First Quarter 2004

Amsterdam, 6 May 2004

2

“Safe Harbour” Statementunder the Private Securities Litigation Reform Act of 1995

Statements included in this presentation which are not historical facts are forward-looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Such forward-looking statements are made based upon management’s expectations and beliefs concerning future events impacting Buhrmann and therefore involve a number of uncertainties and risks, including, but not limited to industry conditions, changes in product supply, pricing and customer demand, competition, risks in integrating new businesses, currency fluctuations and the other risks described from time to time in the Company’s filings with the US Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on June 27, 2003. As a result, the actual results of operations or financial conditions of the Company could differ materially from those expressed or implied in such forward-looking statements. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statements.

3

Q1 2004 sales and EBITAE

64%

7%

29%

Office Products North America

Office Products Europe/Australia

Graphic Systems

Sales EUR 1,348 mln EBITAE EUR 51 mln-1%

76%25%

Holding cost EUR 6mln

4

Summary - First quarter 2004“We are encouraged by the overall performance”

Increase in organic sales

Profitability improved substantially

Sales EUR 1,348 million (-37%) Mainly due to divestment Paper Merchanting, currency impact

Organic sales growth +2% - best performance in 12 quarters Office Supplies Australia, ASAP software and Graphic Systems

Office Supplies North America and Office Supplies Europe

5

Summary - First quarter 2004 (Cont’d)

EBITA(E) flat at EUR 51mln, at constant rates +12% Strong improvement in continued operations

Divested Paper Merchanting contributed EUR 15 mln in Q1-03

Working capital (4 quarter rolling average) further improved to 10.1% (from 11.1% Q1-03)

Substantial increase in net profit* to EUR 25.7 mln Q1-03 EUR 5.1 mln

Substantially lower financing costs, lower interest charges, cost reduction measures, efficiency gains

EPS* EUR 0.13 (Q1 2003 EUR 0.02) * On ordinary operations before amortisation goodwill and exceptional items

6

-10%

-5%

0%

5%

10%

Q12002

Q22002

Q32002

Q42002

Q12003

Q22003

Q32003

Q42003

Q12004

Organic growth

-10%

-5%

0%

5%

Q12002

Q22002

Q32002

Q42002

Q12003

Q22003

Q32003

Q42003

Q12004

-30%

-20%

-10%

0%

10%

20%

30%

Q12002

Q22002

Q32002

Q42002

Q12003

Q22003

Q32003

Q42003

Q12004

Graphic Systems Q1 2004 7% of total Group’s sales

OP Europe/AustraliaQ1 2004 29% of total Group’s sales

-10%

-5%

0%

5%

10%

Q12002

Q22002

Q32002

Q42002

Q12003

Q22003

Q32003

Q42003

Q12004

OP North AmericaQ1 2004 64% of total Group’s sales

Buhrmann

Office ProductsIncludesPaper Merchanting

7

First quarter trends return on sales %

8

Cash Flow and financing

Available cash flow EUR (27) mln Increase in working capital of EUR 41 mln (seasonal decrease in

creditors)

Capex EUR 15 mln

Interest-bearing net debt at EUR 893 mln Increase due to currency fluctuations and cash outflow

In % of group equity 58% (Q1-2003 88%)

Net financing costs more than halved to EUR 20.1 mln Lower level of debt

Optimisation of debt portfolio conducted in Q4 2003

9

Cash flow statement

in EUR mln Q1 2004 Q1 2003

Operating result on cash basis 72.7 138.9 Change in inventories 28.2 (6.2)

Change in trade receivables 43.0 119.3

Change in trade creditors (158.3) (163.9)

Change in other receivables/liabilities 45.7 41.6

Change in working capital (41.4) (9.2)

Financial payments (24.3) (35.5)

Other operational payments (7.7) (11.3)

Cash Flow from operational activities (0.7) 82.9

Investments in tangible fixed assets (15.1) (18.1)

Acquisitions, integration, divestments (11.5) (6.8)

Available Cash Flow (27.3) 58.0

10

Average working capital as % of sales4 quarter rolling average / Excl. Paper Merchanting Division

-150

-50

50

150

10%

11%

12%

13%

14%

Q32001

Q42001

Q12002

Q22002

Q32002

Q42002

Q12003

Q22003

Q32003

Q42003

Q12004

From 11.1% to 10.1%

From 12.1% to 11.1%

EUR mln

Working capital outflow

Working capital inflow

11

Net debt development

2,0042,183

1,616 1,7681,679 1,667

1,576 1,533 1,493 1,464

856 893

1,636

1,9001,893

836

1,4981,5481,735

500

1,000

1,500

2,000

2,500

Q42001

Q12002

Q22002

Q32002

Q42002

Q12003

Q22003

Q32003

Q42003

Q12004

Fixed Rates EUR/USD 1.22, EUR/GBP 0.67Actual rates

Debt reduction EUR 743 mln

At fixed ratesDebt reduction EUR 640 mln

12

Total Office Products

Q1 2004 Sales EUR 1,252 mln

EBITAE EUR 58 mln

Q1 2003 Sales EUR 1,381 mln

EBITA EUR 51 mln

Q1 2002 Sales EUR 1,667 mln

EBITA EUR 86 mln

Sales (in EUR)

