<SEC-DOCUMENT>0001193125-15-033715.txt : 20150204
<SEC-HEADER>0001193125-15-033715.hdr.sgml : 20150204
<ACCEPTANCE-DATETIME>20150204162101
ACCESSION NUMBER:		0001193125-15-033715
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150204
DATE AS OF CHANGE:		20150204
EFFECTIVENESS DATE:		20150204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OFFICE DEPOT INC
		CENTRAL INDEX KEY:			0000800240
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		IRS NUMBER:				592663954
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10948
		FILM NUMBER:		15575749

	BUSINESS ADDRESS:	
		STREET 1:		6600 NORTH MILITARY TRAIL
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33496
		BUSINESS PHONE:		561-438-8176

	MAIL ADDRESS:	
		STREET 1:		6600 NORTH MILITARY TRAIL
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33496
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d865442ddefa14a.htm
<DESCRIPTION>DEFA14A
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section 14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed by a
party other than the Registrant&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Check the appropriate box:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Confidential, for Use of the Commission Only&nbsp;(as permitted by Rule 14a-6(e)(2))</B></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Definitive Additional Materials</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Soliciting Material Under Rule 14a-12</TD></TR>
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<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><FONT STYLE="font-size:24pt"><B><BR>Office Depot, Inc.</B></FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter)</B></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><FONT STYLE="font-size:8pt"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5">Payment of Filing Fee (Check the appropriate box):</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></TD>
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<TD VALIGN="top" COLSPAN="3">No fee required.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR>
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<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of each class of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">(2)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate number of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top">(4)</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposed maximum aggregate value of transaction:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Total fee paid:</TD></TR>
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<TD VALIGN="top"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
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<TD VALIGN="top" COLSPAN="3">Fee paid previously with preliminary materials.</TD></TR>
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<TD VALIGN="top"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
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<TD VALIGN="top" COLSPAN="3">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing:</TD></TR>
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<TD VALIGN="top">(1)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amount previously paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">(2)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form, Schedule or Registration Statement No.:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filing party:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">(4)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date Filed:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Top Questions </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What was announced today? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Office Depot and Staples have reached an agreement to combine
in a transaction that will create a $39 billion distributor of products and services for businesses of all sizes better positioned to serve customers and compete in a rapidly changing and increasingly diverse marketplace. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How is the deal being structured? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Under the terms of the agreement, each Office Depot
share will be exchanged for $7.25 in cash plus 0.2188 shares of Staples. Office Depot shareholders will own approximately 16 percent of Staples&#146; common stock following the close of the transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Based on Staples&#146; closing share price on February&nbsp;2, 2015, the transaction values Office Depot at $11.00 per share which represents a
premium of 44% over the closing price of Office Depot shares as of February&nbsp;2, 2015, and a premium of 65% over the 90-day average closing price of Office Depot shares as of February&nbsp;2, 2015. The transaction values Office Depot at an equity
value of $6.3 billion. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What is the strategic rationale for this transaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combination of Staples and
Office Depot will deliver tremendous shareholder value both now, and in the future through the significant synergies and greater operating efficiencies it will provide. This will also allow the combined company to better adapt to &#150; and
capitalize on &#150; the changing industry dynamics. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">This transaction creates a $39 billion distributor of products and services for
businesses of all sizes with the global scale, enhanced distribution capabilities and geographic reach, and operational expertise to address evolving customer needs, invest in innovative new solutions and generate growth in this dynamic market. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combined company will be better positioned to leverage a shared multichannel sales platform and distribution network to deliver a seamless,
omni-channel experience. Moreover, with increased financial and human resources as well as expanded customer insights, it will be better positioned to quickly identify and capitalize on emerging trends, invest in innovative solutions and rapidly
bring new products and services to market. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why do this transaction now? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples approached us with an offer that provided a
significant return for our shareholders, one that was greater than what we could reasonably expect to independently achieve over the next several years or through other strategic alternatives. This transaction delivers the highest value for our
shareholders, while enabling them to participate in the significant growth prospects of the combined company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Additionally, the industry
dynamics that led to the merger between Office Depot and OfficeMax have intensified over the last 18 months. Even with our recent success, the opportunity to compete as a combined company is highly compelling. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combined entity will have greater operating efficiencies and enhanced scale, allowing it to
better adapt to &#150; and capitalize on the changing industry dynamics. This transaction will create an organization well-positioned to invest in new ideas, pursue new growth channels and compete against a wide array of evolving competitors,
helping generate new opportunities for associates. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How and when did the discussions begin? Have the companies conducted similar talks in the past? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples began discussions to acquire Office Depot in September 2014. Details on the merger, including background on how the agreement was
reached, will be included in a filing with the Securities and Exchange Commission (SEC). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What specific opportunities do you see for the combined business? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combination of
Staples and Office Depot will deliver tremendous synergies and operating efficiencies that will improve its competitive position and deliver significant shareholder value. This will also allow the combined company to better adapt to &#150; and
capitalize on &#150; the changing industry dynamics. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combined entity will have greater operating efficiencies and enhanced scale. The
combined company will be better positioned to leverage a shared multichannel sales platform and distribution network to deliver a seamless, omni-channel experience. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">With increased financial and human resources as well as expanded customer insights, the combined company will be better positioned to quickly
identify and capitalize on emerging trends, invest in innovative solutions and rapidly bring new products and services to market. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Did you speak to other parties about a potential merger or acquisition? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">No, Office
Depot entered into the merger discussions with Staples on an exclusive basis. Specific details on the merger, including background on how the agreement was reached, will be included in a filing with the SEC. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What process the Board undertake? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Although we did not initiate contact with other
parties, Office Depot pursued a process that was designed to achieve the highest value for the Office Depot shareholders reasonably available. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Was this the intention all along when we merged with OfficeMax? When our CEO was hired? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Absolutely not. This is a transaction the Board and management team considered carefully when it was presented late last year. The industry
dynamics that led to the merger between Office Depot and OfficeMax have intensified over the last 18 months. Even with our recent success and confidence in our strategy, the opportunity to compete as a combined company is highly compelling. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">This transaction delivers the highest value for our shareholders and creates a strong combined company ideally positioned to serve customers,
and achieve success over the long-term. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How much did Starboard influence your decision to enter into a merger agreement with Staples? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Starboard played no role in our discussions or negotiations. Discussions began before Starboard disclosed becoming a Staples shareholder.
