cash offers for different types of securities, unconditional (</FONT><FONT SIZE=2><I>gestand
te doen</I></FONT><FONT SIZE=2>) shall be subject to the satisfaction or, to the extent legally permitted and at the Offeror's sole discretion, waiver of the following conditions: </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B>6.5.1</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>there being tendered for acceptance prior to the Acceptance Closing Time a number of Ordinary Shares, including Ordinary Shares represented by ADSs, that, together with the Ordinary Shares, including Ordinary Shares
represented by ADSs, owned by Staples or the Offeror and/or any of their affiliates at the Acceptance Closing Time, represents at least 75% of the Ordinary Shares, including Ordinary Shares represented by ADSs, issued and outstanding at the
Acceptance Closing Time;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.2</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
no Material Adverse Change has occurred or has become known to the Offeror prior to or on the Unconditional Date;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.3</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
on or prior to the Unconditional Date, no public announcement has been made indicating that a third party has commenced, revised or re-affirmed or that a third party is preparing an offer, or preparing a revision of an offer, for a business
combination that would involve an attempt to effect a change of control of Corporate Express through an offer for (i)&nbsp;all or any material portion of the issued and outstanding Shares or Bonds or (ii)&nbsp;all or substantially all of the assets
of the Corporate Express Group;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.4</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
none of Corporate Express and any of its affiliates has taken any action on or prior to the Unconditional Date that, individually or in the aggregate, may materially and adversely affect the Offer, the Offeror's ability to consummate the Offer, the
value of the Securities or the value of Corporate Express' assets, including, without limitation, by (i)&nbsp;entering into any agreement, or completing any transaction, involving the sale, purchase, redemption or issue by Corporate Express or its
affiliates of any securities, securities convertible or exchangeable into shares or options to subscribe for any of the foregoing (other than pursuant to equity incentive plans operated in the ordinary course of business or the issue of Ordinary
Shares upon conversion of the Bonds), or involving the acquisition of material assets or the sale or transfer of a material part of the business or assets by Corporate Express or its affiliates (including the sale of shares in its subsidiaries),
including, without limitation, transactions by way of any legal merger, legal demerger, liquidation or any other transactions with similar effect, (ii)&nbsp;entering into any joint venture or similar agreement or arrangement that is reasonably likely
to have a material adverse impact on the ability of Staples and/or the Offeror to operate the business of Corporate Express or the ability of the Offeror and/or Corporate Express to integrate or coordinate their respective businesses following the
consummation of the Offer, (iii)&nbsp;effecting a split or reverse split of any securities issued by Corporate Express, (iv)&nbsp;entering into, varying or terminating any material agreement outside the ordinary course of business inconsistent with
past practice, including, without limitation, providing severance payments upon the termination of employment or similar agreements, (v)&nbsp;approving, declaring or paying a dividend outside of the normal course of its business, or inconsistent with
past practice or (vi)&nbsp;giving any undertaking to do any of the foregoing;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.5</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
on or prior to the Unconditional Date, no order, stay, judgment or decree is issued by any court, arbitral tribunal, government, governmental authority or other regulatory or administrative authority and is in effect, or any statute, rule, regulation,
 governmental order or injunction shall have been proposed, enacted, enforced or deemed applicable to the Offer, any of which restrains, prohibits or delays or is reasonably likely to restrain, prohibit or delay the consummation of the Offer in any
material respect;</FONT></TD>
</TR>
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<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.6</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
on or prior to the Unconditional Date, (i)&nbsp;no litigation or other legal, governmental or regulatory proceedings or investigations by a third party (including any regulatory body or governmental authority) has or have been instituted or
threatened and is or are continuing and/or (ii)&nbsp;no judgment, settlement, decree or other agreement relating to litigation or other legal, governmental or regulatory proceedings or investigations instituted by a third party (including any
regulatory body or governmental authority) is in effect, which (in either case) might, individually or in the aggregate, reasonably be expected to adversely affect the ability of the Offeror and/or Staples to consummate the Offer or operate the
business of Corporate Express following the Settlement Date;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.7</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
the Corporate Express Foundation not having exercised its rights under the call option agreement of the Company and, on or prior to the second Business Day following the Acceptance Closing Date, the Corporate Express Foundation having renounced,
irrevocably and subject only to the Offer being declared unconditional (</FONT><FONT SIZE=2><I>gestand gedaan</I></FONT><FONT SIZE=2>), any and all rights it may have under the call option agreement with the Company;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.8</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
on or prior to the Second Business Day following the Acceptance Closing Date, the AFM not having issued an order in terms of article&nbsp;5:80 Wft prohibiting investment firms (</FONT><FONT SIZE=2><I>beleggingsondernemingen</I></FONT><FONT SIZE=2>)
from cooperating with the Offer, on the basis that it has found that the Offer is announced, prepared, or made in breach of the provisions of, or pursuant to, Chapter&nbsp;5.5 Wft and trading in the Ordinary Shares and/or the Preference Shares by
Euronext Amsterdam has not been permanently suspended as a result of a listing measure (</FONT><FONT SIZE=2><I>noteringsmaatregel</I></FONT><FONT SIZE=2>) taken by Euronext Amsterdam in accordance with article&nbsp;2706/1 of Euronext Rulebook
II;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.9</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
the occurrence of the following events on or prior to the second Business Day following the Acceptance Closing Date:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
(i)&nbsp;&nbsp;&nbsp;&nbsp;the European Commission having unconditionally declared the transactions contemplated by the Offer compatible with the common market under Council Regulation (EC) 139/2004/EC (the "</FONT><FONT SIZE=2><B>EC Merger
Regulation</B></FONT><FONT SIZE=2>"), and any European Union Member State to which the transactions contemplated by the Offer is referred under Article&nbsp;9 of the EC Merger Regulation having taken a decision of equivalent effect; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
(ii)&nbsp;&nbsp;&nbsp;&nbsp;either (a)&nbsp;the issuance of an advance ruling certificate ("</FONT><FONT SIZE=2><B>ARC</B></FONT><FONT SIZE=2>") pursuant to section&nbsp;102 of the Competition Act (Canada) (the "</FONT><FONT SIZE=2><B>Competition
Act</B></FONT><FONT SIZE=2>") by the Commissioner of Competition appointed under the Competition Act (the "</FONT><FONT SIZE=2><B>Commissioner</B></FONT><FONT SIZE=2>") to the effect that she is satisfied that she would not have sufficient grounds
upon which to apply to the Competition Tribunal for an order under section&nbsp;92 of the Competition Act with respect to the transactions contemplated by the Offer; or (b)&nbsp;the expiry of the waiting period under section&nbsp;123 of the
Competition Act and the Offeror having been advised in writing by the Commissioner that the Commissioner has determined, without conditions, not to make an application for an order under section&nbsp;92 of the Competition Act in respect of the
transactions contemplated by the Offer; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
6.5.10</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
on or prior to the second Business Day following the Acceptance Closing Date, the Boards, subject only to the Offeror declaring the Offer unconditional, having irrevocably and otherwise unconditionally undertaken towards the Offeror to convene a
general meeting of shareholders, to take place within three (3)&nbsp;weeks following the Settlement Date, and the record date of which is not prior to the Settlement Date, for which the agenda includes a proposal by the Supervisory Board to the
shareholders of Corporate Express to appoint to the Boards the persons specified by the Offeror in writing to the Company prior to the Acceptance Closing Date and having irrevocably and unconditionally undertaken towards the Offeror to take any and
all corporate and other actions reasonably requested by the Offeror in connection therewith, provided that the Offeror may only invoke this Offer Condition if it has informed the Company in writing by the end of the first Business Day following the
Acceptance Closing Date of the number of Ordinary Shares validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) under the Offer.</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2>
The Offer Conditions are for the sole benefit of the Offeror and may, to the extent permitted by applicable law, be waived by the Offeror at its sole discretion (either in whole or in part). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>6.6&nbsp;&nbsp;&nbsp;&nbsp;Risks and Consequences Following Settlement of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.1&nbsp;&nbsp;&nbsp;&nbsp;Possible Effects of the Offer on the Market for the Securities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Settlement of the Offer will, among other things, reduce the number of Securities that might otherwise trade publicly and could adversely affect the liquidity and market value
of the remaining Securities owned by the public in the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.2&nbsp;&nbsp;&nbsp;&nbsp;Listing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror intends to terminate the listing of Ordinary
Shares and Preference Shares on Euronext Amsterdam and the listing of ADSs on the NYSE as soon as possible thereafter. This would further adversely affect the liquidity of any Shares not tendered in
the Offer. In addition, the Offeror may initiate any of the procedures as set out in Section&nbsp;6.6.5 (Legal Structure of Corporate Express Following the Offer), including procedures which would
result in termination of the listing of the Securities (including Securities not tendered in the Offer). In the case of a public offer, Euronext Amsterdam policy prohibits delisting until at least 95%
of the listed shares are held by a single entity or by a group controlled by a single entity. The Offeror also intends to cause Corporate Express to make a filing with the SEC requesting termination
of the registration of the ADSs under the Exchange Act, which may result in the termination of Corporate Express' reporting obligations under the Exchange Act. The Offeror further intends to cause
Corporate Express to terminate the deposit agreement relating to the ADSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.3&nbsp;&nbsp;&nbsp;&nbsp;Margin Regulations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The ADSs are currently "margin securities" under the regulations of the Board of Governors of the United States Federal Reserve System, which regulations have the effect, among
other things, of allowing brokers to extend credit on the collateral of the ADSs for the purpose of buying, carrying or trading in securities ("</FONT><FONT SIZE=2><B>Purpose
Loans</B></FONT><FONT SIZE=2>"). Depending upon factors such as the number of record holders of ADSs and the number and market value of ADSs owned by the public, following the completion of the Offer,
the ADSs might no longer qualify as "margin securities" for purposes of the Federal Reserve Board's margin regulations, and, therefore, could no longer be used as collateral for Purpose Loans made by
brokers. In addition, if registration of the ADSs under the Exchange Act were terminated, the Shares would no longer constitute margin securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.4&nbsp;&nbsp;&nbsp;&nbsp;Conversion to Private Limited Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As soon as the applicable legal requirements have been satisfied, the Offeror intends to convert Corporate Express into a Dutch private limited company
(</FONT><FONT SIZE=2><I>besloten vennootschap met beperkte aansprakelijkheid</I></FONT><FONT SIZE=2>), which will, among other consequences, cause all Ordinary Shares and Preference Shares to become
subject to transfer restrictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.5&nbsp;&nbsp;&nbsp;&nbsp;Legal Structure of Corporate Express Following the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror expects to acquire all of the issued and outstanding Securities and to align Corporate Express with the holding and financing structure of Staples and its
affiliates by any legally permitted means. Such means may include, but will not necessarily be limited to, a Squeeze-Out, a Legal Merger, a contribution of assets to Corporate Express in
exchange for new shares issued (in which case the existing Shareholders do not have pre-emptive rights), or a sale of assets by Corporate Express. Since the Offeror and Staples have not
been given access to any non-public information regarding Corporate Express, the precise manner in which the holding and finance structure of Staples and Corporate Express might be aligned has not
been determined. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the avoidance of doubt, any or all of the measures and processes described in this Section&nbsp;6.6.5 may be applied cumulatively, alternatively, or not at all, at the discretion of the Offeror,
subject to applicable provisions of Dutch law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I>Squeeze-Out  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In the event that the Offeror has acquired 95% or more of the issued and outstanding share capital of Corporate Express at or following the Settlement Date, the Offeror expects
to initiate a Squeeze-Out, as soon as possible thereafter, in order to acquire the remaining Shares not tendered and not held by the Offeror, Staples or Corporate Express. The Offeror may
also initiate a Squeeze-Out at any time after the Settlement Date, if and when it is entitled to do so, with respect to shares in any successor entity to Corporate Express, whether such
successor entity results from a Legal Merger or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Legal Merger  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At any time after the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror may take steps to implement a
Legal Merger between the Offeror and/or an affiliate of the Offeror (the "</FONT><FONT SIZE=2><B>Merging Entity</B></FONT><FONT SIZE=2>") and Corporate Express. As a result of such a Legal Merger,
one of the two legal entities involved (the "</FONT><FONT SIZE=2><B>Disappearing Entity</B></FONT><FONT SIZE=2>") will disappear and the other (the "</FONT><FONT SIZE=2><B>Surviving
Entity</B></FONT><FONT SIZE=2>") will survive and acquire all assets and liabilities of the Disappearing Entity by operation of law on the date on which the Legal Merger becomes effective (the
"</FONT><FONT SIZE=2><B>Merger Date</B></FONT><FONT SIZE=2>"). The following paragraphs of this subsection explain two principal forms of Legal Merger which the Offeror may consider and set out a
summary of the process that will be followed prior to any Legal Merger being implemented. No rights can be derived from these explanations, and the Offeror reserves the right to pursue a Legal Merger
on terms which are different from those contained in the paragraphs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
case a Legal Merger is effected in which Corporate Express is the disappearing entity (an "</FONT><FONT SIZE=2><B>Upstream Merger</B></FONT><FONT SIZE=2>"), Shareholders in Corporate Express
(including Shareholders that have not tendered their Shares, but excluding the Merging Entity) will become, by operation of law, shareholders in the Merging Entity, alongside the Offeror and/or the
Offeror's affiliate which is already a shareholder of the Merging Entity (the "</FONT><FONT SIZE=2><B>Merging Entity Parent</B></FONT><FONT SIZE=2>"). The new shareholders will acquire shares in the
share capital of the Merging Entity that have the same economic value as the Shares they hold immediately before the Legal Merger becomes effective, which will be computed on the basis of the relevant
prices set out in this Offer Memorandum, deducting any distributions made to the relevant Shareholders after the Settlement Date. The capital of the Merging Entity is likely to be divided into
different classes of shares, and holders of one class of Shares may acquire one or more classes of ordinary and/or preference shares in the Merging Entity, depending on factors such as the rights
attaching to the Shares they hold on the Merger Date and the amount of any debt financing the Merging Entity has outstanding at that time. The exact identity of the Merging Entity, the composition of
its share capital, the economic and other rights attaching to each class of shares in that capital and the exchange ratio applicable to each class of Shares will only be established by the Executive
Board and the Offeror on or after the Unconditional Date and shall be approved by the Supervisory Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>It
is not intended that any shares in the Merging Entity will be listed on any stock exchange or will otherwise be publicly traded. As the Merging Entity will be a private limited company
(</FONT><FONT SIZE=2><I>besloten vennootschap met beperkte aansprakelijkheid</I></FONT><FONT SIZE=2>), restrictions will apply to the transferability of these shares. However, the Merging Entity
Parent may grant the new holders of shares in the Merging Entity the right for a certain period after the Merger Date to sell their shares to the Merging Entity Parent, for a price per share equal to
the relevant price set out in this Offer Memorandum, deducting any distributions made to the relevant Shareholders after the Settlement Date. Shareholders who do not tender their Shares in the Offer
should be aware that, in the event the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) and an Upstream Merger is implemented, except to
the extent and for the period that any sale right is granted in accordance with the previous sentence, the shares in
the Merging Entity which they receive in exchange for their Shares will be illiquid and cannot be freely traded. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As
a further result of the Merging Entity in an Upstream Merger being an unlisted private limited company, statutory and non-statutory provisions applicable to the governance of public or
listed companies will not apply to the Merging Entity, and the rights of minority shareholders in the Merging Entity will be limited to the statutory minimum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As
an alternative or precursor to an Upstream Merger, the Offeror may choose to implement a Legal Merger in which the Merging Entity will be the Disappearing Entity and Corporate Express will be the
Surviving Entity (a "</FONT><FONT SIZE=2><B>Downstream Merger</B></FONT><FONT SIZE=2>"). In such a case, Shareholders will continue to hold their Shares. The Shares held by the Merging Entity will be
cancelled and the Merging Entity Parent will be issued new Shares, taking into account any assets or liabilities which the Merging Entity has on the Merger Date. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>A
Downstream Merger will not in itself affect the listing of Ordinary Shares or Preference Shares on Euronext Amsterdam, the listing of ADSs on the NYSE or the tradeability of Shares. The Downstream
Merger does not, however, prevent the Offeror from seeking a termination of those listings, when they are entitled to do so under applicable listing rules. Similarly, the Offeror may initiate a
Squeeze-Out subsequent to a Downstream Merger, if and when it is entitled to do so, with respect to the Shares it does not at that point own (other than shares owned by Corporate Express
itself or its subsidiaries). In addition, the completion of the Offer and any subsequent measures initiated by the Offeror, within the restrictions imposed by applicable law, are likely to
significantly reduce the trading volume in Shares and thereby the liquidity of a continued investment in the Shares beyond the Settlement Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>After
implementing a Downstream Merger, the Offeror may decide to implement an Upstream Merger, with a different Merging Entity than the one that disappeared as a result of the Downstream Merger. The
previous subsection, relating to an Upstream Merger and the shares that will be issued to holders of Shares, will apply mutatis mutandis in such a case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
the event that the Offeror chooses to pursue any Legal Merger, the process for achieving this result will be subject to Part&nbsp;7 of Book 2 of the Dutch Civil Code and any other applicable
provisions of Dutch law, and will include safeguards to ensure that the exchange ratio or ratios applicable to each respective class of Shares is deemed fair by independent experts, and is ultimately
approved by the Supervisory Board. The process also requires a resolution of the general meeting of shareholders of the Disappearing Entity and, under certain circumstances, of the general meeting of
shareholders of the Surviving Entity. Shareholders should be aware, however, that these safeguards and procedures do not prevent the Surviving Entity, in which they will be shareholders after the
Merger Date, from having substantially more debt as a proportion of its balance sheet total than Corporate Express currently has. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>Asset Sale  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At any time after the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror may take steps to cause a
sale by Corporate Express of all, substantially all or a substantial part of Corporate Express' assets to a company directly or indirectly wholly owned by the Offeror and/or by an affiliate of the
Offeror. Any such asset sale may be made at a value that is different from the value calculated on the basis of Share prices set out in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Any
such asset sale would require the approval of the Supervisory Board, as well as the approval of the general meeting of Corporate Express' shareholders (including the Offeror). Following a sale of
all or substantially all of Corporate Express' assets, Corporate Express may be liquidated, in which case the proceeds of the transaction will be distributed to its shareholders, in accordance with
the provisions of the Corporate Express Articles of Association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Other Possible Measures  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror reserves the right to use any other permitted method to obtain 100% of Corporate Express' share capital and to align the company structure of Corporate Express with
the group's holding and financing structure that will exist once the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>). Such methods
include the contribution of assets by the Offeror to Corporate Express in exchange for the issue of new shares in the share capital of Corporate Express, whilst at the same time excluding the
pre-emptive rights (</FONT><FONT SIZE=2><I>voorkeursrechten</I></FONT><FONT SIZE=2>) (if any) of Shareholders, all in accordance with Dutch law and the Corporate Express Articles of
Association in force at the relevant time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Finally,
the Offeror reserves the right to pursue alterations to the corporate and capital structure of Corporate Express, including internal reorganisations, changes to the accounting policies
applied by Corporate Express, amendments to the Corporate Express Articles of Association, a liquidation, a demerger as specified in article&nbsp;2:334a of the Dutch Civil Code, a rights issue, a
contribution or a sale and/or transfer of all or part of the Company's assets, each to be effected in accordance with Dutch law and the Corporate Express Articles of Association (in force at the
relevant time). Prior to such reorganisation being completed, Corporate Express and Staples may operate their businesses together by means of joint venture or other contractual arrangements. Any
distributions made may take the form of a distribution out of reserves, an interim dividend, a final dividend, payment upon cancellation or, in case the Company is liquidated, a liquidation
distribution. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><B>6.6.6&nbsp;&nbsp;&nbsp;&nbsp;Reduced Governance Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In the event that the Shares or shares of any successor to Corporate Express cease to be publicly traded, the statutory and non-statutory provisions applicable to
the governance of public or listed companies will no longer apply and the rights of minority shareholders will be limited to the statutory minimum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.7&nbsp;&nbsp;&nbsp;&nbsp;Controlling Shareholder  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Following the Settlement Date, Corporate Express will be majority controlled by the Offeror, and the Offeror and/or its affiliates will appoint all or a majority of the members
of the Boards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.8&nbsp;&nbsp;&nbsp;&nbsp;Dividend Policy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror expects to cause Corporate Express to stop paying regular cash dividends after the Settlement Date for the foreseeable future, subject to any applicable
requirements under Dutch law. Distributions, if any, on the relevant Shares made after the Settlement Date (if any) will be deducted for purposes of establishing the value per Share in the event of
any Legal Merger or other relevant measure as described in Section&nbsp;6.6.5 (Legal Structure of Corporate Express Following the Offer). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.9&nbsp;&nbsp;&nbsp;&nbsp;Tax Consequence of Distributions  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The Offeror and its affiliates have no insight into, and will have no responsibility for, the tax consequences for Shareholders resulting from any cash or share dividend or
other distribution made by Corporate Express or any successor entity to Corporate Express. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.10&nbsp;&nbsp;&nbsp;&nbsp;Possible Actions in Respect of the Bonds  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In the event that the Offer is declared unconditional and following any conversion, redemption, repurchase or cancellation of Bonds, if less than 15% of the aggregate principal
amount of the Bonds originally issued remains outstanding, Corporate Express may decide to redeem all Bonds outstanding thereafter at their principal amount, plus accrued and unpaid interest to, but
excluding, the date fixed for redemption in accordance with the Bond Term and Conditions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Furthermore,
subject to the Offer being declared unconditional and the Offeror holding at least 10% of the Bonds, the Offeror or Corporate Express may decide to call a meeting of Bondholders, during
which a proposal to amend the Bond Term and Conditions would be placed on the agenda for
adoption by the meeting of Bondholders in compliance with the provisions of article&nbsp;11.2 of the Bond Terms and Conditions. The amendment of the Bond Terms and Conditions may include amendment
of the maturity of the Bonds, amendment of the covenants made by Corporate Express vis-&agrave;-vis Bondholders to make such covenants consistent with the covenants
made by Staples to its financing banks, in particular eliminating the prohibition on the pledge of assets in article&nbsp;7.3 of the Bond Terms and Conditions, or permitting redemption of all Bonds
outstanding when higher percentages of the aggregate principal amount of the Bonds originally issued remain outstanding. In order to adopt any such resolution, there must be a quorum at the meeting of
one or more persons holding or representing not less than a clear majority (or 75% in cases of amendments to the maturity date or payment provisions) of the aggregate principal amount of the Bonds
outstanding at such time, or at any adjourned meeting not less than one-third of the aggregate principal amount of Bonds outstanding at such time, and such action must be approved by the
holders of a clear majority (or 75% in cases of amendments to the maturity date or payment provisions) of the aggregate principal amount of the Bonds outstanding at such time. The Offeror may vote all
votes attached to the Bonds tendered in the Bond Offer or purchased otherwise in favour of such amendment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offeror also reserves the right to use, or procure the use of, any other legally permitted method to obtain, purchase, convert, redeem, repurchase or cancel any Bonds, or procure any of the
aforementioned. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.11&nbsp;&nbsp;&nbsp;&nbsp;Other Measures  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror will request the Company to convene an Extraordinary General Meeting of Shareholders (</FONT><FONT SIZE=2><I>buitengewone vergadering van
aandeelhouders</I></FONT><FONT SIZE=2>) and to include on the agenda for this meeting (i)&nbsp;a resolution for the amendment of the Corporate Express Articles of Association to align the corporate
structure of Corporate Express with the Offeror's preferred corporate, tax and financing structure and to amend the governance structure to better reflect the ownership structure of Corporate Express
following settlement of the Offer, including amendments of the Corporate Express Articles of Association (a)&nbsp;to abolish the preference shares B, (b)&nbsp;to abolish the restriction
prohibiting a Shareholder from holding more </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>than
1% of the Preference Shares, (c)&nbsp;to abolish the requirement that certain resolutions by the general meeting of shareholders must be proposed by the Executive Board, (d)&nbsp;to abolish
the mandatory nomination by the Supervisory Board for appointment of members of the Executive Board and the Supervisory Board and (e)&nbsp;to include the requirement that certain decisions of the
Executive Board require the prior approval of the general meeting of shareholders, and (ii)&nbsp;the appointments to the Executive Board and Supervisory Board of nominees of the Offeror, in each
case subject to settlement of the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.6.12&nbsp;&nbsp;&nbsp;&nbsp;Employees  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As stated above, the Offeror believes that the Offer will have advantageous effects for Corporate Express' workforce. In particular, the business combination should enable
Corporate Express to focus on long term value creation within a larger and more diverse organization with greater financial resources and enable Corporate Express employees to benefit from Staples'
commitment to development and training opportunities, as well as career opportunities in a larger organization. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
fact that Corporate Express has been unwilling to conduct substantive discussions regarding the Offer and plans for combining the two businesses means that the Offeror is not able at this stage to
develop specific plans for combining and growing the two businesses. Based solely on publicly available information, Staples intends to continue the activities of Corporate Express and plans to
maintain a significant presence in The Netherlands. Staples does not currently intend to materially reduce the number, or materially change the terms or conditions of employment, of Corporate Express
employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.7&nbsp;&nbsp;&nbsp;&nbsp;Employee Consultations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In view of the fact that no agreement has been reached with the Boards on the Offer, the Dutch Works Councils Act (</FONT><FONT SIZE=2><I>Wet op de
Ondernemingsraden</I></FONT><FONT SIZE=2>) does not require consultation by the Offeror of the (central) works council of Corporate Express in respect of the actual Offer itself. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples
has consulted certain trade unions in the Netherlands, and has informed the secretariat of the Social Economic Council (</FONT><FONT SIZE=2><I>Sociaal-Economische
Raad</I></FONT><FONT SIZE=2>) of the Offer in accordance with the SER Merger Code 2000 (</FONT><FONT SIZE=2><I>SER-besluit Fusiegedragsregels 2000</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ck14701_7._invitation_to_the_shareholders"> </A>
<A NAME="toc_ck14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;INVITATION TO THE SHAREHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror hereby makes a cash offer for all issued and outstanding Shares. Shareholders are advised to review this Offer Memorandum and the related documents included,
referred to herein or enclosed herewith thoroughly and completely and to seek independent advice where appropriate in order to reach an informed judgment with respect to the Offer and this Offer
Memorandum. Shareholders who consider not tendering their Shares are advised to review Section&nbsp;6.6 (Risks and Consequences Following Settlement of the Offer). With due reference to all
statements, terms, conditions and restrictions included in this Offer Memorandum, Shareholders are hereby invited to tender their Shares under the Offer in the manner and subject to the terms,
conditions and restrictions set out below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.1&nbsp;&nbsp;&nbsp;&nbsp;Share Offer Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders who accept the Offer and tender Ordinary Shares will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, the
Offer Price per Ordinary Share of EUR 8.00, in cash, without interest and subject to any required withholding of taxes in consideration of each Ordinary Share validly tendered (or defectively tendered
provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), subject to the Offeror declaring the Offer unconditional. If, on or
after the date hereof but on or prior to the Settlement Date, any cash or share dividend or other distribution is declared in respect of the Ordinary Shares, and the record date for such cash or share
dividend or other distribution occurs on or prior to the Settlement Date, the Offer Price per Ordinary Share will be decreased by an amount per Ordinary Share equivalent to any such cash or share
dividend or other distribution per Ordinary Share. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>
Shareholders who accept the Offer and tender ADSs will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, the Offer Price per ADS of EUR 8.00, in
cash, without interest and subject to any required withholding of taxes in consideration of each ADS validly tendered (or defectively tendered provided that such defect has been waived by the Offeror)
and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), subject to the Offeror declaring the Offer unconditional. If, on or after the date hereof but on or prior to the Settlement
Date, any cash or share dividend or other distribution is declared in respect of the Ordinary Shares underlying the ADSs, and the record date for such cash or share dividend or other distribution
occurs on or prior to the Settlement Date, the Offer Price per ADS will be decreased by an amount per ADS equivalent to any such cash or share dividend or distribution per ADS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offer Price per ADS of EUR 8.00 will be paid in U.S. dollars, based on the conversion of the Offer Price per ADS, into U.S. dollars at the exchange rate obtainable by BNY Mellon Shareowner
Services, c/o&nbsp;Mellon Investor Services, the U.S. Settlement Agent, on the spot market in the United States on the date the cash consideration is received by the U.S. Settlement Agent for
delivery in respect of such ADSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders
who accept the Offer and tender Preference Shares will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, the Offer Price per
Preference Share of EUR&nbsp;3.15, in cash, without interest and subject to any required withholding of taxes in consideration of each Preference Share validly tendered (or defectively tendered
provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), subject to the Offeror declaring the Offer unconditional. If, on or
after the date hereof but on or prior to the Settlement Date, any cash or share dividend or other distribution is declared in respect of the Preference Shares, and the record date for such cash or
share dividend or distribution occurs on or prior to the Settlement Date, the Offer Price per Preference Share will be decreased by an amount per Preference Share equivalent to any such cash or share
dividend or other distribution per Preference Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.2&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender of Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.2.1&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender of Shares by Ordinary Shareholders or Preference Shareholders through an Admitted Institution  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Shareholders who hold their Ordinary Shares or Preference Shares through an Admitted Institution must make their acceptance known via their custodian, bank or broker prior to
17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008, unless the Acceptance Period is extended in accordance with Section&nbsp;7.5 (Extension of the Acceptance Period).
Custodians, banks or brokers may set an earlier deadline for communication by Shareholders in order to permit the custodian, bank or broker to communicate acceptances to the Dutch Settlement Agent in
a timely manner. Accordingly, Shareholders holding Ordinary Shares or Preference Shares through a financial intermediary, should comply with the dates communicated by such financial intermediary as
such dates may differ from the dates and times noted in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Admitted Institutions may tender Ordinary Shares or Preference Shares for acceptance only to the Dutch Settlement Agent and only in writing. In tendering the acceptance, the Admitted Institutions
are required to declare that (i)&nbsp;they have the tendered Ordinary Shares and Preference Shares in their administration, (ii)&nbsp;each Shareholder who accepts the Offer irrevocably represents
and warrants that the Ordinary Shares and Preference Shares tendered by such Shareholder are being tendered in compliance with the restrictions set out in Section&nbsp;1 (Restrictions and Important
Information) and (iii)&nbsp;they undertake to transfer these Ordinary Shares and Preference Shares to the Offeror prior to or on the Settlement Date, provided the Offeror declares the Offer
unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject
to article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree, the tendering of Ordinary Shares or Preference Shares in acceptance of the Offer shall constitute irrevocable instructions to
block any attempt to transfer the Ordinary Shares or Preference Shares tendered, so that, on or prior to the Settlement Date, no transfer of such Shares may be effected (other than to the Dutch
Settlement Agent on or prior to the Settlement Date if the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) and the Ordinary Shares or
Preference Shares have been accepted for purchase) and to debit the securities account in which such Shares are held on the Settlement Date in respect of all of the Ordinary Shares or Preference
Shares tendered, against payment by the Dutch Settlement Agent on behalf of the Offeror of the Offer Price per Ordinary Share or the Offer Price per Preference Share in respect of those Ordinary
Shares or Preference Shares (as the case may be). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><B>7.2.2&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender by Ordinary Shareholders or Preference Shareholders Individually Recorded in the Corporate Express Shareholders Register  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Shareholders owning Shares individually recorded in the Corporate Express shareholders register that choose to accept the Offer in respect of such Shares must deliver a
completed and signed acceptance form to the Dutch Settlement Agent. Completed letters of transmittal and, if applicable, ADRs, should be sent prior to the Acceptance Closing Time. The acceptance forms
are available upon request from the Dutch Settlement Agent (ING BANK&nbsp;N.V., ING Wholesale Banking Securities Services, Attn: Paying Agency Services Department, Van Heenvlietlaan 220, 1083 CN
Amsterdam, The Netherlands, tel:&nbsp;+31&nbsp;20&nbsp;797&nbsp;9398, fax:&nbsp;+31&nbsp;20&nbsp;797&nbsp;9607, email: iss.pas@mail.ing.nl). The acceptance form will also
serve as a deed of transfer (</FONT><FONT SIZE=2><I>akte van levering</I></FONT><FONT SIZE=2>) with respect to the Shares referenced therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.2.3&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender by ADS Shareholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders holding ADSs in registered form, either in the ADR form or in uncertificated form through the Direct Registration System, may accept the Offer and tender ADSs to
the U.S. Settlement Agent by delivering to the U.S. Settlement Agent a properly completed and duly executed letter of transmittal, with any applicable signature guarantees from an eligible guarantor
institution, together with the ADRs representing the ADSs specified on the face of the letter of transmittal, if applicable, prior to Acceptance Closing Time. The letters of transmittal and other
associated forms are available upon request from the U.S. Settlement Agent (BNY Mellon Shareowner Services, c/o Mellon Investor Services, 400 Washington Blvd, Attn: Corporate Action Department,
27<SUP>th</SUP>&nbsp;Floor, Jersey City, NJ 07310, United States of America, tel: +1&nbsp;800&nbsp;777 3674, fax: +1&nbsp;201&nbsp;680 4624). If ADRs are not
available, Shareholders holding ADSs in the form of ADRs may also follow the guaranteed delivery procedures described in this Offer Memorandum. Completed letters of transmittal and, if applicable,
ADRs should not be sent to the Offeror, the Dutch Settlement Agent, Staples, the Bank of New York, the depositary for the ADSs or the Information Agent. If such ADRs are not available, an ADS
Shareholder may also follow the guaranteed delivery procedures described below under "Guaranteed Delivery Procedures". </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
method of delivery of letters of transmittal and, if applicable, ADRs, and all other required documents is at the ADS Shareholder's option and risk, and the delivery will be deemed made only when
actually received by the U.S. Settlement Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, an ADS Shareholder should allow
sufficient time to ensure timely delivery. No acknowledgement of receipt of documents will be given by or on behalf of the Offeror, Staples or the U.S. Settlement Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>An
ADS Shareholder holding ADSs in book entry form, all of which are held through the facilities of DTC, must instruct their custodian, bank or broker through which such Shareholders own their ADSs to
tender such ADSs to the DTC account of the U.S. Settlement Agent through the book-entry transfer facilities of DTC, together with an agent's message acknowledging that the tendering ADS
Shareholder has received and agrees to be bound by the letter of transmittal and this Offer Memorandum, no later than the Acceptance Closing Time. If the procedure for book entry procedure cannot be
completed on a timely basis, Shareholders holding ADSs in book entry form may also follow the guaranteed delivery procedures described below. Custodians, banks or brokers may set an earlier deadline
for communication by ADS Shareholders in order to permit the custodian, bank or broker to communicate acceptances to the U.S. Settlement Agent in a timely manner. Accordingly, an ADS Shareholder
holding ADSs through a financial intermediary should comply with the dates communicated by such financial intermediary as they may differ from the dates and times noted in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Although
delivery of ADSs may be effected through book-entry transfer into the U.S. Settlement Agent's DTC account, either (i)&nbsp;the letter of transmittal, properly completed and duly
executed, together with any required signature guarantees or (ii)&nbsp;a book entry confirmation together with an agent's message, and, in either case, any other required documents, must be
transmitted to, and received by, the U.S. Settlement Agent at the relevant address set out in the letter of transmittal before ADSs will be either counted as a validly accepted, or purchased, or such
holder must comply with the guaranteed delivery procedures described below. Delivery of documents to a financial intermediary or to a DTC participant's book-entry transfer account does not
constitute delivery to the U.S. Settlement Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Tendered
ADSs will be held in an account controlled by the U.S. Settlement Agent, and consequently an ADS Shareholder will not be able to sell, assign, transfer or otherwise dispose of tendered ADSs
until such time as (i)&nbsp;the ADS Shareholder withdraws the tendered ADSs from the Offer in accordance with article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree; (ii)&nbsp;the tendered
ADSs have been accepted for purchase by </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>the
Offeror (subject to the terms and conditions of the Offer); or (iii)&nbsp;the tendered ADSs have been returned to the ADS Shareholder if the Offer is not completed or if the ADSs were not
accepted for exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Guaranteed Delivery Procedures  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If an ADS Shareholder wishes to tender ADSs in the Offer and its ADRs are not immediately available, time will not permit all required documents to reach the U.S. Settlement
Agent before the Acceptance Closing Time or the procedure for book-entry transfer cannot be completed on a timely basis, an ADS Shareholder may nevertheless properly tender ADSs if all the
following conditions are satisfied: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>tender
is made by or through an eligible institution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
properly completed and duly executed notice of guaranteed delivery, substantially in the form provided with this Offer Memorandum, is received by the U.S. Settlement Agent
as provided below before the Acceptance Closing Time; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>ADSs
in proper form for transfer, together with, in the case of ADSs held in registered form, a properly completed and duly executed letter of transmittal of, if applicable,
the corresponding ADRs, together with any required signature guarantees or, in the case of a book-entry transfer, a book-entry confirmation along with an agent's message and
any other required documents, are received by the U.S. Settlement Agent within three NYSE Trading Days after the date of execution of the notice of guaranteed delivery. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2>Any
notice of guaranteed delivery may be delivered by hand, mail or facsimile to the U.S. Settlement Agent and must include a guarantee by an eligible institution in the form set forth in the notice
of guaranteed delivery. In the case of ADSs held through the book-entry transfer system of DTC, the notice of guaranteed delivery must be delivered to the U.S. Settlement Agent by a DTC
participant by means of the DTC book-entry transfer confirmation system. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offeror reserves the right to accept any tender under the Offer, even if such tender has not been made in compliance with the procedures set forth in this Offer Memorandum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>7.3&nbsp;&nbsp;&nbsp;&nbsp;Undertakings, Representations and Warranties by Tendering Shareholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each Shareholder tendering Shares pursuant to the Offer, by virtue of such tender, undertakes, represents and warrants to the Offeror, on the date that such Shares are tendered
through and including the Settlement Date, subject to the proper withdrawal of any tender in accordance with article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree, that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
tender of any Shares constitutes an acceptance by the Shareholder of the Offer with respect to the Shares so tendered, on and subject to the terms and conditions of
the Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Shareholder has full power and authority to tender, sell and deliver (</FONT><FONT SIZE=2><I>leveren</I></FONT><FONT SIZE=2>), the Shares stated to have been
tendered to the Offeror (together with all rights attaching thereto) and, when the same are purchased by the Offeror for cash, the Offeror will acquire such Shares, with full title guarantee and free
and clear of all third party rights and restrictions of any kind;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Shareholder has not entered into any other agreement to tender, sell or deliver (</FONT><FONT SIZE=2><I>leveren</I></FONT><FONT SIZE=2>) the Shares stated to
have been tendered to any party other than the Offeror; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Shares are being tendered in compliance with the restrictions as set out in Section&nbsp;1. (Restrictions and Important Information) and the securities and other
applicable laws or regulations of the jurisdiction(s) to which such Shareholder is subject, and no registration, approval or filing with any regulatory authority of such jurisdiction is required in
connection with the tender of such Shares. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>7.4&nbsp;&nbsp;&nbsp;&nbsp;Acceptance Period  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The Acceptance Period under the Offer begins at 9.00&nbsp;hours CET (3.00&nbsp;hours EDT), on 20&nbsp;May&nbsp;2008 and expires, subject to extension in accordance with
article&nbsp;15 of the Takeover Decree, at 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shares
tendered prior to the Acceptance Closing Time may not be withdrawn, subject to the right of withdrawal of any tendered Shares during any extension of the initial Acceptance Period in accordance
with the provisions of article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree. Shares tendered prior to the initial </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Acceptance
Closing Time may be withdrawn during the extended Acceptance Period. However, during any such extension of the Acceptance Period, any Shares previously tendered and not withdrawn will
remain subject to the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
all Offer Conditions are satisfied or, to the extent legally permitted and at the Offeror's sole discretion, waived, the Offeror will accept all Shares that have been validly tendered (or
defectively tendered provided that such defect has been waived by the Offeror) and not previously withdrawn pursuant to the terms of the Offer in accordance with the procedures set forth in
Section&nbsp;7.2 (Acceptance of the Offer and Tender of Shares). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>7.5&nbsp;&nbsp;&nbsp;&nbsp;Extension of the Acceptance Period  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror may extend the Offer past 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008 in accordance with article&nbsp;15 of the Takeover Decree, in
which case all references in this Offer Memorandum to the "Acceptance Closing Date", "Acceptance Closing Time", or "17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008" shall,
unless the context requires otherwise, be changed to the latest date and time to which the Offer has been so extended. However, as noted in Section&nbsp;7.2 (Acceptance of the Offer and Tender of
Shares), a custodian, bank or broker may set an earlier deadline for Shareholders to communicate acceptances of the Offer in order to permit the custodian, bank or broker to communicate such
acceptances to the Dutch Settlement Agent or the U.S. Settlement Agent, as applicable, in a timely manner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
one or more of the Offer Conditions is not satisfied, the Offeror may extend the initial Acceptance Period one time for a minimum period of two (2)&nbsp;weeks and a maximum period of ten
(10)&nbsp;weeks so that the Offer Conditions may be satisfied or, to the extent legally permitted and at the Offeror's sole discretion, waived. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the Offeror extends the initial Acceptance Period, the Offeror will make a public announcement to that effect within three (3)&nbsp;Business Days following the initial Acceptance Closing Date in
accordance with article&nbsp;15, paragraph&nbsp;2 of the Takeover Decree. In accordance with article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree, Securities tendered prior to the original
Acceptance Closing Time may be withdrawn during the Acceptance Period as extended. During any such extension of the Acceptance Period, any Shares tendered prior to such extension and not withdrawn
will remain subject to the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.6&nbsp;&nbsp;&nbsp;&nbsp;Declaring the Offer Unconditional (</B></FONT><FONT SIZE=2><B><I>gestanddoening</I></B></FONT><FONT SIZE=2><B>)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer is subject to the satisfaction or, to the extent legally permitted and at the Offeror's sole discretion, waiver of the Offer Conditions, including, but not limited
to, the Minimum Acceptance
Condition as set forth in Section&nbsp;6.5 (Offer Conditions). If the Offeror waives one or more Offer Conditions, the Offeror will inform Shareholders of any such waiver by such means as required
by the Merger Rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unless
the initial Acceptance Period is extended, the Offeror will, in accordance with article&nbsp;16, paragraph&nbsp;1 of the Takeover Decree, announce within three (3)&nbsp;Business Days
after the initial Acceptance Closing Date whether or not it declares the Offer unconditional. In the event the Offer will not be declared unconditional, the Offeror will publicly announce the reasons
why it did not declare the Offer unconditional. If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror will accept for
payment all Shares validly tendered (or defectively tendered provided that such defect has been waived by the Offeror). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>7.7&nbsp;&nbsp;&nbsp;&nbsp;Post Acceptance Period  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror may, in accordance with article&nbsp;17 of
the Takeover Decree, within three (3)&nbsp;Business Days after declaring the Offer unconditional, announce a Post Acceptance Period to enable Shareholders that did not tender their Shares during the
Acceptance Period to tender their Shares under the same terms and conditions applicable to the Offer. Any such Post Acceptance Period will commence on the first Business Day following the announcement
of a Post Acceptance Period and remain open for a period of no longer than two (2)&nbsp;weeks. If the Post Acceptance Period is announced, the Offeror will continue to accept for payment all Shares
validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) during such period and will pay for such Shares within five (5)&nbsp;Business Days following the
end of the Post Acceptance Period or as otherwise set forth in the announcement. Shares validly tendered (or defectively </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>tendered
provided that such defect has been waived by the Offeror) during the Post Acceptance Period may not be withdrawn. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>7.8&nbsp;&nbsp;&nbsp;&nbsp;Settlement of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), Shareholders who have accepted the Offer and tendered
and delivered their Shares prior to the Acceptance Closing Time will receive on the Settlement Date the Offer Price per Ordinary Share, the Offer Price per ADS and/or the Offer Price per Preference
Share, as applicable, no later than five (5)&nbsp;Business Days following the Unconditional Date in respect of each Share validly tendered (or defectively tendered provided that such defect has been
waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>7.9&nbsp;&nbsp;&nbsp;&nbsp;Commissions and Fees  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Shareholders who accept the Offer and tender their Shares will not have to pay any transaction fees or brokerage commissions if: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Shareholder instructs the Shareholder's financial intermediary, that is an Admitted Institution, to tender the Shareholder's Ordinary Shares or Preference Shares,
subject to the policies of such Admitted Institution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Shareholder's Ordinary Shares or Preference Shares are registered in the Shareholder's name and the Shareholder tenders them to the Dutch Settlement Agent; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Shareholder holds ADSs in registered form and tenders them to the U.S. Settlement Agent. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>If
a financial intermediary tenders ADSs on behalf of a Shareholder, such financial intermediary may charge the Shareholder a fee for doing so. Shareholders should consult their financial intermediary
to determine whether any charges will apply. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Admitted
Institutions are entitled to receive a commission from the Dutch Settlement Agent on behalf of the Offeror in the amount of EUR 0.00542 in respect of each Ordinary Share validly tendered (or
defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), and EUR&nbsp;0.0098 in respect of each
Preference Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), up to a
maximum of EUR 2,500 per tendering Shareholder. The commission must be claimed from the Offeror through the Dutch Settlement Agent within thirty (30)&nbsp;days after the Settlement Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.10&nbsp;&nbsp;&nbsp;&nbsp;Announcements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Announcements stating whether the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) and announcements concerning
an extension of the Offer past the initial Acceptance Closing Time will be by press release, a copy of which will be made available on the Staples website at </FONT> <FONT SIZE=2><I>www.staples.com</I></FONT><FONT SIZE=2>. Subject to any applicable
requirements of the Merger Rules, including to the extent applicable U.S. federal securities laws and
regulations, and without limiting the manner in which the Offeror may choose to make any public announcement, the Offeror will have no obligation to communicate any public announcement other than as
described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;INVITATION TO THE BONDHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror hereby makes a cash offer for all issued and outstanding Bonds. Bondholders are advised to review this Offer Memorandum and the related documents included, referred
to herein or enclosed herewith and in particular Section&nbsp;6.6.5 (Legal Structure of Corporate Express Following the Offer) thoroughly and completely and to seek independent advice where
appropriate in order to reach an informed judgment with respect to the Offer and this Offer Memorandum. Bondholders who consider not tendering their Bonds are advised to review Section&nbsp;6.6
(Risks and Consequences Following Settlement of the Offer). With due reference to all statements, terms, conditions and restrictions included in this Offer Memorandum, Bondholders are hereby invited
to tender their Bonds under the Offer in the manner and subject to the terms, conditions and restrictions set out below. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>8.1&nbsp;&nbsp;&nbsp;&nbsp;Bond Offer Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror is making the Bond Offer to purchase from Bondholders all the Bonds on the terms and subject to the conditions and restrictions set forth in this Offer Memorandum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Bondholders
tendering their Bonds under the Bond Offer will be paid, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum, in consideration of each Bond
validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>), the Bond Offer Price,
which will be an amount in cash calculated in accordance with the following formula and rounded down to the nearest eurocent (EUR 0.01): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bond
Offer Price&nbsp;= (B / C)&nbsp;* O, where: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>B</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means EUR 1,000, the principal amount of the Bond;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>C</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the applicable conversion price upon a Change of Control on the Settlement Date, as calculated in accordance with, and as adjusted
according to the circumstances defined in, the Bond Terms and Conditions, including any Cash Dividend paid; and </FONT><FONT SIZE=2><B> <BR><BR> </B></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>O</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>means the Offer Price per Ordinary
Share. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Accordingly,
provided that no dividends or distributions have been paid or made on the Ordinary Shares between 31&nbsp;December 2007 and the Settlement Date other than the dividend of EUR 0.21 paid
on 24&nbsp;April 2008, the Bond Offer Price will be EUR 1,164.72 if the Settlement Date is on or prior to 18&nbsp;December 2008. Such amount is calculated as the product of (i)&nbsp;145.59
Shares (i.e.,&nbsp;"B" divided by
"C", the conversion price of approximately EUR 6.87 per Ordinary Share that would apply to conversions taking place on or before 18&nbsp;December 2008 following a Change of Control (after all
adjustments required by the Bond Terms and Conditions, including prior Cash Dividends)) multiplied by (ii)&nbsp;"O", the Offer Price per Ordinary Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the avoidance of doubt, the Bond Offer Price will be deemed to include compensation for all interest accrued but unpaid through and including the Settlement Date and no additional consideration
shall be paid or due for that interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.2&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer and Tender of Bonds by Bondholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders are requested to make their acceptance known to their custodian, bank or broker by requesting their custodian, bank, or broker to deliver a duly completed
Electronic Acceptance Notice to the Dutch Settlement Agent prior to the Acceptance Closing Time. If the Offeror declares the offer unconditional, the acceptance of the Bond Offer by a Bondholder
constitutes the Bondholder's binding agreement to sell, and the Offeror's agreement to purchase, the Bonds to which the Electronic Acceptance Notice relates, subject to the terms and conditions set
out in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the Offer is not declared unconditional, all acceptances and corresponding Electronic Acceptance Notices will be deemed to be automatically withdrawn. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders
not holding their Bonds through the Clearing Systems should contact the Dutch Settlement Agent for information on the process through which they should submit their Bonds for acceptance
under the Bond Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders
wishing to accept the Bond Offer are requested to make their acceptance known to their custodian, bank or broker prior to the Acceptance Closing Time. The custodian, bank or broker must
submit to the Dutch Settlement Agent before the deadlines set by each Clearing System a duly completed Electronic Acceptance Notice to the relevant Clearing System for the Bond Offer in the manner
specified hereafter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
submission of Bonds by a Bondholder will be deemed to have occurred upon receipt by the relevant Clearing System of a valid Electronic Acceptance Notice in accordance with the requirements of such
Clearing System. The receipt of such Electronic Acceptance Notice by the relevant Clearing System will be acknowledged in accordance with the standard practices of such Clearing System and will result
in the blocking of Bonds in the relevant Clearing System such that no transfers may be effected in relation to such Bonds. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>A
Bondholder must take the appropriate steps through the relevant Clearing System so that no transfers may be effected in relation to such blocked Bonds at any time after such date, in accordance with
the requirements of the relevant Clearing System and the deadlines required by such Clearing System. By blocking such Bonds in the relevant Clearing System, each Bondholder will be deemed to consent
to the relevant Clearing System providing details concerning such Bondholder's identity to the Dutch Settlement Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Only
Direct Participants may submit Electronic Acceptance Notices. If a Bondholder is not a Direct Participant, it must arrange for the Direct Participant through which it holds the Bonds to submit an
Electronic Acceptance Notice on its behalf to the relevant Clearing System prior to the deadlines specified by the relevant Clearing System. Direct Participants are solely responsible for meeting, and
should satisfy themselves with, the applicable deadlines in order to ensure timely tender of the relevant Bonds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bondholders
and Direct Participants are solely responsible for the observance of, and compliance with, procedures and deadlines applicable to the submission of the Bonds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A
Bondholder who holds Bonds in the name of a custodian, bank or broker wishing to accept the Bond Offer should contact such custodian, bank or broker sufficiently in advance of the Acceptance Closing
Date to ensure that the Bonds are blocked in accordance with the normal procedures of the relevant Clearing System and the deadlines imposed by such Clearing System. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>By
submitting a valid Electronic Acceptance Notice to the relevant Clearing System in accordance with the standard procedures of the relevant Clearing System, a Bondholder and the relevant Direct
Participant on its behalf will be deemed to acknowledge, represent, warrant and undertake to the Offeror and the Dutch Settlement Agent the following from the date on which the Electronic Acceptance
Notice has been submitted to the relevant Clearing System through to and including the Settlement Date: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Bondholder has received, reviewed and accepted the terms of this Offer Memorandum;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
blocking Bonds in the relevant Clearing System, such Bondholder consents to have the relevant Clearing System provide details concerning its identity to the Dutch
Settlement Agent;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>upon
the terms and subject to the conditions of the Bond Offer, such Bondholder hereby accepts the Bond Offer in respect of the principal amount of Bonds in its
account blocked in the relevant Clearing System. Subject to and effective upon delivery to the Offeror of the Bonds blocked in the relevant Clearing System, such Bondholder hereby renounces all right,
title and interest in and to all such Bonds and waives and releases any rights or claims it may have against the Offeror or the Company with respect to such Bonds;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
authority conferred or agreed to be conferred pursuant to such Bondholder's representations, warranties and undertakings and all of its obligations will be binding
upon its successors, assigns, heirs, executors, trustees in bankruptcy and legal representatives and will not be affected by, and will survive, its death or incapacity;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
information (other than as set out in this Offer Memorandum) has been provided to such Bondholder by the Offeror with regard to the tax consequences to Bondholders
arising from the sale of the Bonds, and such Bondholder acknowledges that it is solely liable for any taxes and similar or related payments imposed on it under the laws of any applicable jurisdiction
as a result of its acceptance of the Bond Offer and agrees that it will not have and does not have any right of recourse (whether by way of reimbursement, indemnity or otherwise) against the Offeror,
the Dutch Settlement Agent or any other person in respect of such taxes and payments;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Bondholder is not a person to whom it is unlawful to make the Bond Offer under any applicable securities law;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Bondholder has full power and authority to tender and transfer the Bonds tendered and such Bonds, together with any rights attached thereto, will be transferred
to the Offeror with full title free from all liens, charges and encumbrances and not subject to any adverse claim. Such Bondholder will, upon request, execute and deliver any additional documents
and/or do such other things deemed by the Offeror to be necessary or desirable to complete the transfer of the relevant Bonds or to evidence such power and authority;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Bondholder holds and will hold, until the time of settlement on the Settlement Date, the Bonds blocked in the relevant Clearing System and, in accordance with
the requirements of the relevant </FONT></DD></DL>
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<P style="font-family:times;"><FONT SIZE=2>Clearing
System and prior to the deadline required by the relevant Clearing System, such Bondholder submitted, or caused to be submitted, an Electronic Acceptance Notice to the relevant Clearing
System authorising the blocking of the tendered Bonds with effect on and from the date thereof so that, at any time pending the transfer of such Bonds on the relevant Settlement Date to the Offeror or
on its behalf, no transfers of such Bonds may be effected; and </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
information given by or on behalf of such Bondholder in any Electronic Acceptance Notice, or otherwise to the Offeror in connection with the Bond Offer, is true and
accurate in all material respects. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>The
receipt of an Electronic Acceptance Notice by the relevant Clearing System will constitute an instruction to debit such Bondholder's securities account on the Settlement Date in respect of all of
the Bonds tendered under the Bond Offer, upon receipt by the relevant Clearing System of (i)&nbsp;an
instruction from the Dutch Settlement Agent to credit the tendered Bonds to the account of the Offeror and (ii)&nbsp;payment by the Offeror of the Bond Offer Price subject to the automatic
withdrawal of those instructions in the event that the Offer is terminated by the Offeror on or prior to the Settlement Date or the withdrawal of such Bondholder's Electronic Acceptance Notice. All
questions as to the validity, form and eligibility (including time of receipt) of an Electronic Acceptance Notice will be determined solely by the Offeror. The Offeror's determination as to whether or
when an Electronic Acceptance Notice is received, whether it is duly completed or whether acceptance is validly revoked, will be final and binding. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>None
of the Offeror, Staples, any of Staples' affiliates or the Dutch Settlement Agent will be responsible for the communication of tender acceptances and corresponding Electronic Acceptance Notices
by: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
beneficial owners to the Direct Participant through which they hold Bonds; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Direct Participant to the Dutch Settlement Agent or the relevant Clearing System. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>If
a Bondholder holds its Bonds through a Direct Participant, it should contact that Direct Participant to discuss the manner in which tenders and transmission of the corresponding Electronic
Acceptance Notice and, as the case may be, transfer instructions may be made on its behalf and whether the Direct Participant will charge the Bondholder any service fees in connection with the
acceptance of the Bond Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
the event that the Direct Participant through which a Bondholder holds its Bonds is unable to submit an Electronic Acceptance Notice on such Bondholder's behalf, such Bondholder should contact the
Dutch Settlement Agent for assistance. Bondholders not holding their Bonds through the Clearing Systems should contact the Dutch Settlement Agent for information on how they should submit their Bonds
for acceptance under the Bond Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
Electronic Acceptance Notice will be governed by and construed in accordance with the laws of The Netherlands. By submitting an Electronic Acceptance Notice, Bondholders irrevocably and
unconditionally agree for the benefit of the Offeror and the Dutch Settlement Agent that the courts of The Netherlands are to have exclusive jurisdiction to settle any disputes which may arise out of
or in connection with the Offer or any of the documents referred to above and that, accordingly, any suit, action or proceedings arising out of or in connection with the foregoing must exclusively be
brought in such courts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
a Bondholder needs assistance with respect to the procedures relating to the acceptance of the Bond Offer, it should contact the Dutch Settlement Agent. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>8.3&nbsp;&nbsp;&nbsp;&nbsp;Undertakings, Representations and Warranties by Tendering Bondholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each Bondholder tendering Bonds pursuant to the Offer, by virtue of such tender, undertakes, represents and warrants to the Offeror, on the date that such Bonds are tendered
through and including the Settlement Date, subject to the proper withdrawal of any tender in accordance with article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree, that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
tender of any Bonds constitutes an acceptance by the Bondholder of the Offer with respect to the Bonds so tendered, on and subject to the terms and conditions of the
Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Bondholder has full power and authority to tender, sell and deliver (</FONT><FONT SIZE=2><I>leveren</I></FONT><FONT SIZE=2>), the Bonds stated to have been
tendered to the Offeror (together with all rights attaching thereto) and, when the same are purchased by the Offeror for cash, the Offeror will acquire such Bonds, with full title guarantee and free
and clear of all third party rights and restrictions of any kind; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Bondholder has not entered into any other agreement to tender, sell or deliver (</FONT><FONT SIZE=2><I>leveren</I></FONT><FONT SIZE=2>) the Bonds stated to have
been tendered to any party other than the Offeror; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Bonds are being tendered in compliance with the restrictions as set out in Section&nbsp;1 (Restrictions and Important Information) and the securities and other
applicable laws or regulations of the jurisdiction(s) to which such Bondholder is subject, and no registration, approval or filing with any regulatory authority of such jurisdiction is required in
connection with the tender of such Bonds. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>8.4&nbsp;&nbsp;&nbsp;&nbsp;Acceptance Period  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The Acceptance Period under the Offer begins at 9.00 hours CET (3.00&nbsp;hours EDT) on 20&nbsp;May&nbsp;2008 and expires, subject to extension in accordance with
article&nbsp;15 of the Takeover Decree, at 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bonds
tendered prior to the Acceptance Closing Time may not be withdrawn, subject to the right of withdrawal of any tendered Bonds during any extension of the initial Acceptance Period in accordance
with the provisions of article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree. Bonds tendered prior to the initial Acceptance Closing Time may be withdrawn during the extended Acceptance Period.
However, during
such extension of the Acceptance Period, any Bonds previously tendered and not withdrawn will remain subject to the Offer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>If
all Offer Conditions are satisfied or, to the extent legally permitted and at the Offeror's sole discretion, waived, the Offeror will accept all Bonds that have been validly tendered (or
defectively tendered provided that such defect has been waived by the Offeror) and not previously withdrawn pursuant to the terms of the Offer in accordance with the procedures set forth in
Section&nbsp;8.2 (Acceptance of the Offer and Tender of Bonds by Bondholders). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.5&nbsp;&nbsp;&nbsp;&nbsp;Extension of the Acceptance Period  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror may extend the Offer past 17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008 in accordance with article&nbsp;15 of the Takeover Decree, in
which case all references in this Offer Memorandum to the "Acceptance Closing Date","Acceptance Closing Time", or "17.30&nbsp;hours CET (11.30&nbsp;hours EDT), on 27&nbsp;June 2008" shall,
unless the context requires otherwise, be changed to the latest date and time to which the Offer has been so extended. However, a custodian, bank or broker may set an earlier deadline for Bondholders
to communicate acceptances of the Offer in order to permit the custodian, bank or broker to communicate such acceptances to the Dutch Settlement Agent, as applicable, in a timely manner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
one or more of the Offer Conditions is not satisfied, the Offeror may extend the initial Acceptance Period one time for a minimum period of two (2)&nbsp;weeks and a maximum period of ten
(10)&nbsp;weeks so that the Offer Conditions may be satisfied or, to the extent legally permitted and at the Offeror's sole discretion, waived. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>If
the Offeror extends the Acceptance Period, the Offeror will make a public announcement to that effect within three (3)&nbsp;Business Days following the initial Acceptance Closing Date in
accordance with article&nbsp;15, paragraph&nbsp;2 of the Takeover Decree. In accordance with article&nbsp;15, paragraph&nbsp;3 of the Takeover Decree, Bonds tendered prior to the original
Acceptance Closing Time may be withdrawn during the Acceptance Period as extended. During any such extension of the Acceptance Period, any Bonds tendered prior to such extension and not withdrawn will
remain subject to the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.6&nbsp;&nbsp;&nbsp;&nbsp;Declaring the Offer Unconditional (</B></FONT><FONT SIZE=2><B><I>gestanddoening</I></B></FONT><FONT SIZE=2><B>)  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The Offer is subject to the satisfaction or, to the extent legally permitted and at the Offeror's sole discretion, waiver of the Offer Conditions, including, but not limited
to, the Minimum Acceptance Condition, as set forth in Section&nbsp;6.5 (Offer Conditions). If the Offeror waives one or more Offer Conditions, the Offeror will inform Bondholders of any such waiver
by such means as required by the Merger Rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unless
the initial Acceptance Period is extended, the Offeror will, in accordance with article&nbsp;16, paragraph&nbsp;1 of the Takeover Decree, announce within three (3)&nbsp;Business Days
after the initial Acceptance Closing Date, whether or not it declares the Offer unconditional. In the event the Offer will not be declared unconditional, the Offeror will publicly announce the reasons
why it did not declare the Offer unconditional. If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) the Offeror will </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>accept
for payment all Bonds validly tendered (or defectively tendered provided that such defect has been waived by the Offeror). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.7&nbsp;&nbsp;&nbsp;&nbsp;Post Acceptance Period  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), the Offeror may, in accordance with article&nbsp;17 of
the Takeover Decree, within three (3)&nbsp;Business Days after declaring the Offer unconditional, announce a Post Acceptance Period to enable Bondholders that did not tender their Bonds during the
Acceptance Period to tender their Bonds under the same terms and conditions applicable to the Offer. Any such Post Acceptance Period will commence on the first Business Day following the announcement
of a Post Acceptance Period and remain open for a period of no longer than two (2)&nbsp;weeks. If the Post Acceptance Period is announced, the Offeror will continue to accept for payment all Bonds
validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) during such period and will pay for such Bonds within five (5)&nbsp;Business Days following the
end of the Post Acceptance Period or as otherwise set forth in the announcement. Bonds tendered during the Post Acceptance Period may not be withdrawn. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.8&nbsp;&nbsp;&nbsp;&nbsp;Settlement of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>), Bondholders who have accepted the Offer and tendered and
delivered their Bonds prior to the Acceptance Closing Time will receive on the Settlement Date the Bond Offer Price no later than five (5)&nbsp;Business Days following the Unconditional Date in
respect of each EUR 1,000 principal amount of Bonds validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered
(</FONT><FONT SIZE=2><I>geleverd</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.9&nbsp;&nbsp;&nbsp;&nbsp;Announcements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Announcements stating whether the Offeror declares the Offer unconditional (</FONT><FONT SIZE=2><I>gestand wordt gedaan</I></FONT><FONT SIZE=2>) and announcements in relation
to an extension of the Offer past the initial Acceptance Closing Time will be by press release, a copy of which will be made available on the Staples website at </FONT> <FONT SIZE=2><I>www.staples.com</I></FONT><FONT SIZE=2>. Subject to any
applicable requirements of the Merger Rules, including, to the extent applicable, U.S. federal securities laws and
regulations, and without limiting the manner in which the Offeror may choose to make any public announcement, the Offeror will have no obligation to communicate any public announcement other than as
described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.10&nbsp;&nbsp;&nbsp;&nbsp;Meeting of Bondholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject to the Offeror declaring the Offer unconditional and the Offeror holding at least 10% of the Bonds, a meeting of Bondholders may be convened upon request of the Offeror
or Corporate Express, during which a proposal to amend the Bond Term and Conditions may be resolved upon in compliance with the provisions of article&nbsp;11.2 of the Bond Terms and Conditions. See
Section&nbsp;6.6.10 (Possible Actions in Respect of the Bonds). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="co14701_9._information_regarding_corporate_express"> </A>
<A NAME="toc_co14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION REGARDING CORPORATE EXPRESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The information on Corporate Express in this Section&nbsp;9 (Information Regarding Corporate Express) has been accurately reproduced or derived from information published by
Corporate Express, including its Annual Report. This information has not been verified by the Offeror and/or Staples. As the information underlying the information on Corporate Express in this
Section&nbsp;9 (Information Regarding Corporate Express) has been prepared by parties other than the Offeror or Staples, neither the Offeror nor Staples can assume responsibility for the accuracy of
such underlying information. Corporate Express has not given its consent to include this information in this Offer Memorandum. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