1000

1200

1400

1600

1800

Sales (at constant rates)

1,000

1,200

1,400

1,600

13

Total Office ProductsMarket conditions remained soft in most of our countries

Organic growth flat y-on-y

EBITAE +13% to EUR 58 mln (at constant rates +25%) Margin improvements through expansion private brand offering

Successful reduction in cost base

Efficiency gains

Average capital employed down 11% year-on-year at constant rates Actual numbers -19% to EUR 785 mln

eCommerce up to 34% of global office products sales

14

Private brands

Advantages customers: Broaden the selection of high quality products

Quality product at lower price compared to manufacturer brand

Same specifications as manufacturer brand

Advantages Buhrmann: Increase brand awareness / customer loyalty

Consistent ‘Value for money offer’

Contribute to improving margins

15

Private brands (cont’d)

Office Products Europe: Corporate Express 1,100 sku’s to be expanded to 1,600 Roll-out started early 2003 as replacement for local private

brands

Office Products North America: multiple brand strategy Corporate Express Signature, Corporate Express Brand,

EXP, DPS EXP (good quality, value pricing) and DPS (sourced from

diversity manufacturers) are existing brands Roll-out Corporate Express Brand started in Q4 2003 Up to 1,300 sku’s will be released throughout 2004

16

Office Products North America

Q1 2004 Sales EUR 866 mln

EBITAE EUR 43 mln

Q1 2003 Sales EUR 1,003 mln

EBITA EUR 43 mln

Q1 2002 Sales EUR 1,271 mln

EBITA EUR 71 mln

Sales (in EUR)

600

800

1000

1200

1400

Sales (in USD)

800

900

1000

1100

1200

17

Organic growth 2% (ASAP +21%, Office Products -2%)

-2% organic growth in Office Products primarily due to Accelerated shift to private brand products

Softness in furniture business

Lower paper prices

Added Value excl. ASAP improved 0.2% to 30.8%

EBITAE flat at EUR 43 mln, at constant rates +16.5%

Another strong quarter ASAP software Sales almost flat in euros. In US dollars +15%

EBITAE EUR 5.0 mln (Q1-03 EUR 4.6 mln). In USD +28%

Office Products North America

18

Office Products Europe / Australia

Q1 2004 Sales EUR 386 mln

EBITAE EUR 15 mln

Q1 2003 Sales EUR 378 mln

EBITA EUR 8 mln

Q1 2002 Sales EUR 396 mln

EBITA EUR 15 mln

% Added value / Sales

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

Sales

300

350

400

450

19

Organic decline 2% (OP Europe down, OP Australia up)

UK: Sequential positive sales trend, confirms management actions taken

Benelux: market conditions remained weak Germany: Office supplies business performed better, while

demand for furniture and copiers remained weak Other European countries generally continued to do well

EBITAE up over 60% at constant rates Profitability European office products increased due to

Restructuring implemented last year

Success of margin enhancement initiatives such as private brand

Office Products Europe / AustraliaListed CE Australia discloses on semi-annual basis

20

Graphic Systems

Q1 2004 Sales EUR 96.7 mln

EBITA EUR (1) mln

Q1 2003 Sales EUR 62 mln

EBITA EUR (9) mln

Q1 2002 Sales EUR 100 mln

EBITA EUR 1 mln

% Added value / Sales

20.0%

22.0%

24.0%

26.0%

Sales

0

50

100

150

200

21

Sales up 56% to EUR 97 mln, Organic growth 27% Q1-03 EUR 13 mln negative impact from new revenue recognition rule

Too early to determine if market recovery is imminent given

• Late cyclical nature of business

• General economic circumstances have not improved

DRUPA (6-19 May) may stimulate order intake in H2-04

Continue to reinforce “triple S” strategy

EBITAE loss EUR 1 mln versus loss of EUR 9 mln in Q1-03

Graphic Systems

22

Closing remarks From a stronger financial and operational base, the re-aligned

and more focused marketing and sales efforts targeted at specific customer segments are having a positive effect on sales volumes

Global sourcing initiatives and growth in our private brands are beneficiary to our absolute margins, although on average selling prices are lower for our private brands than for manufacturers’ brands

We expect available cash flow to be positive for 2004

23

Leaders in business services

and distribution

www.Buhrmann.com

Corporate Communications +31.20.651.1034

Investor Relations +31.20.651.1042

24

Financial considerations

Effective tax rate (on EBTAE) full year 2004 about 15-20% Medium term around 25%

Capex* 2004 about EUR 80 mln 2003 EUR 79 mln (of which Paper Merchanting EUR 11 mln)