Staples began discussions to acquire Office Depot in September 2014. This transaction was initiated by Staples and negotiated solely between Office Depot and Staples. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Were you forced to do this transaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Absolutely not. Our Board, consistent with its
fiduciary duties, constantly evaluates ways to maximize value for our shareholders. Staples approached us with an offer that provided a significant return for our shareholders, one that was greater than what we could reasonably expect to achieve
independently over the next several years or through other strategic alternatives. This transaction delivers the highest value for our shareholders, while enabling them to participate in the significant growth prospects of the combined company. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What will it cost and how long will it take to merge the two companies? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is too early
to comment on that as we do not plan to begin integration planning with Staples prior to close of the transaction. Please refer to Staples&#146; publicly available statements for their projection of the integration schedule. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What is the long-term vision for the new company? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Any questions on the long-term vision
of the company will need to be directed to Staples. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How do the cultures of the two companies compare? What are the differences? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Both
Staples and Office Depot have similar values and we are optimistic that the cultures will work well in bringing together both companies. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Can you compare and contrast this transaction with the one in 1997? 2013? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">What has
changed most significantly is the marketplace we compete in on a daily basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For more than a decade, new technologies, changing customer
needs and the rise of online and global competitors have resulted in a diverse, shifting and challenging marketplace that has continuously impacted the sales of both companies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Compared to 18 years ago, the competitive landscape is markedly different with the entrance of new traditional retailers, warehouse clubs and a
large number of online competitors who have taken market-share from the entire industry. Likewise, the industry dynamics that led to the merger between Office Depot and OfficeMax have intensified over the last 18 months. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As a result of these ever changing industry dynamics, both Staples and Office Depot believe that this transaction better positions both
organizations to compete in a global, diverse and constantly changing market. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What will be the future for Office Depot associates? Will they lose their jobs? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">After
this deal closes it is almost certain that there will be job losses for many associates. However, it is important to note that Staples recognizes the tremendous talent within our organization, the unique skillsets that have unlocked the value of the
combination of Office Depot and OfficeMax and appreciates that there is significant talent that can play an important role in the combined entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For those interested, we are hopeful there will be new positions available for you at Staples,
though we recognize this will not be the case for everyone. Staples will begin integration planning once the transaction closes and we expect you will learn about transition timing and possible futures roles not long thereafter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For now, our focus and mission remains the same. We will focus on our standalone future and will continue to have Critical Priorities with
plans in place to achieve them and related incentive compensation to reward meeting those objectives. Because of the uncertainties of any deal this size and lengthy regulatory review process, we will remain competitors and focused on our customers
as we continue to operate our business independently. We do not plan to begin integration planning with Staples until the close of the transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Financial </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Are you concerned about a possible interloper breaking up the transaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We&#146;re
focused on completing the transaction that was announced today. We will not comment on hypotheticals. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Is there a break-up fee? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Under the terms of the agreement, if the merger is
terminated&nbsp;for reasons related to antitrust law, then Staples will pay Office Depot $250 million.&nbsp;If Office Depot terminates the merger to accept a superior proposal, then Office Depot will pay Staples $185 million. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>19.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How did you reach the value of this break-up fee? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As with any transaction this size, a
regulatory break-up fee is negotiated to protect the target company against the uncertainty of the regulatory review process. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>20.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will the deal be financed? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples has secured financing. The transaction is not
subject to a financing condition. Further details can be found in the press release issued on February&nbsp;4, 2015. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>21.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What would be the financial profile of the combined company? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is a
question for Staples&#146; management team. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>22.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What financial metrics did you use to evaluate the merger? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples approached us with
an offer that provided a significant return for our shareholders, one that was greater than what we could reasonably expect to achieve over the next several years or through other strategic alternatives. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>23.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How much lead time will be needed prior to executing integration plans and therefore realizing the synergy benefits of this combination? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is a question for Staples&#146; management team. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>24.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How much of the Office Depot-OfficeMax synergy benefit &#147;carryover&#148; is assumed in the deal synergy opportunity? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">This is a question for Staples&#146; management team. We fully expect to continue to deliver the planned Office Depot and OfficeMax merger
synergies. We will focus on our standalone future and will continue to have Critical Priorities with plans in place to achieve them. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>25.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why are you not disclosing Q4 results at this time? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The purpose of today is to discuss
this exciting merger announcement with Staples. We are in the process of compiling and finalizing our Q4 financial results. We plan to release earnings results on February&nbsp;24. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>26.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Are you affirming guidance? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The purpose of today is to discuss this exciting merger
announcement with Staples. We are in the process of compiling and finalizing our Q4 financial results. We plan to release earnings results on February&nbsp;24. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>27.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Are you doing this deal because you didn&#146;t think you would be able to achieve the synergies and efficiencies that were promised as part of the OfficeMax transaction? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Absolutely not. The purpose of today is to discuss this exciting merger announcement with Staples. We are in the process of compiling and
