Woodbridge Director Nominees, Mark Begelman and Martin E. Hanaka, Will Stand for Election at Office Depot's Annual Meeting

FORT LAUDERDALE, Fla., April 15 /PRNewswire/ -- Woodbridge Equity FundLLLP and Levitt Corporation (NYSE: LEV), together 'Woodbridge,' todayannounced that the Delaware Court of Chancery has granted a motion recognizingWoodbridge's right to nominate two directors for election to the Office DepotBoard of Directors at the upcoming annual meeting on April 23, 2008.Woodbridge's nominees, Mark Begelman and Martin Hanaka, will bring to theOffice Depot Board significant office supply, executive and corporategovernance experience and will work to ensure a successful turnaround of theCompany. Shareholders can vote their GOLD proxy card FOR Woodbridge'snominees by Internet, telephone or mail today.

In its decision dated April 14, 2008, the Court found that: ' ... havingproperly brought the business of electing and nominating directors before theAnnual Meeting through [its] Notice, Office Depot's Board cannot preventLevitt from nominating candidates for election to the Office Depot Board atthat meeting... Therefore, Levitt's motion for judgment on the pleadingsseeking a declaration that it may nominate two directors for election atOffice Depot's 2008 Annual Meeting is granted and Office Depot's cross-motionfor judgment on the pleadings, seeking a contrary declaration, is denied.'(1)

Alan B. Levan, President of Woodbridge Capital Corporation, the GeneralPartner of Woodbridge Equity Fund LLLP, commented: 'We are extremely pleasedthat the Delaware Court has upheld our right to nominate two highly-qualifiedcandidates for election to the Office Depot Board. In another example of themany corporate governance concerns we have cited, Office Depot tried to use alegal technicality to prevent shareholders from having the opportunity to votefor Woodbridge's nominees. Shareholders should be allowed to determine forthemselves who represents them on Office Depot's Board and we encourage allshareholders to have their voices heard with a vote for change.'

With the annual meeting fast approaching on April 23, Woodbridge remindsOffice Depot shareholders that every vote is important. Shareholders shouldprotect their investment by voting their GOLD proxy card today.

For questions or assistance in voting their shares, shareholders can callWoodbridge's proxy solicitor, Georgeson Inc., toll free at 877-651-8856.