Goodwill amortisation* 2004 about EUR 50 mln 2003 EUR 52 mln (of which Paper Merchanting EUR 2 mln)

Depreciation 2004* about EUR 87 mln 2003 EUR 104 mln (of which Paper Merchanting EUR 17 mln)

Holding costs about EUR 23 mln on annual basis US Dollar exposure

A 10% change in USD/EUR exchange rate affects net result from ordinary operations before goodwill amortisation by approximately 7%

* Subject to currency fluctuations

25

ASAP Software

In EUR mln Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004

Sales 149 246 164 229 147

Added value 14.4 18.1 14.6 18.4 15.3

As % of sales 9.6% 7.4% 8.9% 8.0% 10.4%

EBITAE 4.6 7.7 4.5 8.4 5.0

As % of sales 3.0% 3.1% 2.7% 3.7% 3.4%

In USD mln

Sales 160 277 184 270 184

Added value 15.4 20.5 16.4 21.8 19.1

EBITAE 4.9 8.7 5.0 9.8 6.3

26

Change in number of employeesExcluding Paper Merchanting Division

Number of employees decreased 4,005

(2,270) (1,614) (121)

27

Funding (per 31-03-2004)

in EUR mln Actual Applicable Interest %

Revolver (EUR 255 mln facility) - Commitment fee 0.75%

Drawings: EURIBOR + 2.50%

Term Loans Total 478

Term Loan A 118 EURIBOR + 2.50%

Term Loan B 360 EURIBOR + 2.75%

Convertible (subordinated) 115 2.00%

Securitisation (ARSP) 82 LIBOR + 0.50%

High Yield ($ 350mln)(subordinated) 286 12.25%

Other Debt

Cash

62

<130>

Interest-Bearing Net Debt 893

28

(Cumulative) redemption schemeARSP is considered to be a permanent programme

0

100

200

300

400

500

Other 2004 2005 2006 2007 2008 2009 2010 >2010

0

250

500

750

1000

1250

Other 2004 2005 2006 2007 2008 2009 2010 >2010

Cumulative redemption scheme

Redemption scheme

29

Details on Credit Facility

End of Minimum Interest

Coverage

Maximum Leverage

Ratio

2004 2.40 4.45

2005 2.65 4.10

2006 3.20 3.70

2007 3.50 3.25

2008 + thereafter

3.50 3.00

Applicable Margin for

Leverage Ratio

Term Loan A and

Revolver

Term Loans B

Commitment Fee

Revolver

> 3.50 2.50% 2.75% 0.75%

3.00 - 3.50 2.25% 2.75% 0.75%

2.50 - 3.00 2.00% 2.50% 0.75%

2.00 - 2.50 1.75% 2.50% 0.75%

< 2.00 1.50% 2.50% 0.75%

Definitions for Credit Facility purposes may differ from published figures Interest Coverage = EBITDA / Interest Expense Leverage Ratio = Gross Debt / EBITDA Calculated on 4 quarter rolling basis

30

Accounting policies• Exceptional items – during the course of a year, certain events take place that may be

viewed as part of a company’s normal business operations. these events however, have unique characteristics that set them apart from the company’s standard day-to-day operations, these events may be so infrequent and of such a size that reporting them as exceptional items provides the opportunity to give a more operationally oriented view on the results of the business. other events, such as restructurings are so large and impact the company’s operations and cost structure so significantly, that reporting them as exceptional items aims to clarify the effect of these decisions on the results of operations. In order to increase transparency these events have been separately disclosed as exceptional results

• Revenue recognition (for equipment sales of the Graphic Systems Division) – Following the release of the new Guideline for Annual Reporting on Revenue Recognition (270.2) from 2003 onwards the equipment sales are recorded after installation, instead of at delivery.

• Organic growth rates exclude all factors that disturb a like-for-like comparison, such as: currency exchange rate movements, acquisitions, divestments, variations in the number of working days, the change- to a commission-based model at our ASAP Software subsidiary, and the change in the sales recognition of the Graphic Systems Division

• Non-GAAP measures: Figures are often presented before exceptional items and where applicable before amortisation and impairment of goodwill. These figures are regarded by Buhrmann as key performance indicators increasing the transparency of the reporting.

31

Drivers of value creation

Focus on profitable organic growth Consolidate in large client segment and win new accounts

Grow mid-market segment

Product range extension & margin management

Private brands

Focus on cost control Continued re-engineering

Customer profitability

Focus on cash generation Working capital management

Selective capital expenditure

32

Financial targets

EBITDA / cash interest > 3 times

Debt /enterprise value < 50%

Operational targets per division

EBITAE ROCE*

Office Products 6.5% 32.5%

Graphic Systems 3 - 8% 15 - 40%*pre goodwill