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 </FONT> <FONT SIZE=2><B>9.1&nbsp;&nbsp;&nbsp;&nbsp;Overview  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Corporate Express is one of the world's leading suppliers of office products to businesses (Business-to-business or B2B). With its proprietary
distribution network spanning 32 countries (including strategic alliances and partners) across Europe, North America and Australia, Corporate Express believes that it is a leading B2B supplier of
office products in the United States, Australia, Norway, Sweden, Germany and the Benelux, and one of the top suppliers of such products in the United Kingdom, Canada, New Zealand, Ireland and Austria.
Although Corporate Express has a long history as a distribution and trading company, for the last decade it has focused its business on the supply of office products. This trend has been underlined by
recent announcements of disposals of non-core businesses (ASAP Software, Veenman Germany and Veenman Nederland) and acquisitions in key focus areas (ATG in Norway and Sweden, and Davenport
in Canada). The decision to rename Buhrmann&nbsp;N.V. into Corporate Express&nbsp;N.V. in the spring of 2007 also reconfirmed its focus on office products. Corporate Express also supplies graphic
equipment and related services. In July 2007, Corporate Express established a permanent presence in Hong Kong and China to facilitate direct sourcing of primarily privately branded office products
from Asian manufacturers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
2007, Corporate Express' nearly 18,000 employees, working from more than 350 locations in 21 countries, generated annual sales of EUR 5.6&nbsp;billion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Corporate
Express is increasingly offering its customers other ranges of business products including non-traditional office products such as facility supplies, print&nbsp;&amp; forms,
educational supplies and promotional marketing items. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
majority of Corporate Express' office products are sold through contracts with major companies with which Corporate Express has integrated eCommerce systems, including customised Internet sites.
Over 45% of its office products are sold via eCommerce systems. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>9.2&nbsp;&nbsp;&nbsp;&nbsp;Group Structure  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Corporate Express, the parent company of a group of subsidiary companies, conducts its business on a global basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
subsidiaries are directly or indirectly wholly owned by Corporate Express&nbsp;N.V., except for Corporate Express Australia&nbsp;Ltd and its subsidiaries, in which Corporate Express owned
58.82% at 31&nbsp;December 2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Corporate
Express reports its results in three office products regions and the Printing Systems Division: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Corporate
Express North America includes the activities of Corporate Express in the United States and Canada.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Corporate
Express Europe covers the activities of Corporate Express in 24&nbsp;European countries, including strategic alliances and partners.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Corporate
Express Australia consists of its fully consolidated business in Australia and New Zealand (58.82% share ownership).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Printing Systems Division operates in six countries in Europe. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>9.3&nbsp;&nbsp;&nbsp;&nbsp;History  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Corporate Express&nbsp;N.V. has evolved from the Koninklijke Nederlandsche Papierfabrieken&nbsp;N.V. (KNP), which was incorporated in 1875. In 1993, Koninklijke
Nederlandsche Papierfabrieken&nbsp;N.V. merged with B&uuml;hrmann-Tetterode&nbsp;N.V. and VRG-Groep&nbsp;N.V. The resulting conglomerate,&nbsp;N.V. Koninklijke KNP BT
(KNP BT) offered paper and packaging products, business services and a variety of other distribution activities. During 1997 and 1998, the packaging activities and the paper manufacturing subsidiaries
were divested and the remaining business and distribution services were renamed Buhrmann&nbsp;N.V. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
1999, Buhrmann expanded its office products activities with the acquisition of Corporate Express&nbsp;Inc., operating in North America, Europe and Australia and running a distribution business
for office and computer supplies, office furniture, imaging and computer graphic supplies as well as desktop software (ASAP Software). In 2001, Buhrmann strengthened its office products activities
with two acquisitions: the North American office products business of USOP and the European office products division of Samas. In </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>2000,
the Information Systems Division was divested and in 2003, the Paper Merchanting Division was sold to the Australian-based PaperlinX to narrow Buhrmann's focus on the office products market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
2006 and 2007, Buhrmann made a smaller number of acquisitions, the most significant of which was the Scandinavian office products company Andvord Tybring-Gjedde (ATG). Other acquisitions included
Coastwide Laboratories&nbsp;Inc. in the U.S., Educational Experience Pty&nbsp;Ltd in Australia, and Davenport in Canada. In 2007, Corporate Express divested its desktop software activities (ASAP
Software,&nbsp;Inc.) and its German copier activities (Veenman Deutschland&nbsp;GmbH), and was renamed Corporate Express&nbsp;N.V., confirming its focus on office products. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>9.4&nbsp;&nbsp;&nbsp;&nbsp;Business Overview  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Corporate Express has four business segments: Office Products North America; Office Products Europe; Office Products Australia; and Printing Systems. Office Products North
America, Europe and Australia operate mainly under the name Corporate Express and offer a full range of products to large and medium-sized companies and institutions such as traditional office
products and office furniture, but also offer facility supplies, forms and print and promotional products. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On
12&nbsp;November 2007, Corporate Express divested ASAP Software, which supplied desktop software and related services and derived its sales predominantly in North America. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Through
its Printing Systems Division, Corporate Express also supplies pre-press systems, printing presses and folding, cutting and binding machines and provides related services, spare
parts, supplies and related services in six countries in Europe. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>9.5&nbsp;&nbsp;&nbsp;&nbsp;Executive Board, Supervisory Board  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The board of Corporate Express consists of two bodies; the Executive Board and the Supervisory Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Executive Board consists of the following members: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>P.J.
Ventress (1960), president and chief executive officer (CEO) of the Executive Board since October 2007. Nationality: British. Gender: male.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>F.F.
Waller (1958), chief financial officer (CFO) of the Executive Board since 1999. Nationality: Dutch. Gender: male.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>G.
Dean (1947), member of the Executive Board since 1998. Nationality: British. Gender: male. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>The
Supervisory Board has the statutory task of supervising the strategy and policy of the Executive Board and the general activities of Corporate Express and its related businesses. The Supervisory
Board advises the Executive Board. In the execution of their task, the members of the Supervisory Board are guided by the interests of Corporate Express and its related businesses. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Currently
the Supervisory Board consists of the following members: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>F.L.V.
Meysman (1952) (Chairman), first appointed 2006; term expires at the annual general meeting of shareholders 2010. Nationality: Belgian. Gender: male. Supervisory
directorships: Grontmij&nbsp;N.V. (Chairman), Spadel&nbsp;N.V., Picanol&nbsp;N.V.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>J.
Peelen (1940) (Vice-Chairman), first appointed 1999; term expires at the annual general meeting of shareholders 2010. Nationality: Dutch. Gender: male.
Supervisory directorships: VVAA Groep&nbsp;B.V. (Chairman), Royal Friesland Foods&nbsp;N.V., Arcadis&nbsp;N.V., Albron&nbsp;N.V.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>B.J.
Noteboom (1958), first appointed 2005; term expires at the annual general meeting of shareholders 2009. Nationality: Dutch. Gender: male. Directorships: chief executive
officer (CEO) of Randstad Holding&nbsp;N.V.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>G.
Izeboud (1942), first appointed 2005; term expires at the annual general meeting of shareholders 2009. Nationality: Dutch. Gender: male. Supervisory directorships: Robeco
Groep&nbsp;N.V., Robeco&nbsp;N.V., Rolinco&nbsp;N.V., Rorento&nbsp;N.V., ENDEX European Derivatives Exchange&nbsp;N.V., Corporate Express Nederland Holding&nbsp;B.V.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>T.
de Swaan (1946), first appointed 2006; term expires at the annual general meeting of shareholders 2010. Nationality: Dutch. Gender: male. Supervisory directorships: Royal
DSM&nbsp;N.V., GlaxoSmithKline&nbsp;plc, Zurich Financial Services, Royal Ahold&nbsp;N.V., Van Lanschot&nbsp;N.V. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>R.F.
van den Bergh (1950), first appointed 2006; term expires at the annual general meeting of shareholders 2010. Nationality: Dutch. Gender: male. Supervisory
directorships: ABN AMRO&nbsp;N.V., Pon Holdings&nbsp;B.V.,&nbsp;N.V. Deli Universal, Nationale Postcode Loterij, TomTom&nbsp;N.V. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>9.6&nbsp;&nbsp;&nbsp;&nbsp;Major Shareholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Shareholderships Exceeding 5%  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Pursuant to the Wft, the following institutions have notified the Netherlands Authority for the Financial Markets (</FONT><FONT SIZE=2><I>Autoriteit Financi&euml;le
Markten</I></FONT><FONT SIZE=2>) that their holdings exceed 5% of the authorised share capital in Corporate Express: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Company<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Total<BR>
Interest</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Directly<BR>
actual</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Directly<BR>
potential</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Indirectly<BR>
actual</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Indirectly<BR>
potential</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><B>Centaurus Alpha Master Fund Limited</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
5.16</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
5.16</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
15-May-2008</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.16</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.16</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><BR><FONT SIZE=2><B>ING Groep N.V.</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
14.99</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
14.99</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
10-Mar-2008</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.99</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.17</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.82</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><BR><FONT SIZE=2><B>AllianceBernstein Corporation</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
10.01</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
10.01</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
13-Dec-2007</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.07</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.07</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><BR><FONT SIZE=2><B>Centaurus Capital Ltd</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
07-Jun-2007</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.02</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.02</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><BR><FONT SIZE=2><B>Kempen Capital Management N.V.</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
6.77</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
6.77</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
01-Nov-2006</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.22</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.21</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.01</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><BR><FONT SIZE=2><B>Stichting preferente aandelen Buhrmann<SUP>(1)</SUP></B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
100.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
100.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
01-Nov-2006</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><BR><FONT SIZE=2><B>Stichting Administratiekantoor van preferente aandelen Buhrmann</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
22.76</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
22.76</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
01-Nov-2006</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.76</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.76</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><BR><FONT SIZE=2><B>Fortis Utrecht N.V.</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><BR>
Capital Interest</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
7.99</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
7.99</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
01-Nov-2006</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2>Voting rights</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.99</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.77</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.22</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="14%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
the moment, no actual shares have been issued to the Corporate Express Foundation and no voting rights can be exercised by it. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cu14701_1_52"> </A>


