Shareholders of Office Depot Send Board a Message

FORT LAUDERDALE, Fla., May. 08 /PRNewswire/ --

FORT LAUDERDALE, Fla., May 8 /PRNewswire/ -- Woodbridge Equity Fund LLLP and Levitt Corporation , together "Woodbridge," today responded to the certified results of the Office Depot Annual Meeting of Shareholders held on April 23, 2008 in Boca Raton, Florida.

According to the May 5, 2008 Final Report of the Inspectors of Election, five Office Depot directors received significant withheld/against votes:

-- Lee A. Ault, III: 80,660,597 withheld/against votes, or 42.73% -- David W. Bernauer: 68,584,670 withheld/against votes, or 36.33% -- Abelardo E. Bru: 65,589,021 withheld/against votes, or 34.74% -- Marsha J. Evans: 68,346,068 withheld/against votes, or 36.20% -- W. Scott Hedrick: 68,130,853 withheld/against votes, or 36.09%

"The fact that five of the 12 Office Depot director nominees received such a large number of withhold votes should send a strong signal to the current board and management that shareholders are committed to holding this board accountable for the Company's performance," said Alan B. Levan, President of Woodbridge Capital Corporation, the General Partner of Woodbridge Equity Fund LLLP.

"While Office Depot's management and board have pledged to turn around the Company's business, we were again disappointed by the Company's first quarter results. However, with disciplined management and effective board leadership and oversight, we believe Office Depot can and will regain a dominant competitive position in the office retailing space. We intend to continue to monitor the Company's performance and progress in implementing its strategic turnaround plan in the months ahead," concluded Mr. Levan.

Woodbridge is a beneficial owner of 3,000,200 shares of Office Depot common stock.

Woodbridge Equity Fund LLLP

Woodbridge Capital Corporation, a wholly-owned subsidiary of Levitt Corporation, is the general partner of, and Levitt Corporation is the limited partner of, Woodbridge Equity Fund LLLP.

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 investments opportunistically within and outside the real estate industry.

Contacts: Steve Lipin/Nina Devlin Brunswick Group 212.333.3810