FROM: David Wallace

TO: All Dunder Mifflin Sabre Employees

SUBJECT: Proud to Be Back

Dear Colleagues,

When Dunder Mifflin was absorbed by Sabre and I was terminated, it was an extremely difficult time. But as Euripides once said, "Human misery must somewhere have a stop; there is no wind that always blows a storm." And he sure was right, because a couple of years after I was fired, I sold my invention "Suck It" to the U.S. military for $20 million dollars. Can you believe that? For Christmas I gave my mother an island in Belize. Just when I thought things couldn't get any better, Andy Bernard came to me and suggested that I purchase Dunder Mifflin. The idea thrilled me.

Dunder Mifflin is representative of what excites me most - an honest, small-town company comprised of people who are proud of their past and excited about their future. I consider myself very fortunate to once again be working with such a loyal, experienced and motivated group.

This company has built a tremendously strong reputation over the years, yet there's still a great deal we can accomplish. We will undoubtedly face challenges along the way, but I truly believe that by creating breakthrough products and adapting to different consumer demographics, Dunder Mifflin will evolve into a company with even greater success, equity and growth. I look forward to serving our customers together, developing quality products and fostering new capabilities.

Sincerely,
David Wallace, CEO