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 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="cu14701_10._capital_and_shares"> </A>
<A NAME="toc_cu14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL AND SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>10.1&nbsp;&nbsp;&nbsp;&nbsp;Authorised and Issued Share Capital  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Share capital at 31&nbsp;March 2008</B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2><B>Ordinary shares</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>395,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2>Of which issued</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>182,901,621</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2>Of which paid up</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>182,901,621</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><BR><FONT SIZE=2><B>Preference Shares A</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
55,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2>Of which issued</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,281,979</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2>Of which paid up</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,281,979</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><BR><FONT SIZE=2><B>Preference shares B</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
450,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2>Of which issued</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2>Of which paid up</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="80%" style="font-family:times;"><FONT SIZE=2>Authorised share capital (in euro)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,080,000,000</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2><B>10.2&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Share Price Development  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This graph sets out the Ordinary Share price development from 14&nbsp;May 2007 to 13&nbsp;May 2008. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>1-YEAR HISTORICAL STOCK PRICE PERFORMANCE</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g436331.jpg" ALT="GRAPHIC" WIDTH="672" HEIGHT="370">
  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=1>Source: FactSet.</FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_cu14701_1_53"> </A>

<P style="font-family:times;"><FONT SIZE=2>The
following graph sets out the Ordinary Share price development from 14&nbsp;May 2007 to 13&nbsp;May 2008 relative to an index of share prices of the Corporate Express Peer Group. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cu14701_1-year_relative_stock_price_performance"> </A>
<A NAME="toc_cu14701_2"> </A>
<BR></FONT><FONT SIZE=2><B>1-YEAR RELATIVE STOCK PRICE PERFORMANCE</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g1028080.jpg" ALT="GRAPHIC" WIDTH="676" HEIGHT="384">
  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=1>Source: FactSet.</FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="cu14701_10.3_mutual_shareholdings"> </A>
<A NAME="toc_cu14701_3"> </A>
<BR></FONT><FONT SIZE=2><B>10.3&nbsp;&nbsp;&nbsp;&nbsp;Mutual Shareholdings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Neither the Offeror nor Staples hold any Securities and neither the Offeror nor Staples are aware of any share participation Corporate Express might have in the share capital
of Staples. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="cw14701_11._information_on_the_offeror"> </A>
<A NAME="toc_cw14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION ON THE OFFEROR    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.1&nbsp;&nbsp;&nbsp;&nbsp;Information on the Offeror  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offeror is Staples Acquisition&nbsp;B.V., a private limited liability company (</FONT><FONT SIZE=2><I>besloten vennootschap met beperkte
aansprakelijkheid</I></FONT><FONT SIZE=2>) duly incorporated on 7&nbsp;May 2008 and validly existing under the laws of The Netherlands with its statutory seat in Amsterdam, The Netherlands. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Staples
formed the Offeror for the purpose of making the Offer and acquiring all of the issued and outstanding Securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.2&nbsp;&nbsp;&nbsp;&nbsp;Board of Managing Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The statutory board of managing directors of the Offeror consists of C.T. Komola, T.W.C.M. Van Brandenburg and R. Paulmann appointed on 7&nbsp;May 2008. None of the members
of the board of managing directors of the Offeror holds any Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.3&nbsp;&nbsp;&nbsp;&nbsp;Capital and Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The authorised share capital of the Offeror amounts to EUR 90,000.00 and consists of 900 Ordinary Shares with a nominal value of EUR 100.00 each. All shares of the Offeror are
registered shares. On
the date of the publication of this Offer Memorandum, 180 ordinary shares have been issued and fully paid-up, which are held by Staples Acquisition II&nbsp;B.V. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.4&nbsp;&nbsp;&nbsp;&nbsp;General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Pursuant to article&nbsp;1:1 of the Wft, each of Staples and the Offeror is qualified as an offeror in respect of this Offer. Staples is jointly and severally liable for the
obligations and confirms the statements of the Offeror under the Offer. Opinions and intentions attributed in this Offer Memorandum to the Offeror are also opinions and intentions of Staples. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="cw14701_12._information_on_staples"> </A>
<A NAME="toc_cw14701_2"> </A>
<BR></FONT><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION ON STAPLES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>12.1&nbsp;&nbsp;&nbsp;&nbsp;General Description of Business Activities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples pioneered the office superstore concept in 1986 and today is the world's largest office products company. With 76,000 talented associates, Staples is committed to
making it easy to buy a wide range of office products, including supplies, technology, furniture, and business services. With sales of approximately USD&nbsp;19.4&nbsp;billion for the fiscal year
ended 2&nbsp;February 2008, Staples serves consumers and businesses ranging from home-based businesses to Fortune 500 companies in 22 countries throughout North and South America, Europe
and Asia. Headquartered outside of Boston, Staples operates more than 2,000 office superstores and also serves its customers through mail order catalogue, e-commerce and contract
businesses. More information is available at </FONT><FONT SIZE=2><I>www.staples.com.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>12.2&nbsp;&nbsp;&nbsp;&nbsp;Operating Structure/Details on Core Businesses and Strategy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples views the office products market as a large, diversified market for office supplies and services, business machines and related products, computers and related
products, and office furniture. Staples effectively reaches each sector of the office products market through three sales channels designed to be convenient to the needs of its customers: retail
stores, catalog, and Internet. The retail and delivery businesses attract different customer groups with distinct purchasing behaviors. The retail stores target home offices (customers spending over
USD&nbsp;500 per year on office products excluding computers and furniture, including home-based businesses and teachers), and small businesses with up to 10 office workers. The retail
stores also serve a customer group referred to as "casual consumers", who shop less frequently than home office and small business customers. The catalog and Internet businesses primarily target small
businesses and organizations with up to 20 office workers. The contract business targets medium-size businesses and organizations with between 20 and 500 office workers as well as Fortune
1000 companies. Staples' ability to address customer groups with different needs increases and diversifies its available market opportunities; increases awareness of the Staples brand among customers
in all segments, who often shop across multiple sales channels; and
allows Staples to benefit from a number of important economies of scale, such as increased buying power, enhanced efficiencies in distribution and advertising, and improved capacity to leverage
general and administrative functions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_cw14701_1_55"> </A>

<P style="font-family:times;"><FONT SIZE=2>Staples
strives to provide superior value to its customers through a combination of everyday low prices, a broad selection of products, high quality and innovative Staples brand products, convenient
store locations, easy to use websites, reliable and fast order delivery, and excellent customer service. Staples' strategy is to maintain its leadership in the office products industry through its
focus on three principles; differentiating itself by delivering on its brand promise: making buying office products easy; achieving industry-best execution; and expanding its share in
every market where it operates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>North American Retail  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The North American Retail segment, consisting of 1,738 stores throughout the United States and Canada at the end of fiscal 2007, generates the majority of Staples' sales and
profits. The North American retail stores are located in 47 states, the District of Columbia, 10 Canadian provinces and 2 Canadian territories in both major metropolitan markets and smaller markets.
Staples operates multiple retail formats tailored to the unique characteristics of each location, including a 20,000 square foot prototypical "Dover" superstore, representing the majority of the U.S.
store base; a 14,600 square foot format designed for rural markets; and a 10,000 square foot store suited to dense, urban markets such as New York City. The customer-friendly "Dover" design appeals to
the customer with an open store interior that gives the customer a better view of the wide selection of products, making it easier to find what they are shopping for. Currently, Staples operates more
than 750 "Dover" stores, and has implemented key elements of the "Dover" model in the majority of its prior store formats. Staples is also currently testing a 4,000 square foot stand-alone copy and
print shop format to address the attractive quick-print market opportunity. This store is designed for prime, urban locations with a full-service copy and print offering and a 1,200 stock
keeping unit (SKU) supplies assortment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples'
strategy for its North American superstores focuses on several key objectives: offer an easy-to-shop store environment with quality products that are
in-stock and easy to find, with fast checkout and courteous, helpful and knowledgeable sales associates. Store associates are trained to deliver excellent service through an "Easy" service
model, which encourages engagement with customers and solution selling. As part of Staples' strategy of delivering on its "Easy" brand promise, Staples focuses on several key categories for which its
customers rely on Staples to be an authority: ink and toner, paper, business machines, and copy and print services. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Staples'
real estate strategy is to expand its store base in a steady and disciplined fashion to produce strong sales and yield high returns on its investments. Staples believes that its network of
stores and delivery businesses in various metropolitan markets enhances its profitability by allowing it to leverage marketing, distribution and supervision costs. In determining where to open new
retail stores, Staples assesses potential real estate sites through a stringent approval process which evaluates the financial return for each store. Its evaluations consider such factors as the
concentration of small and medium-
sized businesses and organizations, the number of home offices, household income levels, its current market presence, proximity to competitors, the availability of quality real estate locations and
other factors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples
plans to open approximately 100 new stores in North America in 2008, compared to 120 new stores in 2007, and 99 new stores in 2006. The growth program for 2008 will continue to focus on adding
stores to existing markets as well as expansion into new markets. Staples successfully entered the Chicago, Miami and Denver markets over the past few years, and is well positioned to enter several
other major North American markets where it currently has no retail presence. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>North American Delivery  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples' North American Delivery segment is comprised of three businesses: "Staples Business Delivery", "Quill", and "Contract". </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Staples
Business Delivery:&nbsp;&nbsp;&nbsp;&nbsp;The Staples Business Delivery operations combine the activities of its direct mail catalog business, operating since 1990, its Staples.com website, and its
Canadian Internet sites. Staples Business Delivery is primarily designed to reach small businesses and home offices, offering next business day delivery for most office supply orders in major
metropolitan areas. Staples markets Staples Business Delivery through catalog mailings, direct mail advertising, a telesales group generating new accounts and growing existing accounts, and Internet
and other broad-based media advertising. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Quill:&nbsp;&nbsp;&nbsp;&nbsp;Founded
in 1956 and acquired by Staples in 1998, Quill is a direct mail catalog and Internet business with a targeted approach to servicing the business product needs of small and
medium-sized businesses in the United States. To attract and retain its customers, Quill offers outstanding customer </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>service,
Quill brand products, and special services. Quill also operates Medical Arts Press, a specialty Internet and catalog business offering products for medical professionals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Contract:&nbsp;&nbsp;&nbsp;&nbsp;Staples'
Contract operations focus primarily on serving the needs of medium-sized and large regional companies and large multi-regional companies that often require more service
than is provided by a traditional retail or mail order business. Through its Contract sales force, Staples offers customized pricing and payment terms, usage reporting, the stocking of certain
proprietary items, and full service account management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples'
strategies for North American Delivery focus on customer service, customer acquisition and retention, and product penetration to grow its delivery business and increase its profitability.
Staples continues to focus on improving its perfect order metric, which measures the number of orders that Staples fulfills on time and without error. Staples has established customer service
standards to improve recovery of service failures and to make it easy for customers to resolve any issues with their orders. Staples is also working to enhance its distribution capabilities to support
rapid growth in its delivery businesses by expanding the number of multi-business fulfillment centers and reducing the number of single business facilities, in order to enhance its ability to provide
next business day delivery to more
markets. Staples continues to enhance its websites to drive efficiency and customer satisfaction with approximately 75% of its delivery sales processed online. Staples continues to expand its sales
force as it increases its market share and sells a broader assortment of products and services to new and existing customers. Rapid growth in higher margin "share of wallet" categories such as
janitorial and break room supplies and copy and print services are designed to drive sales and profitability. In addition to developing Staples' own internal capabilities, Staples continues to
consider acquisition opportunities that either expand its geographic reach or broaden its product and service offerings. Recent acquisitions provided Staples with the ability to add logoed
merchandise, industrial packaging supplies and IT services to its portfolio. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>International Operations  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples' International Operations consist of retail stores, catalog and Internet businesses operating under various names in 20 countries in Europe, Asia, and South America. As
of 2&nbsp;February 2008, Staples operated retail stores in Belgium, Germany, The Netherlands, Portugal, the United Kingdom, China, and through a joint venture in India. In addition, Staples operates
catalog and Internet businesses in Austria, Belgium, the Czech Republic, Denmark, France, Germany, Hungary, Italy, Luxembourg, The Netherlands, Poland, Spain, Sweden, Switzerland, the United Kingdom,
China, India, Argentina and Brazil. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Europe
is an important market for Staples. Staples has established a solid foundation to build a successful, high margin business in Europe over the next few years. Staples is working towards
achieving the level of profitability it has attained in its strong multi-channel offering in North America by improving execution, increasing sales of own brand products, and capitalizing on potential
synergies in procurement, supply chain activities and shared administrative services. In the retail business, Staples is implementing strategies that were successful in North America, which focus on
developing relationships with small business customers and home offices by driving steady sales of consumable office supplies. Staples expects to open approximately 10 new stores in Europe in 2008,
compared to 7 new stores in 2007, and 6 new stores in 2006. Staples plans to continue to grow its European business through improved execution, enhanced segmentation of customers, an improved
on-line offering and increased sharing of best practices. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Operations
in Asia and South America continue to provide a platform for rapid growth. In Asia, Staples operates a delivery business in Beijing, Shanghai, and Shenzhen in China, a retail business
primarily in the Yangtze Delta Region of China and a delivery business in Taiwan through a joint venture with UB Express. In 2007, Staples announced a joint venture with UPS in China to operate
co-branded stores. In total, Staples operates 32 retail stores in China. Through its joint venture with Future Group, Staples began to open stores and launched a delivery business in India
during 2007. Staples also operates a delivery business in Argentina and Brazil, with operations in Buenos Aires, Sao Paulo and Brasilia. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>12.3&nbsp;&nbsp;&nbsp;&nbsp;Staples' Executive Officers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The executive officers of Staples, including their biographies and their positions, are as follows: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kristin
A. Campbell </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Ms.&nbsp;Campbell
has served as Senior Vice President, General Counsel and Secretary since June 2007. Prior to that, she served as Senior Vice President and Deputy General Counsel since March 2002.
She has held other roles within Staples since joining in December 1993. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Joseph
G. Doody </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Doody
has served as President-Staples North American Delivery since March 2002. Prior to that, he served as President-Staples Contract&nbsp;&amp; Commercial from November 1998, when he first
joined Staples, to March 2002. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Christine
T. Komola </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Ms.&nbsp;Komola
has served as Senior Vice President and Corporate Controller since July 2004. Prior to that, she served as the Senior Vice President, General Merchandise Manager for furniture from
January 2002 to July 2004. She has also held other roles within Staples since joining in April 1997, including Assistant Controller, Vice President of Planning, Margin and Control, and Chief Financial
Officer of Staples.com. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>John
J. Mahoney </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Mahoney
has served as Vice Chairman and Chief Financial Officer since January 2006. Prior to that, he served as Executive Vice President, Chief Administrative Officer and Chief Financial
Officer since October 1997, and as Executive Vice President and Chief Financial Officer from September 1996, when he first joined Staples, to October 1997. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Michael
A. Miles </FONT></DD></DL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Miles
has served as President and Chief Operating Officer since January 2006. Prior to that, he served as Chief Operating Officer since September 2003. Prior to joining Staples in September
2003, Mr.&nbsp;Miles was Chief Operating Officer, Pizza Hut for Yum! Brands,&nbsp;Inc. from January 2000 to August 2003. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Demos
Parneros </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Parneros
has served as President-U.S. Stores since April 2002. Prior to that, he served in various capacities since joining Staples in October 1987, including Senior Vice
President of Operations from March 1999 to March 2002 and Vice President of Operations from October 1996 to February 1999. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Ronald
L. Sargent </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Sargent
has served as Chairman since March 2005, as Chief Executive Officer since February 2002 and as a Director since 1999. Prior to that, he served in various capacities since joining
Staples in March 1989, including President from November 1998 to January 2006, Chief Operating Officer from November 1998 to February 2002, President-North American Operations from October 1997 to
November 1998, and President-Staples Contract&nbsp;&amp; Commercial from June 1994 to October 1997. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><B>12.4&nbsp;&nbsp;&nbsp;&nbsp;Staples' Non-executive Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples' non-executive directors, including their positions outside Staples, where these are significant, are as follows: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Basil
L. Anderson </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Retired
Vice Chairman, Staples,&nbsp;Inc. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Arthur
M. Blank </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Owner
and Chief Executive Officer, Atlanta Falcons </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mary
Elizabeth Burton </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Former
Chief Executive Officer, Zale Corporation </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Justin
King </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Chief
Executive Officer, J Sainsbury&nbsp;plc </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Carol
Meyrowitz </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>President
and Chief Executive Officer, The TJX Companies,&nbsp;Inc. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Rowland
T. Moriarty </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Chairman
of the Board, CRA International,&nbsp;Inc. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Robert
C. Nakasone </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Chief
Executive Officer, NAK Enterprises, L.L.C. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Robert
E. Sulentic </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Group
President and Director of CB Richard Ellis Group,&nbsp;Inc. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Martin
Trust </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Chief
Executive Officer, Samtex (USA),&nbsp;Inc. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Vijay
Vishwanath </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Partner,
Bain&nbsp;&amp; Company </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Paul
F. Walsh </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Former
Chairman and Chief Executive Officer, eFunds Corporation </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
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 </FONT> <FONT SIZE=2><B>12.5&nbsp;&nbsp;&nbsp;&nbsp;Shareholders Structure  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Beneficial Ownership of Common Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The following table sets forth the beneficial ownership of Staples' common stock held as of 14&nbsp;April 2008 (1)&nbsp;by each person who is known by Staples to
beneficially own more than 5% of the outstanding shares of its common stock, (2)&nbsp;by each current director and nominee for director, (3)&nbsp;by each of the named executive officers, and
(4)&nbsp;by all current directors and executive officers as a group: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="50%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name of beneficial owner<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number&nbsp;of&nbsp;shares<BR>
beneficially<BR>
owned<SUP>(1)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number&nbsp;of&nbsp;shares<BR>
acquirable<BR>
within<BR>
60&nbsp;days<SUP>(2)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Percentage&nbsp;of<BR>
common stock<BR>
beneficially<BR>
owned<SUP>(3)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>5% Stockholders</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>FMR&nbsp;LLC<BR>
82 Devonshire Street<BR>
Boston, MA 02109</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>105,023,822<SUP>(4)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>14.97</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Directors, Nominees for Director and Named Executive Officers</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Basil L. Anderson</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>178,360<SUP>(5)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>397,125</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Arthur M. Blank</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>182,564</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>85,500</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Mary Elizabeth Burton</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>38,364</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>175,500</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Joseph G. Doody</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>280,356</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>462,086</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Justin King</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>6,414</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>John J. Mahoney</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>237,406</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>1,122,712</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Carol Meyrowitz</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>7,614</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Michael A. Miles</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>386,484</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>563,962</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Rowland T. Moriarty</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>352,787<SUP>(6)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>153,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Robert C. Nakasone</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>320,472<SUP>(7)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>175,500</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Demos Parneros</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>297,864<SUP>(8)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>472,140</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Ronald L. Sargent</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>1,737,821<SUP>(9)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>4,778,437</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Robert E. Sulentic</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>6,414</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Martin Trust</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>625,910<SUP>(10)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>175,500</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Vijay Vishwanath</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>7,014</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>6,750</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Paul F. Walsh</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>140,263<SUP>(11)</SUP></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>175,500</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="50%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>All current directors and executive officers as a group (18&nbsp;persons)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,900,805</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,918,971</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.94</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Less
than 1%
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Each
person listed has sole investment and/or voting power with respect to the shares indicated, except as otherwise noted. The inclusion herein of any shares as beneficially owned
does not constitute an admission of beneficial ownership. Amounts do not reflect shares issuable upon the exercise of stock options available on 14&nbsp;April 2008 or within 60&nbsp;days
thereafter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Reflects
shares issuable upon the exercise of stock options available on 14&nbsp;April 2008 or within 60&nbsp;days thereafter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Number
of shares deemed outstanding includes 701,702,963 shares of our common stock outstanding as of 14&nbsp;April 2008 and any options for shares that are exercisable by such
beneficial owner on 14&nbsp;April 2008 or within 60&nbsp;days thereafter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Fidelity
Management&nbsp;&amp; Research Company ("</FONT><FONT SIZE=1><B>Fidelity</B></FONT><FONT SIZE=1>"), a wholly-owned subsidiary of FMR&nbsp;LLC
("</FONT><FONT SIZE=1><B>FMR</B></FONT><FONT SIZE=1>") and an investment advisor, is the beneficial owner of 102,829,221 shares as a result of acting as investment advisor to various investment
companies. The ownership of one investment company, Magellan Fund, with offices at 82 Devonshire Street, Boston, MA 02109, United States of America, amounted to 48,309,255 shares. Edward C. Johnson 3d
("</FONT><FONT SIZE=1><B>Johnson</B></FONT><FONT SIZE=1>"), chairman of FMR, and FMR, through its control of Fidelity, and the Fidelity Funds each has sole power to dispose of the 102,829,221 shares
owned by the Fidelity Funds. Members of the Johnson family are the predominant owners, directly or through trusts, of Series&nbsp;B voting common shares of FMR, representing 49% of the voting power
of FMR. The Johnson family group and all other Series&nbsp;B shareholders have entered into a shareholders' voting agreement under which all Series&nbsp;B voting common shares will be voted in
accordance with the majority vote of Series&nbsp;B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members
of the Johnson family may be deemed to form&nbsp;a controlling group with respect to FMR. Neither FMR nor Johnson has the sole power to vote or direct the voting of the shares owned directly by
Fidelity funds, which power resides with the Fidelity Funds' Boards of Trustees. Fidelity carries out the voting of the shares under written guidelines established by the Fidelity Funds' Boards of
Trustees, Strategic Advisers,&nbsp;Inc. ("</FONT><FONT SIZE=1><B>SA</B></FONT><FONT SIZE=1>"), a wholly-owned subsidiary of FMR and an investment advisor with offices at 82 Devonshire Street, Boston,
MA 02109, United States of America, provides investment advisory services to individuals. As such, FMR's beneficial ownership includes 27,067 shares beneficially owned through&nbsp;SA. Pyramis
Global Advisors,&nbsp;LLC ("</FONT><FONT SIZE=1><B>PGALLC</B></FONT><FONT SIZE=1>"), an indirect wholly-owned subsidiary of FMR and an investment advisor with office at 53 State Street, Boston, MA
02109, United States of America, is the beneficial </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>

