<SUBMISSION>
<ACCESSION-NUMBER>0001104659-08-040204
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080616
<ITEMS>1.01
<ITEMS>2.01
<ITEMS>9.01
<FILING-DATE>20080616
<DATE-OF-FILING-DATE-CHANGE>20080616
<FILER>
<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>8-K
<ACT>34
<FILE-NUMBER>000-17586
<FILM-NUMBER>08901418
</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>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a08-16724_28k.htm
<DESCRIPTION>8-K
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<div style="border:none;border-top:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange
Act of 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):&#160; <b>June&nbsp;16, 2008</b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Staples,&nbsp;Inc.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Charter)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-17586</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-2896127</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State
  or Other Juris-<br>
  diction of Incorporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission<br>
  File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS
  Employer<br>
  Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Five Hundred Staples Drive,
  Framingham, MA</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">01702</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal
  Executive Offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">508-253-5000</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former Name or Former Address, if Changed Since Last
Report)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see
General Instruction A.2 below):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Written communications
pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Soliciting material
pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
CFR 240.14d-2(b))</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
CFR 240.13e-4(c))</font></p>

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\bekue\08-16724-2\task2988766\16724-2-ba.htm',USER='bekuehe',CD='Jun 16 07:18 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.01.&#160; Entry into
a Material Definitive Agreement</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;10,
2008, Staples,&nbsp;Inc. (the &#147;Company&#148;) and its wholly owned subsidiary,
Staples Acquisition B.V., entered into a Merger Protocol dated as of June&nbsp;9,
2008 (the &#147;Merger Protocol&#148;) with Corporate Express N.V. (&#147;Corporate Express&#148;).&#160; The Merger Protocol relates to a previously
commenced offer by Staples Acquisition B.V. to purchase all of Corporate
Express&#146; (i)&nbsp;ordinary shares, (ii)&nbsp;American depositary shares, each
representing one ordinary share (&#147;ADS&#148;), (iii)&nbsp;depositary receipts of
preference shares A with a nominal value of EUR 1.20 each and (iv)&nbsp;2%
subordinated convertible bonds due 2010 (the &#147;Offer&#148;).&#160; The Offer is currently set to expire on June&nbsp;27,
2008, unless extended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Merger Protocol outlines certain changes to the terms of the Offer, including
an increase in the price paid for ordinary shares and ADSs of Corporate Express
to 9.25 Euros per share, and includes the unanimous recommendations of the
executive and supervisory boards of Corporate Express in favor of the revised
Offer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Merger Protocol is attached to this Current Report as Exhibit&nbsp;2.1 and
incorporated by reference herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
2.01.&#160; Completion of Acquisition or
Disposition of Assets</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
information reported under Item 1.01 is incorporated herein by reference.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01.&#160; Financial Statements and Exhibits</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="91%" style="border-collapse:collapse;width:91.9%;">
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Exhibit&nbsp;Index
  attached hereto.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\bekue\08-16724-2\task2988766\16724-2-ba.htm',USER='bekuehe',CD='Jun 16 07:18 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="361" valign="top" style="padding:0in 0in 0in 0in;width:270.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="357" valign="top" style="padding:0in 0in 0in 0in;width:267.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STAPLES, INC.</font></p>
  </td>
  <td width="2" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="361" valign="top" style="padding:0in 0in 0in 0in;width:270.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="357" valign="top" style="padding:0in 0in 0in 0in;width:267.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" style="border:none;font-size:12.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="361" valign="top" style="padding:0in 0in 0in 0in;width:270.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp; June&nbsp;16,
  2008</font></p>
  </td>
  <td width="357" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:267.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kristin A. Campbell</font></p>
  </td>
  <td width="2" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="361" valign="top" style="padding:0in 0in 0in 0in;width:270.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="359" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:269.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: Kristin A.
  Campbell<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel and
  Secretary</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\bekue\08-16724-2\task2988766\16724-2-ba.htm',USER='bekuehe',CD='Jun 16 07:18 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:88.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:9.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:88.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger Protocol, dated
  as of June&nbsp;9, 2008, by and among Staples,&nbsp;Inc., Staples Acquisition
  B.V. and Corporate Express N.V.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\bekue\08-16724-2\task2988766\16724-2-ba.htm',USER='bekuehe',CD='Jun 16 07:18 2008' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>a08-16724_2ex2d1.htm
<DESCRIPTION>EX-2.1
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 2.1</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXECUTION VERSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STAPLES ACQUISITION B.V.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STAPLES,
INC.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATE
EXPRESS N.V.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MERGER
PROTOCOL</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="87%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:87.4%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Clause</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="81%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interpretation</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Offer</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Undertakings</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interim Period</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Governance</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employees And Business Strategy</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exclusivity</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Releases</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confidentiality</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantee</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law And Jurisdiction</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS MERGER PROTOCOL</font></b> is made on 9 June&nbsp;2008 (the &#147;<b>Merger
Protocol</b>&#148;)</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BETWEEN</font></b>:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-70.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(a)<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>STAPLES ACQUISITION B.V.</b>, a private limited company (<i>besloten
vennootschap met beperkte aansprakelijkheid</i>) incorporated under the
laws of the Netherlands, whose statutory seat is in Amsterdam, the Netherlands
and whose principal office is at Jool Hulstraat 24, 1327 HA Almere, the
Netherlands registered in the Dutch Commercial register under number 34301291
(the &#147;<b>Offeror</b>&#148;);</p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-70.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-39.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>STAPLES, INC.</b>,
a public company incorporated under the laws of Delaware, whose principal
office is at Framingham, Massachusetts, the United States (&#147;<b>Staples</b>&#148;); and</p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-39.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>CORPORATE EXPRESS N.V.</b>, a public limited liability company (<i>naamloze vennootschap met beperkte aansprakelijkheid</i>)
incorporated under the laws of the Netherlands, whose statutory seat is in
Maastricht, the Netherlands and whose principal office is at Hoogoorddreef 62,
1101 BE, Amsterdam Zuidoost, the Netherlands, registered in the Dutch
Commercial register under number 33250021 (&#147;<b>Corporate
Express</b>&#148; or the &#147;<b>Company</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each also referred to separately as a &#147;<b>Party</b>&#148; and jointly as the &#147;<b>Parties</b>&#148;.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company acts as a holding company for the Group Companies (as
defined hereafter) and is active as a supplier of office products to
businesses. 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 an offer and acquiring all of the issued and outstanding
shares in the Company. Staples provides a wide range of office products
including supplies, technology, furniture and business services.</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At the date of this Merger Protocol, the authorised share capital of
the Company amounts to EUR 1,080,000,000 (one billion and eighty million Euro)
divided into 395,000,000 (three hundred and ninety five million) ordinary
shares (the &#147;<b>Ordinary Shares</b>&#148;) and
505,000,000 (five hundred and five million) preference shares (the &#147;<b>Preference Shares</b>&#148;), which can be divided
in 55,000,000 (fifty five million) preference shares A (the &#147;<b>Preference Shares A</b>&#148;) and 450,000,000 (four
hundred and fifty million) preference shares B (the &#147;<b>Preference Shares B</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As per 31 May, 2008, the issued and outstanding share capital of the
Company amounts to EUR 286,935,436.80 (two hundred eighty-six million nine
hundred thirty-five thousand and four hundred thirty-six Euro and eighty cents)
and consists of (i)&nbsp;185,830,885 (one hundred eighty-five million eight
hundred thirty thousand and eight hundred eighty-five) Ordinary Shares and (ii)&nbsp;53,281,979
(fifty-three million two hundred eighty-one thousand and nine hundred
