Exhibit 11.1  BUHRMANN  BUSINESS
PRINCIPLES AND CODE OF ETHICS(1)    
 (1) As adopted by the Supervisory Board on 26 February
2004  1 
   1.Buhrmann Companies* conduct their business with honesty, integrity
and in accordance with good business practices.  2.Buhrmann
Companies are required to comply with the applicable governmental laws, rules
and regulations and they respect the human rights as an absolute and universal
standard.  3.Buhrmann
Companies will employ and assess employees on the sole basis of their ability
and qualifications needed for the function they are asked to perform.  4.Buhrmann
Companies will exceed the relevant statutory standards which govern the health
and safety of employees and third parties.
Buhrmann Companies will use their best efforts to provide a positive work
environment free of discrimination, harassment and/or intimidation.  5.Buhrmann
Companies adopt a positive approach to the various environmental issues.  Buhrmann Companies will meet or exceed
standards set by environmental laws and regulations applicable to its
operations.  6.Buhrmann
Companies believe in doing business with those suppliers who embrace high
standards of ethical business behaviour, such as observation of applicable laws
and regulations, commitment to the environment and good employment practices.  7.Buhrmann
management is responsible to its shareholders for accuracy of the companys
business records, for protecting companys assets and for maintaining an open
and transparent communication with them.  8.Personal
financial activities or interests of employees of the Buhrmann Companies shall
not conflict with those of the company. 
Employees are expected to avoid situations in which their personal and
financial affairs may be, or have the appearance of being, in conflict with the
employees obligation to always act in the best interests of Buhrmann without
being influenced by  
 *In this
Code Buhrmann Companies has the meaning of Buhrmann NV and its subsidiaries
including any individual management and staff employed by them.  2 
   personal considerations.  Any potential conflict shall be promptly
disclosed by the employee to his superior. Employees
are prohibited from: (a)
taking for themselves personally opportunities that are discovered through the
use of corporate property, information or position; (b)
using corporate property, information or position for personal gain; and (c)
competing with the company. Employees owe a duty to the company to advance its
legitimate interests when the opportunity to do so arises. Employees
should maintain the confidentiality of information entrusted to them by the
company or its customers except when disclosure is authorised or legally
mandated. Confidential information includes all non-public information that
might be of use to competitors, or harmful to the company or its customers, if
disclosed. Each
employee should endeavour to deal fairly with the companys customers, suppliers,
competitors and employees.  None should
take unfair advantage of anyone through manipulation, concealment, abuse of
privileged information, misrepresentation of material fact or any other unfair
dealing practice. All
employees should protect the companys assets and ensure their efficient use.
Theft, carelessness and waste have a direct impact on the companys
profitability. All company assets should be used for legitimate business
purposes.  9.Business decisions by
employees of the Buhrmann Companies shall not be influenced by factors other
than business considerations.  Third
parties dealing with Buhrmann Companies shall not gain the impression that they
can win an advantage by giving business gifts and/or extending other favours to
individuals. The soliciting and accepting of bribes in
any form are unacceptable practices and shall result in immediate dismissal.  10.Buhrmann
Companies shall not, directly or indirectly, offer, promise, give a bribe or
other undue advantage to obtain or retain business or other advantage.  11.Community involvement is encouraged; donations
of time and support to charities will vary depending upon the size of the
company concerned. However, Buhrmann Companies shall not make payments to political
parties and organisations or to their representatives.  12.Buhrmann
accounting records and supporting documents must accurately describe and
reflect the nature of the underlying transactions. No undisclosed or unrecorded account, fund or asset shall be
established or maintained.  13.Buhrmann
management is responsible for a full, fair, accurate, timely and understandable
disclosure of all material facts in public documents filed with governmental
and regulatory bodies (such as Euronext/AFM and SEC) by the Company and in
other public communications by the Company.  3 
   14.Buhrmann employees have an absolute duty to refrain from trading in
Buhrmann securities(1) when they have possession of material non-public
information concerning the Company and they are bound to the Buhrmann rules and
statutory requirements concerning inside information. Buhrmann
employees shall not trade the securities of any corporation with which the
Company is involved in negotiations to acquire the shares or assets of such
corporation or to enter into a material business transaction which, if
consummated, would have a material effect on the value of the securities of
that corporation if such transaction was disclosed to the public.  15.We strongly encourage our employees to report to management or the
company secretary promptly any breach of this code, other company policies and
guidelines (such as referred to in the Management Charter), laws or regulations
and any matter of fraud.  If the matter
may concern or involve a member of the Executive Board or if it is felt to be
appropriate due to the nature of the breach of this code, the employee is
invited to inform the Chairman of the Supervisory Board directly.  If an employee
has any concerns regarding questionable accounting matters, fraud or
managements handling of fraud, he or she is urged to notify the Chief
Financial Officer (CFO).  The CFO shall
report to the Audit Committee all questionable accounting matters,
misrepresentation of results known, disclosure issues and fraud matters whether
or not material.  Any reports or
complaints by employees under this code shall be dealt with strictly
confidentially and shall be investigated promptly by management, who will
report its findings and any steps taken to the CFO, or by the Chairman of the
Supervisory Board (who may delegate the matter to the Audit Committee), as the
case may be.  Non-compliance
with the procedure set out above may be reported to the company secretary.
Buhrmann will not retaliate or undertake action against any employee for filing
a report or complaint under this code or for assisting thereto. The Business
Principles and Code of Ethics requires from management and employees that any
reports or complaint under this code shall be dealt with according to
principles of fairness, honesty and integrity. Any member of
management or employee who violates theses Business Principles and Code of
Ethics shall be subject to prompt disciplinary action which may include
reporting to the authorities and termination of employment.   
 (1) Buhrmann
  securities mean:
  
  *  Buhrmann ordinary and preference shares*  options on Buhrmann shares*  Buhrmann senior subordinated notes  4 
   16.Buhrmann Management - at all
levels - is responsible, within their spheres of influence, for supervising
compliance with Buhrmanns Management Charter, including the Business
Principles and Authority Limits. Once a year Management is required to confirm in
writing that they have complied with Buhrmanns Management Charter.  5