<P style="font-family:times;"><FONT SIZE=1>owner
of 1,300 shares as a result of its serving as investment advisor to institutional accounts, non-U.S. mutual funds, or investment companies owning such shares. Johnson and FMR,
through its control of PGALLC, each has sole dispositive power over 1,300 shares and sole power to vote or to direct the voting of 1,300 shares owned by institutional accounts or funds advised by
PGALLC described above. Pyramis Global Advisors Trust Company ("</FONT><FONT SIZE=1><B>PGATC</B></FONT><FONT SIZE=1>"), an indirect wholly-owned subsidiary of FMR and a bank with offices at 53 State
Street, Boston, MA 02109, United States of America, is the beneficial owner of 1,150,585 shares as a result of its serving as investment manager of institutional accounts owning such shares. Johnson
and FMR, through its control of PGATC, each has sole dispositive power over 1,150,585 shares and sole power to vote or to direct the voting of 922,235 shares owned by institutional accounts managed by
PGATC described above. Fidelity International Limited ("</FONT><FONT SIZE=1><B>FIL</B></FONT><FONT SIZE=1>"), with offices at Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda, and various foreign-based
subsidiaries provide investment advisory and management services to a number of non-U.S. investment companies and certain institutional investors. FIL, which is a qualified institution
whose chairman is Johnson, is the beneficial owner of 1,015,649 shares. Partnerships controlled predominantly by members of the Johnson family, or trusts for their benefit, own shares of FIL voting
stock with the right to cast approximately 47% of the total votes which may be cast by all holders of FIL voting stock. FMR and FIL are of the view that they are separate and impendent corporate
entities and that their Boards of Directors are generally composed of different individuals. FIL has sole dispositive power over 1,015,649 shares owned by International Fidelity Funds. FIL has sole
power to vote or direct the voting of 959,149 shares and no power to vote or direct the voting of 56,500 shares held by International Fidelity Funds. This footnote and related tabular disclosure is
based on FMR's Schedule&nbsp;13G/A filed with the SEC on 14&nbsp;February 2008. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
12,000 shares owned by Mr.&nbsp;Anderson's wife.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
35,235 shares owned by Dr.&nbsp;Moriarty's children, of which Dr.&nbsp;Moriarty disclaims beneficial ownership, and 82,500 shares owned by Dr.&nbsp;Moriarty's wife.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
229,806 shares owned by NAK Staples GRAT&nbsp;LLC, 37,968 shares owned by Nakasone Capital&nbsp;LLC and 26,483 shares owned by Robert C. Nakasone Trust.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
2,393 shares that may be distributed from a 401(k) plan account.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
8,301 shares owned by Sargent Charitable Fund of which Mr.&nbsp;Sargent disclaims beneficial ownership. Also includes 2,481 shares that may be distributed from a 401(k)
plan account.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
142,984 shares owned by M. Trust FL Intangible Tax Trust and 108,433 shares owned by M. Trust 2005 GRAT. Also includes 1,462 shares owned by Trust Family Foundation, 25,624
shares owned by Diane Trust and 36,204 shares owned by 1999 MTDT Descendants' Trust, all of which Mr.&nbsp;Trust disclaims beneficial ownership.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
247 shares held by Paul. F. Walsh, IRA and 102,252 shares held by the Walsh Family Trust. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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 </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="da14701_13._further_declaratio__da102164"> </A>
<A NAME="toc_da14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;&nbsp;FURTHER DECLARATIONS PURSUANT TO THE TAKEOVER DECREE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In addition to the other statements set out in this Offer Memorandum, the Offeror hereby declares as follows: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>There
have been a number of contacts between, on the one hand, the Offeror and Staples and, on the other hand, the Boards about the price of the Offer. This has not
resulted in an agreement in respect of the Offer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>With
due observance of and without prejudice to the restrictions referred to in Section&nbsp;1 (Restrictions and Important Information), the Share Offer applies on an
equal basis to all Shares outstanding and is made to all Shareholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>With
due observance of and without prejudice to the restrictions referred to in Section&nbsp;1 (Restrictions and Important Information), the Bond Offer applies on an
equal basis to all Bonds outstanding and is made to all Bondholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the Offeror declaring the Offer unconditional and excluding fees in connection with the Credit Agreement and Staples' other relevant loan financing, the
costs incurred or to be incurred by the Offeror in connection with the Offer are expected to amount to approximately USD&nbsp;35 million.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
costs incurred by Corporate Express in relation to the Offer are not available to the Offeror. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da14701_14._tax_aspects_of_the_offer"> </A>
<A NAME="toc_da14701_2"> </A>
<BR></FONT><FONT SIZE=2><B>14.&nbsp;&nbsp;&nbsp;&nbsp;TAX ASPECTS OF THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>The following summary of certain Dutch taxation matters is based on the laws and practice in force as of the date of this Offer Memorandum and is
subject to any changes in law and the interpretation and application thereof, which changes could be made with retroactive effect. It does not purport to be a comprehensive description of all the
Dutch tax considerations that may be relevant to a decision to dispose of the Securities and it does not purport to deal with the tax consequences applicable to all categories of Securityholders, some
of which may be subject to special rules. Among other things, this summary addresses the Dutch tax consequences of a Securityholder having a substantial interest or a deemed substantial interest in
the Company.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Generally speaking, an individual holding Securities has a substantial interest in the Company if such individual has, either alone or together with his partner, or if certain
relatives of such individual or his partner have, directly or indirectly, the ownership of, or certain rights over, shares representing 5% or more of the total issued and outstanding capital (or of
the issued and outstanding capital of any class of shares) of the Company, rights to acquire (including the conversion rights embedded in the Bonds) such interest in the share capital (whether or not
already issued) of the Company, or the ownership of profit participating certificates (winstbewijzen) that relate to 5% or more of the annual profit or liquidation proceeds of the Company. Also, an
individual holding Securities has a substantial interest if he or his partner has, or if certain relatives of the individual or his partner have, a deemed substantial interest in the Company. A person
has a deemed substantial interest if either (a)&nbsp;such person or his predecessor has disposed of or is deemed to have disposed of all or part of a substantial interest or (b)&nbsp;such person
has transferred an enterprise in exchange for shares in the Company, on a non-recognition basis.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Generally speaking, an entity holding Securities has a substantial interest in the Company if such entity has, directly or indirectly, the ownership of, or certain rights over,
shares representing 5% or more of the total issued and outstanding capital (or of the issued and outstanding capital of any class of shares) of the Company, rights to acquire (including the conversion
rights embedded in the Bonds) such interest in the share capital (whether or not already issued) of the Company, or the ownership of profit participating certificates (winstbewijzen) that relate to 5%
or more of the annual profit or liquidation proceeds of the Company. An entity holding Securities has a deemed substantial interest in the Company if such entity has disposed of or is deemed to have
disposed of all or part of a substantial interest on a non-recognition basis.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>For the purpose of this summary, the term entity means a corporation as well as any other person that is taxable as a corporation for Dutch taxation
purposes.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT> <FONT SIZE=2><B>Securityholders are advised to seek independent tax advice regarding the tax consequences of tendering their Securities in the Offer, or any other transaction described in or
contemplated by this Offer Memorandum. No assurances or warranties are provided with respect to the statements contained in this Section&nbsp;14 (Tax Aspects of the Offer), with respect to the
particular situation of each individual Securityholder and Securityholders should not place undue reliance on the statements contained in this Section&nbsp;14 (Tax Aspects of the Offer). Reference
is also made to the factors set out in Section&nbsp;6.6 (Risks and Consequences Following Settlement of the Offer).</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.1&nbsp;&nbsp;&nbsp;&nbsp;Dutch Tax Aspects of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.1.1&nbsp;&nbsp;&nbsp;&nbsp;Withholding Tax  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>There will be no withholding or deduction of any taxes of whatsoever nature imposed, levied, withheld or assessed by The Netherlands or any political subdivision or taxing
authority thereof or therein in respect of the purchase price payable by the Offeror for the Securities under the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.1.2&nbsp;&nbsp;&nbsp;&nbsp;Taxes on Income and Capital Gains  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Resident Entities  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>An entity holding Securities which is, or is deemed to be, resident in The Netherlands for Dutch tax purposes and which is not tax exempt, will generally be subject to
corporate income tax in The
Netherlands in respect of income or a capital gain derived from the Securities pursuant to the Offer at rates up to 25.5%, unless the holder has the benefit of the participation exemption
(</FONT><FONT SIZE=2><I>deelnemingsvrijstelling</I></FONT><FONT SIZE=2>) with respect to the Securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Resident Individuals  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>An individual holding Securities who is, is deemed to be, or has elected to be treated as, a resident in The Netherlands for Dutch tax purposes will be subject to income tax in
The Netherlands in respect of income or a capital gain derived from the Securities pursuant to the Offer at rates up to 52% if and to the extent that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder has an enterprise or an interest in an enterprise to which the Securities are attributable; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
capital gain qualifies as income from miscellaneous activities (</FONT><FONT SIZE=2><I>belastbaar resultaat uit overige werkzaamheden</I></FONT><FONT SIZE=2>) as
defined in the Income Tax Act (</FONT><FONT SIZE=2><I>Wet inkomstenbelasting 2001</I></FONT><FONT SIZE=2>), including, without limitation, activities that exceed normal, active asset management
(</FONT><FONT SIZE=2><I>normaal, aktief vermogensbeheer</I></FONT><FONT SIZE=2>). </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>If
neither condition&nbsp;(i) nor condition&nbsp;(ii) applies, such individual will be subject to income tax in The Netherlands in respect of income or a capital gain derived from the Securities
pursuant to the Offer, at rates up to 25% if such individual has a substantial interest or deemed substantial interest in the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
neither condition&nbsp;(i) nor condition&nbsp;(ii) applies and, furthermore, such individual does not have a substantial interest or deemed substantial interest in the Company, such individual
will be subject to income tax in The Netherlands on the basis of a deemed return, regardless of any actual income or capital gain derived from the Securities pursuant to the Offer. The deemed return
amounts to 4% of the average value of the individual's net assets in the relevant financial year (including the Securities). Subject to application of personal allowances, the deemed return shall be
taxed at a rate of 30%. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Non-Residents  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Non-residents holding a Bond  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A holder of a Bond which is not, is not deemed to be, and&#151;in case the holder is an individual&#151;has not elected to be treated as, a resident in The
Netherlands for Dutch tax purposes will not be subject to taxation on income or a capital gain derived from a Bond pursuant to the Offer unless: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
income or capital gain is attributable to an enterprise or part thereof which is either effectively managed in The Netherlands or carried on through a permanent
establishment (</FONT><FONT SIZE=2><I>vaste inrichting</I></FONT><FONT SIZE=2>) or permanent representative (</FONT><FONT SIZE=2><I>vaste vertegenwoordiger</I></FONT><FONT SIZE=2>) in The
Netherlands; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder is an entity and has a substantial interest or deemed substantial interest in the Company and such interest does not form part of the assets of an
enterprise; or </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dc14701_1_63"> </A>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder is an individual and (i)&nbsp;has a substantial interest in the Company, or (ii)&nbsp;the income or capital gain otherwise qualifies as income from
miscellaneous activities (</FONT><FONT SIZE=2><I>belastbaar resultaat uit overige werkzaamheden</I></FONT><FONT SIZE=2>) in The Netherlands as defined in the Income Tax Act
(</FONT><FONT SIZE=2><I>Wet inkomstenbelasting 2001</I></FONT><FONT SIZE=2>), including, without limitation, activities that exceed normal, active asset management (</FONT><FONT SIZE=2><I>normaal,
actief vermogensbeheer</I></FONT><FONT SIZE=2>). </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><I>Non-residents holding a Share  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A holder of a Share which is not, is not deemed to be, and&#151;in case the holder is an individual&#151;has not elected to be treated as, a resident in The
Netherlands for Dutch tax purposes will not be subject to taxation in The Netherlands on income or a capital gain derived from a Share pursuant to the Offer unless: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
income or capital gain is attributable to an enterprise or part thereof which is either effectively managed in The Netherlands or carried on through a permanent
establishment (</FONT><FONT SIZE=2><I>vaste inrichting</I></FONT><FONT SIZE=2>) or permanent representative (</FONT><FONT SIZE=2><I>vaste vertegenwoordiger</I></FONT><FONT SIZE=2>) in The
Netherlands; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder has a substantial interest or a deemed substantial interest in the Company and such interest does not form part of the assets of an enterprise; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder is an individual and such income or capital gain qualifies as income from miscellaneous activities (</FONT><FONT SIZE=2><I>belastbaar resultaat uit overige
werkzaamheden</I></FONT><FONT SIZE=2>) in The Netherlands as defined in the Income Tax Act (</FONT><FONT SIZE=2><I>Wet inkomstenbelasting 2001</I></FONT><FONT SIZE=2>), including, without limitation,
activities that exceed normal, active asset management (</FONT><FONT SIZE=2><I>normaal, aktief vermogensbeheer</I></FONT><FONT SIZE=2>). </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>14.1.3&nbsp;&nbsp;&nbsp;&nbsp;Value Added Tax  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>No value added tax will be due in The Netherlands in respect of payments in consideration for the disposal of Securities pursuant to the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.1.4&nbsp;&nbsp;&nbsp;&nbsp;Other Taxes  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>There will be no registration tax, capital tax, customs duty, transfer tax, stamp duty, or any other similar tax or duty payable in The Netherlands in connection with the
Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.2&nbsp;&nbsp;&nbsp;&nbsp;Dutch Tax Aspects of the Legal Merger  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.2.1&nbsp;&nbsp;&nbsp;&nbsp;Withholding Tax  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>There will be no withholding or deduction of any taxes of whatsoever nature imposed, levied, withheld or assessed by The Netherlands or any political subdivision or taxing
authority thereof or therein in respect of the securities of the Surviving Entity received as a result of the Legal Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.2.2&nbsp;&nbsp;&nbsp;&nbsp;Taxes on Income and Capital Gains  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Resident Entities  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>An entity holding Securities which is, or is deemed to be, a resident in The Netherlands for Dutch tax purposes and which is not tax exempt, will generally be subject to
corporate income tax in The Netherlands in respect of income or a capital gain derived from the Securities as a result of the Legal Merger at rates up to 25.5%, unless the holder has the benefit of
the participation exemption (</FONT><FONT SIZE=2><I>deelnemingsvrijstelling</I></FONT><FONT SIZE=2>) with respect to the Securities, excluding the Bonds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Resident Individuals  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>An individual holding Securities who is, is deemed to be, or has elected to be treated as, a resident in The Netherlands for Dutch tax purposes will be subject to income tax in
The Netherlands in respect of income or a capital gain derived from the Securities as a result of the Legal Merger at rates up to 52% if and to the extent that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder has an enterprise or an interest in an enterprise to which the Securities are attributable; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
capital gain qualifies as income from miscellaneous activities (</FONT><FONT SIZE=2><I>belastbaar resultaat uit overige werkzaamheden</I></FONT><FONT SIZE=2>) as
defined in the Income Tax Act (</FONT><FONT SIZE=2><I>Wet inkomstenbelasting 2001</I></FONT><FONT SIZE=2>), including, without limitation, activities that exceed normal, active asset management
(</FONT><FONT SIZE=2><I>normaal, aktief vermogensbeheer</I></FONT><FONT SIZE=2>). </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>If
neither condition&nbsp;(i) nor condition&nbsp;(ii) applies, such individual will be subject to income tax in The Netherlands in respect of income or a capital gain derived from the Securities
as a result of the Legal </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>Merger,
at rates up to 25% if such individual has a substantial interest or deemed substantial interest in the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
neither condition&nbsp;(i) nor condition&nbsp;(ii) applies and, furthermore, such individual does not have a substantial interest or deemed substantial interest in the Company, such individual
will be subject to income tax in The Netherlands on the basis of a deemed return, regardless of any actual income or capital gain derived from a Securities as a result of the Legal Merger. The deemed
return amounts to 4% of the average value of the individual's net assets in the relevant financial year (including the Securities). Subject to application of personal allowances, the deemed return
shall be taxed at a rate of 30%. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Non-Residents  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Non-residents holding a Bond  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A holder of a Bond who is not, is not deemed to be, and&#151;in case the holder is an individual&#151;has not elected to be treated as, a resident in The
Netherlands for Dutch tax purposes will not be subject to taxation on income or a capital gain derived as a result of the Legal Merger unless: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
income or capital gain is attributable to an enterprise or part thereof which is either effectively managed in The Netherlands or carried on through a permanent
establishment (</FONT><FONT SIZE=2><I>vaste inrichting</I></FONT><FONT SIZE=2>) or permanent representative (</FONT><FONT SIZE=2><I>vaste vertegenwoordiger</I></FONT><FONT SIZE=2>) in The
Netherlands; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder is an entity and has a substantial interest or deemed substantial interest in the Company and such interest does not form part of the assets of an
enterprise; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder is an individual and (i)&nbsp;has a substantial interest in the Company, or (ii)&nbsp;the income or capital gain otherwise qualifies as income from
miscellaneous activities (</FONT><FONT SIZE=2><I>belastbaar resultaat uit overige werkzaamheden</I></FONT><FONT SIZE=2>) in The Netherlands as defined in the Income Tax Act
(</FONT><FONT SIZE=2><I>Wet inkomstenbelasting 2001</I></FONT><FONT SIZE=2>), including, without limitation, activities that exceed normal, active asset management (</FONT><FONT SIZE=2><I>normaal,
actief vermogensbeheer</I></FONT><FONT SIZE=2>). </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><I>Non-residents holding a Share  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A holder of a Share who is not, is not deemed to be, and&#151;in case the holder is an individual&#151;has not elected to be treated as, a resident in The
Netherlands for Dutch tax purposes will not be subject to taxation in The Netherlands on income or a capital gain derived from a Share as a result of the Legal Merger unless: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
income or capital gain is attributable to an enterprise or part thereof which is either effectively managed in The Netherlands or carried on through a permanent
establishment (</FONT><FONT SIZE=2><I>vaste inrichting</I></FONT><FONT SIZE=2>) or permanent representative (</FONT><FONT SIZE=2><I>vaste vertegenwoordiger</I></FONT><FONT SIZE=2>) in The
Netherlands; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder has a substantial interest or a deemed substantial interest in the Company and such interest does not form part of the assets of an enterprise; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder is an individual and such income or capital gain qualifies as income from miscellaneous activities (</FONT><FONT SIZE=2><I>belastbaar resultaat uit overige
werkzaamheden</I></FONT><FONT SIZE=2>) in The Netherlands as defined in the Income Tax Act (</FONT><FONT SIZE=2><I>Wet inkomstenbelasting 2001</I></FONT><FONT SIZE=2>), including, without limitation,
activities that exceed normal, active asset management (</FONT><FONT SIZE=2><I>normaal, aktief vermogensbeheer</I></FONT><FONT SIZE=2>). </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B><I>Roll-over Relief  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>An exemption from Dutch taxation in respect of income or a capital gain derived from the Securities as a result of the Legal Merger (excluding taxation in respect of any
consideration received as a result of the Legal Merger that does not exist of securities in the Surviving Entity) should be available provided that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Legal Merger satisfies the requirements set out in article&nbsp;3.57 of the Income Tax Act 2001 (</FONT><FONT SIZE=2><I>Wet inkomstenbelasting
2001</I></FONT><FONT SIZE=2>); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holder of Securities claiming the exemption records and continues to record the securities of the Surviving Entity at the same tax book value as that of the
Securities at the moment immediately preceding the Legal Merger. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2>Whether
or not a holder of Securities claims the benefits of the exemption is at his own discretion. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dc14701_1_65"> </A>

<P style="font-family:times;"><FONT SIZE=2>In
case the Surviving Entity is tax resident in The Netherlands, generally, the Dutch tax treatment of income and capital gains derived from the securities of the Surviving Entity will be the same as
that of the Securities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>14.2.3&nbsp;&nbsp;&nbsp;&nbsp;Value Added Tax  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>No value added tax will be due in The Netherlands in connection with the Legal Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.2.4&nbsp;&nbsp;&nbsp;&nbsp;Other Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>There is no registration tax, capital tax, customs duty, transfer tax, stamp duty, or any other similar tax or duty payable in The Netherlands in connection with the Legal
Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>14.3&nbsp;&nbsp;&nbsp;&nbsp;Material U.S. Federal Income Tax Consequences of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The following discussion summarizes the material U.S. federal income tax consequences of the Offer. This discussion is based upon the provisions of the U.S. Internal Revenue
Code of 1986, as amended (the "</FONT><FONT SIZE=2><B>Code</B></FONT><FONT SIZE=2>"), the U.S. Treasury Regulations promulgated under the Code and judicial and administrative rulings, all as in
effect as of the date of this Offer Memorandum and all of which are subject to change or varying interpretation, possibly with retroactive effect. Any such changes could affect the accuracy of the
statements and conclusions set forth herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to a holder of Securities in light of the holder's particular circumstances, nor does it discuss the
special considerations applicable to those holders of Securities subject to special rules, such as holders whose functional currency is not the U.S. dollar, holders who are financial institutions or
broker-dealers, mutual funds, partnerships or other pass-through entities for U.S. federal income tax purposes and members of such entities, tax-exempt organizations, insurance
companies, dealers in securities or foreign currencies, traders in securities who elect mark-to-market method of accounting, controlled foreign corporations, passive foreign
investment companies, United States expatriates, holders who acquired their Shares through the exercise of options or other compensation arrangements or holders who hold their Securities as part of a
straddle, constructive sale or conversion transaction. This discussion assumes that holders of Securities hold the Securities as capital assets within the meaning of Section&nbsp;1221 of the Code
(generally property held for investment). The Offeror will seek an opinion of counsel or a ruling from the Internal Revenue Service with respect to the U.S. federal income tax consequences discussed
herein and accordingly the Internal Revenue Service may not agree with the positions described in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Offeror intends this discussion to provide only a general summary of the material U.S. federal income tax consequences of the Offer. The Offeror does not intend it to be a complete analysis or
description of all potential U.S. federal income tax consequences of the Offer, nor, except to the extent discussed in Sections&nbsp;14.1 (Dutch Tax Aspects of the Offer) and 14.2 (Dutch Tax Aspects
of the Legal Merger) does the Offeror address foreign, state, local, alternative minimum or other tax consequences of the Offer. </FONT><FONT SIZE=2><B>The Offeror urges holders of Securities to
consult their own tax advisors to determine the particular tax consequences applicable to them (including the application and effect of any state, local or foreign income and other tax laws) of the
receipt of cash in exchange for Securities pursuant to the Offer, in light of their individual circumstances.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
a partnership holds Securities, the tax treatment of a partner generally will depend on the status of the partner and activities of the partnership. If a holder is a partnership, such partnership
and its partners should consult their own tax advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
purposes of this discussion, the term "U.S. holder" means a beneficial owner of Securities that is: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an
individual citizen or resident of the United States for U.S. federal income tax purposes;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state
thereof or the District of Columbia;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial
decisions of the trust or (2)&nbsp;has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an
estate that is subject to U.S. federal income tax on all of its income regardless of source. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dc14701_1_66"> </A>

<P style="font-family:times;"><FONT SIZE=2>A
"non-U.S. holder" is a beneficial owner (other than a partnership) of Securities that is not a U.S. holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>U.S. Holders  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>U.S. Holders of Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The receipt of cash for Shares pursuant to the Offer will be a taxable transaction to U.S. holders for U.S. federal income tax purposes. A U.S. holder generally will recognize
gain or loss for U.S. federal income tax purposes equal to the difference, if any, between the amount of cash received and the U.S. holder's adjusted tax basis in the Shares surrendered. This gain or
loss will be capital gain or loss and will be determined separately for each block of Shares (i.e.,&nbsp;Shares with the same basis acquired in a single transaction) that are surrendered for cash
pursuant to, or in connection with, the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
purposes of determining the amount of any gain or loss, the amount of cash received generally will equal the U.S. dollar value of the Euros received pursuant to the Offer, determined in accordance
with the U.S. holder's applicable method of accounting for U.S. federal income tax purposes. A U.S. holder will recognize exchange gain or loss attributable to the movement in exchange rates between
the time of the determination of gain or loss and the actual conversion of the Euros into U.S. dollars. Such gain or loss generally will be treated as ordinary income or loss. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>U.S. Holders of Bonds  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The receipt of cash for Bonds pursuant to the Offer will be a taxable transaction to U.S. holders for U.S. federal income tax purposes. Subject to the discussions of accrued
but unpaid interest, market discount, bond premium, and foreign currency exchange gain or loss below, a U.S. holder that tenders Bonds pursuant to the Offer generally will recognize gain or loss for
U.S. federal income tax purposes equal to the difference, if any, between the amount of cash received and the U.S. holder's adjusted tax basis in the Bonds surrendered. A U.S. holder's adjusted tax
basis in the Bonds generally will equal the cost of the Bonds to such U.S. holder, increased by the amount of any market discount previously included in income by the U.S. holder and reduced by the
amount of any amortizable bond premium previously taken into account by the U.S. holder with respect to the Bonds. For purposes of determining the amount of any gain or loss, the amount of cash
received generally will equal the U.S. dollar value of the Euros received pursuant to the Offer, determined in accordance with the U.S. holder's applicable method of accounting for U.S. federal income
tax purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Accrued but Unpaid Interest.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the cash received pursuant to the Offer includes accrued but unpaid interest, such interest
will not be taken into account in determining gain or loss in the Offer, but, to the extent not previously included in gross income, will be taxable as ordinary interest income, regardless of whether
the U.S. holder otherwise recognizes an overall loss pursuant to the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Market Discount.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder, who acquired a Bond after its original issuance at a market discount (generally the amount, if any, by
which a U.S. holder's tax basis in a Bond immediately after its acquisition is exceeded by the principal amount of the Bond at such time, subject to a de minimis exception), generally will be required
to treat any gain recognized pursuant to the Offer as ordinary income to the extent of the market discount accrued during the U.S. holder's period of ownership (on a straight-line basis
or, at the election of the U.S. holder, on a constant-yield basis), unless the U.S. holder elected to include the market discount in income as it accrued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Bond Premium.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a U.S. holder purchased a Bond for an amount in excess of its principal amount, the Bond has bond premium equal to the
excess of the cost of the Bond to the U.S. holder over the amount payable at maturity. If the U.S. holder has elected to amortize bond premium over the remaining term of the Bond, the amortized bond
premium reduces the U.S. holder's adjusted tax basis in the Bond. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Foreign Currency Exchange Gain or Loss.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder will recognize exchange gain or loss attributable to the movement in exchange rates
between the time of purchase and disposition of the Bonds. The amount of exchange gain or loss will be limited to the amount of overall gain or loss recognized as a result of the Offer. In addition, a
U.S. holder will recognize exchange gain or loss attributable to the movement in exchange rates between the time of the determination of gain or loss with respect to the disposition of the Bonds and
the actual conversion of the Euros into U.S. dollars. All such exchange gains or losses generally will be treated as ordinary income or loss. U.S. Holders should consult their tax advisors for special
rules regarding the calculation of exchange gain or loss with respect to accrued but unpaid interest, market discount, and bond premium. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>Capital Gain Rates  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Capital gain recognized from the disposition of Securities held for more than one year will be long-term capital gain and will be subject (in the case of U.S.
holders who are individuals) to tax at a maximum U.S. federal income tax rate of 15%. Capital gain recognized from the disposition of Securities held for one year or less will be
short-term capital gain subject to tax at ordinary income tax rates. Generally, capital losses are deductible only against capital gains and are not available to offset ordinary income.
However, individual taxpayers are permitted to offset a limited amount of net capital losses annually against ordinary income, and unused net capital losses may be carried forward to subsequent tax
years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Information Reporting and Backup Withholding  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A U.S. holder, other than a corporation or other exempt recipient, will be subject to information reporting on the cash received pursuant to the Offer. In addition, under the
backup withholding rules of the Code, the Dutch Settlement Agent or the U.S. Settlement Agent generally is required to withhold 28% of all payments to which a U.S. holder or other payee is entitled,
unless the U.S. holder or other payee (1)&nbsp;is a corporation or comes within other exempt categories and demonstrates this fact or (2)&nbsp;provides its correct tax identification number
(social security number, in the case of an individual, or employer identification number in the case of other holders), certifies under penalties of perjury that the number is correct, certifies as to
no loss of exemption from backup withholding and otherwise complies with the applicable requirements of the backup withholding rules. Backup withholding is not an additional tax. Generally, any
amounts withheld under the backup withholding rules described above can be refunded or credited against a payee's U.S. federal income tax liability, if any, provided that such U.S. holder furnishes
the required information to the Internal Revenue Service in a timely manner. U.S. holders should consult their own tax advisor as to the qualifications for exemption from backup withholding and the
procedures for obtaining such exemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Non-U.S. Holders  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Gain from Securities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Any gain realized on the receipt of cash pursuant to the Offer by a non-U.S. holder generally will not be subject to U.S. federal income tax unless: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
gain is effectively connected with a U.S. trade or business of such non-U.S. holder (and, if an applicable tax treaty so provides, is also attributable to a
permanent establishment or a fixed base in the United States maintained by such non-U.S. holder), in which case the non-U.S. holder generally will be taxed at the graduated
U.S. federal income tax rates applicable to United States persons (as defined under the Code) and, if the non-U.S. holder is a foreign corporation, the additional branch profits tax may
apply to its effectively connected earnings and profits for the taxable year at the rate of 30% (or such lower rate as may be specified by an applicable tax treaty); or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
non-U.S. holder is a nonresident alien individual who is present in the United States for 183&nbsp;days or more in the taxable year of the Settlement Date
and certain other conditions are met, in which case the non-U.S. holder may be subject to a 30% tax on the non-U.S. holder's net gain realized in the Offer, which may be offset
by U.S. source capital losses of the non-U.S. holder, if any. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Accrued but Unpaid Interest  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A non-U.S. holder generally will not be subject to U.S. federal income tax on cash received that represents accrued but unpaid interest on the Bonds if such
interest is not effectively connected with a U.S. trade or business. To the extent that any accrued but unpaid interest is effectively connected with the non-U.S. holder's conduct of a
trade or business (and, to the extent required under any applicable income tax treaty, is attributable to a permanent establishment or fixed base within the United States), then the
non-U.S. holder will be subject to U.S. federal income tax on a net income basis and, if it is a foreign corporation for U.S. federal income tax purposes, may be subject to an additional
branch profits tax equal to 30% (or lower applicable income tax treaty rate). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>Information Reporting and Backup Withholding  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A non-U.S. holder will be subject to information reporting and, in certain circumstances, backup withholding (currently at a rate of 28%) will apply to the cash
received pursuant to the Offer if the Offer is effected within the United States or outside the United States through certain U.S.-related financial intermediaries, unless the non-U.S.
holder certifies under penalties of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that the holder is a United States person as
defined under the Code) or such holder otherwise establishes an exemption. Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules may be refunded or
credited against a non-U.S. holder's U.S. federal income tax liability, if any, provided that such non-U.S. holder furnishes the required information to the Internal Revenue
Service in a timely manner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de14701_15._press_releases"> </A>
<A NAME="toc_de14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>15.&nbsp;&nbsp;&nbsp;&nbsp;PRESS RELEASES    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> QUOTE  </B></FONT></P>
</UL>
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<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Media Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Paul Capelli<BR>
508-253-8530</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Investor Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Laurel Lefebvre<BR>
508-253-4080</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Staples Proposes Acquisition Of Corporate Express For EUR 7.25 Per Ordinary Share<BR>
Customers To Benefit From Improved Geographic Reach<BR>
And Expanded Range Of Products  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>FRAMINGHAM, Mass., Feb.&nbsp;19, 2008&#151;</B></FONT><FONT SIZE=2>Staples, Inc (Nasdaq: SPLS) has made a proposal today to acquire all the
outstanding shares of Corporate Express ordinary stock for a per ordinary share consideration of EUR 7.25, representing a total enterprise value of approximately EUR 2.5&nbsp;billion. The all cash
proposal represents a premium of approximately 67&nbsp;percent to Corporate Express' Feb.&nbsp;4, 2008 closing share price, the last day before rumors of a potential sale circulated in the market. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"Staples
has high regard for the Corporate Express management team, and believes together our combined companies will create significant opportunities for all stakeholders," said Ron Sargent, Staples
chairman and CEO. "Staples is committed to working with the Corporate Express Executive and Supervisory Boards to quickly enter into an acquisition agreement and begin making the most of the combined
business." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Following
is the text of the letter that Staples sent today to Corporate Express' CEO and to the Chairman of Corporate Express' Supervisory Board: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Mr.&nbsp;Ventress: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
are writing to you, on behalf of the Board of Directors of Staples,&nbsp;Inc., to outline the terms on which Staples proposes to acquire the entire outstanding share capital of Corporate
Express&nbsp;NV ("Corporate Express"). Over the last several months, we have made repeated attempts to engage in discussions with you concerning a business combination, and we have been disappointed
that you have not been willing to do so. We believe strongly that a combination between Staples and Corporate Express will offer significant and certain value to Corporate Express' shareholders and
other stakeholders and will greatly enhance our ability to serve customers throughout the world. We are writing this letter to demonstrate both our enthusiasm for the proposed transaction and our
commitment to pursue a combination with Corporate Express. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>While
we understand you have recently announced your strategic reorientation plans, we believe that a business combination with Staples at this time would result in superior benefits for Corporate
Express' stakeholders, and that such benefits can be achieved more completely and quickly than under your strategic reorientation plans, and with a higher degree of certainty. A business combination
with us now
creates certain cash value for Corporate Express' shareholders and eliminates the risks associated with both the achievement of your plan and today's volatile business and market environment. We
believe that our proposal is superior to any other alternative available to Corporate Express and its stakeholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>Subject
to customary conditions outlined in this letter and based on our review of publicly available information relating to Corporate Express, we are prepared to make an offer of EUR 7.25 per
ordinary share of Corporate Express. In the event that prior to the closing, any dividends or other distributions are declared in respect of Corporate Express' ordinary shares the offer price will be
decreased by an amount per ordinary share equivalent to any such dividend or distribution per ordinary share. Our proposed price implies: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 67% to Corporate Express' closing share price of EUR 4.32 on February&nbsp;4, 2008, the last day before rumors of a potential offer for
Corporate Express circulated in the market,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 33% to Corporate Express' closing share price on February&nbsp;18, 2008, and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 60% to Corporate Express' average closing price during the 1-month period ended on February&nbsp;18, 2008, and a premium of
approximately 43% to Corporate Express' average closing price during the 3-month period then ended. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>We
are committed to pursuing our proposal because of the significant opportunities that it will create for Staples as well as for all stakeholders of Corporate Express. Our proposal is based on the
following key elements: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Compelling
Valuation: As shown above, we are valuing Corporate Express at a substantial premium to the trading price both before and after the emergence of rumors that we
intended to make an offer for Corporate Express on February&nbsp;4, 2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
Cash Offer: Our proposal is to acquire all of the outstanding shares in Corporate Express for cash. In addition to the proposal to acquire Corporate Express' ordinary
shares, we are also investigating the possibility of making an offer for the listed outstanding depositary receipts of preference A shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
Financing Condition: Our proposal is not subject to financing. We have entered into a bridge loan commitment letter with Lehman Brothers on customary terms and
conditions. We have no reason to believe that the customary conditions to closing will not be satisfied. This committed financing together with our available cash will be more than sufficient to
finance the entire acquisition.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Ready
to proceed: Due to the complementary nature of Corporate Express and our business and based on the work we and our advisers have already performed and the resources we
have committed, we are in a position to proceed with the proposed combination on an expeditious basis.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Attractive
Long-Term Solution for all Stakeholders: Under the proposed transaction, Corporate Express can focus on long-term value creation within a
large and diverse organization. We believe that the management and employees of Corporate Express are important to both the integration of our businesses and the achievement of future success. We plan
to continue to invest in the people at Corporate Express and therefore anticipate that there will be attractive career opportunities for employees of Corporate Express at the combined company.
Customers will benefit as the combined company will have an improved geographical reach and will be able to offer an expanded range of products and services to customers. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>We
have a high regard for Corporate Express' management team and believe that the management talent resident in our respective companies will enable the combined company to enhance value for the
stakeholders of the combined company. We are looking forward to discussing with you the best way to combine Corporate Express' and our management talent to successfully lead the combined company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
are prepared to meet with you and your management team at your earliest convenience to commence discussions regarding our non-binding proposal for a business combination. We need to
conduct only limited confirmatory due diligence and will commit the resources needed to be able to enter into a definitive acquisition agreement (or merger protocol) expeditiously. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
view of the significance of this proposal to your shareholders and ours, as well as our desire to avoid selective disclosures, we plan to release publicly the text of this letter. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>We
believe our proposal represents a compelling opportunity to create significant value for all your stakeholders. It is our hope that you will find our proposal to be attractive and that we can sit
down together very quickly to discuss how we best move forward toward the closing of a transaction. It is of course our preference that both your executive and supervisory boards support our proposal.
Because we believe the proposed transaction offers substantial value to stakeholders of both our companies as outlined above, we are committed to undertaking the necessary steps to seeing this
transaction to completion. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>I
look forward to discussing this with you. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Very
truly yours, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Ronald
L. Sargent </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Chairman and Chief Executive Officer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> About Staples  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples,&nbsp;Inc. invented the office superstore concept in 1986 and today is the world's largest office products company. With 74,000 talented associates, the company is
committed to making it easy to buy a wide range of office products, including supplies, technology, furniture, and business services. With 2006 sales of $18.2&nbsp;billion, Staples serves consumers
and businesses ranging from home-based businesses to Fortune 500 companies in 22 countries throughout North and South America, Europe and Asia. Headquartered outside of Boston, Staples
operates more than 2,000 office superstores and also serves its customers through mail order catalog, e-commerce and contract businesses. More information is available at </FONT> <FONT SIZE=2><I>www.staples.com.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
is a public announcement pursuant to the provisions of Article&nbsp;5, paragraph&nbsp;2 of the Dutch Decree on Public Takeover Bids (Besluit openbare biedingen Wft). This announcement and
related information shall not constitute a public offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale in securities. Not for release, publication or
distribution, in whole or in part, in or into Canada or Japan. Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of
The Private Securities Litigation Reform Act of 1995 including, but not limited to, the information set forth under the heading "Outlook" and other statements regarding our future business and
financial performance. Actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including but not limited to the fact that
there can be no assurance that the proposed acquisition of Corporate Express,&nbsp;N.V. will be consummated and those other factors discussed or referenced in our most recent annual report on
Form&nbsp;10-K filed with the SEC, under the heading "Risk Factors" and elsewhere, and any subsequent periodic reports filed by us with the SEC. In addition, any forward-looking
statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at
some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>UNQUOTE  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT> <FONT SIZE=2><B>QUOTE  </B></FONT></P>