seventy-nine) Preference Shares A (the &#147;<b>Outstanding
Shares</b>&#148;). Furthermore, the Company issued its 2% subordinated<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='1',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
convertible bonds due 2010 (ISIN: XS0180881343) (each unit representing a
principal amount of EUR 1,000 (one thousand Euro) such unit being referred to
as a &#147;Bond&#148; and the Bonds together with the Shares, the &#147;<b>Securities</b>&#148;) and its wholly owned
subsidiary Corporate Express U.S. Finance Inc. issued 8.25% senior subordinated
notes due 1 July, 2014 and for all 7.875% senior subordinated notes due 1
March, 2015 (the &#147;<b>Notes</b>&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Ordinary Shares, the Preference Shares and the Bonds are listed
on Euronext Amsterdam, the American depositary shares each representing one
Ordinary Share (&#147;<b>ADSs</b>&#148;, and
together with the Ordinary Shares and the Preference Shares A, the &#147;<b>Shares</b>&#148; issued by The Bank of New York are
listed on the New York Stock Exchange (the &#147;<b>NYSE</b>&#148;);</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As per 31 May&nbsp;2008, the Company has granted Options (as defined
hereafter) to the members of the Executive Board (as defined hereafter) and
other (former) Group Employees (as defined hereafter) entitling such persons to
subscribe for up to 5,702,909 (five
million seven and two thousand nine hundred and nine) Ordinary Shares.</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant to a call option agreement between Stichting Preferente
Aandelen Corporate Express (the &#147;<b>Protection
Trust</b>&#148;) and the Company (the &#147;<b>Option
Agreement</b>&#148;), the Protection Trust has been granted an option to
acquire Preference Shares up to 100% minus 1 (one) share of the Issued Shares
against payment by the Protection Trust to the Company of at least 25% of the
nominal amount of such shares and the Protection Trust has been granted the
right to file an application for, or participate in any proceeding relating to,
an inquiry into the policy and conduct of the business of the Company at the
Enterprise Chamber of the Administrative Court of Appeal (<i>Ondernemingskamer</i>).</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror made an unsolicited offer for all Shares and all Bonds
on 19 May&nbsp;2008, (as amended to include the increased offer price as
described in Clause 2.3(b)&nbsp;hereof, hereinafter (the &#147;<b>Offer</b>&#148;) subject to the terms and conditions
set out in an offer memorandum (<i>biedingsbericht</i>)
of the same date, which has been approved by the AFM (together with all
amendments and supplements thereto, the &#147;<b>Offer
Memorandum</b>&#148;). In addition, on 22 May, 2008, the Offeror commenced a
cash tender offer to purchase all Notes (the &#147;<b>Notes
Offer&#148;</b>). On the date hereof, the Offeror purchased 2,085,403
Ordinary Shares at a price of EUR 9.25 (nine Euro twenty-five cents) per Ordinary
Shares, as a result, the Offeror will be required to pay the same price for all
Ordinary Shares tendered into the Offer if it declares the Offer unconditional.
The Offeror and the Company have now reached an agreement on the terms and
conditions on which the Executive Board and the Supervisory Board will
recommend the Offer in so far as it relates to the Ordinary Shares.</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The press release of the Company (the &#147;<b>Company Press Release</b>&#148;) and the Position Statement (as defined
hereafter) shall contain a statement of support and a unanimous recommendation
of the Offer, in so far as it relates to the Ordinary Shares, by each of<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
the Executive Board (as defined hereafter) and the Supervisory Board (as defined
hereafter).</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror, the Company and the Executive Board (as defined
hereafter) and the Supervisory Board (as defined hereafter) have discussed
their intentions in relation to the Offer and the Offeror has informed the
Company and the Executive Board (as defined hereafter) and the Supervisory
Board (as defined hereafter) of its intentions regarding the possible steps to
be taken after declaring the Offer unconditional as further set out herein.</p>

<p style="margin:0in 0in .0001pt 30.95pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(J)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror has performed a limited due diligence investigation into
the financial, operational, commercial, accounting, insurance, legal, pension
and tax aspects of the Corporate Express Group.</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(K)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Executive Board (as defined hereafter) and the Supervisory Board
(as defined hereafter) have received a fairness opinion from ABN AMRO N.V. in
connection with the Offer, in so far as it relates to the Ordinary Shares, in
form and content satisfactory to the Boards (as defined hereafter) (the &#147;<b>Fairness Opinion</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(L)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror currently owns 22,456,115 (twenty million four hundred
fifty-six thousand and hundred fifteen) Ordinary Shares, In addition, certain
large Shareholders (as defined hereafter) who currently own 42,701,904
(forty-two million seven hundred and one thousand nine hundred and four)
Ordinary Shares have irrevocably undertaken and agreed with the Offeror that
they will accept the Offer in respect of all Shares that they currently hold
and/or will acquire after the date hereof and that they shall tender such
Shares to the Offeror in accordance with the terms and conditions of the Offer.</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(M)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror has prepared and filed with the relevant authorities any
necessary notifications or other submissions required by any anti-trust or
similar laws or regulations and has supplied to the relevant anti-trust
authorities of all information which is required by those authorities to
investigate the offer by the Offeror. The US anti-trust authorities have not
issued a second request prior to the end of the applicable waiting period, the
Canadian anti-trust authorities have issued a no action letter and the Offeror
expects to obtain clearance from the EU authorities around 17 June, 2008.</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(N)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company has called an extraordinary meeting of shareholders of
the Company as required in accordance with Article&nbsp;18 of the Dutch Public
Offers Decree (<i>Besluit Openbare Biedingen
Wft</i>, the &#147;<b>DPOD</b>&#148;) to
provide its shareholders the opportunity to discuss the Offer made by the
Offeror, which shall be held on 18 June, 2008 (the &#147;<b>First Company EGM</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(O)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror has received resignation letters from all mr. J. Peelen,
R.F. van den Bergh, G. Izeboud and B.J. Noteboom with effect from the date of
the Second Company EGM (as defined hereafter) and subject to the Offer being
declared unconditional.</p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(P)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Having regard to the fact that the Offer, in so far as it relates to
the Ordinary Shares, has been recommended by both the Supervisory Board and the
Executive Board, the<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
Protection Trust, subject to the Offer being declared unconditional (<i>gestand wordt gedaan</i>), has for the benefit
of the Offeror irrevocably and otherwise unconditionally renounced its rights
under the Option Agreement in writing (a copy of which is attached as Schedule
3), provided however that if and for as long as the Offeror holds less than 75%
of the Ordinary Shares, the Protection Trust reserves its rights under the
Option Agreement to file an application for, or participate in any proceeding
relating to, an inquiry into the policy and conduct of business of the Company
at the Enterprise Chamber of the Amsterdam Court of Appeal (<i>Ondernemingskamer</i>).</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Q)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties wish to lay down their respective rights and obligations
with respect to the Offer in this Merger Protocol.</p>

<p style="margin:0in 0in .0001pt 30.95pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IT IS AGREED</font></b> as follows:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">1.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">INTERPRETATION</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition to terms defined elsewhere in this Merger Protocol, the
definitions and other provisions in Schedule 10 apply throughout this Merger
Protocol unless the contrary intention appears.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In this Merger Protocol, unless the contrary intention appears, a
reference to a clause, exhibit or schedule is a reference to a clause, exhibit
or schedule of this Merger Protocol. The schedules and exhibits form part of
this Merger Protocol.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The headings in this Merger Protocol do not affect its
interpretation.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">2.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">THE OFFER</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>The Offer</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the terms of this Merger Protocol
and subject to the terms and conditions set out in the Offer Memorandum, the
Offeror undertakes to declare unconditional and settle the Offer.</font></p>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Merger Rules</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In accordance with the terms and subject to the conditions of this
Merger Protocol and the terms and conditions set out in the Offer Memorandum,
each of the Parties shall promptly do all such things as are reasonable able to
facilitate and procure the implementation of the Offer.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties shall comply with the Merger Rules.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Offer Price</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror has increased the offer price for the Ordinary Shares
mentioned in the Offer Memorandum from EUR 8,00 (eight Euro) per Ordinary
Shares to EUR 9.15 (nine Euro and fifteen cents) per Ordinary Share.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Prior to the execution of this Merger Protocol, the Offeror
purchased 2,085,403 Ordinary Shares for a price of EUR 9.25 (nine Euro
twenty-five cents) per Ordinary Share in a transaction other than a regular on
market transaction. Therefore, in accordance with Article&nbsp;19 of the DPOD
if the Offer is declared unconditional, the Offeror will be required to pay (i)&nbsp;EUR
9.25 (nine Euro twenty-five cents) per Ordinary Share validly tendered into the
