<SEC-DOCUMENT>0001193125-21-080615.txt : 20210315
<SEC-HEADER>0001193125-21-080615.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20210315084429
ACCESSION NUMBER:		0001193125-21-080615
CONFORMED SUBMISSION TYPE:	SC14D9C
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210315
DATE AS OF CHANGE:		20210315

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ODP Corp
		CENTRAL INDEX KEY:			0000800240
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		IRS NUMBER:				851457062
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		SC14D9C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-39925
		FILM NUMBER:		21739954

	BUSINESS ADDRESS:	
		STREET 1:		6600 NORTH MILITARY TRAIL
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33496
		BUSINESS PHONE:		561-438-4800

	MAIL ADDRESS:	
		STREET 1:		6600 NORTH MILITARY TRAIL
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33496

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OFFICE DEPOT INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ODP Corp
		CENTRAL INDEX KEY:			0000800240
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		IRS NUMBER:				851457062
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		SC14D9C

	BUSINESS ADDRESS:	
		STREET 1:		6600 NORTH MILITARY TRAIL
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33496
		BUSINESS PHONE:		561-438-4800

	MAIL ADDRESS:	
		STREET 1:		6600 NORTH MILITARY TRAIL
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33496

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OFFICE DEPOT INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC14D9C
<SEQUENCE>1
<FILENAME>d26091dsc14d9c.htm
<DESCRIPTION>SC14D9C
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<TITLE>SC14D9C</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <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:4pt; 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 <FONT
STYLE="white-space:nowrap">14D-9</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(Rule&nbsp;14d-101)</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Solicitation/Recommendation Statement </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Under Section&nbsp;14(d)(4)&nbsp;of the 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; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>The ODP Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Subject Company) </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:24pt; font-family:Times New Roman" ALIGN="center"><B>The ODP
Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Names of Person(s) Filing Statement) </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:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock, $0.01 par value per share </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class&nbsp;of Securities) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>88337F 105 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class&nbsp;of Securities) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N. David Bleisch, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive Vice President, Chief Legal&nbsp;&amp; Administrative Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6600 North Military Trail </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boca Raton, FL 33496 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(561) <FONT STYLE="white-space:nowrap">438-4800</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on Behalf of the Person Filing Statement) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>With copies to: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alan M. Klein, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jakob Rendtorff, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Simpson Thacher&nbsp;&amp; Bartlett LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>425 Lexington Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New&nbsp;York, NY 10017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">455-2000</FONT> </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="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Check the box if the filing relates solely to preliminary communications made before the commencement of a tender
offer. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> filing consists of the following communication
related to a planned tender offer by USR Parent, Inc., a Delaware corporation, and Staples, Inc., a Delaware corporation, for all of the issued and outstanding shares of Common Stock of The ODP Corporation, a Delaware corporation (&#147;ODP&#148; or
the &#147;Company&#148;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Exhibit 99.1&#151;Press Release of The ODP Corporation, dated March&nbsp;15, 2021 </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Investors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is for
informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of Common Stock of the Company. The tender offer for the purchase of the issued and outstanding shares of Common Stock of the Company described
herein has not yet been commenced. On the commencement date of the tender offer, an offer to purchase, a letter of transmittal and related documents will be filed with the Securities and Exchange Commission (SEC). The solicitation of offers to buy
shares of ODP Common Stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents. Investors and ODP shareholders are strongly advised to read both the tender offer statement and the
solicitation/recommendation statement that will be filed by ODP regarding the tender offer when they become available as they will contain important information. Investors and shareholders may obtain free copies of these statements (when available)
and other documents filed with respect to the tender offer at the SEC&#146;s website at www.sec.gov. In addition, copies of the tender offer statement and related materials (when available) may be obtained for free by directing such requests to the
information agent named in the tender offer materials. The solicitation/recommendation statement and related documents (when available) may be obtained by directing such requests to ODP&#146;s Investor Relations at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-561-438-4629</FONT></FONT></FONT> or Tim.Perrott@officedepot.com. </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; 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, cash flow or financial condition, the potential impacts on our business due to the unknown severity and duration of