finalizing our Q4 financial results. We plan to release earnings results on February&nbsp;24. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>28.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What are the tax implications for Office Depot shareholders in this deal? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The merger
consideration, which consists of cash and stock, is fully taxable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>29.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What are the financial benefits to Office Depot shareholders? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The transaction will
deliver immediate value to Office Depot shareholders in the form of cash, while enabling them to participate in the significant growth prospects of the combined company if they choose to hold the stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Based on Staples&#146; closing share price on February&nbsp;2, 2015, the transaction values Office Depot at $11.00 per share which represents a
premium of 44% over the closing price of Office Depot shares as of February&nbsp;2, 2015, and a premium of 65% over the 90-day average closing price of Office Depot shares as of February&nbsp;2, 2015. The transaction values Office Depot at an equity
value of $6.3 billion. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>30.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Have you spoken to your largest shareholders? What has been their reaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We expect
to speak with most of our large shareholders over the next several weeks. While we do not comment on confidential conversations with shareholders, our Board is confident in the value of this transaction and the long-term potential of the combined
entity. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>31.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Have you spoken to Starboard specifically about the transaction? What was their reaction? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Before we announced this transaction, we had no contact with any of our shareholders about the potential deal, including Starboard. We expect
to speak with most of our large shareholders over the next several weeks. While we do not comment on confidential conversations with shareholders, our Board is confident in the value of this transaction and the long-term potential of the combined
entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;5&nbsp;&nbsp; </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>32.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Do the shareholders of both companies overlap? If so, which ones? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is reasonable to
conclude that Staples and Office Depot have a number of shareholders in common, but we do not comment on specific holders of our stock. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>33.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will capital be returned to shareholders? How much? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Office Depot has no current plans
to institute a dividend, buyback program or any other method to return capital to shareholders at this time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Process </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>34.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>When will the deal close? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We anticipate that the transaction will close by the end of
the calendar year. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>35.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What are the closing conditions / regulatory approvals required for this deal? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The
transaction is subject to customary closing conditions, including antitrust regulatory approval, and Office Depot shareholder approval, and is expected to close by the end of calendar year 2015. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>36.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Does this deal require shareholder approval? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes, this transaction does require
approval from Office Depot shareholders. Staples shareholders do not need to vote on the transaction. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>37.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>When will the shareholder vote take place? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The shareholder vote will take place at our
combined Annual and Special Shareholder Meeting. The date will be announced in our proxy statement that will be filed with the SEC. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>38.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Who advised Office Depot on the transaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Simpson Thacher&nbsp;&amp; Bartlett LLP
provided legal counsel and Peter J. Solomon Company provided financial counsel on this transaction. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>39.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How many seats will each company have on the combined company&#146;s board? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Following
the closing of the transaction, Staples&#146; newly constituted Board of Directors will increase in size from 11 members to 13 members and include two Office Depot directors approved by Staples. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>40.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Is there any significant litigation pending for either side? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Any significant pending
litigation is publicly reported and can be found in our 10-Q or 10-K filings with the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Integration </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>41.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Are the current integration plans for Office Depot and OfficeMax on hold? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Absolutely
not. The integration of Office Depot and OfficeMax is ongoing as we operate as a standalone company until the transaction with Staples closes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>42.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What is the current status of Office Depot and OfficeMax&#146;s integration process? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The integration of Office Depot and OfficeMax is going very well, exceeding expectations as evidenced by the fact that we raised our guidance
every quarter of 2014. The process is ongoing as we operate as a standalone company until the transaction with Staples closes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;6&nbsp;&nbsp; </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>43.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will the two businesses be integrated? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We do not plan to begin integration planning
with Staples prior to close of the transaction. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>44.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why would you not start integration planning now? Does this mean you are not confident the deal will close? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Absolutely not. The decision was made to have each company focus on operating its standalone businesses until the transaction receives all
necessary approvals. We do not plan to begin integration planning with Staples until the transaction closes, which is anticipated to be by the end of the calendar year. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>45.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Who will lead the combined company? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Ronald Sargent, Staples&#146; current CEO, will
assume leadership of the combined organization.&nbsp;Staples fully recognizes the value of our associates and is interested in taking advantage of Office Depot&#146;s talent in the combined entity. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>46.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What will happen to Office Depot&#146;s executives? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Ronald Sargent, Staples&#146;
current CEO, will assume leadership of the combined organization. Staples fully recognizes the tremendous talent within our organization, the unique skillsets that have unlocked the value of the combination of Office Depot and OfficeMax and
appreciates that there is significant talent that can play an important role in the combined entity. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>47.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What about Office Depot CEO, Roland Smith? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Office Depot&#146;s CEO&#146;s potential