Offer (or defectively tendered, provided such defect is waived by the Offeror)
(the &#147;<b>Increased Offer Price per Ordinary
Share</b>&#148;) and (ii)&nbsp;EUR 9.25 (nine Euro twenty-five cents) per ADS
validly tendered into the Offer (or defectively tendered, provided such defect
is waived by the Offeror) (the &#147;<b>Increased
Offer Price per ADS</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror shall at any time in whatever manner and without the
consent of the Company be entitled, subject to the Merger Rules, but under no
obligation whatsoever, to increase the Increased Offer Price per Ordinary Share
and the Increased Offer Price per ADS.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Transfer of the Ordinary Shares tendered under the Offer against
payment of the Increased Offer Price per Ordinary Share and the Increased Offer
Price per ADS (the &#147;<b>Settlement</b>&#148;)
shall occur as soon as possible and ultimately within 5 (five) Business Days
after the date on which the Offer is declared unconditional (<i>gestanddoening</i>) (the &#147;<b>Settlement Date</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Offer Memorandum</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On 19 May, 2008, the Offeror made generally available
in the Netherlands the Offer Memorandum (<i>biedingsbericht</i>).</font></p>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Offer Period</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Without prejudice to any of the Offer Conditions (as defined
hereafter), the Offer shall be open for acceptance for the period mentioned in
the Offer Memorandum.&#160; In the event that
the Offeror declares the Offer unconditional, the Offeror may also publicly
announce a post-acceptance period (<i>na-aanmeldingstermijn</i>)
within 3 (three) Business Days after the Closing Date. The post-acceptance
period commences on the 1st (first) Business Day after such announcement and
shall last for a period of no more than 2 (two) weeks. The Offeror shall
accept, against payment of the Increased Offer price per Ordinary Share and the
Increased Offer price per ADS, and notwithstanding the other terms and
conditions of the Offer, each Share that is tendered within such
post-acceptance period.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The offer period may be extended by the Offeror after prior
consultation with (but not approval by) the Company.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Nothing in this Clause 2.5 shall limit the rights of the Offeror
under Article&nbsp;15 paragraph 5 of the DPOD.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Delisting and post-closing restructuring</b></h2>

<p style="margin:0in 0in .0001pt 30.95pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company acknowledges that it is the intention of the Offeror:</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to terminate the listing of the Ordinary Shares and the Preference
Shares A on Euronext and the listing of ADSs on NYSE as soon as practicable
after Settlement;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to cause the Company to make a filing with the SEC requesting
termination of the registration of the ADSs under the Exchange Act, which could
result in the termination of the Company&#146;s reporting obligations under the
Exchange Act and to cause Corporate Express to terminate the deposit agreement
relating to the ADSs; and</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to acquire all Shares by means of taking any of the actions as set
out in Section&nbsp;6.6 of the Offer Memorandum, in each case in accordance
with the Merger Rules&nbsp;and Dutch law in general.</p>

<p style="margin:0in 0in .0001pt 96.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As long as the Company remains listed on Euronext, it shall continue
to apply the Dutch Corporate Governance Code in effect from time to time and,
accordingly, explain to its shareholders any non-compliance with principles and
best practice provisions set out therein.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>When effecting any post-closing restructuring, the Parties shall
consider the interest of minority shareholders of the Company (if any).</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Approval and recommendation</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the basis that the Offer and the related actions as
contemplated in this Merger Protocol are in the best interest of the Company
and its stakeholders (including its shareholders), the Company confirms that
the Boards have duly considered the Offer and unanimously resolved:</font></p>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to approve and consent to the Merger Protocol and the entering into
by the Company of this Merger Protocol;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to fully support the Offer in so far as it relates to the Ordinary
Shares and to unanimously recommend the Offer for acceptance to the Ordinary
Shareholders;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to include their unanimous recommendation in the Company Press
Release and the Position Statement and to include in the Company Press Release
and the Position Statement a statement to the effect that the Boards have
withdrawn their recommendation to the Lyreco Transaction and terminated the Lyreco
Agreement; and</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>subject to the provisions of this Merger Protocol, that the Boards
and each of their members shall not revoke or materially modify, amend or
qualify their respective recommendation nor make any public contradictory
statements as to their position with respect to the Offer or make any negative
public statements in relation to the Offer in so far as it relates to the other
Securities,<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='6',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
provided that in case one or more members of the Boards are misquoted or
inadvertently or without intent make such modifications, amendments,
qualifications or public contradictory statements, the Company shall not be in
breach of this provision if it publicly reconfirms the recommendation of (the
relevant members of) the Boards within 48 (forty eight) hours following the
publication of such misquote, modification, amendment, qualification or public
contradictory statement.</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>The Position Statement</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In compliance with Article&nbsp;18, paragraph 2 of the
DPOD, the Company will publish a position statement ultimately on 12 June, 2008
containing the information listed in Annex G to the DPOD and the statement
referred to under Clause 2.7(c)&nbsp;hereof (the &#147;<b>Position Statement</b>&#148;). The Offeror and its advisers shall be
given the opportunity to comment on the Position Statement which comments shall
reasonably be taken into account by the Company.</font></p>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Offer Conditions</b></h2>

<p style="margin:0in 0in .0001pt 30.95pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The obligations of the Offeror to declare the Offer unconditional
shall be subject to the conditions precedent that are set out in Section&nbsp;6.5
of the Offer Memorandum (the &#147;<b>Offer
Conditions</b>&#148;), provided that the minimum acceptance condition of the
Offer, as contained in Section&nbsp;6.5.1 of the Offer Memorandum, has been
lowered to the tender for acceptance of such number of Ordinary Shares,
including Ordinary Shares represented by ADSs, Preference Shares A and Bonds
that the votes attached to those securities, together with the votes attached
to the same types of securities owned by the Offeror and/or any of its
affiliates at 17:30 hours CET on the Closing Date, represent at least 51% of
votes attached to the Ordinary Shares, including Ordinary Shares represented by
ADSs, Preference Shares A and Bonds issued and outstanding at 17:30 hours CET
on the Closing Date. For purposes of the calculation of the percentage of votes
referred to in the preceding sentence, (i)&nbsp;the Bonds shall be deemed to
give right to such number of votes as would have been the case if they had been
converted on the Business Day immediately preceding the Closing Date at a
conversion price of EUR 6.87 (six Euro and eighty seven cents) per Bond and (ii)&nbsp;the
Ordinary Shares, Preference Shares A or Bonds shall include any options granted
by the Company to subscribe for Ordinary Shares, Preference Shares A or Bonds,
as the case may be, that are not exercised and have not otherwise resulted in
the issue by the Company of such Ordinary Shares, Preference Shares A or Bonds,
as the case may be, to the option holders on or prior to 17:30 hours CET on the
Closing Date.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offer Conditions are for the benefit of the Offeror and may, to
the extent permitted by applicable law, be waived by the Offeror (either in
whole or in part) at any time by written notice to the Company. However, the
Offeror will<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
not waive the 51% threshold referred to above without the prior written
approval of the Company.</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Best Efforts</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Parties undertakes to use its best efforts
to procure the fulfilment of the Offer Conditions as soon as reasonably
practicable. If at any time a Party becomes aware of a fact or circumstance
that might prevent an Offer Condition being satisfied, it shall immediately
inform the other Parties in writing. Without limiting the generality of the
foregoing, each of the Parties shall make all applications and notifications
required by the Offer Conditions and shall use its best efforts to procure that
all such information as is requested by the relevant authorities in connection
with such applications and notifications is provided as promptly as reasonably
practical.</font></p>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">3.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">UNDERTAKINGS</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Within two business days of the Settlement Date, the Company shall
call a second extraordinary meeting of shareholders of the Company (the &#147;<b>Second Company EGM</b>&#148;), for which the record
date shall be set after the Settlement Date in order to, <i>inter alia</i>, propose to the shareholders to
resolve to approve (i)&nbsp;the proposed amendments to the articles of
association of Corporate Express (the &#147;<b>Corporate
Express Articles of Association</b>&#148;) as described in Section&nbsp;6.6
of the Offer Memorandum, (ii)&nbsp;the proposed appointments of the Offeror&#146;s
designees as members of the Executive Board and of the Supervisory Board, with
immediate effect and (iii)&nbsp;to grant the release of liability (<i>d&#233;charge</i>) of the resigning members of the
Supervisory Board, with immediate effect. The Company shall reasonably do, and
procure to be done, all those things necessary to ensure that the resolutions
