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Staples pursuing sale of European Printing Systems business

Staples expects to record a pre-tax cash charge in the range of $15 million to $20 million related to this action during the third quarter of 2012. Staples is rebranding its Australian business as it continues to move toward one global brand. As a result, Staples plans to record a $20 million pre-tax non-cash charge related to accelerated tradename amortization by the end of fiscal year 2012. Staples remains fully committed to returning excess cash to stakeholders and is focused on maintaining its current investment grade credit rating. Staples plans to continue to repurchase its common stock through open-market purchases, which are expected to total approximately $450 million during fiscal year 2012, and also plans to repay its outstanding $325 million Senior Notes due October 2012 with cash on hand. As a result of these activities, as well as its ongoing cash dividend program, Staples plans to return more than $1 billion of cash to stakeholders during fiscal year 2012.