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<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Media Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Paul Capelli<BR>
508-253-8530</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Investor Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Laurel Lefebvre<BR>
508-253-4080</FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2><B>Staples confirms its intention to acquire corporate express for Euro&nbsp;7.25 per ordinary share  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>FRAMINGHAM, Mass., March&nbsp;18, 2008</B></FONT><FONT SIZE=2>&#151;As first announced on Feb.&nbsp;19, 2008, Staples,&nbsp;Inc. (Nasdaq:
SPLS) confirms its current intention to make a public offer for all the outstanding ordinary shares and American depositary shares ("ADS") issued by Corporate Express (the "Offer") for a price of EUR
7.25 per ordinary share and ADS and confirms that preparations are well under way for the Offer. In addition, in connection with the Offer, Staples also confirms its intention to make a public offer
for the depositary receipts of preference shares A and the convertible bonds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As
initially announced, the proposed offer implies: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 67&nbsp;percent to Corporate Express' closing share price on Feb.&nbsp;4, 2008, the last day before rumors of a potential offer for Corporate
Express circulated in the market,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 33&nbsp;percent to Corporate Express' closing share price on Feb.&nbsp;18, 2008, the day before the initial press release, and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 60&nbsp;percent to Corporate Express' average closing price during the one-month period ended on Feb.&nbsp;18, 2008, and a premium
of approximately 43&nbsp;percent to Corporate Express' average closing price during the three-month period then ended. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>"While
we continue to be disappointed that Corporate Express' Executive and Supervisory Boards have not entered into a negotiation with us about the transaction, we remain very enthusiastic about a
combination between the two companies," said Ron Sargent, Staples chairman and CEO. "Based on public information, Staples firmly believes its proposal is the most valuable option available to
Corporate Express' shareholders and will deliver significant benefits for customers and employees." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples
expects to submit a request for approval of the offer memorandum in respect of the Offer (the "Offer Memorandum") to the Netherlands Authority for the Financial Markets (Stichting Autoriteit
Financi&euml;le Markten or "AFM") before May&nbsp;13, 2008, which is the date by which under Dutch law a request for approval must be submitted to the AFM. In addition, Staples plans to
make all necessary competition regulatory filings prior to May&nbsp;13, 2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Since
the announcement on Feb.&nbsp;19, 2008, the company's financing plans have progressed. Specifically, the previously announced bridge loan commitment from Lehman Brothers&nbsp;Inc. is now
equally shared by Lehman Brothers&nbsp;Inc., Bank of America, N.A. and HSBC Bank USA, N.A. Upon completion of final credit documentation, this financing, together with existing cash and liquidity,
will provide Staples with funding sufficient to satisfy its obligations under the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>About Staples  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples,&nbsp;Inc. invented the office superstore concept in 1986 and today is the world's largest office products company. With 76,000 talented associates, the company is
committed to making it easy to buy a wide range of office products, including supplies, technology, furniture, and business services. With 2007 sales of $19.4&nbsp;billion, Staples serves consumers
and businesses ranging from home-based businesses to Fortune 500 companies in 22 countries throughout North and South America, Europe and Asia. Headquartered outside of Boston, Staples
operates more than 2,000 office superstores and also serves its customers through mail order catalog, e-commerce and contract businesses. More information is available at </FONT> <FONT SIZE=2><I>www.staples.com.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
is a public announcement pursuant to the provisions of Section&nbsp;7 paragraph&nbsp;1 of the Dutch Decree on Public Takeover Bids (</FONT><FONT SIZE=2><I>Besluit openbare biedingen
Wft</I></FONT><FONT SIZE=2>). This announcement and related information
shall not constitute a public offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale in securities. If and when made, the Offer and the terms thereof will be
made through and described in an Offer Memorandum to be published in accordance with Dutch and U.S. laws. Not for release, publication or distribution, in whole or in part, in or into Canada or Japan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dg14701_1_72"> </A>

<P style="font-family:times;"><FONT SIZE=2>Certain
information contained in this news release may constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995
including, but not limited to, the statements as to Staples' intentions with respect to the Offer to acquire Corporate Express. Actual future events may differ materially from those indicated by such
forward-looking statements as a result of risks and uncertainties, including but not limited to the fact that there can be no assurance that Staples will commence any public offer for the acquisition
of Corporate Express,&nbsp;N.V., that such offer, if commenced, or any other acquisition of Corporate Express, will be consummated and those other factors discussed or referenced in our most recent
annual report on Form&nbsp;10-K filed with the SEC, under the heading "Risk Factors" and elsewhere, and any subsequent periodic reports filed by us with the SEC. In addition, any
forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>UNQUOTE  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT> <FONT SIZE=2><B>QUOTE  </B></FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Media Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Paul Capelli<BR>
508-253-8530</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Investor Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Laurel Lefebvre<BR>
508-253-4080</FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2><B>Staples Completes $3&nbsp;Billion Credit Agreement for Corporate Express Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>FRAMINGHAM, Mass., April&nbsp;1, 2008</B></FONT><FONT SIZE=2>&#151;Staples,&nbsp;Inc. (Nasdaq: SPLS) today announced that it has obtained
financing for its planned public offer (the "Offer") for Corporate Express&nbsp;N.V. Staples has entered into a definitive $3&nbsp;billion credit agreement (the "Credit Agreement") with financing
arranged by Lehman Brothers&nbsp;Inc., Bank of America and HSBC Bank USA. This $3&nbsp;billion financing, together with its cash reserves and existing revolving credit facility, are sufficient to
finance Staples' acquisition of Corporate Express and enable Staples to proceed with its previously announced public offer for all the outstanding ordinary shares and American depositary shares
("ADS") issued by Corporate Express for a price of EUR 7.25 per ordinary share and ADS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
announcement is made pursuant to the provisions of Section&nbsp;7 paragraph&nbsp;4 of the Dutch Decree on Public Takeover Bids (</FONT><FONT SIZE=2><I>Besluit openbare biedingen
Wft</I></FONT><FONT SIZE=2>, the "Decree"). With reference to Section&nbsp;7 paragraph&nbsp;4 of the Decree, Staples herewith confirms that it will finance acceptances under the Offer through a
combination of the Credit Agreement, cash reserves and available credit under its existing revolving credit facility. There are no conditions precedent to funding, other than customary conditions
set forth in the Credit Agreement. Staples has no reason to believe that these conditions precedent under the Credit Agreement will not be satisfied on or prior to closing of the Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>About Staples  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples,&nbsp;Inc. invented the office superstore concept in 1986 and today is the world's largest office products company. With 76,000 talented associates, the company is
committed to making it easy to buy a wide range of office products, including supplies, technology, furniture, and business services. With 2007 sales of $19.4&nbsp;billion, Staples serves consumers
and businesses ranging from home-based businesses to Fortune 500 companies in 22 countries throughout North and South America, Europe and Asia. Headquartered outside of Boston, Staples
operates more than 2,000 office superstores and also serves its customers through mail order catalog, e-commerce and contract businesses. More information is available at </FONT> <FONT SIZE=2><I>www.staples.com.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
is a public announcement pursuant to the provisions of Section&nbsp;7 paragraph&nbsp;4 of the Dutch Decree on Public Takeover Bids (</FONT><FONT SIZE=2><I>Besluit openbare biedingen
Wft</I></FONT><FONT SIZE=2>). This announcement and related information shall not constitute a public offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale
in securities. If and when made, the Offer and the terms thereof will be made through and described in an Offer Memorandum to be published in accordance with Dutch and U.S. laws. Not for release,
publication or distribution, in whole or in part, in or into Canada or Japan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Certain
information contained in this news release may constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995
including, but not limited to, the statements as to Staples' intentions with respect to the Offer to acquire Corporate Express. Actual future events may differ materially from those indicated by such
forward-looking statements as a result of risks and uncertainties, including but not limited to the fact that there can be no assurance that Staples will commence any public offer for the acquisition
of Corporate Express,&nbsp;N.V., that such offer, if commenced, or any other acquisition of Corporate Express, will be consummated and those other factors discussed or referenced in our most recent
annual report on Form&nbsp;10-K filed with the SEC, under the heading "Risk Factors" and elsewhere, and any subsequent periodic reports filed by us with the SEC. In addition, any
forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>UNQUOTE  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_di14701_1_74"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>QUOTE  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
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<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Media Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Paul Capelli<BR>
508-253-8530</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>Investor Contact:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:times;"><FONT SIZE=2>Laurel Lefebvre<BR>
508-253-4080</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2><B>Staples Increases its Offer to EUR 8.00 per Share for Corporate Express  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Indicated
offer price per Corporate Express ordinary share raised to EUR 8.00; a premium of approximately 90&nbsp;percent to its unaffected share price of EUR 4.32;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Staples
has obtained United States antitrust clearance;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Minimum
acceptance condition of 75&nbsp;percent of the ordinary share capital; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Launch
of the formal offer expected following approval from the AFM </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>FRAMINGHAM, Mass., May&nbsp;13, 2008</B></FONT><FONT SIZE=2>&#151;Staples,&nbsp;Inc. (Nasdaq: SPLS) announced its intention to proceed with an offer for Corporate
Express&nbsp;N.V. at an increased offer price of EUR 8.00 per Corporate Express ordinary share. Shareholders have received a dividend of EUR 0.21 per Corporate Express ordinary share since Staples
announced its EUR 7.25 offer on February&nbsp;19, 2008. Including this dividend, Staples' offer represents: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 90&nbsp;percent to Corporate Express' share price of EUR 4.32 on February&nbsp;4, 2008, the day before rumors of a potential offer for
Corporate Express circulated in the market; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
premium of approximately 51&nbsp;percent to Corporate Express' closing share price of EUR 5.43 on February&nbsp;18, 2008, the day before Staples' initial proposal to
acquire Corporate Express. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Staples
has extended multiple invitations, including as recently as last Friday, to Corporate Express' Boards to engage in constructive dialogue regarding Staples' offer. The Boards have refused to
negotiate the merits of Staples' proposals. Staples continues to believe that its offer is the most valuable option available to Corporate Express' shareholders given the uncertainty surrounding a
turnaround plan. Staples' offer will also deliver significant benefits to Corporate Express' customers and employees. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Ron
Sargent, Chairman and Chief Executive Officer of Staples, said: "Given the unwillingness of Corporate Express to negotiate a transaction, we will make our offer directly to shareholders. Today we
announced a highly attractive offer for Corporate Express at a compelling valuation. We are offering certain cash value versus the considerable uncertainties of management's long range guidance." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Since
Staples' original offer on February&nbsp;19, 2008, Staples has made substantial progress in the preparations for this offer. Staples has obtained antitrust clearance in the United States, met
with Dutch trade unions and submitted to the Netherlands Authority for the Financial Markets (</FONT><FONT SIZE=2><I>Stichting Autoriteit Financi&euml;le Markten</I></FONT><FONT SIZE=2> or
"AFM") a request for approval for a draft offer memorandum. Staples has initiated the required regulatory processes in Europe and Canada. Staples expects to launch a formal offer following receipt of
approval of this Offer Memorandum from the AFM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples
expects that its offer for all the outstanding shares would include a minimum acceptance condition of 75&nbsp;percent of the ordinary share capital. In addition, Staples confirms that it
expects to make an offer for both the Corporate Express depositary receipt of preference shares A and the two percent subordinated convertible bonds due 2010 issued by Corporate Express. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>About Staples  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples,&nbsp;Inc. invented the office superstore concept in 1986 and today is the world's largest office products company. With 76,000 talented associates, the company is
committed to making it easy to buy a wide range of office products, including supplies, technology, furniture, and business services. With 2007 sales of $19.4&nbsp;billion, Staples serves consumers
and businesses ranging from home-based businesses to Fortune 500 companies in 22 countries throughout North and South America, Europe and Asia. Headquartered outside of Boston, Staples
operates more than 2,000 office superstores and also serves its customers through mail order catalog, e-commerce and contract businesses. More information is available at </FONT> <FONT SIZE=2><I>www.staples.com.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_di14701_1_75"> </A>