referred to in (i), (ii)&nbsp;and (iii)&nbsp;are passed as soon as reasonably
possible.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>With respect to the proposed merger between the Company and Lyreco
S.A.S. (the &#147;<b>Lyreco Transaction</b>&#148;),
which has been laid down in a merger agreement between the Company and Corely
S.C., dated 19 May, 2008 (together with all ancillary agreements related there
to referred to as, the &#147;<b>Lyreco Agreement</b>&#148;):</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Offeror is aware of the break fee of EUR 30,000,000 (thirty
million Euro) included in article 6.2(c)&nbsp;of the Lyreco Agreement, which
shall have to be paid by the Company to Corely S.C. if the Company recommends
the Offer and the Offer is declared unconditional;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company shall terminate the Lyreco Agreement immediately prior
to the&#160; execution of this Merger Protocol
by sending to Lyreco S.A.S. and Corely S.C. a letter in a form substantially
similar to the draft attached as Schedule 7; and</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Boards shall include in the Company Press Release and the
Position Statement the termination of the Lyreco Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall and shall procure that all of its Group Companies
shall pursue its and their rights under or pursuant to the Lyreco Agreement and
the confidentiality<br><br></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
agreement entered into with Lyreco, dated 25 March&nbsp;2008, and shall not waive
any of its or their rights thereunder without the prior approval of Staples,
except in relation to the break free arrangements made in the Lyreco Agreement
(which will be dealt with at the sole discretion of the Company).</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties acknowledge that all rights in respect of the employee
share option plan of the Company will be respected. The Company will ensure
that any Shares vesting under its employee share option plan will result in
cash payments to the relevant beneficiary rather than the issue or delivery of
any Shares, at the level of the Increased Offer Price per Ordinary Share and as
per the Settlement Date. The Company (i)&nbsp;will ensure that all
out-of-the-money options held by Group Employees shall be terminated without
consideration due to the relevant Group Employees and (ii)&nbsp;will, other
than as provided in this Merger Protocol, not take any action in respect of
these plans without prior approval of the Offeror and shall ensure that the
options awarded by the Company to Group Employees in 2008 will all be cancelled
subject to the Group Employees being entitled to a cash payment determined (as
a discretionary payment) by the Executive Board on the basis of clause 9.3 of
such plan, corresponding to the amount as if one-third of those options would
vest and that the net value thereof calculated on the basis of the Increased
Offer Price per Ordinary Share to be paid in cash as per the Settlement Date.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to applicable law, the Parties undertake (i)&nbsp;to consult
each other in respect of any relevant matters in connection with the Offer,
including, without limitation, publicity and investor relations, subject to the
terms and provisions of this Merger Protocol, (ii)&nbsp;to notify each other
promptly (and supply at reasonable request copies of all relevant information)
of any event or circumstance of which they become aware and which would be
likely to adversely affect the Offer, including significant impact on the
satisfaction of the Offer Conditions, (iii)&nbsp;to furnish each other and each
other&#146;s advisors with all such information and documentation as may reasonably
be requested in connection with the Offer (iv)&nbsp;negotiate in good faith the
new situation should the EU authorities decide against the Offer or make it
subject to any conditions, it being understood that this shall not result in
the Offeror having to accept any material obligations.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In order to facilitate the integration of the businesses of Staples
and the Company, an integration committee (the &#147;<b>Integration Committee</b>&#148;) will be established for a period of at
least six months after the Settlement Date. Senior management from both the
Company and Staples will be appointed to the Integration Committee, which will
supervise the integration of the businesses of the respective entities by managing
a number of high-level implementation teams that will also work on the
integration.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each of the Offeror and the Company agree to locate the European
Contract Business headquarter operations in Amsterdam, the Netherlands. The
final organisation will be defined under the supervision of the Integration
Committee, which will work in conjunction with designated board members.</h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='9',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 30.95pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company hereby represents and warrants to the Offeror and Staples
that, at the date hereof, each of the following statements is true and
accurate:</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>neither the Company nor any material Group Company is subject to a
voluntary or involuntary liquidation, administration order, suspension of
payments (<i>surc&#233;ance van betaling</i>)
or any other insolvency proceeding in any jurisdiction and, to the best of the
actual knowledge of the two members of the Executive Board on the basis of
appropriate reporting lines no facts or circumstances exist which would entitle
any person to begin any of those proceedings in any jurisdiction against the
Company or any other material Group Company;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Shares constitute the entire issued and outstanding share
capital of the Company as at 31 May&nbsp;2008 and are duly authorised, validly
issued and fully paid-up. No dividends of any kind are due and payable by the
Company to any of its Shareholders and since 8 April&nbsp;2008 no dividends of
any kind have been declared or proposed by the Company;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>since 31 May&nbsp;2008 the Company has not issued any new Shares
except for the issue of Shares to satisfy its obligations (i)&nbsp;to employees
who have exercised outstanding employee share options in accordance with their
terms and (ii)&nbsp;to Bondholders who have validly converted Bonds in
accordance with their terms;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>there are no outstanding rights granted by the Company to subscribe
for any securities issued by the Company or any other Group Company except for
the rights under the Bonds, the Option Agreement with the Protection Trust and
the rights set out in SCHEDULE 2;</p>

<p style="margin:0in 0in .0001pt 70.85pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the best of the actual knowledge of the two members of its
Executive Board on the basis of appropriate reporting lines (i)&nbsp;it has
publicly disclosed any and all information (a)&nbsp;that is specific and
directly or indirectly relates to a Group Company or the trade in any
securities issued by it and (b)&nbsp;the disclosure of which could have a
significant influence on the value of the securities issued by the Company
within the meaning of Article&nbsp;5:53, paragraph 1, of the DFSA or any
similar applicable legislation in other jurisdictions (such information being &#147;<b>Price-Sensitive Information</b>&#148;), other than
in relation to the discussions between the parties relating to the Proposed
Transaction and the contents of such discussions (in both cases as known to
Staples); and (ii)&nbsp;there are no events or circumstances that it believes
justify or could justify any delayed disclosure of Price-Sensitive Information,
other than in relation to the discussions between the parties relating to the
Offer and the contents of such discussions (in both cases as known to Staples);</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company has taken all corporate action to approve the entering
into of the Merger Protocol and all transactions as contemplated by this Merger
Protocol;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='10',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>since 31 December, 2007, no new employee incentive- retention-,
option- or other benefit plans or programmes have been introduced, nor have any
of the existing plans or programmes been materially altered since that date,
except where it concerns benefit plans in the ordinary course of business; and</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the total amount of costs, fees and expenses incurred by the Company
and Group Companies in relation to the Offer and the Lyreco Agreement
(including advisors fees, but excluding the break fee payable to Lyreco and/or
its affiliates) is estimated to be EUR 55 million (fifty-five million Euro)
excluding valued added and similar tax.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each of Staples and the Offeror hereby represents and warrants to
the Company that, at the date hereof, each of the following statements is true
and accurate:</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Offeror and Staples have taken all corporate action to approve
the entering into of the Merger Protocol and all transactions as contemplated
by this Merger Protocol; and</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Staples has the benefit of credit facilities and other financial
resources required in relation to the Offer and the refinancing of any of the
Company&#146;s existing credit facilities immediately upon Settlement.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror has obtained undertakings from each of the members of
the Executive Board pursuant to which they irrevocably agree to tender their
Shares and Bonds, as the case may be, under the Offer, copies of which are
attached to this Merger Protocol as Schedule 4 and the Company will obtain
irrevocable undertakings from all other Board members no later than before the
First Company EGM.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company undertakes to (a)&nbsp;comply with the terms of its
credit facilities and outstanding indebtedness, including the payment of
principal and interest when due and the making of any offers to purchase
outstanding Bonds, Notes following consummation of the Offer, (b)&nbsp;execute,
and cause its affiliates that are guarantors to execute, supplemental
indentures with respect to the Notes implementing certain amendments approved
by written consents executed and delivered by the holders thereof in connection
with the Note Offers and use its commercially reasonable efforts to have The
Bank of New York, as trustee, to execute such supplemental indentures, and (c)&nbsp;following
consummation of the Offer, if requested by Staples or the Offeror, redeem the
remaining outstanding Bonds or enter into a supplemental indenture to amend