role in the combined company has not yet been determined. He remains focused on his primary role in leading Office Depot as it continues to achieve outstanding results. He is committed to ensuring that the transition and integration goes as smoothly
as possible. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>48.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Are you worried about losing valuable associates in the meantime? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes, any transaction
introduces a certain amount of uncertainty into a business and we fully recognize that potential impact on our associates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">However, we
will work hard to retain our talent. This includes maintaining our Critical Priorities and related incentive compensation in 2015. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Looking
ahead, Staples has also indicated that it intends to evaluate opportunities to maintain a presence in Boca Raton following the close of the merger. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples recognizes the tremendous talent within our organization, the unique skillsets that have unlocked the value of the combination of
Office Depot and OfficeMax and appreciates that associates can play and important role in the combined entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For those associates who do
not have the opportunity to move forward with Staples, there will be severance to help with your transition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;7&nbsp;&nbsp; </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>49.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What will be done to be sure top performers are retained through this process? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We are
working to finalize a financial and incentive plan to ensure that we are able to retain our talented associates. This plan will include both short-term and long-term incentive compensation programs that tie to our Critical Priorities. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>50.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What will happen to the brand identities of the three organizations? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combined
company will be known as Staples. Over time Staples expects to consolidate the Office Depot and OfficeMax brand names, and get to one global Staples brand. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>51.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Under what brand(s) will the new company go to market? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combined company will be
known as Staples. Over time Staples expects to consolidate the Office Depot and OfficeMax brand names, and get to one global Staples brand. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>52.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Where will the headquarters be located? Where will critical operational functions reside? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combined entity will maintain the Staples name and will be headquartered in Framingham, Massachusetts. Staples has indicated that it
intends to evaluate opportunities to maintain a presence in Boca Raton following the close of the merger. Decisions on other operational functions will not be made until after the deal closes. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>53.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Who will lead the overall integration effort? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We do not plan to begin integration
planning with Staples until the close of the transaction. Therefore, it is too early to discuss those details. Until the transaction closes, we will remain competitors and focused on our customers as we continue to operate our business
independently. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>54.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Does Staples have the necessary integration experience to successfully combine the operations of these two companies? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples is confident in its ability to integrate these two businesses. Staples has recently successfully executed on the integration of
Corporate Express. Staples expects to leverage its existing knowledge and take advantage of the tremendous talent within our organization, including the unique skillsets that have unlocked the value of the combination of Office Depot and OfficeMax.
Staples knows that associates can play an important role in the combined entity. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>55.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Do you have plans to close any headquarters, stores, warehouses, sales offices? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">You can
expect Office Depot to continue the closures reported as part of its existing business strategy. In terms of Staples-related closures, we do not plan to begin integration planning with Staples until the close of the transaction. Therefore, there are
currently no plans in place related to closures of any facilities connected to this transaction. Those decisions will be made by Staples following close of the merger. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>56.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will this merger impact the contract business and its customers? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Until this
transaction closes, our businesses will remain competitors, including our business services segments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regulatory Review Process
</I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>57.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Tell us about the antitrust review process. What are the key issues to be reviewed? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Our
proposed transaction will be reviewed by the FTC under the Hart-Scott Rodino Act, and is subject to the completion of that review. We cannot speak for the FTC regarding the nature of their review or how long it will last, but we will certainly
cooperate fully with the FTC in this review. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;8&nbsp;&nbsp; </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>58.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What sort of divestitures are you willing to make as part of this transaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The
merger agreement contains a provision whereby Staples is not required to close the transaction if antitrust authorities require divestiture of assets that deliver more than $1.25 billion of Office Depot&#146;s 2014 revenues in the United States or
if a requirement of the antitrust authorities has a material adverse effect on Office Depot&#146;s operations outside of the United States. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>59.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How long do you expect the review process to take? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We cannot speak for the FTC
regarding the nature of their review or how long it will last, but we are optimistic and will certainly cooperate fully with the FTC in this review. The transaction is expected to close by the end of the calendar year. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>60.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Have you been given any indications this transaction will be approved? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We cannot speak
for the FTC regarding the nature of their review or how long it will last, but we are optimistic and will certainly cooperate fully with the FTC in this review. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>61.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Are there any issues or divestitures Office Depot or Staples have identified as too great for the deal to proceed? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The merger agreement contains a provision whereby Staples is not required to close the transaction if antitrust authorities require divestiture
of assets that deliver more than $1.25 billion of Office Depot&#146;s 2014 revenues in the United States or if a requirement of the antitrust authorities has a material adverse effect on Office Depot&#146;s operations outside of the United States.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>62.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Have any customers or vendors expressed their discomfort with this transaction? Are you concerned they will oppose it? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We are confident all stakeholders of our company will recognize the value created in this transaction that enables the larger entity to be a
