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Office Depot Releases Sustainable Value Report; Highlights Company's Commitment to Ethical Business Practices, Community Investment, Diversity, and the Environment

Office Depot Releases Sustainable Value Report; Highlights Company's Commitment to Ethical Business Practices, Community Investment, Diversity, and the Environment

Published 08-08-06

Submitted by Office Depot, Inc.

DELRAY BEACH, Fla.--(BUSINESS WIRE)--Aug. 8, 2006--Office Depot (NYSE:ODP), a leading global provider of office products and services, today announced the publication of its Sustainable Value Report. This landmark report highlights the Company's commitment to ethical business practices, community investment, diversity, and the environment. It represents both an expansion as well as an enhancement of Office Depot's previously released Community Relations and Environmental Stewardship reports.

The Sustainable Value Report also demonstrates Office Depot's active engagement in the Business Roundtable's S.E.E. Change Initiative, which encourages leading U.S. companies to embrace business strategies and projects that measurably improve Society, the Environment and the Economy.

"At Office Depot, we recognize that the traditional business imperative of driving shareholder value is merging with a 21st century notion of delivering value to a broader set of stakeholders," said Steve Odland, Chairman and CEO of Office Depot, and Chairman of the Business Roundtable's Corporate Governance Taskforce. "The successful business today does not choose between actions benefiting shareholders and those benefiting other stakeholders, but finds ways to deliver value to both."

The Sustainable Value Report covering the years 2004-2005 includes a variety of metrics that help to quantify the compelling story that is told in the text. The report provides transparent disclosure on a wide range of financial and non-financial measures, clearly identifying the areas where Office Depot succeeded and where the Company plans to improve in the future.

Further, in support of Office Depot's transparency and accountability commitment, the North American environmental and community metrics cited in the report have been independently reviewed by PricewaterhouseCoopers.

Additionally, where feasible, Office Depot has followed the direction of the Global Reporting Initiative (GRI) - an organization working towards global standardization of sustainability metrics. The Company plans to incorporate more of the GRI framework in future sustainability reports.

Report content covers the following areas:

-- Corporate Governance and Ethics: Corporate Governance, Code of Ethics, Social Accountability

-- Community Investment: Taking Care of Education, Taking Care of Communities, Taking Care When Disaster Strikes, Affiliate Program

-- Commitment to Diversity: Vendor Diversity, Women in Business, Workforce Diversity

-- Environmental Performance: Green Products, Wood & Paper Sourcing, Forest & Biodiversity Conservation Alliance, Solid Waste Reduction, Customer Recycling, Greenhouse Gas Reduction, Customer Recycling, UK/Ireland/Germany/Benelux Highlights

-- Auditing: Independent Review by PricewaterhouseCoopers (PwC)

Brief highlights include:

Delivering Societal Value

During 2005, Office Depot was the first company to make a substantial donation ($1 million to the American Red Cross) - before Hurricane Katrina even hit the Gulf Coast. The Company considers this typically proactive approach to societal challenges as one of its core differentiators as a socially conscious corporation. Office Depot later offered New Orleans officials content from its local retail stores, worth an estimated $4 million, to help get the city back up and running. And through a partnership with Feed the Children, Office Depot provided water, batteries, and supplies valued at $13 million, which the organization distributed throughout the area.

Delivering Environmental Value

Office Depot continues to expand its industry leading environmental initiatives. The Company's Forest & Biodiversity Conservation Alliance has helped develop critical scientific data to improve management of forest resources across North America. Additionally, in the coming months, Office Depot will publish its third Green Book(TM) of environmentally preferable products in the U.S., with a series of European versions shortly thereafter.

Delivering Economic Value

While implementing these and other innovative societal and environmental initiatives, Office Depot has delivered exceptional economic results. Over the last two years, the Company has grown sales by nearly $2 billion and earnings by over $150 million. Further, Office Depot achieved sustained growth in each of its three divisions - North American Retail, North American Business Solutions and International; and views all three as platforms for tremendous future growth.

"Our commitments and resulting actions demonstrate that it is not necessary to choose between being socially responsible and succeeding in business," Odland said. "It is possible - indeed it is imperative - that we do both."

Fulfilling the Promise of Worklife(TM)

Ultimately, Office Depot's commitment to delivering sustainable value aligns perfectly with the Company's vision of Delivering Winning Solutions That Inspire Worklife(TM).

"This brief and compelling statement shows our recognition of a fundamental societal shift, where the boundaries between work and life have disappeared," Odland stated. "We know the shift implies that ethical, philanthropic and environmental values people have in their lives greatly impact the decisions they make at work."

To view Office Depot's Sustainable Value Report in its entirety, please visit www.community.officedepot.com

About Office Depot

Office Depot provides more office products and services to more customers in more countries than any other company.

Incorporated in 1986 and headquartered in Delray Beach, Fla., Office Depot has annual sales of nearly $15 billion, and employs approximately 50,000 associates around the world. Currently, the Company sells to customers in 33 countries, and has affiliates in another five.

Office Depot is a leader in every distribution channel -- from retail stores and contract delivery to catalogs and e-commerce. As of July 1, 2006, Office Depot had 1,071 retail stores in North America and another 322 stores, either company-owned, licensed or franchised, in other parts of the world. Office Depot serves a wide range of customers through a dedicated sales force, telephone account managers, direct mail offerings, and multiple web sites. With over $3.8 billion in online sales, the Company is also one of the world's largest e-commerce retailers.

Office Depot's common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com

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Copyright Business Wire 2006

Office Depot, Inc. logo

Office Depot, Inc.

Office Depot, Inc.

Office Depot provides more office products and services to more customers in more countries than any other company. Incorporated in 1986 and headquartered in Delray Beach, Fla., Office Depot has annual sales of nearly $15 billion, and employs approximately 50,000 associates around the world. Currently, the Company sells to customers directly or through affiliates in 42 countries. Office Depot is a leader in every distribution channel -- from retail stores and contract delivery to catalogs and e-commerce. Office Depot serves a wide range of customers through a dedicated sales force, telephone account managers, direct mail offerings, and multiple web sites.

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