such Bonds to eliminate certain covenants, including those prohibiting the
Company or its affiliate guarantors from granting security interests to third
parties unless a similar security interest is granted to the holders of the
Bonds. The Offeror shall provide to the Company all reasonable assistance that
is required in respect of fulfilling its obligation set forth in this Clause
3.11.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company will, following the consummation of the Offer, (a)&nbsp;cooperate
with reasonable requests made by Staples to terminate existing credit
facilities of Group Companies and (b)&nbsp;in the event the credit facilities
of Group Companies are terminated<br><br></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='11',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
by other parties thereto enter into replacement facilities with Staples or its
affiliates, provided in any such case that Staples has agreed to provide
funding to the Group Companies on terms at least as favourable to the Group
Companies as are in effect under such existing credit facilities.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.13</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties will (i)&nbsp;to the extent required, continue to inform
and consult, in accordance with applicable rules&nbsp;and regulations,
including the Merger Code, with the Unions (unless agreed otherwise) and (ii)&nbsp;inform
and consult, in accordance with applicable rules&nbsp;and regulations, with the
Central Works Council of the relevant Group Company, the European Works Council
of the Group and any other employee representative body of the Group.&#160; The Parties will together review and consider
any issues arising as a consequence of the Offer raised in discussions and
consultations with any relevant employee representative body, and they shall duly
consider any concerns raised by these bodies resulting from such discussions
and consultations before taking final decisions on the matters concerned.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It is furthermore understood that on 11 June, the Company will
inform the Dutch Central Works Council of the relevant Group Company and the
Group&#146;s European Works Council of the transactions contemplated in this Merger
Protocol. If and to the extent that after the Settlement Date measures are to
be implemented by the Company and/or any of the Group Companies that have
social, economic and/or legal consequences, all rights of the Central Works
Council of the relevant Group Company and/or any other employee representative
body of the Group will be respected in accordance with applicable rules&nbsp;and
regulations in respect of any of these decisions.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall consult with the Offeror as to timing, manner and
content of any and all material communications with employee representative
bodies or employees with respect to the Offer and to provide the Offeror with
draft copies of such communications to employee representative bodies or
employees with respect to the Offer so as to enable the Offeror and its
advisers to comment on, and meaningfully participate in, the preparation of
such communications.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall (i)&nbsp;provide the Offeror with executed copies
of the resignation letters of the members of the Supervisory Board other than
those referred to in Recital (O)&nbsp;in a form substantially similar to
Schedule 5 ultimately on 18 June&nbsp;2008 and (ii)&nbsp;use its best efforts
to procure that the members of the supervisory board of other Group Companies
shall, in the event that such companies are subject to the large company regime
(<i>structuurregime</i>), propose for
appointment to those boards the persons to be designated by the Offeror or
Staples and that these members shall resign from those boards, on the basis of
resignation letters substantially similar to those in Schedule 5, upon such
designees&#146; appointments taking effect, it being understood that those
appointments are to become effective by the date of the Second Company EGM.</h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='12',FILE='C:\JMS\eudelhofen\08-16724-2\task2989705\16724-2-ka-01.htm',USER='eudelho',CD='Jun 16 16:19 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">4.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">INTERIM PERIOD</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Conduct of business</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As of the date of this Merger Protocol until the earlier of (i)&nbsp;the
Settlement Date, or if later, until the appointment of the Offeror&#146;s designees
as members of the Boards as set out in Clause 3.1 became effective, and (ii)&nbsp;the
date on which this Merger Protocol is terminated in accordance with Clause 11
(the &#147;<b>Interim Period</b>&#148;), the
Company shall, and shall procure that the Group Companies shall not make any
payments other than arm&#146;s length payment and conduct its business and
operations in the ordinary and usual course of business and that are consistent
with past practice over a period of 3 (three) years prior to the date of this
Merger Protocol.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Furthermore, without in any way limiting the provision set out in
Clause 4.1(a), during the Interim Period, the Company shall and shall procure
that each Group Company:</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>maintains the level of stock at a level sufficient to operate the
business in an efficient manner and to ensure that there is no unusual augmentation
or unusual diminution in the level of stock;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>continues to make capital expenditure pertaining to the business in
accordance with the capital budget relating to the business;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>use its best endeavours to preserve its relationships with all third
parties with which it has material business dealings, including but not limited
to customers, suppliers, licensors, licensees and distributors;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>maintains
the policies for the payment of creditors and ensure, in particular, that there
is no unusual postponement of the payment of creditors or unusual acceleration
of collection of account receivables, in each case having regard to the
policies applied for such payment and collection; and</p>

<p style="margin:0in 0in .0001pt 96.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent in the best interest of the relevant Group company and
reasonably possible, use its best endeavours to maintain the services of its
directors, officers and key employees, and its business relationships with key
customers and others having business dealings with the Group.</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Furthermore, during the Interim Period, without the prior written
consent of the Offeror, which shall not be unreasonably withheld or delayed, or
except as disclosed by the Company to the Offeror prior to signing of this
Merger Protocol, the Company shall refrain from taking any of the following
actions and it shall procure that the Group Companies shall refrain from taking
any of the following actions:</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dispose of or grant any option or right of pre-emption in respect of
any material part of its business;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='13',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>grant any lease or third party right in respect of any of its
properties or transfer or otherwise dispose of any of its properties outside
the ordinary course of business;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>declare, authorise, make or pay any dividend or other distribution
to its shareholders;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>selling
or disposing of, or creating, extending, granting, issuing, encumbering, or
agreeing to sell or dispose of, or create, extend, grant, issue, encumber or
allow any third party rights over any of the Group&#146;s material assets, except as
permitted by this agreement;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other than in connection with the Options, creating, issuing,
increasing, acquiring, reducing, repaying, redeeming or disposing of, or
agreeing to create, issue, increase, acquire, reduce, repay, redeem or dispose
of any Ordinary Shares or equity interests in the capital of the Company,
respectively, as the case may be, or securities convertible into shares or
equity interests;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other
than in connection with the Options, granting or transferring, or agreeing to
grant or transfer, any option in respect of any Ordinary Shares;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>pass
or adopt any resolution of its shareholders or any class of shareholders,
whether in general meeting or otherwise except for resolutions required to be
taken in the ordinary course of business;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>form
any subsidiary or acquire or sell any share in any company or participate in,
or terminate any participation in, any partnership or joint venture other than
in the ordinary course of business;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>settle any existing or initiate any new litigation for an amount
exceeding EUR 2,000,000 (two million Euro);</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>change the accounting procedures, principles or practices of any
Group Company;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make any changes to the Company&#146;s corporate structure or the
Corporate Express Group other than in their ordinary course of business;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>merge,
de-merge or consolidate with or into any other company or business, including
but not limited to Lyreco SAS, except for any such transaction solely among
wholly-owned subsidiaries, or change in any manner its identity or character or
that of its business or take any steps to prepare or implement any of the
foregoing;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='14',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>propose
to appoint any new members on any of the Boards, except for the proposal to
appoint members on the Boards as provided for in this Merger Protocol;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>enter
into any capital commitment or investment that exceeds EUR 90,000,000 (ninety
million Euro) in the aggregate less an amount equal to the aggregate of the
capital commitments or investments made between 1 January, 2008 and the date
hereof;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other
than making annual salary increases in line with past practice and in the
ordinary course of business materially (a)&nbsp;increase, or agree to increase
the remuneration (including fringe, retirement, death or disability benefits)
of any and all managers participating in the employee benefit plans of the
Group Companies, or (b)&nbsp;make any change in the provisions of any and all
employee benefit plans of the Group Companies, or (c)&nbsp;employ or end the
