Urges Shareholders to Vote GOLD Proxy Card for Woodbridge Director Nominees, Mark Begelman and Martin E. Hanaka

FORT LAUDERDALE, Fla., April 3, 2008 /PRNewswire/ -- Woodbridge EquityFund LLLP and Levitt Corporation (NYSE: LEV), together 'Woodbridge,' todaymailed the attached letter to the shareholders of Office Depot, Inc.(NYSE: ODP). In its letter, Woodbridge highlighted the Company's continuedpoor performance and urged Office Depot shareholders to vote for change byelecting its two highly-qualified nominees, Mark Begelman and Martin E.Hanaka, to the Office Depot board of directors. Shareholders can vote theirGOLD proxy card FOR Woodbridge's nominees by Internet, telephone or mailtoday.

'Shareholders know all too well the history of poor performance at OfficeDepot, having watched the value of their investments decline precipitouslyover the past two years -- all under the watch of Steve Odland and the currentboard,' said Alan B. Levan, the Chairman of the Board and Chief ExecutiveOfficer of Levitt Corporation and President of Woodbridge Capital Corporation,the General Partner of Woodbridge Equity Fund LLLP. 'Our nominees will bringthe skill-set, experience and the drive necessary to turn around OfficeDepot's performance and finally deliver on the Company's many promises.'

For additional information regarding Woodbridge's nominees, go towww.RebuildOfficeDepot.com.

    The full text of Woodbridge's letter appears below:
                               VOTE FOR CHANGE,                   VOTE FOR WOODBRIDGE'S DIRECTOR NOMINEES
           SIGN, DATE AND RETURN THE ENCLOSED GOLD PROXY CARD TODAY
    Dear Fellow Shareholder:

As you are aware, we have nominated two highly-qualified and experiencedretail executives for election to the board of directors of Office Depot, Inc.at its annual meeting to be held on April 23, 2008. If elected, we believeour nominees, Mark Begelman and Martin E. Hanaka, will provide the necessaryexpertise and leadership to finally turn around Office Depot and ensure theCompany once again delivers value for all shareholders.

CHANGE IS NEEDED NOW AT OFFICE DEPOT: POOR PERFORMANCE AND LACK OF LEADERSHIP

Office Depot's management and board have had ample time to enact changeand deliver improvements in operational and financial performance and havefailed to do so. As we have stated before, Office Depot has significantlyunderperformed its primary competitor, Staples, Inc., in all key retailingmetrics. This demonstrates that Office Depot's performance issues go wellbeyond the current macroeconomic environment to which Office Depot attributesall of its problems. For instance, according to information contained incompany reports, same-store sales data -- one of the most important metricsfor retailers -- shows Staples outperforming Office Depot consistently for thelast eight years. Most recently, Office Depot's same-store sales declined 5%in 2007. The discrepancy in operating margins also has grown significantly to490 basis points in 2007 versus 280 basis points in 2000.(1) Furthermore,during current CEO Steve Odland's tenure, operating margins at Office Depothave continued to decline and fell to 3.1% in 2007, from 3.4% in 2005.(2)Free cash flow at Office Depot has also been in freefall. In 2007, free cashflow declined to negative $49 million, compared to positive $375 million in2005. Finally, Office Depot has managed a compound annual growth rate (CAGR)in North American retail sales of merely 0.7% since 2000, while Staples hasdelivered a 5.3% CAGR in the same period. With this kind of performance, itis no surprise that Office Depot shares have declined precipitously over thelast two years, recently closing at a low of $10.86 on March 17, 2008, a 76%decline from the high of $44.46 recorded on May 11, 2006, at the market close.

     TURNOVER IN MANAGEMENT IS FURTHER EVIDENCE OF LACK OF LEADERSHIP AND                                  GOVERNANCE

Office Depot has also struggled with an usually high turnover rate amongsenior management:

    -- Three Chief Executive Officers and one interim CEO in a five-year       period    -- Four North American Presidents since 1999    -- Three Presidents of Business Solutions since 2000    -- Five Executive Vice Presidents of Merchandising since 2000    -- Three Chief Financial Officers since 2000

This is indicative of the current lack of leadership and governance at theCompany and underscores our belief that greater vision and experience isnecessary to improve Office Depot's operations and to raise its corporatestandards in all aspects.

A HISTORY OF POOR DECISION-MAKING

The board's weak oversight of management has not only allowed the Companyto continue to underperform operationally, but also has raised severalcorporate governance concerns.