the <FONT STYLE="white-space:nowrap">COVID-19</FONT> outbreak, or state other information relating to, among other things, the Company, 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;outlook,&#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 the Company&#146;s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove
correct, and therefore investors and stakeholders should not place undue reliance on such statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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, highly competitive office products market and failure to differentiate the Company from other office supply resellers or respond to decline in general office
supplies sales or to shifting consumer demands; competitive pressures on the Company&#146;s sales and pricing; the adverse effects of an unsolicited tender offer on our business, operating results or financial condition; the risk that the Company is
unable to transform the business into a service-driven, B2B platform that such a strategy will not result in the benefits anticipated; the risk that the Company may not be able to realize the anticipated benefits of acquisitions due to unforeseen
liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings or financial performance; the risk that the Company is unable to
successfully maintain a relevant omni-channel experience for its customers; the risk that the Company is unable to execute both the Business Acceleration Program and the Maximize B2B Restructuring Plan successfully or that such program and plan will
not result in the benefits anticipated; the risk that the Company will not be successful in maximizing the full potential of its CompuCom Division; failure to effectively manage the Company&#146;s real estate portfolio; loss of business with
government entities, purchasing consortiums, and sole- or limited- source distribution arrangements; failure to attract and retain qualified personnel, including employees in stores, service centers, distribution centers, field and corporate offices
and executive management, and the inability to keep supply of skills and resources in balance with customer demand; failure to execute effective advertising efforts and </P>
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maintain the Company&#146;s reputation and brand at a high level; disruptions in computer systems, including delivery of technology services; breach of information technology systems affecting
reputation, business partner and customer relationships and operations and resulting in high costs; unanticipated downturns in business relationships with customers or terms with the suppliers, third-party vendors and business partners; disruption
of global sourcing activities, evolving foreign trade policy (including tariffs imposed on certain foreign made goods); exclusive Office Depot branded products are subject to additional product, supply chain and legal risks; product safety and
quality concerns of manufacturers&#146; branded products and services and Office Depot private branded products; covenants in the credit facility; a general disruption in the credit markets; incurrence of significant impairment charges; retained
responsibility for liabilities of acquired companies; fluctuation in quarterly operating results due to seasonality of the Company&#146;s business; changes in tax laws in jurisdictions where the Company operates; increases in wage and benefit costs
and changes in labor regulations; changes in the regulatory environment, legal compliance risks and violations of the U.S. Foreign Corrupt Practices Act and other worldwide anti-bribery laws; volatility in the Company&#146;s common stock price;
changes in or the elimination of the payment of cash dividends on Company common stock; macroeconomic conditions such as future declines in business or consumer spending; increases in fuel and other commodity prices and the cost of material, energy
and other production costs, or unexpected costs that cannot be recouped in product pricing; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; catastrophic events, including the impact of weather events on the
Company&#146;s business; the discouragement of lawsuits by shareholders against the Company and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, the federal district court for the District of Delaware
or other Delaware state courts by the Company as the sole and exclusive forum for such lawsuits; impacts of the Company&#146;s adoption of a limited duration shareholder rights plan including potential deterrence of unsolicited offers to acquire the
Company; and the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the Company&#146;s business, including on the demand for its and our customers&#146; products and services, on trade and transport restrictions and generally
on our ability to effectively manage the impacts of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business operations. The foregoing list of factors is not exhaustive. Investors and shareholders should carefully consider the
foregoing factors and the other risks and uncertainties described in the Company&#146;s Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> and Current Reports
on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 99.1 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g26081g0315031435392.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE ODP CORPORATION RESPONDS TO PROPOSAL BY SYCAMORE PARTNERS, OWNER OF STAPLES, TO SIGN A LETTER OF
INTENT TO SELL VARIOUS ODP ASSETS TO STAPLES FOR AN UNSPECIFIED PRICE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Proposal Contemplates Acquisition of B2B Assets That Are Part
of ODP&#146;s Continuing B2B Growth Strategy </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Proposal Lacks Basic Material Terms, Including Purchase Price, and Any Commitment by
Staples to Complete the Proposed Transaction </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>ODP Again Urges Sycamore to Pursue Alternative of Combining ODP and Staples Retail
Businesses </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BOCA RATON, Fla. &#151; March&nbsp;15, 2021 &#150; The Board of Directors of The ODP Corporation (&#147;ODP,&#148; or the
&#147;Company&#148;) (NASDAQ: ODP), a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform, today responded to and rejected unanimously a proposal from USR Parent
Inc., the Sycamore-affiliated owner of Staples (&#147;Staples&#148;), to acquire various ODP assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Staples&#146; proposal was contained in a letter
dated March&nbsp;10, 2021, from Stefan Kaluzny, Managing Director of Sycamore Partners and a Member of the Board of Directors of USR Parent, Inc., and accompanied by a letter of intent (the &#147;LOI&#148;) by which Staples proposed that the parties