employment of any such person participating in the employee benefit plans of
the Group Companies;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>provide,
extend or renew any guarantee or security for the obligations of any other
party, other than those of any of the Group Companies made in the ordinary
course of business;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>enter
into new borrowings or change or agree to change the principal amount with
respect to borrowings or otherwise amend the terms of any debt of any Group
Company, in each case, other than in the ordinary course of business;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>make or
alter any material tax election or take any material position on any material
tax return filed on or after the date hereof or adopt any tax method therefore
that is inconsistent with elections made, positions taken, or methods used in
preparing or filing any tax return in prior periods;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>decide
to open or close any material facility or office;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except
in the ordinary course of business, enter into any material contract or
agreement relating to the distribution, sale or marketing by third parties of
the products of the Company or any of its subsidiaries;</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>adopt,
amend or implement any shareholder rights plan other than contemplated in this
Merger Protocol; or</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>agree,
conditionally or otherwise, to do any of the foregoing.</p>

<p align="left" style="margin:0in 0in .0001pt 96.4pt;text-align:left;text-indent:-25.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Access rights</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During
the Interim Period and to the extent legally permitted, the Company undertakes
to allow the Offeror and its advisors reasonable access to its directors,
senior employees, documents and advisors to furnish the Offeror all such
information and<br><br></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='15',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
documentation as may be reasonably requested by the Offeror in connection with
the Offer, the financing thereof or transition planning and inform the Offeror
of developments material to the Company and/or the Group Companies.</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">5.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">CORPORATE GOVERNANCE</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As from the Settlement Date, the Executive Board shall consist of
Peter Ventress and Floris Waller. At the Second Company EGM certain additional
persons designated by Staples or the Offeror shall be proposed to be appointed
to the Executive Board.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On the Second Company EGM the individuals nominated by the Offeror
shall be appointed to the Supervisory Board. In the event that the Offeror and
its affiliates shall not within 3 (three) months of the Settlement Date have
acquired at least 95% of the issued and outstanding Ordinary Shares, it shall
appoint to the Supervisory Board one or two independent members (i.e. within
the meaning of the Dutch Corporate Governance Code), who must approve any
related party transactions and decisions directly affecting the position or
rights of the minority shareholders of the Company, including where appropriate
decisions regarding any post-closing restructuring as referred to in Section&nbsp;6.6
of the Offer Memorandum. For as long as the Offeror has not acquired at least
95% of the issued and outstanding Ordinary Shares, it shall not implement or
decide to implement any measures which, in accordance with the preceding
sentence, require the approval of independent members of the Supervisory Board.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All current members of the Supervisory Board have agreed to resign
from their positions as members of the Supervisory Board as per the Second
Company EGM and have confirmed that they have no claim whatsoever against the
Company in respect of loss of office or otherwise, except with respect to
compensation duly accrued in respect of services rendered to the Company during
the financial year 2008 and as separately agreed otherwise between the Company
and the Offeror. The Offeror agrees to procure that at the Second Company EGM
any resigning member of the Supervisory Board will be fully released from his
duties as per the date of resignation and granted a release of liabilities (<i>d&#233;charge</i>) for the financial year 2008,
provided that by the time of such resignation, no fraud, gross negligence or
wilful misconduct of such member has become apparent or other compelling reason
against such discharge has arisen.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the Offeror declaring the Offer unconditional (<i>gestand wordt gedaan</i>), Peter Ventress will
be offered by Staples the position of President, Staples International and
Floris Waller will be offered by Staples the position of Chief Financial
Officer, Staples International.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">6.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">EMPLOYEES AND BUSINESS STRATEGY</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Employee Undertakings</b></h2>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties recognize the importance of the role that the Group
Employees will have for purposes of ensuring the success of the contemplated
business combination. Although the Parties have not yet prepared specific plans
for<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='16',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
combining the two businesses, based solely on publicly available information
and its limited due diligence review Staples (i)&nbsp;intends to continue the
activities of the Company and the Group Companies and plans to maintain a
significant presence in The Netherlands, (ii)&nbsp;does not currently intend to
materially reduce the number, or materially change the terms or conditions of
employment, of Group Employees and (iii)&nbsp;if any such action is taken
however, the Offeror acknowledges that it shall take into account any
applicable rules&nbsp;and regulations on employee consultation.</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For a period of 12 months following the Settlement Date, or longer
as may otherwise be required by applicable law, and without any prejudice to
any amendments that may be agreed by the relevant parties or otherwise become
effective, the Offeror shall, or cause the Group Companies to, honour, fulfil
and discharge all obligations in existence on the date hereof to all Group
Employees under the employee benefit plans and will allow the Company to
implement in the event of any redundancies of Group Employees, any severance
plans and practices used by the Company in determining applicable severance
payments, except if and to the extent such benefit plans and practices
materially differ from what is customary in the relevant jurisdiction. Nothing
in this paragraph shall restrict the Parties from amending the employee benefit
plans in the event of a change in the applicable law.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties agree that for purposes of the nomination, selection,
appointment or dismissal of employees of the Offeror Group (including,
following Settlement, the Group Companies) following the Settlement Date Group
Employees shall be given equal opportunities as employees of the Offeror Group
(other than Group Companies).</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties agree that existing obligations pursuant to (i)&nbsp;employment
agreements of the employees of the Company and the Group Companies and pursuant
to (ii)&nbsp;existing employee consultation arrangements, will be honoured.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties agree (i)&nbsp;that the rights of the Group Employees
and former Group Employees in relation to pension entitlements shall be respected
in accordance with applicable law and the relevant terms of those legally
binding entitlements and (ii)&nbsp;that the Company and/or the Offeror shall
not take any action to extract cash from the relevant pension funds, in each
case, without prejudice to any rights of Group Companies to seek suspensions
from the obligations to make pension contributions in line with the Company&#146;s
past practice. The preceding sentence does not intend to create or imply a
requirement that Group Companies make contributions to the pension funds that
are not required by applicable law and regulations or by existing agreements
with the relevant pension funds.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties shall negotiate in good faith during the 2 (two) weeks
following the date hereof whether it is appropriate for retention purposes to
create a<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='17',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
voluntary scheme under which an amount of up to EUR 8,000,000 (eight million
Euro) that has yet to become due for the financial year 2008 becomes
guaranteed.</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Business Strategy</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Parties have discussed their combined business strategy upon successful
completion of the Offer. The Parties are of the firm opinion that the Group&#146;s
business and the Offeror&#146;s business are highly complementary and provides the
growth and platform necessary for the combined business to remain competitive
taking advantage of synergies and economies of scale and making more effective
use of the merging parties&#146; network. The Parties are furthermore of the opinion
that the combined business will benefit from each Party&#146;s know how and
experience and excellence in service delivery to its customers. Further
arrangements and discussions are set out in SCHEDULE 6.</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">7.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">EXCLUSIVITY</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>For the purpose of this Protocol:</b></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Alternative Proposal</b> means any offer for any or all of the Shares or Bonds or for the
whole or any material parts of the undertaking, business or assets of the
Company or any significant Group Company or any proposal involving the
potential acquisition of a substantial interest in the Company or any
significant Group Company or a legal merger or demerger involving the Company
or any significant Group Company or reorganisation or re-capitalisation of the
Company or any significant Group Company.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>More Beneficial Alternative Proposal</b> means a serious proposal from a <i>bona
fide </i>third party for a business combination that would involve an
attempt to effect a change of control of the Company through a cash offer for (i)&nbsp;all
issued and outstanding Shares and Bonds or (ii)&nbsp;all of the assets of the
