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Internationally, we are continuing to explore strategic alternatives for our operations in Europe and have a process well underway to determine if a sale of this business can be executed on acceptable terms. Turning to slide 6, I would like to provide an update on our comprehensive business review and share some of the opportunities that we have identified as part of this process. Recognizing that our business model must continue to evolve, we announced on May 16 that we had engaged Bain and Company to assist us with finalizing a comprehensive strategic review of the business. This review included a detailed analysis of the Company’s current operating model, growth opportunities and cost structure to support our overall framework for growth. In addition, we began an analysis of our capital structure and various shareholder return alternatives. Based on output from this work, we have developed a three-year strategic plan designed to grow profitability and provide shareholder value. The four key pillars of this plan include accelerating growth in our contract channel, optimizing and reinventing our North American retail model, implementing a number of multi-year cost reduction initiatives across the Company, and enhancing shareholder value through a more efficient capital structure, additional share repurchases and initiating a quarterly dividend. Now I would like to highlight a few of the initiatives that are underway to support this plan. As we have noted on slide 7, our strategic review process identified a number of opportunities to grow sales in the contract channel of our business solutions division by improving penetration into adjacent categories and increasing our share of wallet with existing customers. In this regard, we have identified a significant opportunity for growth in the facility space, which remains a large and fragmented market with desirable future growth characteristics for Office Depot. Importantly, our customers are increasingly asking us to compete in this space as they consolidate their procurement spend and vendor relationships across a variety of jan/san, safety, and other maintenance and repair

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