<P style="font-family:times;"><FONT SIZE=2>This
is a public announcement pursuant to the provisions of Article&nbsp;4, paragraph&nbsp;3 of the Dutch Decree on Public Takeover Bids (</FONT><FONT SIZE=2><I>Besluit openbare biedingen
Wft</I></FONT><FONT SIZE=2>). This announcement and related information shall not constitute a public offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale
in securities. If and when made, the Staples' offer and the terms thereof will be made through and described in an offer memorandum to be published in accordance with Dutch and U.S. laws. Not for
release, publication or distribution, in whole or in part, in or into Canada or Japan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Certain
information contained in this news release may constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995
including, but not limited to, the statements as to Staples' intentions with respect to the offer to acquire Corporate Express. Actual future events may differ materially from those indicated by such
forward-looking statements as a result of risks and uncertainties, including but not limited to the fact that there can be no assurance that Staples will commence any public offer for the acquisition
of Corporate Express, that such offer, if commenced, or any other acquisition of Corporate Express, will be consummated and those other factors discussed or referenced in our most recent annual report
on Form&nbsp;10-K filed with the SEC, under the heading "Risk Factors" and elsewhere, and any subsequent periodic reports filed by us with the SEC. In addition, any forward-looking
statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at
some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>UNQUOTE  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="dk14701_16._nederlandse_samenvatting_van_het_bod"> </A>
<A NAME="toc_dk14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>16.&nbsp;&nbsp;&nbsp;&nbsp;NEDERLANDSE SAMENVATTING VAN HET BOD    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dit Hoofdstuk 16 behelst de Nederlandse samenvatting van dit Biedingsbericht, dat is uitgegeven ter zake van het openbaar bod uitgebracht door Staples Acquisition op alle
uitstaande en geplaatste Aandelen in het aandelenkapitaal van Corporate Express en alle uitstaande Obligaties onder de bepalingen, voorwaarden en restricties zoals beschreven in dit Biedingsbericht
(het "</FONT><FONT SIZE=2><B>Bod</B></FONT><FONT SIZE=2>"). De belangrijkste kenmerken van het Bod zijn beschreven in deze samenvatting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De
gedefinieerde termen in dit Hoofdstuk van dit Biedingsbericht hebben de betekenis die daaraan wordt gegeven in Hoofdstuk 16.2. Deze Nederlandse samenvatting maakt deel uit van dit Biedingsbericht,
maar vervangt dit niet. Deze Nederlandse samenvatting is niet volledig en bevat niet alle informatie die voor Aandeelhouders en/of Obligatiehouders van belang zou kunnen zijn om een afgewogen oordeel
te vormen omtrent het Bod. Het lezen van deze Nederlandse samenvatting mag derhalve niet worden beschouwd als een alternatief voor het bestuderen van het volledige Biedingsbericht. Houders van
Effecten wordt geadviseerd het volledige Biedingsbericht zorgvuldig te bestuderen en zo nodig onafhankelijk advies in te winnen teneinde een afgewogen oordeel te kunnen vormen omtrent het Bod, alsmede
omtrent de beschrijving van het Bod in deze samenvatting en in dit Biedingsbericht. In geval van verschillen tussen deze Nederlandse samenvatting en de Engelse tekst van dit Biedingsbericht,
prevaleert de Engelse tekst van dit Biedingsbericht (inclusief alle documenten die daarin door middel van verwijzing zijn opgenomen). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.1&nbsp;&nbsp;&nbsp;&nbsp;Restricties en belangrijke informatie  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Het uitbrengen van het Bod, de verkrijgbaarstelling van dit Biedingsbericht en deze Nederlandse samenvatting, alsmede de verspreiding van enige andere informatie met betrekking
tot het Bod, kunnen in bepaalde jurisdicties aan zekere restricties onderhevig zijn. Zie Hoofdstuk 1 (</FONT><FONT SIZE=2><I>Restrictions and Important Information</I></FONT><FONT SIZE=2>) van dit
Biedingsbericht. Dit Bod wordt niet, direct of indirect, gedaan in, en mag niet worden geaccepteerd vanuit enige jurisdictie waarin het doen van het Bod of de aanvaarding daarvan niet in
overeenstemming is met de in die jurisdictie geldende wet- en regelgeving. Niettemin zullen Effecten die worden aangemeld onder het Bod door Houders van Effecten die niet woonachtig zijn
of verblijven in Nederland, worden geaccepteerd indien Effecten worden aangemeld overeenkomstig de aanmeldingsprocedure zoals beschreven in dit Biedingsbericht. Het niet respecteren van deze
restricties kan een overtreding van de effectenwet-en regelgeving van de
desbetreffende jurisdictie opleveren. Staples Acquisition, Staples, en hun adviseurs sluiten iedere aansprakelijkheid uit ter zake van overtredingen van voornoemde restricties. Houders van Effecten
dienen zo nodig onverwijld onafhankelijk advies in te winnen omtrent hun positie dienaangaande. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dit
Biedingsbericht bevat belangrijke informatie die men zorgvuldig dient te lezen alvorens een besluit te nemen over het aanmelden van Effecten onder het Bod. Zie Hoofdstuk 1
(</FONT><FONT SIZE=2><I>Restrictions and Important Information)</I></FONT><FONT SIZE=2> van dit Biedingsbericht. Houders van Effecten wordt aangeraden waar nodig onafhankelijk advies in te winnen.
Daarnaast zullen Houders van Effecten mogelijk hun belastingadviseur willen raadplegen met betrekking tot de fiscale gevolgen van het aanmelden van Effecten onder het Bod. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Zonder
afbreuk te doen aan de onderstaande paragraaf, is uitsluitend de Bieder verantwoordelijk voor de juistheid en de volledigheid van de informatie die in dit Biedingsbericht is opgenomen. De
Bieder verklaart dat de informatie in dit Biedingsbericht waar het voor verantwoordelijk is, naar zijn beste weten overeenstemt met de werkelijkheid, juist is, en dat er geen informatie achterwege is
gelaten waardoor enige verklaring in het Biedingsbericht in enig opzicht misleidend is. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dit
Biedingsbericht bevat bepaalde informatie die betrekking heeft op Corporate Express en de Corporate Express Groep. Deze informatie is een compilatie van informatie die door Corporate Express is
gepubliceerd en is niet becommentarieerd of geverifi&euml;erd door de Bieder. De Bieder bevestigt dat deze informatie accuraat is gereproduceerd of ontleend uit de bronnen waaruit de
informatie is gehaald en, voorzover de Bieder bewust is van de informatie die gepubliceerd is door Corporate Express, dat geen feiten achterwege zijn gelaten waardoor de gereproduceerde of ontleende
informatie in het Biedingsbericht misleidend is. Desalniettemin, aangezien de onderliggende informatie opgesteld is door partijen anders dan de Bieder of Staples, kunnen de Bieder noch Staples
verantwoordelijkheid nemen voor de accuraatheid van deze onderliggende informatie. Tevens dient vermeld te worden dat bepaalde financi&euml;le en statistische informatie en andere cijfers in
het Biedingsbericht naar boven of beneden kunnen zijn afgerond en om die reden niet als exacte cijfers kunnen worden gezien. In het voorbereiden van het Biedingsbericht heeft de Bieder vertrouwd op
informatie met betrekking tot Corporate Express die algemeen verkrijgbaar was, inclusief periodieke en andere rapporten zoals ingediend bij de </FONT><FONT SIZE=2><I>SEC</I></FONT><FONT SIZE=2> en
Corporate Express' jaarrekeningen zoals beschikbaar gemaakt in Nederland. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>De
informatie in dit Biedingsbericht geeft de situatie weer op de datum van dit Biedingsbericht tenzij specifiek anders aangegeven. Onder geen beding houden de publicatie en verspreiding van dit
Biedingsbericht in dat de hierin opgenomen informatie ook na de datum van dit Biedingsbericht juist en volledig is of dat er sinds deze datum geen wijziging is opgetreden in de in dit Biedingsbericht
uiteengezette informatie of in de gang van zaken bij Corporate Express, Staples Acquisition, Staples en/of hun dochtermaatschappijen en/of aan hen gelieerde ondernemingen. Het voorgaande laat echter
onverlet de verplichting van de Bieder om een openbare mededeling te doen ingevolge artikel 4.3 van het Bob Wft, voor zover van toepassing. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>16.2&nbsp;&nbsp;&nbsp;&nbsp;Nederlandse definities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In dit Biedingsbericht zal een verwijzing naar gedefinieerde termen in het meervoud gelijk staan aan verwijzingen naar dergelijk gedefinieerde termen in het enkelvoud en vice
versa. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Alle
grammaticale en andere veranderingen die nodig zijn bij het gebruiken van een definitie in het enkelvoud zullen worden beschouwd hierin te zijn gemaakt en zullen worden toegepast alsof zulke
veranderingen zijn gemaakt. Een verwijzing naar "inclusief" betekent een verwijzing naar "inclusief maar niet beperkt tot". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De
gedefinieerde termen in dit Hoofdstuk van dit Biedingsbericht hebben de volgende betekenis: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2>Aande(e)l(en)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2>Gewone Aandelen, ADS en Preferente Aandelen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Aandeelhouder</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
houder(s) van &eacute;&eacute;n of meer Aandelen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Aanmeldingstermijn</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de periode waarin de Houders van Effecten hun Effecten bij de Bieder kunnen aanmelden, welke begint op 20&nbsp;mei 2008 en eindigt op de Sluitingstijd</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
ADR</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een Amerikaans certificaat </FONT><FONT SIZE=2><I>(American Depository Receipt)</I></FONT><FONT SIZE=2>, een bewijsstuk voor een ADS</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Amerikaanse Omwissel- en Betaalkantoor</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
BNY Mellon Shareowner Services p/a Mellon Investor Services</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
ADS</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een Amerikaans certificaat (</FONT><FONT SIZE=2><I>American Depositary Share</I></FONT><FONT SIZE=2>) van<BR>
een Gewoon Aandeel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
AFM</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de Stichting Autoriteit Financi&euml;le Markten</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Belangrijke Negatieve Verandering</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
ofwel:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
(i) enige gebeurtenis, gebeurtenissen, omstandigheid of omstandigheden die op zichzelf of tezamen een belangrijk negatieve verandering voor de onderneming, de kasstroom, de financi&euml;le of handelspositie, de activa, de winsten, de operationele
prestatie, het totaalvermogen van de onderneming of de vooruitzichten van de Corporate Express Groep tot gevolg heeft of naar redelijke verwachting tot gevolg kan hebben; of</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
(ii) een opschorting of be&euml;indiging van de handel in Aandelen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Bieder of Staples Acquisition</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Staples Acquisition&nbsp;B.V., een besloten vennootschap met beperkte aansprakelijkheid, opgericht naar Nederlands recht, met statutaire zetel in Amsterdam, Nederland en met adres Jool-Hulstraat 24, 1327 HA, Almere, Nederland en ingeschreven bij de
Kamer van Koophandel onder nummer 34301291 en, indien van toepassing, tevens haar groepsmaatschappijen zoals beschreven in artikel 2:24b van het Burgerlijk Wetboek en haar deelnemingen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Biedingsbericht</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
dit biedingsbericht (inclusief de Engelse tekst) met betrekking tot het Bod</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Biedprijs per ADS</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een bedrag in contanten van EUR 8,00 per ADS zonder rente en afhankelijk van enige vereiste inhouding van belastingen voor elk ADS dat op geldige wijze is aangemeld (of op ongeldige wijze, mits de Bieder de aanmelding daarvan desalniettemin
aanvaardt) en geleverd onder de bepalingen, voorwaarden en restricties in dit Biedingsbericht. Indien op of na de datum van dit Biedingsbericht maar op of voor de Dag van Overdracht enig dividend, in contanten of in aandelen, of andere uitkering
wordt uitgekeerd in verband met de Gewone Aandelen op de onderliggende ADS en de administratiedatum van een dergelijk dividend, in contanten of in aandelen, of andere uitkering valt voor de Dag van Overdracht dan zal van de Biedprijs per ADS een
bedrag per ADS worden afgetrokken gelijk aan de hoogte van het dividend in contanten of aandelen of de uitkering per ADS</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Biedprijs per Gewoon Aandeel</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een bedrag in contanten van EUR 8,00 per Gewoon Aandeel zonder rente en afhankelijk van enige vereiste inhouding van belastingen voor elk Gewoon Aandeel dat op geldige wijze is aangemeld (of op ongeldige wijze, mits de Bieder de aanmelding daarvan
desalniettemin aanvaardt) en geleverd onder de bepalingen, voorwaarden en restricties in dit Biedingsbericht. Indien op of na de datum van dit Biedingsbericht maar op of voor de Dag van Overdracht enig dividend, in contanten of in aandelen, of andere
uitkering wordt uitgekeerd op de Gewone Aandelen en de administratiedatum van een dergelijk dividend, in contanten of in aandelen, of andere uitkering valt voor de Dag van Overdracht dan zal van de Biedprijs per Gewoon Aandeel een bedrag per Gewoon
Aandeel worden afgetrokken gelijk aan de hoogte van het dividend in contanten of aandelen of de uitkering per Gewoon Aandeel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Biedprijs per Obligatie</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een bedrag in contanten van EUR 1.164,72 per Obligatie zonder rente en afhankelijk van enige vereiste inhouding van belastingen voor elke Obligatie die op geldige wijze is aangemeld (of op ongeldige wijze, mits de Bieder de aanmelding daarvan
desalniettemin aanvaardt) en geleverd onder de bepalingen, voorwaarden en restricties in dit Biedingsbericht.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Biedprijs per Preferent Aandeel</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een bedrag in contanten van EUR 3.15 per Preferent Aandeel zonder rente en afhankelijk van enige vereiste inhouding van belastingen voor elk Preferent Aandeel dat op geldige wijze is aangemeld (of op ongeldige wijze, mits de Bieder de aanmelding
daarvan desalniettemin aanvaardt) en geleverd onder de bepalingen, voorwaarden en restricties in dit Biedingsbericht. Indien op of na de datum van dit Biedingsbericht maar op of voor de Dag van Overdracht enig dividend, in contanten of in aandelen,
of andere uitkering wordt uitgekeerd op de Preferente Aandelen en de administratiedatum van een dergelijke uitkering valt voor de Dag van Overdracht dan zal van de Biedprijs per Preferent Aandeel een bedrag per Preferent Aandeel worden afgetrokken
gelijk aan de hoogte van het dividend, in contanten of in aandelen, of de uitkering per Preferent Aandeel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Bob Wft</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Besluit openbare biedingen Wft</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Bod</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
het Bod op Aandelen en het Bod op Obligaties gezamenlijk</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Bod op Aandelen</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
het bod op de Aandelen zoals beschreven in dit Biedingsbericht</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Bod op Obligaties</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
het bod op de Obligaties zoals beschreven in dit Biedingsbericht</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Boekjaar 2005</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
het boekjaar van Corporate Express dat eindigde op 31 december 2005</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Boekjaar 2006</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
het boekjaar van Corporate Express dat eindigde op 31 december 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Boekjaar 2007</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
het boekjaar van Corporate Express dat eindigde op 31 december 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
CET</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Centraal Europese Tijd</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Change of Control</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis die daaraan wordt gegeven in Hoofdstuk&nbsp;16.4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Clearing Systeem</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Clearstream Luxembourg en Euroclear gezamenlijk</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Clearstream Luxembourg</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Clearstream Banking, </FONT><FONT SIZE=2><I>soci&eacute;t&eacute; anonyme</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Conversieprijs bij een<BR>
Change of Control</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis waarnaar wordt verwezen in Hoofdstuk 16.4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express&nbsp;N.V., een naamloze vennootschap, opgericht naar Nederlands recht, met statutaire zetel in Maastricht, Nederland, met adres Hoogoorddreef 62, 1101 BE Amsterdam Zuidoost, Nederland en ingeschreven bij de Kamer van Koophandel
onder nummer 33250021 en, indien van toepassing, tevens de Corporate Express Groep en de aan haar gelieerde bedrijven</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express Groep</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express en de groepsmaatschappijen zoals beschreven in artikel 2:24b van het Burgerlijk Wetboek en haar deelnemingen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express Peer Groep</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Bed, Bath&nbsp;&amp; Beyond, Best Buy, CVS Caremark, Dell, Dick's, Home Depot, Lowe's, Office Depot, OfficeMax, PetSmart, Staples, Target, Tesco, United Stationers, Walgreens, Wal-Mart en W.W. Grainger</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Corporate Express Statuten</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de statuten van Corporate Express, zoals meest recentelijk gewijzigd op 19 april 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Credit Overeenkomst</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis waarnaar wordt verwezen in Hoofdstuk 16.6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Dag van Gestanddoening</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de datum waarop de Bieder openbaar zal mededelen of het Bod gestand wordt gedaan overeenkomstig de Fusieregels. Artikel 16.1 van het Bob Wft bepaalt dat zo'n openbare mededeling zal worden gedaan binnen drie Werkdagen na de Sluitingsdatum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Dag van Overdracht</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de datum waarop de Bieder overeenkomstig de voorwaarden van het Bod, de Biedprijs prompt zal betalen aan de Houders van Effecten die op geldige wijze hun Effecten hebben aangemeld (of op ongeldige wijze, mits de Bieder de aanmelding daarvan
desalniettemin aanvaardt) en geleverd voor de Sluitingsdatum, zijnde niet later dan de vijfde Werkdag na de Dag van Gestanddoening, onder de voorwaarde dat het Bod gestand is gedaan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Direct Registratie Systeem</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een systeem geadministreerd door DTC op basis waarvan </FONT><FONT SIZE=2><I>The Bank&nbsp;of New York</I></FONT><FONT SIZE=2>, houder van ADS, de eigendom van de ongecertificeerde ADS mag registreren</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Directe Participant</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
iedere persoon die in de gegevens van een of meerdere van de<BR>
Clearing Systemen als houder van (een) Obligatie(s) wordt<BR>
aangeduid</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><BR><FONT SIZE=2><I>DTC</I></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><BR><FONT SIZE=2><I>Depository Trust Company</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
EBITDA</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
het resultaat voor aftrek van rente, belastingen, afschrijvingen op materieel en immatrieel vaste activa en afschrijvingen op leningen en goodwill</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Effect(en)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Aandelen en Obligaties</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Elektronisch Aanmeldingsformulier</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een instructieformulier voor aanvaarding van het Bod op Obligaties in overeenstemming met de vereisten van het relevante Clearing Systeem, op de wijze zoals beschreven in dit Biedingsbericht</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
EUR</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de Euro, het wettig betaalmiddel in de lidstaten van de Europese Monetaire Unie</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Euronext Amsterdam</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Euronext Amsterdam&nbsp;N.V. of Eurolist door Euronext Amsterdam&nbsp;N.V., afhankelijk van de context</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Fuserende Entiteit</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis waarnaar wordt verwezen in Hoofdstuk 16.10.4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Fusiedatum</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis waarnaar wordt verwezen in Hoofdstuk 16.10.4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Fusieregels</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
alle toepasselijke wet- en regelgeving, inclusief maar niet beperkt tot de toepasselijke artikelen van de Wft en het Bob Wft, alsmede nadere regelgeving en beleidsregels afgekondigd onder de Wft en het Bob Wft, de Wet op de Ondernemingsraden, het
SER-besluit Fusiegedragsregels 2000, het reglement van Euronext Amsterdam, het Burgerlijk Wetboek, Verordening nr. 139/2004 van de Raad van de Europese Gemeenschap en andere toepasselijke wet- en regelgeving op het gebied van het effectenrecht en het
mededingingsrecht (met inbegrip van effectenrecht geldend in de Verenigde Staten)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Gewoon Aandeel</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
geplaatst en uitstaand gewoon aandeel met een nominale waarde van EUR 1,20 in het aandelenkapitaal van Corporate Express</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Houders van Effecten</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
houders van &eacute;&eacute;n of meer Aandelen of Obligaties</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
I/B/E/S</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><BR><FONT SIZE=2><I>Institutional Brokers' Estimate System</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Informatiekantoor</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Georgeson,&nbsp;Inc., die de Houders van Effecten zal assisteren in de procedure van aanmelding en levering van Effecten en vervaardigen van kopie&euml;n van documenten in verband met het Bod</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Juridische Fusie</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis die daaraan wordt gegeven in Hoofdstuk 16.10.4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
NYSE</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de beurs van New York </FONT><FONT SIZE=2><I>(New York Stock Exchange)</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Obligatie</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
verhandelbare eenheden met een nominale waarde van EUR 1.000 in de uitgegeven en geplaatste 2% achtergestelde converteerbare obligaties, aflopend in 2010 en converteerbaar in Gewone Aandelen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Obligatiehouder</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
houder van Obligatie(s) in wiens naam deze Obligatie(s) (is) (zijn) geregistreerd of een economisch eigenaar van (een) Obligatie(s) die zulke Obligatie(s) houdt op rekeningen bij een Directe Participant die optreedt namens de economisch
eigenaar</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Obligatievoorwaarden</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de voorwaarden met betrekking tot de Obligaties zoals uiteengezet in het prospectus dat is uitgegeven door Buhrmann&nbsp;N.V. op 16 december 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Offici&euml;le Prijscourant</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Offici&euml;le Prijscourant van Euronext Amsterdam</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Omwissel- en Betaalkantoor</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
ING Bank&nbsp;N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Ondernemingskamer</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Ondernemingskamer van het Gerechtshof te Amsterdam</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Preferent Aandeel</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
geplaatst en uitstaand certificaat van preferente aandelen A met een nominale waarde van EUR 1,20 in het aandelenkapitaal van Corporate Express</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Raad</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de Raad van Bestuur en de Raad van Commissarissen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Raad van Bestuur</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
raad van bestuur van Corporate Express</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Raad van Commissarissen</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
raad van commissarissen van Corporate Express</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><BR><FONT SIZE=2><I>SEC</I></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de </FONT><FONT SIZE=2><I>U.S. Securities and Exchange Commission</I></FONT><FONT SIZE=2>, de toezichthouder op de financi&euml;le markten in de Verenigde Staten</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Sluitingsdatum</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de datum waarop het Bod afloopt, zijnde op 27 juni 2008, tenzij de Aanmeldingstermijn is verlengd overeenkomstig artikel 15 van het Bob Wft</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Sluitingstijd</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de tijd waarop het Bod afloopt, zijnde tot 17.30 uur (CET) op 27 juni 2008, tenzij de Aanmeldingstermijn is verlengd overeenkomstig artikel 15 van het Bob Wft</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Stichting Corporate Express</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Stichting preferente aandelen Corporate Express, een stichting opgericht naar Nederlands recht met adres Hoogoorddreef 62, 1101 BE Amsterdam Zuidoost, Nederland en ingeschreven bij de Kamer van Koophandel onder nummer 41077456</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Toegelaten Instelling</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
instelling die is toegelaten tot Euronext Amsterdam</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Uitkoopprocedure</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis die daaraan wordt gegeven in Hoofdstuk 16.10.6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
USD</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Amerikaanse Dollar, het wettig betaalmiddel in de Verenigde Staten van Amerika</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Verdwijnende Entiteit</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis die daaraan wordt gegeven in Hoofdstuk 16.10.4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Verkrijgende Entiteit</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
heeft de betekenis die daaraan wordt gegeven in Hoofdstuk 16.10.4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Voorwaarden</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
de voorwaarden van het Bod uiteengezet in Hoofdstuk 16.9</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Werkdag</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
een dag, anders dan een algemeen erkende feestdag, zoals bedoeld in artikel 3 van de Algemene termijnenwet en een vrije dag zoals volgt uit de collectieve arbeidsovereenkomst voor het bankbedrijf</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2><BR>
Wft</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" style="font-family:times;"><FONT SIZE=2><BR>
Wet op het financieel toezicht</FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2><B>16.3&nbsp;&nbsp;&nbsp;&nbsp;Bod op Aandelen  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder doet een Bod tot koop van alle Aandelen van Aandeelhouders, onder de Voorwaarden en conform de bepalingen en restricties in dit Biedingsbericht. Op voorwaarde dat het
Bod gestand wordt gedaan, zal aan de Aandeelhouders die hun Aandelen onder het Bod op geldige wijze hebben aangemeld en geleverd (of op ongeldige wijze, indien de Bieder de aanmelding daarvan
desalniettemin aanvaardt), de Biedprijs per Aandeel in contanten worden betaald. Zie tevens Hoofdstuk 7.1 </FONT><FONT SIZE=2><I>(Share Offer Price)</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>De
Biedprijs per Gewoon Aandeel van EUR 8,00 samen met de dividendbetaling van EUR 0,21 die Aandeelhouders hebben ontvangen per Corporate Express Gewoon Aandeel sinds Staples haar indicatief bod van
EUR 7,25 heeft aangekondigd op 19 februari 2008, vertegenwoordigt: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 80% ten opzichte van de gemiddelde slotkoers per Gewoon Aandeel op Euronext Amsterdam gedurende de maand eindigend op 18 februari 2008, de dag
voordat Staples aankondigde voornemens te zijn een openbaar bod uit te brengen op Corporate Express, een premie van ongeveer 63% ten opzichte van de gemiddelde slotkoers per Gewoon Aandeel op Euronext
Amsterdam gedurende de drie maanden eindigend op die datum, een premie van ongeveer 26% ten opzichte van de gemiddelde slotkoers per Gewoon Aandeel op Euronext Amsterdam gedurende de zes maanden
eindigend op die datum en een korting van ongeveer 2% ten opzichte van de gemiddelde slotkoers per Gewoon Aandeel op Euronext Amsterdam gedurende de twaalf maanden eindigend op die datum;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 90% ten opzichte van de slotkoers per Gewoon Aandeel op Euronext Amsterdam op 4 februari 2008, de dag voorafgaand aan de dag dat geruchten over
een potentieel bod voor Corporate Express in de markt circuleerden;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 51% ten opzichte van de slotkoers per Gewoon Aandeel op Euronext Amsterdam op 18 februari 2008, de dag voordat Staples aankondigde voornemens
te zijn een openbaar bod uit te brengen op Corporate Express; en </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 49% ten opzichte van het mediane koersdoel per Gewoon Aandeel op 18 februari 2008, de dag voordat Staples aankondigde voornemens te zijn een
openbaar bod uit te brengen op Corporate Express, gebaseerd op de koersdoelen als gepubliceerd door research analisten bij ABN AMRO, Fortis, Citigroup, Goldman Sachs, ING, Keijser, Petercam, Rabo
Securities, SNS Securities, Theodoor Gilissen en UBS die Corporate Express en de markt waarin Corporate Express opereert volgen en regelmatig daarover rapporteren. Op of voorafgaand aan 18 februari
2008, bevonden deze koersdoelen zoals gepubliceerd door research analisten bij deze instellingen zich allen tussen de EUR 4,50 en EUR 9,00 per Gewoon Aandeel. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>De
Biedprijs per ADS van EUR 8,00 samen met de dividendbetaling van EUR 0,21 dat Aandeelhouders hebben ontvangen per Corporate Express Gewoon Aandeel sinds Staples haar indicatief bod van EUR 7,25
heeft aangekondigd op 19 februari 2008 (USD&nbsp;12,41 en USD&nbsp;0,33 respectievelijk) vertegenwoordigt: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 90% ten opzichte van de gemiddelde slotkoers per ADS op de NYSE gedurende de maand eindigend op 15 februari 2008, de laatste handelsdag op de
NYSE voordat Staples aankondigde voornemens te zijn een openbaar bod uit te brengen op Corporate Express, een premie van ongeveer 70% ten opzichte van de gemiddelde slotkoers per ADS op de NYSE
gedurende de drie maanden eindigend op die datum, een premie van ongeveer 36% ten opzichte van de gemiddelde slotkoers per ADS gedurende de zes maanden eindigend op die datum en een premie van
ongeveer 10% ten opzichte van de gemiddelde slotkoers per ADS op de NYSE gedurende de twaalf maanden eindigend op die datum;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 96% ten opzichte van de slotkoers per ADS op de NYSE op 4 februari 2008, de laatste NYSE handelsdag voorafgaand aan de geruchten over een
potentieel bod voor Corporate Express in de markt circuleerden; en
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 57% ten opzichte van de slotkoers per ADS op de NYSE op 15 februari 2008, de laatste NYSE handelsdag voordat Staples aankondigde voornemens te
zijn een openbaar bod uit te brengen op Corporate Express. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>De
Biedprijs per Preferent Aandeel van EUR 3,15 vertegenwoordigt: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 2% ten opzichte van de gemiddelde slotprijs van EUR&nbsp;3,09 voor de periode van &eacute;&eacute;n maand, een premie van
ongeveer 0% ten opzichte van de gemiddelde slotprijs van EUR&nbsp;3,15 voor de periode van drie maanden, een premie van ongeveer 1% ten opzichte van de gemiddelde slotprijs van EUR&nbsp;3,11 voor
de een periode van zes maanden en een premie van ongeveer 1% ten opzichte van de gemiddelde slotprijs van EUR&nbsp;3,11 voor de periode van &eacute;&eacute;n jaar, eindigende op
15&nbsp;mei 2008;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
premie van ongeveer 0% ten opzichte van de gemiddelde slotprijs van EUR&nbsp;3,12 voor de periode van &eacute;&eacute;n maand, van ongeveer 3% ten
opzichte van de gemiddelde slotprijs van EUR&nbsp;3,05 voor de periode van drie maanden, een premie van ongeveer 2% ten opzichte van de gemiddelde slotprijs van EUR&nbsp;3,07 voor de periode van
zes maanden en een premie van ongeveer 0% ten opzichte van de gemiddelde slotprijs van EUR&nbsp;3,15 voor de periode van &eacute;&eacute;n jaar, eindigende op 18&nbsp;februari
2008, de dag voordat Staples aankondigde voornemens te zijn een openbaar bod op Corporate Express uit te brengen; en
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>een
prijs per Preferent Aandeel dat het dividend van EUR&nbsp;0,21, dat de houders van Preferente Aandelen op 11&nbsp;April 2008 hebben ontvangen, buiten
beschouwing laat. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Zie
tevens Hoofdstuk 6.1 (</FONT><FONT SIZE=2><I>Substantiation of the Offer Price</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.4&nbsp;&nbsp;&nbsp;&nbsp;Bod op Obligaties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Voor elke Obligatie aangemeld onder het Bod op Obligaties, biedt de Bieder een bedrag in contanten dat zal worden berekend door middel van de volgende formule en naar beneden
zal worden afgerond tot de dichtstbijzijnde eurocent (0,01) (de Biedprijs per Obligatie): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Biedprijs
per Obligatie&nbsp;= (B / C)&nbsp;* O, waarbij: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>B</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>betekent EUR 1.000, de hoofdsom van de Obligaties;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>C</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>betekent de toepasselijke Conversieprijs bij een Change of Control (zoals is gedefinieerd in de Obligatievoorwaarden) op de Dag van
Overdracht welke conversieprijs wordt berekend in overeenstemming met en aangepast op basis van omstandigheden beschreven in de </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Obligatievoorwaarden,
inclusief de uitkering van enig Cash Dividend (zoals is gedefinieerd in de Obligatievoorwaarden); en </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>O</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>betekent de Biedprijs per Gewoon Aandeel. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Dienovereenkomstig,
mits geen winsten of uitkeringen zijn betaald of gedaan op de Gewone Aandelen tussen 31&nbsp;December 2007 en de Dag van Overdracht anders dan de dividendbetaling van
EUR&nbsp;0,21 die betaald is op 24 april 2008, zal de Biedprijs per Obligatie, indien de Dag van Overdracht valt op of voor 18 december 2008, EUR 1.164,72 zijn. Dit bedrag is berekend als product
(i)&nbsp;van 145,59 Aandelen (dat wil zeggen "B" gedeeld door "C", de conversieprijs van ongeveer EUR 6,87 per Gewoon Aandeel die zou gelden indien conversies plaatsvinden op of voor 18 december
2008 volgend op een Change of Control (na alle aanpassingen die de Obligatievoorwaarden vereist, inclusief eerdere Cash Dividends)) vermenigvuldigd met (ii)&nbsp;"O", de Biedprijs per Gewoon
Aandeel. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Om
verwarring te voorkomen, de Biedprijs per Obligatie is ten allen tijde inclusief compensatie voor opgebouwde maar onbetaalde rente voor de periode tot en met de Dag van Overdracht en verder zal
geen additionele vergoeding worden betaald voor die rente. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Zie
tevens Hoofdstuk 6.1 (</FONT><FONT SIZE=2><I>Substantiation of the Offer Price</I></FONT><FONT SIZE=2>). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>16.5&nbsp;&nbsp;&nbsp;&nbsp;Motivering van het Bod  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples gelooft dat de transactie de volgende significante voordelen zal bieden voor zowel Corporate Express als Staples belanghebbenden: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Contant Bod:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;het Bod biedt Houders van Effecten de mogelijkheid om een zekere en onmiddellijke contante waarde voor hun Effecten te
realiseren. Corporate Express loopt significante ondernemingsrisico's en uitwinninguitdagingen bij het voortzetten van zijn </FONT><FONT SIZE=2><I>stand-alone</I></FONT><FONT SIZE=2>-strategie. Deze
uitdagingen gekoppeld met de afzwakkende economie van de V.S. en de wereld in zijn geheel, onderstrepen de waarde die wordt gecre&euml;erd door het contante Bod van Staples dat niet
onderhevig is aan enige financieringsvoorwaarden. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Verbeterde Waardering:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;de transactie levert de Houders van Effecten een betere prijs per aandeel dan de prijs gebaseerd op de
vooruitzichten van bij de </FONT><FONT SIZE=2><I>stand alone</I></FONT><FONT SIZE=2>-strategie van Corporate Express. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Ondanks
de ingevoerde strategische initiatieven en veranderingen in het management van oktober 2007, is de koers per Gewoon Aandeel met ongeveer 42% gedaald van EUR 7,54 op
de dag dat Corporate Express de totstandkoming van de strategische herziening aankondigde (1&nbsp;oktober 2007) tot EUR 4,32 op de dag dat geruchten over een potentieel bod voor Corporate Express in
de markt circuleerden (4 februari 2008). Staples meent dat de onaangetaste beurswaarde en de daarmee samenhangende waardering van Corporate Express het beeld weergeeft dat de markt heeft van Corporate
Express als een losstaande onderneming.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>De
Biedprijs per Gewoon Aandeel samen met de EUR 0,21 winst die Aandeelhouders hebben ontvangen per Gewoon Aandeel sinds Staples haar indicatief bod van EUR 7,25 heeft
aangekondigd op 19 februari 2008, vertegenwoordigt een premie van ongeveer 90% ten opzichte van de slotkoers per Gewoon Aandeel ten opzichte van de dag voordat geruchten circuleerden op 4 februari
2008 dat Staples voornemens was een bod te doen op Corporate Express;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>De
biedprijs per gewoon aandeel impliceert een bedrijfswaarde van 8,6x consensus EBITDA verwachting voor het jaar eindigend op 31&nbsp;december 2008 zoals gerapporteerd
door I/B/E/S op 18&nbsp;februari 2008, de dag voordat Staples aankondigde voornemens te zijn een openbaar bod uit te brengen op Corporate Express. Dit vertegenwoordigt een premie van de
bedrijfswaarde op basis van de gemiddelde vermenigvuldiging van 7,1x de consensus EBITDA verwachting voor het jaar eindigend op 31&nbsp;december 2008 (en aangepast als deze anders is dan het
werkelijke jaareinde van de betreffende ondernemingen) voor leden van de Corporate Express Peer Groep zoals werd bericht door I//B/E/S op 18&nbsp;februari 2008; en
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Nadat
Corporate Express in oktober 2007 zijn strategische plannen en veranderingen in management aankondigde, is de beurswaarde per Gewoon Aandeel gedaald van EUR 7,54 op 1
oktober 2007 naar een dal van EUR 3,49 op 21 januari 2008, met een gemiddelde beurswaarde per Gewoon Aandeel in de periode tussen 1 oktober 2007 en 18 februari 2008, van EUR 5,95 (37% onder de
Biedprijs per Gewoon Aandeel); </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I>Aantrekkelijke combinatie:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Als gevolg van de bedrijfscombinatie zal Corporate Express zich kunnen richten op creatie van waarde op de lange
termijn binnen een grotere en meer diverse organisatie met grotere financi&euml;le voorzieningen (inclusief inkomsten en </FONT><FONT SIZE=2><I>cash flows</I></FONT><FONT SIZE=2>) die
beschikbaar zijn voor Staples. Klanten en werknemers zullen zowel op korte en lange termijn strategische, financi&euml;le en andere voordelen ondervinden zoals hieronder uiteengezet: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Kracht van het senior management team van Staples:</I></FONT><FONT SIZE=2> berekend op basis van de drie boekjaren voorafgaand aan 2 februari 2008
hebben leden van Staples' senior management team een gemiddeld arbeidsverleden bij Staples van 14 jaar, zij hebben het bedrijf gebracht tot een groei van de winst per aandeel van 17% per jaar en een
omzetgroei van 10% op een samengestelde jaarlijkse groei basis. De groei van de winst per aandeel is gebaseerd op een schatting exclusief niet terugkerende
posten. In het geval niet terugkerende posten in de groei van de winst per aandeel van de drie boekjaren eindigend op 2 februari 2008 waren meegenomen, zou de groei van de winst per aandeel een groei
van 15% op basis van een samengestelde jaarlijkse groei zijn geweest.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Realiseren van Operationele Uitmuntendheid:</I></FONT><FONT SIZE=2> als onderdeel van Staples is Corporate Express beter gepositioneerd om zijn
bedrijfsresultaat significant te verbeteren. Door te kunnen putten uit de ervaring van Staples' management en door het implementeren van Staples' </FONT><FONT SIZE=2><I>best
practices</I></FONT><FONT SIZE=2> wordt het voor Corporate Express mogelijk zijn bedrijfsresultaten, zoals uiteengezet in het overzicht hieronder, te verbeteren, welke zich de laatste drie jaar hebben
gekenmerkt door een omzetgroei die lager was in vergelijking met die van Staples, dalende bruto winsten in vergelijking met Staples' stijgende winsten en operationele winsten die significant lager
waren dan die van Staples. Corporate Express zal daarnaast voordeel behalen uit Staples' uitgebreide ervaring en middelen in de kantoorartikelenbranche waaronder Staples' voortdurende initiatieven
zoals het ontwikkelen van strategische relaties met de voornaamste leveranciers, het ontwikkelen van een winstdelingsvoorstel voor klanten, het optimaliseren van zijn bevoorradingsketen en het blijven
investeren in consumenten service. </FONT></DD></DL>
<BR>

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<TR VALIGN="BOTTOM">
<TH WIDTH="43%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Corporate Express<SUP>(3)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Staples<SUP>(4)</SUP></B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="43%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="43%" style="font-family:times;"><FONT SIZE=2>Omzetgroei<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.4%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.4%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.9%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.9%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.6%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.3%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="43%" style="font-family:times;"><FONT SIZE=2>Bruto marge als % van omzet<SUP>(2)</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.7%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.8%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.1%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="43%" style="font-family:times;"><FONT SIZE=2>Winstmarge uit operationele activiteiten als % van omzet<SUP>(2)</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.7%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.6%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.5%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="43%" style="font-family:times;"><FONT SIZE=2>Marge van inkomsten uit operationele activiteiten als % van omzet</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.6%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.9%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.0%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1%</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.7%</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Stapels
haar boekjaar is 52 of 53 weken en eindigt op de laatste zaterdag voor 31 januari. Het boekjaar van 2007 en van 2005 bestaat uit 52 weken, terwijl het boekjaar van 2006 uit 53
weken bestaat. De omzetgroei voor Staples, hierboven uiteengezet, is aangepast zodat het boekjaar 2006 52 weken reflecteert.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Bruto
marge als % van omzet voor Staples vertegenwoordigt totale winst, die gedefinieerd is als netto omzet verminderd met de kosten voor verkochte merchandise, rente, huur, bezorging
en distributie. De bruto marge als % van omzet van Corporate Express vertegenwoordigt Corporate Express haar totale contributie, die is gedefinieerd als netto omzet vermindert met de verkoopwaarde van
de verkochte handelswaren op basis van het 2007 jaarverslag en Form&nbsp;20-F gepubliceerd door Corporate Express en opgenomen op de website </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Alle
bovenstaande informatie in relatie tot Corporate Express is afkomstig uit haar 2007 jaarverslag zoals opgenomen op de website </FONT> <FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1>, behalve ten aanzien van het 2005% omzetgroei. Terwijl
Corporate Express' financi&euml;le resultaten voor 2005, 2006 en 2007
ASAP Software weergeven als be&euml;indigde bedrijfsactiviteiten, zijn de netto resultaten hiervan opgenomen in de voortgezette bedrijfsactiviteiten voor 2004. Voor vergelijkingsdoeleinden
is de 2005% omzetgroei zoals hierboven weergegeven, berekend door het totale aantal verkopen uit 2004 zoals in het 2006 jaarverslag en Form&nbsp;20-F opgenomen en zoals opgenomen op de
website </FONT><FONT SIZE=1><I>www.cexpgroup.com</I></FONT><FONT SIZE=1> te verminderen met de Software verkopen. Corporate Express stelt haar jaarrekening op overeenkomstig </FONT><FONT SIZE=1><I>IFRS
as endorsed by the EU.</I></FONT><FONT SIZE=1>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Staples
stelt haar jaar-rekening waaruit de informatie in boven-staande tatel is afgeleid, op overeenkomstig Amerikaanse </FONT><FONT SIZE=1><I>Generally Accepted Accounting
Principles</I></FONT><FONT SIZE=1>.</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Vergrote Geografische Aanwezigheid: </I></FONT><FONT SIZE=2>de toenemende diversiteit in de wereld voor beide ondernemingen bevordert groei en
ondersteunt de belanghebbenden beter. De vergrote geografische toegang van de gecombineerde bedrijven van Corporate Express en Staples cre&euml;ert mogelijkheden voor schaalvoordelen en komt
klanten ten goede omdat Staples haar operationele uitmuntendheid inbrengt in nieuwe en bestaande handelsgebieden van Corporate Express. Aangezien de Bieder en Staples geen toegang hebben gekregen tot
niet-publieke informatie met betrekking to Corporate Express, kunnen de te verwachten schaalvoordelen nog niet worden gespecificeerd. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Toegenomen Waarde voor Klanten: </I></FONT><FONT SIZE=2>het gecombineerde bedrijfsplatform is beter in staat om de klanten van beide bedrijven te
bedienen. Klanten zullen voordeel hebben van een uitgebreidere lijn van producten en diensten, verbeterde distributiemogelijkheden, gedeelde </FONT><FONT SIZE=2><I>best
practices</I></FONT><FONT SIZE=2> en een meer effici&euml;nte kostenstructuur.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Toegewijd aan Ondernemingswaarden en Werknemers: </I></FONT><FONT SIZE=2>Staples zet zich in voor verantwoordelijke collectieve (staats)burgerschap,
ofwel zoals Staples dat intern noemt, Staples </FONT><FONT SIZE=2><I>Soul</I></FONT><FONT SIZE=2>. Staples </FONT><FONT SIZE=2><I>Soul</I></FONT><FONT SIZE=2> is een holistische benadering van
bedrijfsvoering dat het nauwe verband tussen Staples' financi&euml;le succes en haar verlangen een positieve invloed te hebben op haar werknemers, de gemeenschap en de aarde kenmerkt.
Staples is van mening dat door gezonde ethiek uit te oefenen, het milieu te ondersteunen, diversiteit te omarmen, en terug te geven aan de maatschappij, Staples haar plaats als de nummer
&eacute;&eacute;n onderneming in kantoorartikelen in de wereld zal verstreken. Staples is van mening dat Corporate Express haar werknemers voordeel zullen behalen door deel uit te
maken van de samengevoegde onderneming die Staples' toewijding voor persoonlijke ontwikkeling en ontwikkelingsmogelijkheden zal overnemen.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Gevestigde Merknamen:</I></FONT><FONT SIZE=2> Staples en Corporate Express hebben beiden sterke en goed gepositioneerde merken. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2><B>16.6&nbsp;&nbsp;&nbsp;&nbsp;Financiering van het Bod  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Op 1 april 2008, heeft Staples aangekondigd dat zij een kredietovereenkomst is aangegaan met Lehman Brothers&nbsp;Inc., Bank of America and HSBC Bank USA en dat deze
USD&nbsp;3 miljard financiering, samen met de kasreserves en bestaande kredietfaciliteit, toereikend is om Staples' overname van Corporate Express te financieren. Er zijn geen voorwaarden gesteld
aan de financiering onder de Credit Overeenkomst anders dan de gebruikelijke voorwaarden. Staples heeft geen reden om aan te nemen dat niet alle voorwaarden onder de kredietfaciliteit zullen zijn
vervuld op of voor de Sluitingstijd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Op
12 mei 2008, heeft Staples een verhoging aangekondigd van de Biedprijs per Gewoon Aandeel van EUR 8,00. De USD&nbsp;3 miljard financiering, samen met Staples' kasreserves en bestaande
kredietfaciliteit, is toereikend, in het licht van deze prijsverhoging, om Staples' overname van Corporate Express te financieren. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.7&nbsp;&nbsp;&nbsp;&nbsp;Aanmelding  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Het Bod zal gestand worden gedaan indien voldaan is aan de Voorwaarden zoals beschreven in Hoofdstuk 16.11 (Voorwaarden van het Bod), of, indien dat onder het toepasselijke
recht is toegestaan, daarvan afstand is gedaan door de Bieder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>16.7.1&nbsp;&nbsp;&nbsp;&nbsp;Aanmeldingstermijn  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Aanmeldingstermijn vangt aan op 20 mei 2008 om 9:00 uur CET en eindigt, tenzij de Aanmeldingstermijn wordt verlengd overeenkomstig artikel 15 van het Bob Wft, op 27 juni
2008 om 17.30 uur CET. Zie tevens Hoofdstuk 7.4 (</FONT><FONT SIZE=2><I>Acceptance Period</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Indien
aan alle Voorwaarden is voldaan of, voor zover van toepassing, daarvan afstand is gedaan, zal de Bieder alle Aandelen en Obligaties aanvaarden die op geldige wijze zijn aangemeld (of op
ongeldige wijze, indien de Bieder de aanmelding desalniettemin aanvaardt) en niet eerder zijn teruggetrokken in overeenstemming met de voorwaarden van het Bod met inachtneming van de procedures zoals
uiteengezet in Hoofdstuk 5.8 (</FONT><FONT SIZE=2><I>Acceptance of the Offer and Tender of Securities</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.7.2&nbsp;&nbsp;&nbsp;&nbsp;Gestanddoening van het Bod  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Het Bod wordt gedaan onder het voorbehoud van vervulling van de Voorwaarden. De Bieder behoudt zich het recht voor afstand te doen van de Voorwaarden zoals uiteengezet in
Hoofdstuk 16.9. Indien de Bieder afstand wenst te doen van &eacute;&eacute;n of meer Voorwaarden, dan wel deze wenst te beperken, dan zal de Bieder op een daartoe redelijkerwijs
geschikte wijze de Houders van Effecten informeren dat de Bieder afstand doet van deze Voorwaarde(n) dan wel deze wenst te beperken, op de wijze zoals voorzien in de Fusieregels. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Tenzij
de Aanmeldingstermijn wordt verlengd, zal de Bieder met inachtneming van de bepalingen van artikel 16 van het Bob Wft binnen drie (3)&nbsp;Werkdagen na de Sluitingsdatum aankondigen of het
Bod gestand wordt gedaan. In het geval het Bod niet gestand wordt gedaan zal de Bieder zijn beslissing om niet gestand te doen motiveren. Zie Hoofdstuk 7.6 (</FONT><FONT SIZE=2><I>Declaring the Offer
Unconditional</I></FONT><FONT SIZE=2>). Als het Bod gestand wordt gedaan, zal de Bieder alle Aandelen aanvaarden die op geldige wijze zijn aangemeld (of op ongeldige wijze, indien de Bieder de
aanmelding desalniettemin aanvaardt). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