stronger partner, better positioned to compete in a global, diverse and changing marketplace. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Associates </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>63.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>After achieving such outstanding results in 2014, why do this now? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples approached
us with an offer that provided a significant return for our shareholders, one that was greater than what we could reasonably expect to independently achieve over the next several years or through other strategic alternatives. This transaction
delivers the highest value for our shareholders, while enabling them to participate in the significant growth prospects of the combined company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The decision to enter into this agreement was reached after serious consideration and has the full support of the Board. This deal delivers
great value for our shareholders and creates a strong combined company ideally positioned to serve customers, and achieve success over the long-term. The industry dynamics that led to the merger of Office Depot and OfficeMax have only intensified
over the last 18 months. Even with our recent success, the opportunity to compete as a combined company is highly compelling. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>64.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Are we still executing on our 2015 Critical Priorities prior to close of the transaction? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes! Office Depot will continue to have Critical Priorities with plans in place to achieve them and related incentive compensation to reward
meeting those objectives. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>65.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will Staples adopt our strategic direction or continue with its own? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">This is a decision
for Staples and its Board to make after the deal closes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>66.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will we achieve our financial results if we are constrained by the merger agreement? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The merger agreement does not constrain our ability to operate our standalone business. We must all do our best not to let this transaction
impact our competitive drive and focus on achieving our goals. We remain focused on our standalone future and will continue to have Critical Priorities with plans in place to achieve them and related incentive compensation to reward meeting those
objectives. Customer service will continue to be central to our ongoing business and the success of this transaction. Office Depot has and will continue to make great strides in improving its ability to deliver for customers and offer a
differentiated, high-quality experience. The better we perform during the review process, the better value this deal will create for our shareholders and for the future company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Until the transaction closes, we will remain competitors and focused on our customers as we continue to operate our business independently.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>67.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>If this deal does not get approved, how will we be sure the company remains strong on its independent plan? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We remain focused on our standalone future and will continue to execute against our Critical Priorities with plans in place to achieve them and
related incentive compensation to reward meeting those objectives. Until the transaction closes, we will remain competitors and focused on our customers as we continue to operate our business independently. We do not plan to begin integration
planning with Staples until the close of the transaction. We remain focused on our standalone business and are excited about what this transaction means for our combined companies. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>68.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What impact will today&#146;s announcement have on the International/European business? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">This transaction is not expected to close until the end of the year, so at this point, it is business as usual. There will be no integration
planning until after the deal closes, so we will need to continue on the path we&#146;ve started for our European Restructuring and keep up our impressive momentum as we operate our business independently and as a competitor with Staples until the
merger closes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We will maintain our efforts to improve the core business, create the lowest possible operating cost business and deliver
the best possible experience for our customers. We will continue our work on our critical priorities, including revenue growth, e-commerce re-platforming and the cost of goods sold (COGS) initiative. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>69.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why couldn&#146;t we (associates) learn about this news sooner? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As a public company, we
are required by law to abide by certain public disclosure rules. We could not make any announcements until the material terms were finalized and the Board of Directors approved the merger agreement. You should know that this agreement was not
finalized by both Boards until late in the evening of February&nbsp;3, 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>70.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will Office Depot associates benefit from this transaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The expanded
organization will be well-positioned to invest in new ideas, pursue new growth channels and compete against a wide array of competitors, helping generate new opportunities for associates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Staples recognizes the tremendous talent within our organization, the unique skillsets that have unlocked the value of the combination of
Office Depot and OfficeMax and appreciates that associates can play an important role in the combined entity. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>71.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What will happen with our 2014 bonus plan? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Our 2014 bonus plan is not impacted by this
transaction. We have exceeded our targets for 2014 and expect to pay bonuses in early March. We will be making further announcements about the 2015 bonus plan in the coming weeks. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>72.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What is the status of the 2015 bonus plan? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Office Depot will continue to have Critical
Priorities with plans in place to achieve them and related incentive compensation to reward meeting those objectives. We will be making further announcements about this as customary in the coming weeks. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>73.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will there be any change or disruption to day-to-day activities at Office Depot? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is
business as usual for now. Until the transaction closes, we will remain competitors and focused on our customers as we continue to operate our business independently. We do not plan to begin integration planning with Staples until the close of the
transaction, which we expect to be at the end of the calendar year. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>74.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What will the transition process be like for me? How will you prepare me for the transition? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We do not plan to begin integration planning with Staples until the close of the transaction. Once the transaction closes, which is expected to
be at the end of the calendar year, Staples will begin integration planning and you will learn more about transition timing and possible future roles. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>75.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What if the merger doesn&#146;t get approved? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We are optimistic about the approval
process but the possibility of the deal not getting approved is why we must remain focused on our standalone business and execute against our Critical Priorities. We are proud of our outstanding achievements and need to continue this momentum as we
operate our business independently until the merger closes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>76.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Could my job be eliminated? When would I know? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes, this is certainly a possibility.
