Market Overview

Wells Fargo Led $2.2 Billion in Multiple Asset-Based Credit Facilities for Acquisition of Staples, Inc. by Affiliates of Sycamore Partners

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Wells
Fargo Capital Finance
, part of Wells Fargo & Company (NYSE:WFC),
announced they acted as administrative agent, bookrunner, and
syndication agent for several separate asset-based credit facilities
totaling $2.2 billion in connection with the overall financing for the
acquisition of Staples
Inc. by affiliates of Sycamore Partners, which was completed today. The
facilities supported the separate capitalization of Staples North
American Delivery, Staples U.S. Retail and Staples Canada Retail.

Sycamore Partners, a private equity firm that specializes in retail and
consumer product investments, announced
at the end of June that it had agreed to acquire Staples, Inc.

"This was a rewarding deal to work on for Wells Fargo and especially
those of us who are based in Boston. We all remember when Staples opened
its first store here in Massachusetts. Being able to complete such an
important financing for Sycamore Partners, which will allow them the
financial flexibility to make strategic business decisions to support
Staples' long-term growth, is a great accomplishment for our team," said
Lynn Whitmore, managing director of the Retail Finance division at Wells
Fargo Capital Finance.

About Staples, Inc.

Staples brings technology and people together in innovative ways to
consistently deliver products, services and expertise that elevate and
delight customers. Staples is in business with businesses and is
passionate about empowering people to become true professionals at work.
Headquartered outside of Boston, Mass., Staples, Inc. operates primarily
in North America. More information about Staples (NASDAQ:SPLS) is
available at www.staples.com.

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York
specializing in consumer and retail investments. The firm has more than
$3.5 billion in capital under management. The firm's strategy is to
partner with management teams to improve the operating profitability and
strategic value of their businesses. The firm's investment portfolio
currently includes Belk, Coldwater Creek, EMP Merchandising, Hot Topic,
MGF Sourcing, NBG Home, Nine West Holdings, Talbots, The Limited and
Torrid.

About Wells Fargo Capital Finance

Wells Fargo Capital Finance is the trade name for certain asset-based
lending services, senior secured lending services, accounts receivable
and purchase order finance services, and channel finance services of
Wells Fargo & Company and its subsidiaries, and provides traditional
asset-based lending, specialized senior and junior secured financing,
accounts receivable financing, purchase order financing and channel
finance to companies across the United States and internationally.
Dedicated teams within Wells Fargo Capital Finance provide financing
solutions for companies in specific industries such as retail, software
and hi-tech, healthcare, commercial finance, staffing, government
contracting and others. For more information, visit wellsfargocapitalfinance.com.

About Wells Fargo

Wells Fargo & Company (NYSE:WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo's
vision is to satisfy our customers' financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,500 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 42 countries and territories to support customers who conduct
business in the global economy. With approximately 271,000 team members,
Wells Fargo serves one in three households in the United States. Wells
Fargo & Company was ranked No. 25 on Fortune's 2017 rankings of
America's largest corporations. News, insights and perspectives from
Wells Fargo are also available at Wells
Fargo Stories
.

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