Corporate Express Group that, in either case, in the reasonable opinion of the
Boards is &#151; taking into account the identity and track record of Staples and
the Offeror and that of the third party making such proposal, certainty of
execution (including but not limited to certainty of funding), conditionality,
timing, benefits for employees and the interests of the shareholders and other
stakeholders of the Company &#151; a more beneficial offer than the Offer as
contemplated in this Merger Protocol, whereby the consideration offered by the
party that makes the More Beneficial Alternative Proposal must be in cash and
at least EUR 9.75 (nine Euro and seventy-five cents) per Ordinary Share. The
consideration of any subsequent More Beneficial Alternative Proposal (which
shall include any amended More Beneficial Alternative Proposal) must exceed the
most recent consideration offered by the Offeror for each of the Ordinary
Shares, including in any Revised Offer (as defined below), by at least 5%,
failing which such merger, offer or proposal shall not qualify as a More
Beneficial Alternative Proposal for the purpose of this Clause.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='18',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the period between the signing of this Protocol and the
termination of this Protocol in accordance with Clause 11 (the<b> &#147;Exclusivity Period&#148;</b>):</h2>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company shall, and shall ensure that all of the Group Companies
and its and their respective representatives, including the members of each of
the Boards (together the &#147;<b>Relevant Persons</b>&#148;),
take all actions reasonably required to ensure the success of the Offer as
expediently as practicable;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company shall not, and shall ensure that each of the Relevant
Persons shall not, in any way, directly or indirectly, solicit an Alternative
Proposal; and</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>subject to the confidentiality undertaking between the Offeror and
the Company dated June&nbsp;6, 2008 in relation to the disclosure of price
sensitive information, the Company shall notify the Offeror promptly (and in
any event within 48 (forty-eight) hours) in writing of any approach that is
received by it or any of its Relevant Persons from any third party in relation
to an Alternative Proposal, it being understood that as a minimum the Company
shall promptly notify the Offeror of its knowledge of the identity of such
third party, the proposed consideration, the conditions to (the making of) the
Alternative Proposal and other key terms of such Alternative Proposal, so as to
enable the Offeror to consider its position in light of such Alternative
Proposal and to assess the (possible) effects of such Alternative Proposal on
the Offer and the Offer&#146;s chances of success.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that a third party makes or announces its intention to
make an Alternative Proposal or
informs the Company directly or any member of the Company&#146;s Board that it will
make or considers making an Alternative
Proposal, the following steps shall be completed:</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event the Boards conclude that the Alternative Proposal is a More Beneficial Alternative Proposal  as contemplated in this Merger Protocol,
the Company shall promptly inform the Offeror thereof (in any event within 48
(fourty-eight hours) of concluding that the Alternative
Proposal qualifies as a More Beneficial Alternative Proposal) in writing
(such information in writing hereinafter the &#147;<b>Notice</b>&#148;)
and shall provide to the Offeror all material details known to the Company
regarding the More Beneficial Alternative
Proposal (including (i)&nbsp;the identity of the relevant third party, (ii)&nbsp;the
proposed consideration and other key terms of the More Beneficial Alternative Proposal and (iii)&nbsp;whether the
Company intends to provide to a third party confidential information or to
enter into negotiations with such third party.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Offeror shall have 5 (five) Business Days following the date on
which it has received the Notice in respect of a More Beneficial Alternative Proposal to announce to the Company a
revision of the Offer that either provides an offer price for the Ordinary
Shares that is at least as high as the More Beneficial Alternative Proposal or
is in the reasonable opinion of the Boards<br><br></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='19',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
at least equivalent to the terms and conditions of the More Beneficial
Alternative Proposal as contained in the Notice (&#147;<b>Revised
Offer</b>&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Offeror fails to agree to make a Revised Offer in accordance
with Clause 7.3(b)&nbsp;or has indicated that it will not announce a Revised
Offer within such 10 (ten) Business Day period following the date on which it
received the Notice in respect of the More Beneficial Alternative Proposal, the
Boards may revoke the Recommendation, each Party shall be entitled to terminate
this Merger Protocol with immediate effect, following which, without prejudice
to Clause 11.1, the Parties shall no longer be bound by this Merger Protocol in
any respect.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Offeror has announced a Revised Offer in accordance with
Clause 7.3(b), the Parties shall not terminate this Merger Protocol and shall
continue to be bound by their respective rights and obligations of this Merger
Protocol, including in relation to any future More Beneficial Alternative Proposal for the Company.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>By its acceptance of the terms of this Merger Protocol, the Company
confirms (i)&nbsp;that, subject only to the termination of the discussions with
Lyreco S.A.S. and any of its affiliates in accordance with Clause 3.2(b)&nbsp;above,
it is at the date of signing this Merger Protocol not in negotiations,
activities or discussions with any third party that may lead to an Alternative
Proposal, and (ii)&nbsp;that, other than the EUR 30,000,000 (thirty million
Euro) break fee referred to in Clause 3.2(a)&nbsp;above, it has no liabilities
pursuant or relating to any break fee arrangement, incentive fee, cost
compensation or any similar arrangement with any third party in connection with
an Alternative Proposal except for existing obligations with the Company&#146;s
investment bankers, financing banks and other advisors in relation to the
Lyreco Transaction and the Offer referred to in Clause 3.8(h).</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">8.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">PRESS RELEASES</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At or
around 08.00 hours CET on 11 June, 2008 (the &#147;<b>Announcement
Date</b>&#148;), the Press Releases shall be made available to (i)&nbsp;Euronext,
(ii)&nbsp;the AFM, (iii)&nbsp;the Social Economic Council (<i>Sociaal Economische Raad</i>), (iv)&nbsp;the
central works council of the Company and the Group Companies, (vi)&nbsp;the
relevant trade unions of both the Offeror and the Company and (vii)&nbsp;the
relevant (international) press agents.</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">9.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">COSTS</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any costs
incurred by any Party in connection with the preparation for or performance of
obligations under this Merger Protocol or in connection with the preparation or
consummation of the Offer shall be for its own account.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that this Merger Protocol
is terminated by any Party pursuant to Clause 7.3(c), the Company shall be liable to pay to
the Offeror an amount of EUR 45,000,000 million (forty-five million Euro) by way of a compensation of damages and<br><br></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='20',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;"><br>
reimbursement of </font>all fees, costs and expenses incurred
by the Offeror, which payment shall be due upon the earlier of:</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the More Beneficial Alternative Proposal being declared
unconditional or otherwise becoming unconditional;</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the fifth (5<sup>th</sup>) Business Day after the date on which the
relevant party either informs the Company or makes a public announcement to the
effect that it no longer is considering to make the More Beneficial Alternative
Proposal that has led the Company&#146;s Boards to revoke or amend the
Recommendation, that it withdraws that More Beneficial Alternative Proposal or
that it otherwise no longer pursues that More Beneficial Alternative Proposal;
or</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the ninetieth (90<sup>th</sup>) day after termination of this Merger
Protocol in accordance with Clause 7.3(c).</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If and when the Company is informed by the relevant third party that
it no longer is considering to make the More Beneficial Alternative Proposal
that has led the Company&#146;s Boards to revoke or amend the Recommendation, that
it withdraws that More Beneficial Alternative Proposal or that it otherwise no
longer pursues that More Beneficial Alternative Proposal, as referred to in
Clause 9.2(b), the Company shall inform the Offeror and Staples in writing
within 24 (twenty-four) hours of it so being informed by the relevant third party.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">10.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">CONFIDENTIALITY</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the provisions of this Merger Protocol, none of the
Parties shall, without the written approval of another Party, disclose the
existence or contents of this Merger Protocol or the discussions and
negotiations concerning the Offer, to any third party except to the extent that
it is obliged to make such a disclosure pursuant to applicable law, rules&nbsp;or
regulations, including, without limitation, the Merger Rules&nbsp;or a binding
decision of a court or other governmental authority, including, without
limitation, a request or order of the AFM; where possible, the disclosing party
shall, prior to disclosure, consult with the other Party about the form and
content of such mandatory disclosure.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The provisions of the confidentiality agreement entered into by
Staples and the Company on 6 June, 2008 shall remain in full force and effect
until this Merger Protocol is terminated in accordance with Clause 11, it being
understood that nothing set out therein or in the Merger Protocol shall
restrict any Offeror Group Company from acquiring any Ordinary Shares or other
securities issued by the Company.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">11.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">TERMINATION</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except for Clauses 9 to 15 inclusive, which Clauses shall survive