For those interested, we are hopeful there will be new positions available for you at Staples, though we recognize this will not be the case for everyone. Staples recognizes the tremendous talent within our organization, the unique skillsets that
have unlocked the value of the combination of Office Depot and OfficeMax and appreciates that associates can play an important role in the combined entity. Staples will begin integration planning once the transaction closes and we expect you will
learn about transition timing and possible futures roles not long thereafter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">With that being said, it is too early to discuss those details as we do not plan to begin
integration planning with Staples until the close of the transaction, which we expect to be at the end of the calendar year. Until that time it is business as usual as we remain focused, competitive and dedicated to delivering the best possible
results for Office Depot and our customers. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>77.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>In the case of redundant positions, how will decisions be made about which associates stay and which leave? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We have not discussed the specifics with Staples but they recognize the tremendous talent within our organization, the unique skillsets that
have unlocked the value of the Office Depot and OfficeMax merger and appreciate that associates can play an important role in the combined entity. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>78.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>If my role is eliminated, will there be a severance program? What will the severance policy be? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes. We will relay those details throughout the company in the near future. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>79.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will we keep people from leaving the company between now and the time the transaction closes and integration work begins? How will we attract qualified job candidates to the company during this waiting period?
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We think our associates are critically important to our future and the future of the combined company. We are going to
have specific plans in place to incent and reward our associates. Office Depot will continue to have Critical Priorities with plans in place to achieve them and related incentive compensation to reward meeting those objectives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Additionally, we recognize it is going to be difficult to attract people to our organization in Boca Raton when this may require that some
candidates uproot their families during an uncertain time. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>80.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will the Office Depot sales organization be impacted? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We do not think the sales
organization will be impacted. Office Depot will continue to have Critical Priorities with plans in place to achieve them and related incentive compensation to reward meeting those objectives. Customer service will continue to be central to our
ongoing business and the success of this transaction. Office Depot has and will continue to make great strides in improving its ability to deliver for customers and offer a differentiated, high-quality experience. These principles will be central to
the combined entity. Until the transaction closes, we will remain competitors and focused on our customers as we continue to operate our business independently. We do not plan to begin integration planning with Staples until the close of the
transaction, which we expect to be at the end of the calendar year. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>81.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will any Office Depot facilities be closed or associates relocated as a result of this transaction? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is too early to discuss those details as we do not plan to begin integration planning with Staples until the close of the transaction.
Therefore, there are currently no plans in place to announce facility closures connected to this transaction. Those decisions will be made by Staples following close of the merger. Similar to the Office Depot / OfficeMax merger, you should expect
that there will be some closings to generate the promised synergies and efficiencies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>82.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Given our recent success in integration, should we expect a similar structure, pace and even teams used for this transaction? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is too early to discuss those details as we do not plan to begin integration planning with Staples until the close of the transaction. Until
that time it is business as usual as we remain focused, competitive and dedicated to delivering the best possible results for Office Depot and our customers<B>. </B>The combination of Office Depot and OfficeMax has been very successful and we would
expect that the principles and approach used will play a role in the integration of these two companies. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>83.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will there be any change in my reporting relationship? Job duties? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We will continue to
operate independently until this transaction closes and any changes in roles or reporting relationships will be to advance Office Depot&#146;s current business. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>84.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will our customers and vendors be notified? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We have a robust communications plan in
place to contact all of our key stakeholders and ensure they understand this deal, its potential in the future and our continued near-term competitive focus. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>85.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What should I tell my customers / vendors? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For now, it is business as usual. Until the
transaction closes, we will remain competitors and focused on our customers / vendors as we continue to operate our business independently. We remain focused on our standalone business and are excited about what this transaction means for our
combined company. If you receive any questions or concerns from your customers / vendors and are not sure how to address them, please contact [NAME]. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>86.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>As a merchant, what should I tell my vendors about the FTC? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As part of the regulatory
process, you may receive a call from the Federal Trade Commission about our proposed merger. The call is purely routine &#150; the FTC often contacts industry participants, including significant vendors, when a transaction like this is announced.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">If you do receive a call, we would appreciate you making yourself available to respond to the FTC&#146;s questions, and we thank you in
advance for your time. Of course, we are interested in whether the FTC actually contacts you and, if so, what questions the FTC asks. We would appreciate any feedback you could provide to us. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>87.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What should I tell my customers about the FTC? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As part of the regulatory process, you
may receive a call from the Federal Trade Commission about our proposed merger. The call is purely routine &#150; the FTC often contacts industry participants, including significant customers, when a transaction like this is announced. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">If you do receive a call, we would appreciate you making yourself available to respond to the FTC&#146;s questions, and we thank you in advance
for your time. Of course, we are interested in whether the FTC actually contacts you and, if so, what questions the FTC asks. We would appreciate any feedback you could provide to us. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>88.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will anything change about how we do business with our customers / vendors? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Absolutely
not. Until the transaction closes, we will remain competitors and focused on our customers as we continue to operate our business independently. </P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>89.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How does this transaction benefit customers, vendors and other distributors? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">This
transaction creates $39 billion distributor of products and services for businesses of all sizes with the global scale, enhanced distribution capabilities and geographic reach, and operational expertise to address evolving customer needs, invest in
innovative new solutions and generate growth in this dynamic market. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>90.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>If customers or vendors want more information about the merger, where should I direct them? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Information about the transaction can be found in the press release and related public filings, which will be available at the Investor
Relations section of the Office Depot website. As information becomes available through this process, we will be sure to communicate consistently with all of our key stakeholders. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>91.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>As an Office Depot associate, should I coordinate with my counterpart at the other company regarding business? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Absolutely not. Until this transaction closes, we will remain competitors and focused on our customers as we continue to operate our business
independently. We do not plan to begin integration planning with Staples until close of this transaction so there should be no coordination with Staples in any way. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>92.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>As a store associate at Office Depot, what do I do if my counterpart store associate or field personnel come into my store? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">At this time, please refrain from communicating with anyone at Staples about the transaction. Notify your manager immediately if this occurs.