would announce the contemplated sale of various ODP assets to Staples and would commit to seek regulatory approval for such transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ODP Board
carefully reviewed the letter and the LOI in consultation with its financial and legal advisors, and determined that ODP, in the best interest of its shareholders, cannot agree to the proposal. The Board noted in its response that Staples did not
provide a valuation of the assets that Staples sought to acquire, which include certain B2B businesses of ODP. The Board further noted that the LOI, which contemplated a binding commitment to seek regulatory approval, also did not include any
obligation on the part of Sycamore or Staples to proceed with the transaction, agree to a purchase price, or assume any related regulatory risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ODP
reiterated that, as it has previously stated &#151; including in its letter to Staples dated January&nbsp;19, 2021 &#151; the Company is open to combining its retail and consumer-facing ecommerce operations with Staples under the right set of
circumstances and on mutually acceptable terms, including in the form of a joint venture or potential sale of such assets by ODP. ODP encouraged Staples once again to engage on the basis of that approach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The full content of the ODP Board&#146;s letter dated March&nbsp;15, 2021, as well as Staples&#146; March&nbsp;10 letter and accompanying LOI, are set
forth below. </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>ODP Board Letter, dated March&nbsp;15, 2021 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 15, 2021 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Stefan Kaluzny </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">USR Parent Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sycamore Partners Management, L.P. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9 West 57th Street, 31st Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Kaluzny, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors of The ODP Corporation
(&#147;ODP&#148;) received your letter dated March&nbsp;10, 2021 (the &#147;March 10 Letter&#148;) and the <FONT STYLE="white-space:nowrap">Non-Binding</FONT> Letter of Intent (the &#147;LOI&#148;) attached to it. Copies of your March&nbsp;10 Letter
and the LOI are enclosed. Your March&nbsp;10 Letter is the first time we have heard from you since we were informed that Sycamore Partners and USR Parent, Inc. (&#147;Staples&#148;) do not want to engage in substantive discussions until the
regulatory process is completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board has carefully reviewed the March&nbsp;10 Letter and the LOI in consultation with our financial and legal
advisors, and has determined that ODP, in the best interest of its shareholders, cannot agree to such a proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To summarize the terms of your
proposal, the LOI provides that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ODP would sell to Staples at an unspecified price its retail and consumer-facing ecommerce operations, its <FONT
STYLE="white-space:nowrap">B2B-related</FONT> assets of Grand&nbsp;&amp; Toy (its Canadian subsidiary which has no retail stores), the Federation companies (which have no retail stores), and all U.S. distribution centers, as well as ODP&#146;s
global corporate headquarters; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ODP would be obligated to submit the letter of intent to the U.S. Federal Trade Commission and the Canadian
Competition Bureau as a basis for continuing the burdensome and expensive regulatory reviews initiated at Staples&#146; request, and would be obligated for an indefinite period of time to use its efforts to obtain regulatory approval for this
proposed transaction; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ODP would be obligated to announce this proposed transaction, which contains no agreement on the purchase price
for our assets or on any of the terms and conditions of the transition services agreement, intellectual property license agreement, or sales/leaseback agreements that you would require according to your LOI; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Staples would not be subject to any commitment with respect to a proposed purchase price or any other terms of
this proposed transaction, but instead you would &#147;expect to negotiate the purchase price&#148; at a later time. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As is evident in
this summary, you are proposing no valuation of the assets you wish to acquire, no timeframe for completing a transaction and no obligation on Sycamore or Staples to proceed with the transaction, agree to a purchase price, or take on any of the
regulatory risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As ODP has previously stated, including in our letter to you dated January&nbsp;19, 2021, we are open to combining our retail and
consumer-facing ecommerce operations with Staples under the right set of circumstances and on mutually acceptable terms, including in the form of a joint venture or potential sale of such assets by ODP. This remains the case. ODP does not propose,
however, that the Federated Companies or Grand&nbsp;&amp; Toy, which are B2B businesses, or any of its U.S. distribution centers, which are part of ODP&#146;s B2B business strategy, would be included in any such sale or joint venture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to Grand&nbsp;&amp; Toy specifically, as you are aware, the Canadian Competition Bureau has already informed both parties of its preliminary view
that, although it has reached no firm conclusions, Grand&nbsp;&amp; Toy customers and suppliers have raised serious concerns with the proposed transaction and no significant change to the competitive landscape appears to have occurred since the
prior review of the proposed transaction in 2016 which would meaningfully mitigate those concerns. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following receipt of your March&nbsp;10 Letter, we contacted your advisors who informed us that you do not
want to engage in discussions about any proposal other than what you set forth in the LOI. We once again urge you to instruct your financial and legal advisors to enter into a constructive dialogue so that we can provide both companies with the