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Wanneer de Bieder aankondigt dat het Bod gestand wordt gedaan, dan kan de Bieder, in overeenstemming met artikel 17 van het Bob Wft, binnen drie (3)&nbsp;Werkdagen na de mededeling dat gestand wordt
gedaan een verlenging van de Aanmeldingstermijn aankondigen om Houders van Effecten die hun Effecten niet hebben aangeboden tijdens de Aanmeldingstermijn alsnog de mogelijkheid te bieden om hun
Effecten aan te bieden onder de voorwaarden en condities van het Bod. Zie Hoofdstuk 7.6 (</FONT><FONT SIZE=2><I>Declaring the Offer Unconditional and Post Acceptance Period</I></FONT><FONT SIZE=2>).
Een dergelijke verlenging van de Aanmeldingstermijn vangt aan op de eerste Werkdag volgend op de mededeling dat de Aanmeldingstermijn wordt verlengd en zal maximaal twee (2)&nbsp;weken bedragen. Als
de verlenging van de Aanmeldingstermijn is aangekondigd, zal de Bieder alle Effecten blijven aanvaarden die op geldige wijze zijn aangemeld (of op ongeldige wijze, indien de Bieder de aanmelding
desalniettemin aanvaardt) tijdens een dergelijke periode en zal voor dergelijke Effecten betalen binnen vijf (5)&nbsp;Werkdagen na het einde van de verlengde Aanmeldingstermijn, of zoals anders
uiteengezet in de aankondiging. Effecten die op geldige wijze zijn aangemeld (of op ongeldige wijze, indien de Bieder de aanmelding desalniettemin aanvaardt) tijdens de verlengde Aanmeldingstermijn
mogen niet worden teruggetrokken. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.7.3&nbsp;&nbsp;&nbsp;&nbsp;Verlenging  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder kan het Bod verlengen tot na de Sluitingsdatum, in welk geval alle verwijzingen in dit Biedingsbericht naar de "Sluitingsdatum" of naar "17.30 uur, CET, op 27 juni
2008" worden verschoven naar de uiterste datum en tijd waarnaar het Bod is verlengd, tenzij uit de context anders blijkt. Een bewaarnemer, bank of effectenmakelaar kan een vroegere uiterste termijn
vaststellen voor de aanmelding door de Houders van Effecten teneinde de bewaarnemer, bank of effectenmakelaar in staat te stellen hun acceptaties tijdig aan het Omwissel- en Betaalkantoor te
communiceren. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Indien
de Aanmeldingstermijn wordt verlengd, zal dit, met inachtneming van de toepasselijke wetgeving, openbaar worden medegedeeld. Artikel 15.2 van het Bob Wft vereist dat een dergelijke mededeling
uiterlijk op de derde Werkdag na de oorspronkelijke Sluitingsdatum wordt gedaan. Zie Hoofdstuk 7.5 (</FONT><FONT SIZE=2><I>Extension of the Acceptance Period</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.7.4&nbsp;&nbsp;&nbsp;&nbsp;Overdracht  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In het geval dat de Bieder aankondigt dat het Bod gestand wordt gedaan, zullen Houders van Effecten die hun Effecten voor of op de Sluitingsdatum hebben aangemeld en geleverd
overeenkomstig het Bod, de Biedprijs ontvangen met betrekking tot elk Effect dat op geldige wijze is aangemeld (of op ongeldige wijze, indien de Bieder de aanmelding desalniettemin aanvaardt). Zie
Hoofdstuk 7.8 (</FONT><FONT SIZE=2><I>Settlement of the Offer</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.8&nbsp;&nbsp;&nbsp;&nbsp;Aanvaarding van het Bod en Aanmelding van Effecten  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.8.1&nbsp;&nbsp;&nbsp;&nbsp;Aanvaarding van het Bod en Aanmelding door Houders van Gewone Aandelen en Preferente Aandelen via een Toegelaten Instelling  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Aandeelhouders die Gewone Aandelen en Preferente Aandelen houden via een Toegelaten Instelling dienen hun aanmelding via hun commissionair, bank of effectenmakelaar uiterlijk
op 27 juni 2008 om 17:30 uur CET (11:30 uur EDT) bekend te maken, tenzij de Aanmeldingstermijn is verlengd overeenkomstig Hoofdstuk 7.5 (</FONT><FONT SIZE=2><I>Extension of the Acceptance
Period</I></FONT><FONT SIZE=2>). Uw commissionair, bank of effectenmakelaar kan een eerdere deadline vaststellen voor aanmelding door Aandeelhouders zodat deze commissionair, bank of effectenmakelaar
voldoende tijd heeft om de aanmelding door te geven aan het Omwissel- en Betaalkantoor. Dienovereenkomstig dienen Aandeelhouders die Gewone Aandelen en Preferente Aandelen houden via een
financi&euml;le intermediair zich te houden aan de data gecommuniceerd door een dergelijke financi&euml;le intermediair indien die data verschillen met de data en tijden aangegeven
in dit Biedingsbericht. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
het geval de Bieder het Bod gestand doet, resulteert de aanvaarding van het Bod voor de Aandeelhouder in een bindende overeenkomst tot koop en voor de Bieder in een overeenkomst tot verkoop, van de
Gewone en Preferente Aandelen, onder de voorwaarden en bepalingen van dit Biedingsbericht. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Zie
Hoofdstuk 7.2.1. (Acceptance of the Offer and Tender of Shares by Ordinary Shareholders or Preference Shareholders through an Admitted Institution). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>16.8.2&nbsp;&nbsp;&nbsp;&nbsp;Aanvaarding van het Bod en Aanmelding door de houders van Gewone Aandelen en Preferente Aandelen die Individueel zijn Geregistreerd in het
Aandeelhoudersregister van Corporate Express  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Aandeelhouders die Gewone Aandelen en Preferente Aandelen hebben die individueel zijn geregistreerd in het aandeelhoudersregister van Corporate Express en die hun Aandelen
willen aanmelden onder het Bod, moeten een compleet en getekend aanmeldingsformulier overhandigen aan het Omwissel- en Betaalkantoor uiterlijk op de Sluitingstijd. De aanmeldingsformulieren zijn op
aanvraag beschikbaar bij de Bieder of het Omwissel- en Betaalkantoor (ING BANK&nbsp;N.V., ING Wholesale Banking Securities Services, T.a.v.: Paying Agency Services Department, Van Heenvlietlaan 220,
1083 CN Amsterdam, Nederland, tel: +31 (0)&nbsp;20&nbsp;797 9398, fax: +31 (0)&nbsp;20&nbsp;797 9607, email: </FONT><FONT SIZE=2><I>iss.pas@mail.ing.nl</I></FONT><FONT SIZE=2>).
Het aanmeldingsformulier zal tevens dienen als akte van levering met betrekking tot de Aandelen waarnaar hierin wordt verwezen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Zie
Hoofdstuk 7.2.2. (Acceptance of the Offer and Tender by Ordinary Shareholders or Preference Shareholders Individually Recorded in the Corporate Express Shareholders Register). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.8.3&nbsp;&nbsp;&nbsp;&nbsp;Aanvaarding van het Bod en Aanmelding door Houders van&nbsp;ADS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Aandeelhouders die geregistreerde ADS houden, ofwel in de vorm van ADR ofwel ongecertificeerd via een Direct Registratie Systeem, kunnen het Bod aanvaarden en kunnen hun ADS
aanmelden door een volledig ingevulde en naar behoren gepasseerde leveringsbrief (</FONT><FONT SIZE=2><I>letter of transmittal</I></FONT><FONT SIZE=2>), indien van toepassing gelegaliseerd door een
bevoegde waarborginstantie, samen met ADR als bewijsstuk van ADS gespecificeerd op de voorkant van de leveringsbrief (</FONT><FONT SIZE=2><I>letter of transmittal</I></FONT><FONT SIZE=2>), indien van
toepassing, te bezorgen bij het Amerikaanse Omwissel- en Betaalkantoor uiterlijk op de Sluitingstijd. De leveringsbrieven (</FONT><FONT SIZE=2><I>letters of transmittal</I></FONT><FONT SIZE=2>) en
andere soortgelijke formulieren zijn op aanvraag beschikbaar bij het Amerikaanse Omwissel- en Betaalkantoor (BNY Mellon Shareowner Services, c/o Mellon Investor Services, 400 Washington Blvd,
27th&nbsp;Floor, Jersey City, NJ 07310, United States of America, tel: +1&nbsp;800&nbsp;777 3674, fax: +1&nbsp;201&nbsp;680 4626). In het geval ADR niet beschikbaar
zijn, kunnen houders van ADS in de vorm van ADR tevens de gewaarborgde bezorgingsprocedure volgen zoals beschreven in Hoofdstuk 7.2.3 (Acceptance of the Offer and Tender by ADS Shareholders) van dit
Biedingsbericht. Voltooide leveringsbrieven (</FONT><FONT SIZE=2><I>letters of transmittal</I></FONT><FONT SIZE=2>) en, indien van toepassing, ADR, dienen niet naar de Bieder, Staples, het Omwissel-
en Betaalkantoor, de Bank of New York, de houder van ADS, ofwel het Informatiekantoor gestuurd te worden. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Aandeelhouders
die ADS in </FONT><FONT SIZE=2><I>book entry</I></FONT><FONT SIZE=2> vorm houden welke allen gehouden worden door de faciliteiten van DTC, moeten aan hun commissionair, bank of
effectenmakelaar via welke de Aandeelhouders hun ADS houden, instructies geven om die ADS via de </FONT><FONT SIZE=2><I>book entry</I></FONT><FONT SIZE=2> overdrachtsfaciliteiten van DTC aan te
melden bij de DTC rekening van het Amerikaanse Omwissel- en Betaalkantoor samen met een ontvangstbevestiging van de bemiddelaar dat de houder van ADS de aanmelding heeft ontvangen en bevestigd heeft
akkoord te zijn met de leveringsbrief (</FONT><FONT SIZE=2><I>letter of transmittal</I></FONT><FONT SIZE=2>) en dit Biedingsbericht uiterlijk op de Sluitingstijd. In het geval de procedure voor </FONT> <FONT SIZE=2><I>book entry</I></FONT><FONT
SIZE=2> overdracht niet op tijd afgerond kan worden, kunnen Aandeelhouders van ADS in </FONT><FONT SIZE=2><I>book entry</I></FONT><FONT SIZE=2> vorm
tevens de gewaarborgde bezorgingsprocedure volgen zoals beschreven in Hoofdstuk 7.2.3 (</FONT><FONT SIZE=2><I>Acceptance of the Offer and Tender by ADS Shareholders</I></FONT><FONT SIZE=2>) van dit
Biedingsbericht. Uw commissionair, bank of effectenmakelaar kan een eerdere deadline vaststellen voor aanmelding door Aandeelhouders van ADS zodat deze commissionair, bank of effectenmakelaar
voldoende tijd heeft om de aanmelding door te geven aan het Amerikaanse Omwissel- en Betaalkantoor. Dienovereenkomstig, moeten een Aandeelhouder van ADS via een financi&euml;le intermediair
zich houden aan de data gecommuniceerd door een dergelijke financi&euml;le intermediair, in het geval die data verschillen met de data en tijden aangegeven in dit Biedingsbericht. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
het geval de Bieder het Bod gestand doet, resulteert de aanvaarding van het Bod voor de Aandeelhouder van ADS in een bindende overeenkomst tot koop en voor de Bieder in een overeenkomst tot
verkoop, van de ADS, onder de voorwaarden en bepalingen van dit Biedingsbericht. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Zie
Hoofdstuk 7.2.3 (</FONT><FONT SIZE=2><I>Acceptance of the Offer and Tender by ADS Shareholders</I></FONT><FONT SIZE=2>) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.8.4&nbsp;&nbsp;&nbsp;&nbsp;Aanvaarding van het Bod en Aanmelding van de Obligaties door de Obligatiehouders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Obligatiehouders moeten hun aanvaarding van het Bod op Obligaties bekend maken aan hun commissionair, bank of effectenmakelaar door hun commissionair, bank of effectenmakelaar
te verzoeken een volledig ingevuld Electronisch Aanmeldingsformulier aan het Omwissel- en Betaalkantoor uiterlijk op de Sluitingstijd te overhandigen. In het geval de Bieder het Bod gestand doet,
resulteert de aanvaarding van het Bod op Obligaties voor de Obligatiehouders in een bindende overeenkomst tot koop en voor de </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Bieder
in een overeenkomst tot verkoop, van de Obligaties waarop de Electronische Aanmeldingsformulieren betrekking hebben, onder de voorwaarden en bepalingen van dit Biedingsbericht. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
het geval het Bod niet gestand wordt gedaan, wordt geacht dat alle aanmeldingen en daarbijhorende Electronische Aanmeldingsformulieren automatisch zijn ingetrokken. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Obligatiehouders
die hun Obligaties niet via het Clearing Systeem houden dienen contact op de nemen met het Omwissel- en Betaalkantoor voor informatie over de manier waarop zij hun Obligaties onder
het Bod op Obligaties dienen te aan te melden. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Zie
Hoofdstuk 8.2 (</FONT><FONT SIZE=2><I>Acceptance of the Offer and Tender of Bonds by Bondholders</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.9&nbsp;&nbsp;&nbsp;&nbsp;Bieder  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder is Staples Acquisition&nbsp;B.V., een besloten vennootschap met beperkte aansprakelijkheid, opgericht op 7 mei 2008, en statutair gevestigd in Amsterdam, Nederland.
Het bestuur van de Bieder bestaat uit C.T. Komola, T.W.C.M. Van Brandenburg en R. Paulmann. De Bieder is een indirecte 100% dochteronderneming van Staples. Staples heeft de Bieder opgericht om het Bod
te doen en alle uitgegeven en uitstaande Effecten te verkrijgen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Staples
heeft de groothandel in kantoor benodigdheden uitgevonden in 1986 en is vandaag de dag 's werelds grootste onderneming in kantoorartikelen. Met 76.000 getalenteerde werknemers, stelt Staples
zich ten doel het gemakkelijk te maken een grote collectie aan kantoorartikelen te kopen, evenals voorraden, technologie, meubilair en andere business services. In het financi&euml;le jaar
eindigend op 2 februari 2008, genereerde Staples een omzet van ongeveer USD&nbsp;19.4 miljard. Staples dient zowel de consument als de zakelijke markt van eenmansbedrijf tot multinational in 22
landen in Noord en Zuid Amerika, Europa en Azi&euml;. Vanuit het hoofdkantoor buiten Boston, opereert Staples meer dan 2000 </FONT><FONT SIZE=2><I>office superstores</I></FONT><FONT SIZE=2>
en levert zij tevens diensten via mail, catalogus, e-commerce en op basis van contracten. Meer informatie is beschikbaar op </FONT><FONT SIZE=2><I>www.staples.com.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.10&nbsp;&nbsp;&nbsp;&nbsp;Voorwaarden voor het Bod  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De verplichting van de Bieder om het Bod, verband houdende biedingen in contanten voor verschillende typen effecten, gestand te doen geldt indien elk van de volgende
Voorwaarden voor gestanddoening is vervuld of, voor zover dit op basis van de wet is toegestaan en op basis van de Bieder's eigen goeddunken, afstand is gedaan: </FONT></P>

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<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B>16.10.1</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2>dat er door middel van inschrijving voor acceptatie, voorafgaand aan de Sluitingstijd, een aantal Gewone Aandelen, met inbegrip van Gewone Aandelen vertegenwoordigd door ADS, wordt aangeboden, zodat samen met de Gewone
Aandelen met inbegrip van Gewone Aandelen vertegenwoordigd door ADS waarvan Staples of de Bieder en/of een gelieerde (rechts) persoon rechthebbende is in totaal, op de Sluitingstijd, 75% vertegenwoordigt van het op dat moment totaal geplaatst en
uitstaand aantal Gewone Aandelen, met inbegrip van Gewone Aandelen vertegenwoordigd door ADS;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
16.10.2</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat geen Belangrijke Negatieve Verandering heeft plaatsgevonden of ter kennis is gekomen van de Bieder voor of op de Dag van Gestanddoening;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
16.10.3</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat voor of op de Dag van Gestanddoening geen publieke mededeling is gedaan dat een derde partij een bod heeft gedaan, gewijzigd of bevestigd, of dat een derde partij voorbereidingen treft voor een bod of voor een gewijzigd bod voor een
bedrijfscombinatie die poogt om de controle over Corporate Express te veranderen door middel van een bod op (i)&nbsp;alle of een materieel deel van de uitgegeven en geplaatste Aandelen en Obligaties, of (ii)&nbsp;op alle of bijna alle activa van de
Corporate Express Groep;</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

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16.10.4</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat noch Corporate Express, noch een aan haar gelieerde (rechts)persoon, voor of op de Dag van Gestanddoening, individueel of als geheel, enige handeling heeft verricht dat wezenlijk en nadelig het Bod, de mogelijkheid van de Bieder het Bod te
voltooien, de waarde van de Effecten ofwel de waarde van de activa van Corporate Express zal be&iuml;nvloeden, inclusief, zonder beperking, door (i)&nbsp;het aangaan van een overeenkomst, of het voltooien van een transactie aangaande de verkoop, koop,
 aflossing of storting door Corporate Express of een aan haar gelieerde (rechts)persoon van enige effecten, effecten omwisselbaar en inwisselbaar in aandelen of het recht opties te verkrijgen van een van de voorgaande effecten (anders dan volgend op
het equity incentive plan opererend in de normale gang van zaken ofwel de storting van Gewone Aandelen wegens de conversie van de Obligaties), of aangaande de overname van materiele activa of de verkoop of overdracht van een substantieel deel van de
business of activa door Corporate Express of een aan haar gelieerde (rechts)persoon (inclusief de verkoop van aandelen in haar dochtermaatschappijen), inclusief, zonder beperking, transacties door middel van enige juridische fusie, juridische
splitsing, liquidatie of enig andere transactie met hetzelfde effect, (ii)&nbsp;het aangaan van een joint venture overeenkomst of gelijke overeenkomst of afspraken waarvan het redelijk is aan te nemen dat deze een wezenlijk nadelig effect zal hebben
op de mogelijkheid van Staples en/of de Bieder de business van Corporate Express te opereren of de mogelijkheid van de Bieder en/of Corporate Express hun eigen businesses te integreren ofwel te co&ouml;rdineren volgend op de voltooiing van het Bod,
(iii)&nbsp;een splitsing of cumulatie (</FONT><FONT SIZE=2><I>split or reverse split</I></FONT><FONT SIZE=2>) van effecten uitgebracht door Corporate Express, (iv)&nbsp;het aangaan van, het veranderen of be&euml;indigen van een materiele overeenkomst
buiten de normale gang van zaken inconsistent met de heersende praktijk, inclusief, zonder beperking, ontslagpremies eisend als gevolg van be&euml;indiging van de arbeidsovereenkomst of gelijksoortige overeenkomsten, (v)&nbsp;het goedkeuren, het
aankondigen of betalen van winst buiten de normale bedrijfsvoering, of inconsistent met de heersende praktijk ofwel (vi)&nbsp;het veroorzaken van enig handelen dat voorafgaande teweeg brengt;</FONT></TD>
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<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
16.10.5</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat voor of op de Dag van Gestanddoening, geen bevel, schorsing, uitspraak of verordening uitgevaardigd is door enig gerechtshof, arbitragetribunaal, overheid, overheidsorgaan of ander regulerend of administratief lichaam, welke uitvoerbaar is, of
dat enig statuut, regel, regeling, overheidsverordening of dwangbevel is voorgesteld, beschikt, ten uitvoer is gelegd of vermoedelijk toepasbaar is op het Bod, welke daarbij het Bod in enig materieel aspect verbiedt, beperkt of vertraagt of naar
redelijk inzicht waarschijnlijk voltooiing van het Bod zal verbieden, beperken of vertragen;</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
16.10.6</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat op of voor de Dag van Gestanddoening (i)&nbsp;geen proces of ander juridische, overheids- of regulerende zaak of onderzoek is aangespannen of aangekondigd door een derde partij (met inbegrip van enig regulerend- of overheidsorgaan) die voortduurt
en (ii)&nbsp;geen uitspraak, schikking, besluit of andere overeenkomt gerelateerd aan een proces of ander juridische, overheids- of regulerende zaak of onderzoek is aangespannen door een derde partij (met inbegrip van enig regulerend- of
overheidsorgaan) die nog speelt en welke alleen of tezamen met andere zaken en/of onderzoeken naar redelijke verwachting nadelig werkt op de mogelijkheid voor de Bieder en/of Staples het Bod te voltooien of de onderneming van Corporate Express
draaiende te houden na de Dag van Overdracht;</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
16.10.7</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat de Stichting Corporate Express niet zijn recht onder de </FONT><FONT SIZE=2><I>call option agreement</I></FONT><FONT SIZE=2> met Corporate Express heeft uitgeoefend en op of voor de tweede Werkdag volgend op de Sluitingsdatum de Stichting
Corporate Express onherroepelijk en alleen op voorwaarde dat het Bod gestand is gedaan afstand heeft gedaan van alle rechten die zij heeft of zal hebben onder de </FONT><FONT SIZE=2><I>call option agreement</I></FONT><FONT SIZE=2> met Corporate
Express;</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
16.10.8</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat op of voor de tweede Werkdag volgend op de Sluitingsdatum, de AFM geen bevel, als bedoeld in artikel 5:80 Wft, tot verbieding van de medewerking door beleggingsondernemingen aan het Bod, op basis van enige bevinding dat het Bod is aangekondigd,
voorbereid of opgesteld in strijd met de artikelen van, of overeenkomstig Afdeling 5.5 Wft en de handel in de Gewone Aandelen en/of de Preferente Aandelen door Euronext Amsterdam niet permanent is stilgelegd door middel van een noteringsmaatregel
genomen door Euronext Amsterdam volgens artikel 2706/1 van het Euronext Handboek II;</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

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16.10.9</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
indien de volgende gebeurtenissen plaatsvinden op of voor de tweede Werkdag volgend op de Sluitingsdatum:</FONT></TD>
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<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
(1)&nbsp;&nbsp;&nbsp;&nbsp;De Europese Commissie de beoogde transacties uit het Bod onvoorwaardelijk verenigbaar heeft verklaard met de gebruikelijke markt conform Raadsverordening (EC) 139/2004 (de "</FONT><FONT SIZE=2><B>EC Merger
Regulation</B></FONT><FONT SIZE=2>") en elke andere EU Member State die valt onder de transacties zoals beoogd onder het Bod conform Artikel 9 van de Merger Regulation een beslissing heeft genomen met hetzelfde effect; en</FONT></TD>
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<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
(2)&nbsp;&nbsp;&nbsp;&nbsp;of (i)&nbsp;een advance ruling certificate ("</FONT><FONT SIZE=2><B>ARC</B></FONT><FONT SIZE=2>") conform sectie 102 van de Competition Act (Canada) (de "</FONT><FONT SIZE=2><B>Competition Act</B></FONT><FONT SIZE=2>")
wordt afgegeven door de Commissioner of Competition aangesteld onder de Competition Act (de "</FONT><FONT SIZE=2><B>Commissioner</B></FONT><FONT SIZE=2>") stellende dat zij genoegen neemt met, of niet voldoende gronden heeft om zich te wenden tot het
Competition Tribunal voor een uitspraak onder sectie 92 van de Competition Act ten aanzien van de transacties beoogd in het Bod; of (ii)&nbsp;de wachtperiode onder sectie 123 van de Competition Act eindigt en de Bieder door de Commissioner
schriftelijk is medegedeeld dat zij heeft onvoorwaardelijk besloten geen verzoek in te dienen voor een uitspraak onder sectie 92 van de Competition Act ten aanzien van de transacties beoogd in het Bod; en</FONT></TD>
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<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2><B><BR>
16.10.10</B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="87%" style="font-family:times;"><FONT SIZE=2><BR>
dat voor of op de tweede Werkdag volgend op de Sluitingsdatum, de Raad op voorwaarde dat de Bieder het bod gestanddoet maar onherroepelijk en overigens onvoorwaardelijk heeft toegezegd aan de Bieder een algemene vergadering van aandeelhouders op te
roepen die plaats zal hebben binnen drie (3)&nbsp;weken na de Dag van Overdracht en die een Registratiedatum heeft die niet ligt voor de Dag van Overdracht en waarvan de agenda een voorstel door de Raad van Commissarissen bevat tot benoeming tot de
Raad van de personen schriftelijk voorgesteld door de Bieder aan Corporate Express voorafgaand aan de Sluitingsdatum en de Raad zich ten opzichte van de Bieder onherroepelijk en onvoorwaardelijk heeft verplicht om alle ondernemingsrechtelijke en
andere handelingen tc nemen dic redclijkerwiis verzocht kunnen worden door de Bieder in verband hiermee, op voorwaarde dat de Bieder deze Voorwaarde slechts kan inroepen indien het Corporate Express uiterlijk aan het eind van de eerste Werkdag na de
Sluitingsdatum informeert over het aantal Gewone Aandelen dat op geldige wijze is aangemeld (of op ongeldige wijze, indien de Bieder de aanmelding desalniettemin aanvaardt) onder het Bod.</FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2>De
Voorwaarden strekken ten behoeve van de Bieder, die daarvan naar eigen believen, voor zover wettelijk toegestaan, (geheel of gedeeltelijk) afstand kan doen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11&nbsp;&nbsp;&nbsp;&nbsp;Samenvatting van de risicofactoren na het Bod  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Houders van Effecten die hun Effecten niet aanmelden onder het Bod dienen zorgvuldig dit Hoofdstuk 16.10 te bestuderen, waarin bepaalde additionele risico's worden beschreven
die men loopt naast de risico's die samenhangen met de bedrijfsuitoefening door Corporate Express en haar dochterondernemingen, aangezien deze bedrijfsuitoefening en de structuur van de Corporate
Express Groep van tijd tot tijd kunnen wijzigen. Hieronder volgt een samenvatting van de belangrijkste additionele risico's: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.1&nbsp;&nbsp;&nbsp;&nbsp;Mogelijke Gevolgen van het Bod op de Markt voor de Effecten  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Het Bod zal onder andere tot gevolg hebben dat het aantal Effecten dat anders openbaar verhandeld zou kunnen worden verminderd en zou een negatieve invloed kunnen hebben op de
liquiditeit en de marktwaarde van de overige Effecten die juridisch en economisch in handen zijn van het publiek. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.2&nbsp;&nbsp;&nbsp;&nbsp;Notering  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Indien het Bod gestand wordt gedaan is het voornemen om zo spoedig mogelijk daarna de notering van de Gewone Aandelen en de Preferente Aandelen aan Euronext Amsterdam en de
notering van ADS aan de NYSE te be&euml;indigen. Dit zal verdere negatieve gevolgen hebben voor de liquiditeit van de Aandelen die niet zijn aangemeld. Verder zou de Bieder een van de
procedures zoals beschreven in Hoofdstuk 6.6.5 (</FONT><FONT SIZE=2><I>Legal Structure of Corporate Express Following the Offer</I></FONT><FONT SIZE=2>) kunnen initi&euml;ren, inclusief
procedures die leiden tot de be&euml;indiging van de beursnotering van de Effecten (inclusief de Effecten die niet zijn aangeboden onder het Bod). Het beleid van Euronext Amsterdam houdt in
dat in het geval van een openbaar bod, het </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>opheffen
van de beursnotering niet is toegestaan totdat ten minste 95% van alle ter beurze genoteerde aandelen worden gehouden door een enkele rechtspersoon of een groep bestuurd door een enkele
rechtspersoon. De Bieder is ook voornemens Corporate Express een aanvraag tot be&euml;indiging van registratie van de ADS onder de Exchange Act te laten doen bij de SEC met als resultaat dat
de rapportage verplichtingen van Corporate Express onder de Exchange Act vervallen. De Bieder is daarnaast voornemens Corporate Express de bewaarnemingovereenkomst met betrekking tot de ADS te laten
be&euml;indigen. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>16.11.3&nbsp;&nbsp;&nbsp;&nbsp;Omzetting naar Besloten Vennootschap met Beperkte Aansprakelijkheid  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder is voornemens zodra aan de relevante wettelijke bepalingen is voldaan Corporate Express te converteren in een besloten vennootschap met beperkte aansprakelijkheid.
Dientengevolge zullen, onder andere, alle Gewone Aandelen en Preferente Aandelen worden onderworpen aan een blokkeringsregeling. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.4&nbsp;&nbsp;&nbsp;&nbsp;Juridische Structuur van Corporate Express in navolging van het Bod  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder verwacht alle uitgegeven en uitstaande Effecten te verkrijgen en de structuur van Corporate Express in lijn te brengen met de houdster en financieringsstructuur van
de groep ondernemingen waartoe de Bieder behoort. Hiertoe zal de Bieder, afhankelijk van, onder andere, het aantal Aandelen verkregen door de Bieder als gevolg van het Bod, een aantal processen
overwegen, waaronder een uitkoopprocedure overeenkomstig artikel 2:359c of 2:92a van het Nederlandse Burgerlijk Wetboek ("</FONT><FONT SIZE=2><B>Uitkoopprocedure</B></FONT><FONT SIZE=2>"), een
juridische fusie tussen Corporate Express en de Bieder of een aan de Bieder gelieerde (rechts)persoon overeenkomstig artikel 2:309 en verder van het Nederlandse Burgerlijk Wetboek
("</FONT><FONT SIZE=2><B>Juridische Fusie</B></FONT><FONT SIZE=2>"), een inbreng van activa in Corporate Express in ruil voor nieuw uit te geven aandelen (in welk geval de bestaande aandeelhouders
geen voorkeursrechten hebben), of de verkoop van activa door Corporate Express. Aangezien Staples en de Bieder geen toegang hebben gekregen tot niet-publieke informatie met betrekking tot Corporate
Express is de specifieke manier waarop de houdster en financieringsstructuur van Staples en Corporate Express in lijn zal worden gebracht nog niet bepaald. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Ter
voorkoming van misverstanden, de Bieder heeft, behoudens toepasselijke bepalingen van Nederlands recht, de discretionaire bevoegdheid om de maatregelen en processen beschreven in deze Hoofdstuk
16.10.4 cumulatief, alternatief of helemaal niet toe te passen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Uitkoopprocedure  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Wanneer de Bieder 95% of meer van het geplaatste en uitstaande aandelenkapitaal van Corporate Express op of na de Dag van Overdracht heeft verkregen, zal de Bieder zo spoedig
mogelijk daarna een Uitkoopprocedure initi&euml;ren om de resterende Aandelen, die niet zijn aangeboden noch gehouden worden door de Bieder, Staples of Corporate Express, te verkrijgen. De
Bieder kan ook op enig moment na de Dag van Overdracht, indien en wanneer hij daartoe bevoegd is, een Uitkoopprocedure initi&euml;ren met betrekking tot de aandelen in enig rechtsopvolger
van Corporate Express, ontstaan door een Juridische Fusie of op andere wijze. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Juridische Fusie  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Op ieder moment na gestanddoening van het Bod kan de Bieder stappen zetten om een Juridische Fusie tussen de Bieder en/of een gelieerde (rechts)persoon van de Bieder (de
"</FONT><FONT SIZE=2><B>Fuserende Entiteit</B></FONT><FONT SIZE=2>") en Corporate Express te bewerkstelligen. Als gevolg van een dergelijke Juridische Fusie zal er &eacute;&eacute;n
van de twee betrokken juridische entiteiten verdwijnen (de "</FONT><FONT SIZE=2><B>Verdwijnende Entitei</B></FONT><FONT SIZE=2>t"). De andere entiteit (de "</FONT><FONT SIZE=2><B>Verkrijgende
Entiteit</B></FONT><FONT SIZE=2>") zal overblijven en alle activa en passiva van de Verdwijnende Entiteit overnemen op de dag dat de Juridische Fusie van rechtswege effectief wordt (de
"</FONT><FONT SIZE=2><B>Fusiedatum</B></FONT><FONT SIZE=2>"). De volgende alinea's van deze subparagraaf verklaren de twee belangrijkste vormen van een Juridische Fusie die de Bieder kan overwegen en
geven een samenvatting van het proces dat doorlopen dient te worden alvorens een Juridische Fusie kan worden ge&iuml;mplementeerd. Er kunnen geen rechten worden ontleend aan deze verklaring
en de Bieder behoudt zich het recht voor om een Juridische Fusie onder andere voorwaarden na te streven. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Wanneer
een Juridische Fusie wordt ge&euml;ffectueerd waarin Corporate Express de Verdwijnende Entiteit is, een zogenaamde "</FONT><FONT SIZE=2><B>Opwaartse Juridische
Fusie</B></FONT><FONT SIZE=2>", zullen de Aandeelhouders (inclusief Aandeelhouders die hun Aandelen niet hebben aangeboden onder het Bod, maar exclusief de Fuserende Entiteit) van rechtswege
aandeelhouders in de Fuserende Entiteit worden, naast de Bieder en/of de aan de Bieder gelieerde (rechts)persoon die reeds aandeelhouder van de Fuserende Entiteit is. De nieuwe </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>aandeelhouders
zullen aandelen verkrijgen in het aandelenkapitaal van de Fuserende Entiteit die dezelfde economische waarde hebben als de Aandelen die zij houden direct voordat de Juridische Fusie
wordt ge&euml;ffectueerd, welke waarde zal worden berekend op basis van de relevante prijzen uiteengezet in dit Biedingsbericht verminderd met eventuele uitkeringen aan de betrokken
aandeelhouders uitgekeerd na de Dag van Overdracht. Het kapitaal van de Fuserende Entiteit zal waarschijnlijk worden verdeeld in verschillende klassen aandelen en houders van Aandelen van een bepaalde
klasse kunnen &eacute;&eacute;n of meer klassen van gewone en/of preferente aandelen in de Fuserende Entiteit verkrijgen, afhankelijk van een aantal factoren zoals bijvoorbeeld de
rechten verbonden aan de Aandelen die zij houden op de Fusiedatum en het bedrag aan vreemd vermogen dat de Fuserende Entiteit op dat moment heeft uitstaan. De precieze identiteit van de Fuserende
Entiteit, de samenstelling van het aandelenkapitaal, de economische en andere rechten behorend bij iedere klasse aandelen in dat kapitaal en de ruilverhouding van toepassing op elke klasse Aandelen,
zullen pas worden vastgesteld door de Raad van Bestuur en de Bieder op of na de Dag van Gestanddoening en zullen worden goedgekeurd door de Raad van Commissarissen. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Het
is niet de bedoeling dat enige aandelen in de Fuserende Entiteit worden genoteerd aan enige beurs of op een andere manier openbaar worden verhandeld. Omdat de Fuserende Entiteit een besloten
vennootschap met beperkte aansprakelijkheid zal zijn, zullen beperkingen gelden met betrekking tot de overdraagbaarheid van deze aandelen. Echter, de Bieder of de aan de Bieder gelieerde
(rechts)persoon die reeds aandeelhouder van de Fuserende Entiteit is kan de nieuwe aandeelhouders in de Fuserende Entiteit het recht geven om voor een bepaalde periode na de Fusiedatum hun aandelen
aan hen te verkopen, voor een prijs per aandeel gelijk aan de relevante prijs uiteengezet in dit Biedingsbericht, verminderd met uitkeringen aan de betrokken aandeelhouders gedaan na de Dag van
Overdracht. Aandeelhouders die hun Aandelen niet hebben aangeboden tijdens het Bod, moeten zich bewust zijn dat wanneer het Bod gestand wordt gedaan en een dergelijke Opwaartse Juridische Fusie wordt
ge&iuml;mplementeerd, met uitzondering van de mate en voor de periode dat een verkooprecht is gegarandeerd in overeenstemming met de vorige zin, de aandelen in de Fuserende Entiteit die zij
ontvangen in ruil voor hun Aandelen niet liquide zullen zijn en niet vrijelijk kunnen worden verhandeld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Een
ander gevolg van het feit dat de Fuserende Entiteit in een Opwaartse Juridische Fusie een niet genoteerde besloten vennootschap met beperkte aansprakelijkheid zal zijn, is dat statutaire en
niet-statutaire bepalingen die van toepassing zijn op de governance van openbare of genoteerde ondernemingen niet van toepassing zullen zijn op de Fuserende Entiteit en de rechten van de
minderheidsaandeelhouders in de Fuserende Entiteit beperkt zullen worden tot het wettelijke minimum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Als
een alternatief voor of voorafgaand aan een Opwaartse Juridische Fusie als hierboven beschreven kan de Bieder kiezen om een Juridische Fusie te implementeren waarbij de Fuserende Entiteit de
Verdwijnende Entiteit zal zijn en Corporate Express de Verkrijgende Entiteit. In een dergelijk geval zullen de Aandeelhouders hun Aandelen blijven houden. De Aandelen die juridisch en economisch
worden gehouden door de Fuserende Entiteit zullen worden ingetrokken en aan de Bieder of de aan de Bieder gelieerde (rechts)persoon die reeds aandeelhouder is van de Fuserende Entiteit zullen nieuwe
aandelen worden uitgegeven, rekening houdend met alle activa of passiva die de Fuserende Entiteit bezit op de Fusiedatum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Een
dergelijke "</FONT><FONT SIZE=2><B>Neerwaartse Juridische Fusie</B></FONT><FONT SIZE=2>" zal op zichzelf de notering van Gewone Aandelen en Preferente Aandelen aan Euronext Amsterdam, de notering
van ADS aan de NYSE of verhandelbaarheid van Aandelen niet be&iuml;nvloeden. Dit zal echter de Bieder niet verhinderen om te streven naar een be&euml;indiging van die notering, als
ze hiertoe bevoegd zijn onder de toepasselijke noteringregels. De Bieder kan, als en wanneer zij hiertoe bevoegd is, ook volgend op een Neerwaartse Juridische Fusie een Uitkoopprocedure starten met
betrekking tot de Aandelen die zij op dat moment niet bezit (anders dan de Aandelen die Corporate Express of haar dochtermaatschappijen bezitten). De voltooiing van het Bod en enige daaropvolgende
maatregelen ge&iuml;nitieerd door de Bieder, binnen de beperkingen gesteld door de toepasselijke wet- en regelgeving, zullen bovendien waarschijnlijk het handelsvolume van de
Aandelen aanzienlijk verminderen en daarmee de liquiditeit van een aangehouden investering in de Aandelen na de Dag van Overdracht. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Nadat
een Neerwaartse Juridische Fusie is ge&iuml;mplementeerd, kan de Bieder beslissen om een Opwaartse Juridische Fusie te implementeren, met een andere Fuserende Entiteit dan degene die
verdwenen is als gevolg van de Neerwaartse Juridische Fusie. De vorige subparagraaf betreffende een Opwaartse Juridische Fusie en de aandelen die zullen worden uitgegeven aan houders van Aandelen, zal
mutatis mutandis van toepassing zijn in een dergelijk geval. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>
In het geval dat de Bieder ervoor kiest een Juridische Fusie na te streven, zal het proces om dit te bereiken onderworpen zijn aan Titel 7 van Boek 2 van het Nederlandse Burgerlijk Wetboek en enige
andere toepasselijke bepalingen van Nederlands recht. Het proces zal garanties bevatten om te verzekeren dat door onafhankelijke experts wordt bevestigd dat de ruilverhoudingen en verhoudingen, van
toepassing op iedere respectievelijke klasse Aandelen, redelijk zijn en zal uiteindelijk worden goedgekeurd door de Raad van Commissarissen. Het proces vereist ook een besluit van de
aandeelhoudersvergadering van de Verdwijnende Entiteit en, onder bepaalde omstandigheden, van de algemene vergadering van aandeelhouders van de Verkrijgende Entiteit. Aandeelhouders moeten zich echter
bewust zijn dat deze garanties en procedures de Verkrijgende Entiteit, waarvan zij aandeelhouders zullen zijn vanaf de Fusiedatum, er niet van weerhouden om substantieel meer schulden te hebben in
verhouding tot zijn balanstotaal dan Corporate Express momenteel heeft. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Verkoop van activa  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Op elk moment nadat het Bod gestand is gedaan, kan de Bieder stappen nemen om een verkoop door Corporate Express van alle of nagenoeg alle of een substantieel deel van haar
activa aan een onderneming direct of indirect volledig eigendom van de Bieder of van een (rechts)persoon gelieerd aan de Bieder, te effectueren. In het geval van verkoop van alle of nagenoeg alle
activa kunnen deze activa worden verkocht tegen een waarde die afwijkt van de waarde als berekend op basis van de Aandelenkoersen als uiteengezet in dit Biedingsbericht. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Voor
een dergelijke transactie zal de goedkeuring van de Raad van Commissarissen zijn vereist, alsmede de goedkeuring van de algemene vergadering van aandeelhouders van Corporate Express (inclusief de
Bieder). Na een verkoop door Corporate Express van alle of nagenoeg alle van haar activa, kan Corporate Express worden geliquideerd, in welk geval de opbrengsten van de transactie worden verdeeld
onder haar aandeelhouders, in overeenstemming met de bepalingen van de Corporate Express Statuten. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Overige mogelijke maatregelen  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder behoudt zich het recht voor om elke juridisch toegestane methode aan te wenden om 100% van Corporate Express' aandelenkapitaal te verkrijgen en om de structuur van
Corporate Express in lijn
te brengen met de houdster en financieringsstructuur die zal bestaan zodra het Bod gestand is gedaan. Dergelijke methodes omvatten de inbreng van activa door de Bieder in Corporate Express tegen de
uitgifte van aandelen in het aandelenkapitaal van Corporate Express, daarbij de voorkeursrechten (indien aanwezig) van Aandeelhouders uitsluitend, dit alles in overeenstemming met het Nederlands recht
en de Corporate Express Statuten die van kracht zijn op het relevante tijdstip. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Tenslotte
houdt de Bieder zich het recht voor om zich te richten op wijziging van de bedrijfs- en kapitaalsstructuur van Corporate Express, met inbegrip van interne reorganisaties, wijziging van de
accountingmethodes zoals deze worden toegepast door Corporate Express, wijziging van de Corporate Express Statuten, een liquidatie, een splitsing zoals beschreven in artikel 2:334a van het Nederlandse
Burgerlijke Wetboek, een claimemissie, een storting of een verkoop en/of overdracht van alle of een deel van de activa van Corporate Express alles met inachtneming van de relevante bepalingen van het
Nederlands recht en de Corporate Express Statuten (zoals die van tijd tot tijd worden gewijzigd). Voordat een dergelijke reorganisatie is voltooid kunnen Staples en Corporate Express hun
bedrijfsactiviteiten combineren door middel van een joint venture of andere contractuele overeenkomsten. Gedane uitkeringen kunnen de vorm hebben van een uitkering uit de reserves, een interim
dividend, een slotdividend, een betaling na intrekking of in het geval Corporate Express wordt geliquideerd, een uitkering van de liquidatieopbrengsten. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.5&nbsp;&nbsp;&nbsp;&nbsp;Beperkte Governance  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Wanneer de Aandelen of aandelen van enig rechtsopvolger van Corporate Express niet meer beursgenoteerd is en haar aandelen niet langer publiekelijk verhandeld worden, zullen de
wettelijke bepalingen inzake de governance van publieke of genoteerde ondernemingen niet langer van toepassing zijn en zullen de rechten van de minderheidsaandeelhouders worden beperkt tot het
wettelijk minimum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.6&nbsp;&nbsp;&nbsp;&nbsp;Controlerende Aandeelhouder  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Na de Dag van Overdracht zal de Bieder een meerderheidsbelang houden in Corporate Express en zal de Bieder en/of een (rechts)persoon gelieerd aan de Bieder alle of de
meerderheid van de leden van de Raad benoemen. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>16.11.7&nbsp;&nbsp;&nbsp;&nbsp;Dividendbeleid  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder verwacht Corporate Express ertoe te zetten na de Dag van Overdracht op te houden met het uitkeren van reguliere dividenden in contanten, met inachtneming van
bepalingen van Nederlands recht. Uitkeringen die worden gedaan op de relevante aandelen na de Dag van Overdracht (voor zover aanwezig) zullen worden afgetrokken van de waarde per aandeel omwille van
het vaststellen van de
waarde per Aandeel in het geval van een Juridische Fusie of andere relevante maatregel zoals beschreven in Hoofdstuk 16.10.4. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.8&nbsp;&nbsp;&nbsp;&nbsp;Fiscale Behandeling van Uitkeringen  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De Bieder en aan haar gelieerde (rechts)personen hebben geen inzicht in en geen verantwoordelijkheid voor de fiscale consequenties voor Aandeelhouders als gevolg van dividenden
en andere uitkeringen door Corporate Express en opvolgende entiteiten van Corporate Express. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.9&nbsp;&nbsp;&nbsp;&nbsp;Mogelijke Maatregelen met betrekking tot de Obligaties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In het geval dat het Bod gestand wordt gedaan en volgend op een conversie, aflossing, terugkoop of intrekking van de Obligaties, indien minder dan 15% van de totale hoofdsom
van de uitgegeven Obligaties blijft uitstaan, mag Corporate Express het besluit nemen om alle na die datum nog uitstaande Obligaties terug te kopen tegen de nominale waarde plus samengestelde en nog
niet betaalde rente tot aan, maar exclusief, de vastgelegde aflossingsdatum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Daarnaast,
afhankelijk van gestanddoening van het Bod en dat de Bieder minstens 10% van de Obligaties houdt, kunnen de Bieder en Corporate Express beslissen een vergadering van Obligatiehouders bijeen
te roepen waarbij een voorstel tot wijziging van de Obligatievoorwaarden ter goedkeuring door de vergadering van Obligatiehouders op de agenda wordt gezet in overeenstemming met de voorwaarden als
opgenomen in artikel 11.2 van de Obligatievoorwaarden. De wijziging van de Obligatievoorwaarden zou een wijziging kunnen inhouden van de looptijd van de Obligaties of een wijziging van de garanties
afgegeven door Corporate Express aan de Obligatiehouders om deze garanties consistent te maken met garanties afgegeven door Staples aan haar financieringsbanken. Een wijziging van de looptijd van de
Obligaties zou kunnen inhouden dat, tenzij eerder afgelost, geconverteerd, teruggekocht of ingetrokken, Corporate Express binnen drie (3)&nbsp;maanden na de datum van de vergadering van
Obligatiehouders elke Obligatie aflost tegen de nominale waarde en samengestelde en nog niet betaalde rente tot aan, maar exclusief, de aflossingsdatum. Voor de goedkeuring van een dergelijk voorstel
geldt een quorum van 75% van de totale hoofdsom van het op die datum uitstaande aantal Obligaties of in het geval van een uitgestelde vergadering geldt een quorum van &eacute;&eacute;n
derde van de totale hoofdsom van het op die datum uitstaande aantal Obligaties. De Bieder mag alle stemrechten uitoefenen die verbonden zijn aan de Obligaties die zijn aangeboden onder het Bod op
Obligaties of die door de Bieder zijn gekocht ter ondersteuning van een dergelijke wijziging. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>De
Bieder behoudt zich eveneens het recht voor om enig ander juridisch toegestane methode te gebruiken om Obligaties te verkrijgen, kopen, converteren, aflossen, terug te kopen of in te trekken of het
voorgaande te bereiken. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.11.10&nbsp;&nbsp;&nbsp;&nbsp;Werknemers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Zoals hierboven is aangegeven is de Bieder van mening dat het Bod positieve gevolgen heeft voor Coporate Express' personeel. Meer specifiek, de bedrijfscombinatie zou Corporate
Express de mogelijkheid moeten bieden zich te concentreren op het cre&euml;eren van lange termijn waarde binnen een grotere en meer diverse organisatie met meer financi&euml;le
middelen en biedt de werknemers van Corporate Express zowel het voordeel van Staples' toewijding met betrekking tot ontwikkelings- en trainingsmogelijkheden als carri&egrave;remogelijkheden
binnen een grotere organisatie. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Het
feit dat Corporate Express niet bereid is geweest substanti&euml;le gesprekken aan te gaan met betrekking tot het Bod en de plannen met betrekking tot het combineren van de twee
ondernemingen, betekent dat de Bieder op dit moment niet in staat is specifieke plannen te ontwikkelen met betrekking tot de combinatie en groei van de twee ondernemingen. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Slechts
gebaseerd op de openbaar verkrijgbare informatie is Staples voornemens de activiteiten van Corporate Express voor te zetten en de aanmerkelijke aanwezigheid van Corporate Express in Nederland
in stand te houden. Op dit moment is Staples niet van plan om het aantal Corporate Express werknemers te verlagen of de arbeidsvoorwaarden van Corporate Express werknemers materieel te wijzigen. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>94</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>16.11.11&nbsp;&nbsp;&nbsp;&nbsp;Consultaties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Consultatie van de vakbonden heeft plaatsgevonden en de Sociaal Economische Raad is ge&iuml;nformeerd over het Bod overeenkomstig het SER-Besluit
Fusiegedragsregels 2000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Met
het oog op het feit dat met de Raad geen overeenstemming is bereikt over het Bod, vereist de Wet op de Ondernemingsraden niet dat de (centrale) ondernemingsraad van Corporate Express door de
Bieder wordt geconsulteerd over het Bod. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.12&nbsp;&nbsp;&nbsp;&nbsp;Aankondigingen  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Aankondigingen in verband met gestanddoening van het Bod en een verlenging van de Aanmeldingstermijn zullen door middel van een persbericht worden gedaan, waarvan een kopie
beschikbaar zal zijn op de website van Staples </FONT><FONT SIZE=2><I>www.staples.com.</I></FONT><FONT SIZE=2> Zie Hoofdstuk 7.10 en 8.9 </FONT> <FONT SIZE=2><I>(Announcements)</I></FONT><FONT SIZE=2> en Hoofdstuk 7.5 en 8.5 </FONT><FONT
SIZE=2><I>(Extension of the Acceptance Period)</I></FONT><FONT SIZE=2>. Met inachtneming van de
Fusieregels, inclusief, voor zover van toepassing, de Amerikaanse federale effecten wetgeving en
zonder de wijze waarop de Bieder een publieke aankondiging kan doen te beperken, heeft de Bieder geen verplichting enige publieke aankondiging te doen anders dan hierboven beschreven. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>16.13&nbsp;&nbsp;&nbsp;&nbsp;Beoogd tijdschema  </B></FONT></P>

