Shareholders vote against or withhold an estimated 30 to 40 percent of votes from several Office Depot nominees

FORT LAUDERDALE, Fla., April 23 /PRNewswire-FirstCall/ -- WoodbridgeEquity Fund LLLP and Levitt Corporation (NYSE: LEV), together 'Woodbridge,'today responded to the preliminary voting analysis of the Office Depot(NYSE: ODP) Annual Meeting of Shareholders held today in Boca Raton, Florida.Woodbridge applauds Office Depot shareholders, who sent the board a strongmessage of disapproval and call for change. An estimated 30 to 40 percent ofshareholders either voted against or withheld votes from several Office Depotdirectors.

'Today's results show that Office Depot's shareholders agree withWoodbridge that change is necessary. Shareholders are no longer willing toaccept the status quo and continue to watch the value of their investmentsdecline,' said Alan B. Levan, President of Woodbridge Capital Corporation, theGeneral Partner of Woodbridge Equity Fund LLLP. 'Office Depot will continueto face heightened scrutiny from shareholders, proxy advisory firms, andindustry analysts, all of which have voiced their concerns about the abilityof the current management and board to execute and effectively oversee thepromised turnaround of the Company. We will all be watching to see if OfficeDepot is able to effect real change that not only delivers value for allshareholders, but also resolves the many corporate governance issues currentlyfacing the Company. We expect that our actions and today's vote will serve asa loud and clear wake-up call to the board and hope that each of the directorswill heed this call by engaging more fully in their oversight of the Company.We encourage all of the directors to take responsibility for performance andexecution and hold management accountable if the Company's performance doesnot improve.'

Mr. Levan concluded, 'We will continue to follow Office Depot and lookforward to continuing our dialogue with other investors in the Company.'

Woodbridge Equity Fund LLLP

Woodbridge Capital Corporation, a wholly-owned subsidiary of LevittCorporation, is the general partner of, and Levitt Corporation is the limitedpartner of, Woodbridge Equity Fund LLLP. Woodbridge Equity Fund LLLP is abeneficial owner of Office Depot, Inc. securities.

Levitt Corporation

Levitt Corporation, directly and through its wholly-owned subsidiaries,historically has been a real estate development company. Going forward,Levitt Corporation intends to pursue acquisitions and investmentsopportunistically within and outside the real estate industry.

    Contacts:    Steve Lipin/Nina Devlin    Brunswick Group    212.333.3810
    Investors:    Georgeson    877-651-8856

SOURCE Woodbridge Equity Fund LLLP and Levitt Corporation, together'Woodbridge'