termination of this Merger Protocol, this Merger Protocol and the rights and
obligations hereunder will immediately terminate if:</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Parties so agree in writing;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='21',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>this Merger Protocol is terminated in accordance with Clause 7.3(c);
or</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>on the third Business Day following the Closing Date any or all of
the Offer Conditions are not satisfied or have not been waived in accordance
with Section&nbsp;6.5 of the Offer Memorandum and the press release issued by
the Offeror on 3 June, 2008, and the relevant Party that has the right to waive
the same terminates this Merger Protocol in writing.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that this Merger Protocol is terminated pursuant to
this Clause 11, none of the Parties shall have any claim against another Party,
save for a pre-existing breach of a Party&#146;s obligations under any provision of
this Merger Protocol.</h2>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">12.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">GUARANTEE</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Staples
hereby unconditionally and irrevocably guarantees to the Company due and
punctual compliance by the Offeror of all of the Offeror&#146;s obligations,
commitments and undertakings under or pursuant to or in connection with this
Merger Protocol (the &#147;<b>Guaranteed Obligations</b>&#148;),
it being understood that if and whenever the Offeror fails for any reason
whatsoever to comply promptly with any Guaranteed Obligation under this Merger
Protocol, the Company may forthwith demand that Staples complies with such
Guaranteed Obligation as a primary obligor.</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">13.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">NOTICES</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any notice or other formal communication given under this Merger
Protocol (including fax, but not email) must be in writing and may be delivered
in person, or sent by post or fax, to the Party to whom it is to be given as
follows:</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the Offeror:</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Staples Acquisition B.V.</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jool-Hulstraat 24</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1327 HA Almere</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Netherlands</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Att.: Management Board c/o Theo van Brandenburg</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax.: +31 (0)36 54 78 095</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to:</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Staples,&nbsp;Inc.</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500 Staples Drive</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Framingham, MA 01702</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States of America</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Kristin Campbell</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax: +1 508 253 8955</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='22',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And with a copy to, which shall not constitute a
notice to, Clifford Chance LLP, 10 Upper Bank Street, London E14 5JJ, United
Kingdom, fax number: +44 (0) 20 7006 5555, marked for the attention of Mr.&nbsp;P.M.
Alexander,</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the Company at:</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hoogoorddreef 62</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1101 BE Amsterdam</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax: +31 20 651 1011</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">marked for the attention of: Ms H van der Kooij, with
a copy to, which shall not constitute a notice, Allen&nbsp;&amp; Overy LLP,
Apollolaan 15, 1077 AB, The Netherlands, fax numbers +31 (0)20 674 1835 and +31
(0)20 674 1937, marked for the attention of Mr.&nbsp;M.H. Muller and Mr.&nbsp;C.E.
Hon&#233;e,</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 30.95pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or at any such other address or fax number of which it
shall have given notice for this purpose to the other Party under this Clause
13. Any notice or other communication sent by post shall be sent by recorded
delivery post (<i>aangetekende post met
ontvangstbevestiging</i>) (if the place of destination is in the same
country as its country of origin) or by overnight courier (if its destination
is elsewhere).</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any notice or other communication shall be deemed to have been
given:</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if delivered in person, at the time of delivery; or</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if sent by post, at 10.00&nbsp;a.m. on the second Business Day after
it was sent by recorded delivery post (<i>aangetekende
post met ontvangstbevestiging</i>) or at 10.00&nbsp;a.m. (local time at
the place of destination) on the 5th (fifth) Business Day after it was sent by
overnight courier; or</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if sent by fax, on the date of transmission, if transmitted before
5.00&nbsp;p.m. (local time at the place of destination) on any Business Day and
in any other case on the Business Day following the date of transmission.</p>

<p align="left" style="margin:0in 0in .0001pt 70.85pt;text-align:left;text-indent:-39.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In proving the giving of a notice or other communication it shall be
sufficient to prove that delivery in person was made or that the envelope
containing the communication was properly addressed and posted, either by
recorded delivery post (<i>aangetekende post
met ontvangstbevestiging</i>) or by overnight courier (as the case may
be), or that the fax was properly addressed and transmitted.</h2>

<p style="margin:0in 0in .0001pt 31.2pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">14.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">MISCELLANEOUS</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If part of this Merger Protocol is or becomes invalid or
non-binding, the Parties shall remain bound to the remaining part. The Parties
shall replace the invalid or non-binding part by provisions which are valid and
binding and the legal effect of which, given the contents and purpose of this
Merger Protocol, is, to the greatest extent possible, similar to that of the
invalid or non-binding part.</h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='23',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No Party may assign its rights and obligations, or its legal relationship,
pursuant to this Merger Protocol to any third party.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other than the obligation of the Offeror to release the resigning
Supervisory Board Members of their liabilities, the terms of this Merger
Protocol may be enforced only by a Party to this Merger Protocol or a Party&#146;s
permitted assignees or successors. This Agreement does not contain any third
party stipulation (<i>derdenbeding</i>).</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Without prejudice to the provisions of Clause 10, the Parties hereby
waive to the fullest extent permitted by law (i)&nbsp;their rights under
Articles 6:265 to 6:272 inclusive and Article&nbsp;6:228 (<i>dwaling</i>) of the DCC to rescind (<i>ontbinden</i>), or demand in legal proceedings
the rescission (<i>ontbinding</i>) of,
this Merger Protocol and (ii)&nbsp;their rights to demand in legal proceedings
annulment (<i>vernietiging</i>) of this
Merger Protocol.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Agreement can only be amended or supplemented by all Parties in
writing.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For the purpose of this Merger Protocol, any approval of the Company
shall be deemed to include the approval of each of the Boards.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The expression the &#147;Offer&#148; extends to any improved or revised offer
by the Offeror.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">15.</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">GOVERNING LAW AND JURISDICTION</font></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt 31.2pt;page-break-after:auto;text-align:left;text-indent:-31.2pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Agreement is construed in accordance with and shall be governed
exclusively by the laws of the Netherlands.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 31.2pt;text-align:left;text-indent:-31.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All disputes in connection with this Merger Protocol shall be
finally and exclusively settled in accordance with the Arbitration Rules&nbsp;of
the Netherlands Arbitration Institute, including the possibility of arbitral
summary proceedings (<i>arbitraal kort geding</i>).
The place of arbitration shall be Amsterdam, the Netherlands. The arbitral
tribunal shall comprise three arbitrators. The arbitrators shall decide in
accordance with the rules&nbsp;of law. The arbitral procedure shall be
conducted in the English language.</h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='24',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATORIES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Agreement has been signed by the Parties (or their duly authorised
representatives) on the date stated at the beginning of this Merger Protocol.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signed
  by</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For and
  on behalf of</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Theo van Brandenburg</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Offeror</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signed
  by</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
  and on behalf of</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Ronald L. Sargeant</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Staples,&nbsp;Inc.</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signed
  by</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
  and on behalf of</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Peter Ventress</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Company</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signed
  by</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
  and on behalf of</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Floris F. Waller</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Company</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:42.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\rmoralec\08-16724-2\task2989629\16724-2-ka-03.htm',USER='rmoralec',CD='Jun 16 16:45 2008' -->


</body>

</html>
</TEXT>
</DOCUMENT>
</SUBMISSION>
