Overview

Letter To Shareholders

Introduction

A Powerful Infrastructure

Financial Facts

A Company's And An Industry's Evolution

Corporate Supplier Strategy

Managing Our Growth

Focusing On The Fundamentals

Sharpening Our Competitive Edge

Strengthening The Balance Sheet

A New Era At Corporate Express

Conclusion

Corporate Express
Business Offerings

Financial Information

Managements Discussion and Analysis of Financial Condition and Results of Operations

Introduction

Twelve Months Ended January 30, 1999 and January 31,1998

Eleven Months Ended January 31,1998

Liquidity and Capital Resources

Inflation

Seasonality and Quarterly Results

Accounting Standards

Impact of the Year 2000 Issue

Important Factors Regarding Forward-Looking Statements

Quantataive and Qualitative Disclosure About Market Risk

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Shareholders' Equity
For the Year Ended March 1,1997 The Eleven Months Ended January 31,1998 and the Year Ended January 30, 1999

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows
Supplemental Shedule of Noncash Investing and Financing Activities

Notes To Consolidated Financial Statement

Note:1 Operations and Summary of Signigcant Accounting Policies

Note:2 Change in Year End

Note:3 Pooling of Interests

Note:4 Restructuring, Merger and other Nonrecurring Costs

Note:5 Purchases

Note:6 Accrued Purchase Costs

Note:7 Discounted Operations

Note:8 Debt

Note:9 Commitments and Contingencies

Note:10 Income Taxes

Note:11 Employee Benefit Plans

Note:12 Common Stock

Note:13 Fair Value Financial Instruments

Note:14 Pro Forma Net Income

Note:15 Earnings Per Share

Note:16 Industry and Geographic Area Segment Information

Note:17 Quarterly Financial Data (unadited)

Note:18 Supplemental Guarantor Information

Condensed Consolidating Balance Sheet
January 30,1999

Condensed Consolidating Balance Sheet
January 31,1998

Condensed Consolidating Statement of Operations
Year End January 30,1999

Condensed Consolidating Statement of Operations
Eleven Months Ended January 31,1998

Condensed Consolidating Statement of Cash Flows
Year Ended January 30,1999

Condensed Consolidating Statement of Cash Flows
Eleven Months Ended January 31,1998

Condensed Consolidating Statement of Cash Flows
Year Ended march 1,1997

Report of Independent Accounts

Corporate Express, Inc. Directors and Officers

Corporate Information