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<TH WIDTH="32%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Verwachte Datum en Tijd</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="65%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Gebeurtenis</B></FONT><HR NOSHADE></TH>
</TR>
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<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2>(Alle tijden zijn in CET)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2>19 mei 2008</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><FONT SIZE=2>Publicatie van het persbericht met betrekking tot de verkrijgbaarstelling van dit Biedingsbericht en de aanvang van het Bod</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
9:00 uur, 20 mei 2008</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><FONT SIZE=2><BR>
Aanvang van de Aanmeldingstermijn onder het Bod overeenkomstig artikel 14 van het Bob Wft</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
17:30 uur, 27 juni 2008, behoudens verlenging</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><BR><FONT SIZE=2><I>Sluitingsdatum</I></FONT><FONT SIZE=2><BR>
Uiterste datum waarop Houders van Effecten hun Effecten onder het Bod kunnen aanmelden</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
Uiterlijk drie Werkdagen na de Sluitingsdatum</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><BR><FONT SIZE=2><I>Dag van Gestanddoening</I></FONT><FONT SIZE=2><BR>
De dag waarop de Bieder openbaar aankondigt of het Bod gestand wordt gedaan, overeenkomstig de Fusieregels. Volgens artikel 16 lid 1 van het Bob Wft is dit uiterlijk drie Werkdagen na de Sluitingsdatum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
Uiterlijk vijf Werkdagen na de Dag van Gestanddoening</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="65%" style="font-family:times;"><BR><FONT SIZE=2><I>Dag van Overdracht</I></FONT><FONT SIZE=2><BR>
De datum waarop, overeenkomstig de Voorwaarden van het Bod, de Bieder zal overgaan tot betaling van de Biedprijs per Gewoon Aandeel, de Biedprijs per ADS, de Biedprijs per Preferent Aandeel en/of de Biedprijs per Obligatie, voor zo ver van toepassing,
 aan de Houders van Effecten die op geldige wijze hun Effecten hebben aangemeld (of op ongeldige wijze, mits de Bieder de aanmelding en levering daarvan desalniettemin aanvaardt) en geleverd voor de Sluitingstijd, onder de voorwaarde dat het Bod
gestand wordt gedaan, zijnde uiterlijk vijf Werkdagen na de Dag van Gestanddoening.</FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><B>16.14&nbsp;&nbsp;&nbsp;&nbsp;Verkrijgbaarheid informatie  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Digitale exemplaren van dit biedingsbericht zijn verkrijgbaar op de website van Staples </FONT><FONT SIZE=2><I>www.staples.com</I></FONT><FONT SIZE=2> en op de website </FONT> <FONT SIZE=2><I>www.sec.gov.</I></FONT><FONT SIZE=2> Deze
websites maken op geen enkele wijze deel uit van dit Biedingsbericht. Exemplaren van dit Biedingsbericht zijn verder kosteloos
verkrijgbaar op het hoofdkantoor van het Omwissel en Betaalkantoor, de U.S. Settlement Agent en het informatiekantoor op onderstaande adressen. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Exemplaren
van de Staples Acquisition Statuten zijn kosteloos verkrijgbaar op het kantoor van de Bieder en kunnen verkregen worden door contact op te nemen met de Bieder op onderstaand adres.
Aangezien de Bieder een nieuw opgerichte vennootschap is, is er geen jaarverslag van de Bieder beschikbaar. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>95</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Exemplaren
van de Corporate Express Statuten en de financi&euml;le informatie met betrekking tot de jaarrekening van Corporate Express voor het Boekjaar 2007 en het Boekjaar 2006 (inclusief
vergelijkende cijfers voor het Boekjaar 2005) zoals goedgekeurd door de algemene vergadering van Aandeelhouders van Corporate Express zijn verkrijgbaar op de website van Corporate Express </FONT> <FONT SIZE=2><I>www.cexpgroup.com</I></FONT><FONT
SIZE=2>. De jaarrekeningen van Corporate Express voor het Boekjaar 2005 en voor het Boekjaar 2006 zijn verkrijgbaar op de website van de kamer
van koophandel op </FONT><FONT SIZE=2><I>www.kvk.nl.</I></FONT><FONT SIZE=2> De jaarrekening van Corporate Express voor het Boekjaar 2007 is verkrijgbaar op de website van de AFM op </FONT> <FONT SIZE=2><I>www.afm.nl</I></FONT></P>

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<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2>De Bieder</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Staples Acquisition&nbsp;B.V.<BR>
Jool Hulstraat 24<BR>
1327 HA Almere<BR>
The Netherlands</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
Omwissel- en Betaalkantoor</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
The U.S. Settlement Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
ING BANK&nbsp;N.V.<BR>
ING Wholesale Banking Securities Services,<BR>
Attn: Paying Agency Services Department<BR>
Van Heenvlietlaan 220<BR>
1083 CN Amsterdam<BR>
The Netherlands<BR>
Tel: +31 20&nbsp;797 9398<BR>
Fax: +31 20&nbsp;797 9607<BR>
Email: iss.pas@mail.ing.nl</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><BR><FONT SIZE=2><I>Via een koerier tijdens de nacht ofwel door overhandiging</I></FONT><FONT SIZE=2><BR>
BNY Mellon Shareowner Services<BR>
c/o Mellon Investor Services<BR>
Attn: Corporate Action Department 27<SUP>th</SUP>&nbsp;Floor<BR>
480 Washington Boulevard<BR>
Jersey City, NJ 07310<BR>
United States of America<BR>
Tel: +1&nbsp;800&nbsp;777 3674<BR>
Fax: +1&nbsp;201&nbsp;680 4626</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
Daartoe gekwalificeerde instellingen kunnen bevestiging van de fax krijgen op telefoonnummer +1&nbsp;201&nbsp;680&nbsp;4860</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
Via de post</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
BNY Mellon Shareowner Services<BR>
c/o Mellon Investor Services<BR>
Attn: Corporate Action Department<BR>
P.O.&nbsp;Box&nbsp;3301<BR>
South Hackensack, NJ 07606<BR>
United States of America</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
Informatiekantoor</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Georgeson<BR>
2nd Floor<BR>
68 Upper Thames Street<BR>
London, EC4V 3BJ<BR>
United Kingdom</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
European Toll Free Tel: 00 800 6614 6614</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
US Toll Free Tel: 1 866 201 4446</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=1><A
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<A NAME="toc_ds14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>17.&nbsp;&nbsp;&nbsp;&nbsp;ADVISORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Advisors to the Offeror  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><B><I>Financial advisor</I></B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><B><I>Dutch Legal advisor</I></B></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><B><I>U.S. Legal advisor</I></B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2>Lehman Brothers&nbsp;Inc.<BR>
745 Seventh Avenue<BR>
New York, NY 10019<BR>
United States of America</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2>Clifford Chance&nbsp;LLP<BR>
Droogbak 1A<BR>
1013 GE Amsterdam<BR>
The Netherlands</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2>WilmerHale&nbsp;LLP<BR>
60 State Street<BR>
Boston, MA 02109<BR>
United States of America</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%" style="font-family:times;"><BR><FONT SIZE=2><B><I>Legal advisor (Antitrust)</I></B></FONT><FONT SIZE=2><BR>
Weil, Gotshal&nbsp;&amp; Manges&nbsp;LLP<BR>
1300 Eye Street, #44, Suite&nbsp;900<BR>
Washington, DC 20005<BR>
United States of America</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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NAME="page_fa14701_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->


 </FONT> <FONT SIZE=2><B>PART II FINANCIAL INFORMATION  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This Part&nbsp;II contains certain financial information relating to Corporate Express and the Corporate Express Group. This information has been derived from the Annual
Report and Form&nbsp;20-F published by Corporate Express as presented at </FONT><FONT SIZE=2><I>www.cexpgroup.com</I></FONT><FONT SIZE=2> or </FONT> <FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2> and has not been commented on, amended or
verified by the Offeror and/or Staples. As the information underlying the information on Corporate
Express in this Part&nbsp;II (Financial Information) has been prepared by parties other than the Offeror or Staples, neither the Offeror nor Staples can assume responsibility for the accuracy of
this underlying information. Corporate Express has not given its consent to include this information in this Offer Memorandum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
tables below provide a comparative overview of Corporate Express' consolidated statements of income, consolidated balance sheets and the consolidated statements of cash flows for the Financial
Year 2007, the Financial Year 2006 and the Financial Year 2005. All amounts were derived from the audited financial statements for the Financial Year 2007, except for the numbers in the consolidated
balance sheet for the Financial Year 2005 which were derived from the audited financial statements for the Financial Year 2006. In relation to the Financial Year 2005 balance sheet amounts, the reader
should consider the potential for changes in financial statement presentation for this financial year resulting from subsequent financial statement reclassifications or discontinued operations. For a
better understanding of Corporate Express' financial position and results of operations, the comparative overview should be read in conjunction with the audited financial statements of the Financial
Year 2007 and the Financial Year 2006 as noted in the preceding paragraph. For the Corporate Express first quarter 2008 results, the Offeror refers to Corporate Express' press release of 7&nbsp;May
2008 available on </FONT><FONT SIZE=2><I>www.cexpgroup.com</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>www.sec.gov.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparative Overview of the Consolidated Statements of Income, the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows for the Financial
Year 2007, Financial Year 2006 and Financial Year 2005  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fc14701_consolidated_statements_of_inc__con02509"> </A>
<A NAME="toc_fc14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONSOLIDATED STATEMENTS OF INCOME    <BR>    <BR>    for the years ended 31&nbsp;December 2007, 2006 and 2005    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="67%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="67%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>In millions of euros, unless stated otherwise<BR> </B></FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>Continuing operations:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Net sales</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>5,631</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,497</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,118</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Purchase value of trade goods sold</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[3,791</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[3,696</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[3,421</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Gross contribution</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,840</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,802</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,696</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Employee benefit expenses, excluding restructuring expenses, termination benefits and costs related to the transfer of defined contribution plans into defined benefit plans</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[883</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[883</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[881</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Depreciation of property, plant&nbsp;&amp; equipment and amortization of software and other intangible assets</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[97</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[96</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[86</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Costs related to the transfer of defined contribution plans into defined benefit plans</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[5</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Result from disposal of Veenman Germany</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>10</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Restructuring and termination expenses</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[35</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[40</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[17</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Other operating expenses</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[629</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[561</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[513</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Operating result</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>201</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>223</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>199</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Repurchase Preference Shares C</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[85</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Other financing expenses</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[115</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[96</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[106</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Total financing expenses</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[115</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[96</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[191</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Subsequent result from disposal of operations</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Result before taxes</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>86</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Taxes</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>3</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[12</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Net result from continuing operations</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>89</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>124</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>Discontinued operations:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Net result from discontinued operations</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>106</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>Total operations:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Net result from total Group</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>195</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>142</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Attributable to:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Holders of ordinary shares Corporate Express&nbsp;NV</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>178</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Minority interests in Group companies</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>17</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="67%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>195</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>142</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Net result from </FONT><FONT SIZE=2><I>continuing</I></FONT><FONT SIZE=2> operations per share attributable to holders of ordinary shares Corporate Express&nbsp;NV (in euros):</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Basic</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.40</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.58</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[0.11</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Diluted</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.40</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.57</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[0.11</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Net result from </FONT><FONT SIZE=2><I>discontinued</I></FONT><FONT SIZE=2> operations per share attributable to holders of ordinary shares Corporate Express&nbsp;NV (in euros):</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Basic</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.58</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.12</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Diluted</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.54</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.08</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.12</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Net result from </FONT><FONT SIZE=2><I>total Group</I></FONT><FONT SIZE=2> per share attributable to holders of ordinary shares Corporate Express&nbsp;NV (in euros):</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Basic</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.98</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.68</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="67%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Diluted</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.93</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.65</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-2</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=99,EFW="2185840",CP="STAPLES,INC.",DN="2",CHK=476843,FOLIO='F-2',FILE='DISK124:[08ZBT1.08ZBT14701]FC14701A.;8',USER='LPALLES',CD='19-MAY-2008;10:11' -->
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_fe14701_1_3"> </A>


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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fe14701_consolidated_balance_sheets_as__con01659"> </A>
<A NAME="toc_fe14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONSOLIDATED BALANCE SHEETS    <BR>    <BR>    as at 31&nbsp;December 2007, 2006 and 2005    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="85%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>In millions of euros, unless stated otherwise<BR> </B></FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Non-current assets</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Goodwill</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,420</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,531</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,499</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Software</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>98</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>108</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Other intangible assets</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>82</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Property, plant&nbsp;&amp; equipment</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>196</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>216</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>207</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Net pension asset</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>190</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>90</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Deferred tax assets</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>350</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>416</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>436</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Investments in associates</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>4</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Other non-current assets</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>12</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total non-current assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>2,352</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,397</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><BR>
Current assets</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Inventories</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>498</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>520</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>453</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Trade receivables</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>700</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>867</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>874</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Prepaid expenses and accrued income</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>183</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>200</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>188</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Current tax receivable</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>12</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>50</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>73</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>114</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,443</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,674</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,645</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Non-current assets held for sale</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>3</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total current assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,446</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,678</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,645</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>3,799</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,178</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,042</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Equity and liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Equity attributable to equity holders of the Company</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Issued and paid-in capital</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>219</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>217</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>215</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,745</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,729</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,713</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Treasury shares</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[10</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Other reserves</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[90</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Accumulated deficit</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>[331</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><B>]</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[493</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>[607</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,543</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,463</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,450</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Minority interests</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>40</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total equity</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,583</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,527</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,510</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Non-current liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Long-term borrowings</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,011</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,284</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,138</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Deferred tax liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>136</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>136</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Net pension liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>22</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Provisions</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>41</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total non-current liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,211</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,490</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,380</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Current liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Current portion of long-term borrowings</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>117</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>66</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>46</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Short-term loans and bank overdrafts</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>19</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Trade liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>547</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>720</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>725</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Current tax liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>11</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Current provisions</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>23</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>286</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>323</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>334</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total current liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,004</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,161</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,152</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>2,215</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,651</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,532</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Total equity and liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>3,799</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,178</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,042</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Commitments not included in the Balance Sheet</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>569</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>545</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>508</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=100,EFW="2185840",CP="STAPLES,INC.",DN="2",CHK=645881,FOLIO='F-3',FILE='DISK124:[08ZBT1.08ZBT14701]FE14701A.;6',USER='LPALLES',CD='19-MAY-2008;10:11' -->
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NAME="page_fg14701_1_4"> </A>


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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fg14701_consolidated_statements_of_cas__con02679"> </A>
<A NAME="toc_fg14701_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONSOLIDATED STATEMENTS OF CASH FLOWS    <BR>    <BR>    for the years ended 31&nbsp;December 2007, 2006 and 2005    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><B>In millions of euros, unless stated otherwise</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><BR><FONT SIZE=1><B>Cash flow from operating activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Net result from total Group</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>195</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>142</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Adjustments:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Taxes</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[3</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Total financing expenses</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>115</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>96</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>191</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Subsequent result from disposal of operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Net result from discontinued operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[106</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[18</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[20</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Total adjustments</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>81</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>178</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><BR><FONT SIZE=1><B>Operating result</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
201</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
223</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
199</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Depreciation of property, plant&nbsp;&amp; equipment and amortization of software and other intangible assets</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>96</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>86</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Adjustments for share based payments</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Adjustments for additions and (releases) from provisions</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><BR>
[</FONT><FONT SIZE=1><I>Increase</I></FONT><FONT SIZE=1>] </FONT><FONT SIZE=1><I>/decrease in working capital:</I></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>[Increase]/decrease inventories</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[12</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[49</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>[Increase]/decrease accounts receivable</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[12</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[42</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Increase/[decrease] accounts payable</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>17</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>[Increase]/decrease prepaid expenses and accrued income</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[20</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[25</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[8</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Increase/[decrease] other current liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[3</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>17</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Net [increase]/decrease in working capital</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[22</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[68</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[30</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><BR><FONT SIZE=1><I>Other operational payments and receivables:</I></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Profit taxes (net)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[31</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[32</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[30</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Payments deducted from provisions for restructuring and other provisions excluding pensions</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[16</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[27</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[17</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Payments for defined benefit pension plans</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[13</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Total other operational payments and receivables</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[53</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[73</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[53</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&#151;Net cash from operating activities continuing operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>227</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>188</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>216</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&#151;Net cash from operating activities discontinued operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><B>Total net cash from operating activities total Group (A)</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>223</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>232</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>232</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><BR><FONT SIZE=1><B>Cash flow from investing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Investments in property, plant&nbsp;&amp; equipment and software</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[93</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[81</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[59</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Proceeds from the disposal of property, plant&nbsp;&amp; equipment</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Acquisitions of Group companies</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[55</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[303</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[20</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Proceeds of divestments net of transaction fees</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>260</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Other</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[1</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[2</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&#151;Net cash used in investing activities continuing operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>121</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[376</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[81</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&#151;Net cash used in investing activities discontinued operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><BR><FONT SIZE=1><B>Net cash used in investing activities total Group (B)</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
117</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
[381</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
[86</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><BR><FONT SIZE=1><B>Cash flow available for financing activities (A+B)</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
341</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
[149</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
145</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><B>Cash flow from financing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Dividend payments</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[21</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[15</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[12</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Interest payments</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[84</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[71</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[58</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Dividend Preference Shares A</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[11</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[11</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[11</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Dividend payment to and repurchase of shares from minority shareholders</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[68</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[31</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Proceeds from share issues</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>239</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Repurchase Preference Shares C (including expenses)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[411</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Net proceeds/[repayments] of other long-term borrowings</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[181</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>203</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>85</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&#151;Net cash provided by/[used in] financing activities continuing operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[365</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>103</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[199</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&#151;Net cash provided by/[used in] financing activities discontinued operations</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><B>Net cash provided by/</B></FONT><FONT SIZE=1> [</FONT><FONT SIZE=1><B>used in</B></FONT><FONT SIZE=1>] </FONT><FONT SIZE=1><B>financing activities total Group (C)</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[365</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>103</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[199</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><B>Net cash flow total group (A+B+C)</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[24</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[45</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[54</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><BR>
Net increase in liquid funds</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Liquid funds at year-end:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>73</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>114</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Bank overdrafts</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[19</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[18</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>31</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>104</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Minus liquid funds at beginning of year:</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>73</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>114</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>154</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Bank overdrafts</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[18</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[6</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>Translation differences</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[4</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>100</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>158</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="74%" style="font-family:times;"><FONT SIZE=1><BR>
Net cash flow total Group</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
[24</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
[45</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>]</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
[54</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>]</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=101,EFW="2185840",CP="STAPLES,INC.",DN="2",CHK=942164,FOLIO='F-4',FILE='DISK124:[08ZBT1.08ZBT14701]FG14701A.;9',USER='LPALLES',CD='19-MAY-2008;10:11' -->
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<P><br><A NAME="08ZBT14701_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf14701_1">1. RESTRICTIONS AND IMPORTANT INFORMATION</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bg14701_1">2. TABLE OF CONTENTS</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca14701_1">3. DEFINITIONS</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc14701_1">4. LETTER TO SHAREHOLDERS</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc14701_2">LETTER FROM RONALD L. SARGENT CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF STAPLES, INC.</A></FONT><BR>

<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ce14701_1">5. SUMMARY</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cg14701_1">6. EXPLANATION OF THE OFFER</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cg14701_2">Options Outstanding to Acquire Ordinary Shares</A></FONT><BR>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ck14701_1">7. INVITATION TO THE SHAREHOLDERS</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cm14701_1">8. INVITATION TO THE BONDHOLDERS</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_co14701_1">9. INFORMATION REGARDING CORPORATE EXPRESS</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cu14701_1">10. CAPITAL AND SHARES</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cu14701_2">1-YEAR RELATIVE STOCK PRICE PERFORMANCE</A></FONT><BR>
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cu14701_3">10.3 Mutual Shareholdings</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cw14701_1">11. INFORMATION ON THE OFFEROR</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cw14701_2">12. INFORMATION ON STAPLES</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da14701_1">13. FURTHER DECLARATIONS PURSUANT TO THE TAKEOVER DECREE</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da14701_2">14. TAX ASPECTS OF THE OFFER</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de14701_1">15. PRESS RELEASES</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dk14701_1">16. NEDERLANDSE SAMENVATTING VAN HET BOD</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ds14701_1">17. ADVISORS</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fc14701_1">CONSOLIDATED STATEMENTS OF INCOME for the years ended 31 December 2007, 2006 and 2005</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fe14701_1">CONSOLIDATED BALANCE SHEETS as at 31 December 2007, 2006 and 2005</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fg14701_1">CONSOLIDATED STATEMENTS OF CASH FLOWS for the years ended 31 December 2007, 2006 and 2005</A></FONT><BR>
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