Until this transaction closes, we will remain competitors and focused on our customers as we continue to operate our business independently. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>93.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Am I allowed to talk about this change with my friends and family? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes, the
announcement is public information. However, you must keep confidential any material, non-public information that might influence a person to buy or sell company stock. If you have ANY questions about whether information you have is material,
non-public information, please talk to your supervisor/manager who can help direct the question to the appropriate place. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>94.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What if someone from the media calls me to ask questions? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">You should not provide media
interviews. If a member of the media contacts you, indicate that you are not a spokesperson for either company and refer that person to Karen Denning in Corporate Communications. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>95.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What if a stockholder, analyst or financial institution calls me to ask questions about the merger? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">You should not provide information. If a member of the financial community, a stockholder, or anyone from a bank contacts you, indicate that
you are not a spokesperson for either company and refer that person to Mike Steele in Investor Relations. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>96.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Who can we contact if we need additional information? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Please contact your
supervisor/manager if you have questions or need additional information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;14&nbsp;&nbsp; </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>97.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How are we supposed to compete with the Staples salesforce when they can tell the market they will own us in a matter of months? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Until this transaction closes, we must operate and compete like independent companies. Our commitment and focus in the past year has yielded
outstanding results. Our customers must continue to see the superior level of customer service that they have come to expect from our company. We must remain focused on our standalone business and continue to deliver the high-quality experience
customers have come to expect from us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Government Officials/Local Community Leaders </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>98.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Have you spoken with elected officials? What have been their reactions? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes. A number
of us have spoken to elected officials and as you can imagine, they were disappointed but understand the reason for our decision. We are confident all stakeholders of our company will recognize the value created in this transaction that enables the
larger entity to be a stronger partner, better positioned to compete in a global, diverse and changing marketplace. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>99.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Do you anticipate any community opposition to the acquisition? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">No. We are mindful that
the community may be disappointed in our decision but will understand the reasoning behind our decision and the value achieved. We are confident all stakeholders of our company will recognize the value created in this transaction that enables the
larger entity to be a stronger partner, better positioned to compete in a globally, diverse and changing marketplace. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>100.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will the combined company continue to support Office Depot&#146;s local communities? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We
are proud of our outstanding achievements, including our involvement with our local communities, and will continue this as we operate our business independently until the merger closes. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>101.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Office Depot has been given substantial tax incentives recently to stay in its headquarters. Will Office Depot be obligated to repay any of that money? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As is customary, any tax incentives granted to the organization require fulfillment of certain requirements before they are realized. Should
any parts of the agreement not be met, the related benefit will not be provided to Office Depot or if economic benefit has been received it will be returned to the community in accordance with the agreements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Customers/Business Partners </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>102.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why should we continue to give you our business and not Staples? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Our commitment and
focus in the past year has created important benefits for you, including our customer service, which led you to choose us in the first place. Our customers will continue to see the superior level of service that they have come to expect from our
company as we remain focused on our standalone business until this transaction closes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;15&nbsp;&nbsp; </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>103.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What does this mean for ongoing production and sales of Office Depot and OfficeMax branded products now and in the longer-term? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For now, it is business as usual. It is too early to discuss future details as we do not plan to begin integration planning with Staples until
the close of the transaction, which we expect to be at the end of the calendar year. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>104.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will the combined company better serve our customers? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">First and foremost, what this
transaction means for our customers is a combined company better positioned to provide them with enhanced distribution capabilities and operational expertise to address your changing needs. With our combined global scale and broader geographic
reach, we will have greater resources to invest in innovative new solutions and the ability to leverage our shared multichannel sales platform to deliver even more value to our customers on a daily basis. You will continue to see the superior level
of customer service that you have come to expect from our company. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>105.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>From an omni-channel viewpoint, what opportunities does this merger bring? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The combined
company will be better positioned to leverage a shared multichannel sales platform and distribution network to deliver a seamless, omni-channel experience. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>106.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will I still be able to purchase all of the products Office Depot sells? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Yes, it is
business as usual right now. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>107.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will the prices of Office Depot&#146;s products be affected by the transaction? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">No. It
is business as usual right now. Until the transaction closes, Office Depot will continue to compete with Staples as well as new traditional retailers, warehouse clubs and a large number of online competitors who have taken market-share from the
entire industry. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>108.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Given the combined pricing power of this new entity, how can you assure me pricing will remain competitive? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is too early to determine those details as we do not plan to begin integration planning with Staples until the close of the transaction.
This transaction will create a more competitive company with the global scale, enhanced distribution capabilities and geographic reach, and operational expertise to address evolving customer needs, invest in innovative new solutions and generate
growth in this dynamic market. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>109.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will Office Depot customers see any disruption in service because of the transaction? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">No. For now, it is business as usual. Customer service will continue to be central to our ongoing business and the success of this transaction.
Until the transaction closes, we will remain competitors and focused on our customers as we continue to operate our business independently. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>110.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>As a customer/business partner, whom do I contact if I have questions about the transaction? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Please contact your designated Office Depot account contact for additional information. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>111.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will my normal Office Depot contact still be employed? If not, who should I contact? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It
is business as usual right now. Please continue to work with your usual Office Depot contact. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;16&nbsp;&nbsp; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>112.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How will Office Depot&#146;s associates/locations be integrated with Staples? Will it be seamless or should I expect some delays? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is too early to determine those details as we do not plan to begin integration planning with Staples until the close of the transaction. You
will be provided that information at the appropriate time. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>113.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Who can we contact if we need additional information? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Please contact your designated
Office Depot account contact for additional information. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>114.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will OfficeMax customers still be integrated into the Office Depot system? How and when? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We did not contemplate a completed customer transition until 2016 we will let our customers decide the pace at which they would like to
convert. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>115.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Who will be leading merchandising decisions at the combined entity? </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is business as
usual right now. It is too early to determine those details as we do not plan to begin integration planning with Staples until the close of the transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>### </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FORWARD LOOKING STATEMENTS
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to, among other things, Office Depot, based on
current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;plan,&#148; &#147;could,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;forecast,&#148; &#147;guidance,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;possible,&#148; &#147;potential,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;propose&#148; or other similar
words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot&#146;s control. There can be no assurances that Office Depot
will realize these expectations or that these beliefs will prove correct, and therefore investors and stockholders should not place undue reliance on such statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, risks
related to Office Depot&#146;s proposed merger with Staples, including satisfaction of the conditions of the proposed merger on the proposed timeframe or at all, contractual restrictions on the conduct of Office Depot&#146;s business included in the
merger agreement and the potential for loss of key personnel, disruption in key business activities or any impact on Office Depot&#146;s relationships with third parties as a result of the announcement of the proposed merger; adverse regulatory
decisions; unanticipated changes in the markets for Office Depot&#146;s business segments; the inability to realize expected benefits from Office Depot&#146;s European restructuring plan; unanticipated downturns in business relationships with
customers; competitive pressures on Office Depot&#146;s sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing
technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;17&nbsp;&nbsp; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
new laws and governmental regulations. The foregoing list of factors is not exhaustive. Investors and stockholders should carefully consider the foregoing factors and the other risks and
uncertainties described in Office Depot&#146;s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Office Depot does not assume any obligation to update or revise any forward-looking
statements </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ADDITIONAL INFORMATION AND WHERE TO FIND IT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This communication may be deemed to be solicitation material in respect of the proposed transaction involving Office Depot and Staples. In
connection with the proposed transaction, Staples will file with the Securities and Exchange Commission (the &#147;SEC&#148;) a registration statement on Form S-4 that will include the proxy statement of Office Depot that also constitutes a
prospectus of Staples. The definitive proxy statement/prospectus will be mailed to stockholders of Office Depot. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE
SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OFFICE DEPOT, STAPLES, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and stockholders will be able to obtain free copies
of the proxy statement/prospectus and other documents filed with the SEC by Office Depot and Staples through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the
definitive proxy statement/prospectus and other documents filed by Office Depot with the SEC by contacting Office Depot Investor Relations at 6600 North Military Trail, Boca Raton, FL 33496 or by calling 561-438-7878. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Office Depot and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from
Office Depot&#146;s stockholders in respect of the proposed transaction that will be described in the proxy statement/prospectus. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of
proxies from Office Depot&#146;s stockholders in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, in Office Depot is set forth in Office Depot&#146;s Annual
Report on Form 10-K for the year ended December&nbsp;28, 2013 and its Proxy Statement on Schedule 14A, dated March&nbsp;24, 2014, which are filed with the SEC. Additional information regarding the interests of Office Depot&#146;s directors and
executive officers in the proposed transaction, which may be different than those of Office Depot&#146;s stockholders generally, will be contained in the proxy statement/prospectus that will be filed with the SEC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">|&nbsp;&nbsp;18&nbsp;&nbsp; </P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