opportunity to share in the benefits, as well as the risks, of a potential combination of our retail and consumer-facing ecommerce operations while maximizing value for our respective shareholders. In order to be constructive, any such dialogue must
include a discussion of valuation and other key proposed terms as well as the appropriate allocation of the regulatory risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the meantime, we will
continue to focus on building our B2B strategy and other growth initiatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph S. Vassalluzzo </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chairman of the Board of Directors of The
ODP Corporation </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Staples&#146; Letter, dated March&nbsp;10, 2021 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>USR Parent, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>500
Staples Drive </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Framingham, MA 01702 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;10, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Board of Directors </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ODP Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6600 North Military Trail </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boca Raton, FL 33496 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">USR Parent, Inc., on behalf of itself and certain of its affiliates (&#147;Staples&#148;), is pleased to present this revised proposal to The ODP Corporation
(together with its subsidiaries, &#147;ODP&#148; or the &#147;Company&#148;) to acquire certain of the Company&#146;s assets as outlined in the <FONT STYLE="white-space:nowrap">Non-Binding</FONT> Letter of Intent (&#147;LOI&#148;) attached hereto.
Capitalized terms used in this letter without definition shall have the meanings ascribed thereto in the LOI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The attached LOI describes in detail the
assets that Staples proposes to acquire from the Company, and we are prepared to immediately sign the LOI and pivot towards the Proposed Transaction described therein. We believe that moving forward on this basis offers the following benefits:
(1)&nbsp;the simplified Proposed Transaction, whereby the Company would retain its core U.S. based B2B Contracts business, should expedite the review of the Proposed Transaction by the appropriate competition authorities; (2)&nbsp;the proposed
public announcement of the parties&#146; intent to pivot to the simplified Proposed Transaction will remove the ongoing uncertainty posed by Staples&#146; previously announced plans to commence a tender offer for the Company&#146;s outstanding
common stock; and (3)&nbsp;the proposed public announcement of the Company&#146;s plans to retain its U.S. based B2B Contracts business will eliminate the current uncertainty surrounding the fate of this business unit. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We would expect to negotiate the purchase price for the Acquired Assets once the parties make further
progress to advance the requisite competition clearances for the Proposed Transaction with the Federal Trade Commission and Canadian Competition Bureau. In connection therewith, we would expect to provide you with separate purchase prices for each
of the Company&#146;s U.S. corporate headquarters and the Company&#146;s Federation business unit and, in the event that the parties are unable to agree on mutually satisfactory purchase prices for the foregoing two assets, the Company may elect to
exclude such assets from the Proposed Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me with any questions regarding our proposal. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Sincerely,</TD></TR>
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<TD VALIGN="top" COLSPAN="3">USR PARENT, INC.</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Stefan Kaluzny, on behalf of the Board of</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Directors of USR Parent, Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>LOI </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CONFIDENTIAL </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PROJECT FOREST
</U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><FONT STYLE="white-space:nowrap">NON-BINDING</FONT> LETTER OF INTENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This <FONT STYLE="white-space:nowrap">non-binding</FONT> Letter of Intent (&#147;LOI&#148;) outlines the principal terms and conditions of
a proposed transaction between The ODP Corporation and its subsidiaries (&#147;ODP&#148; or the &#147;Company&#148;) and USR Parent, Inc. and certain of its affiliates (&#147;Staples&#148;). </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B><I>Acquired&nbsp;Assets</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the consummation of the proposed transaction (the &#147;<U>Proposed Transaction</U>&#148;), Staples will acquire from the Company:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&#8195;&#8201;the Company&#146;s Consumer
Business, including but not limited to, the Retail Division (stores), the Direct Division (OfficeDepot.com and direct sales channel) and the related assets;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&#8195;&#8201;all Canadian business operations, assets, and real estate owned by the Company (Grand&nbsp;&amp;
Toy);</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&#8195;&#8201;all of the
Company&#146;s owned distribution centers located in the U.S., which U.S. based distribution centers will be leased back to the Company;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">4.&#8195;&#8201;the Company&#146;s U.S. corporate headquarters, which will be leased back to the Company; and</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">5.&#8195;&#8201;the Company&#146;s Federation
business unit (all of the foregoing described in this paragraph collectively, the &#147;<U>Acquired Assets</U>&#148;).</P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Proposed Transaction, in addition to a purchase and sale agreement with respect to the Acquired Assets, Staples and
the Company will enter into certain other agreements to be mutually agreed to by the parties, including, but not limited to, a mutually satisfactory transition services agreement, intellectual property license agreement, and leases for the sale
leaseback real estate.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, except to the extent expressly
provided above, the Company will retain ownership of its U.S. based B2B Contracts Business and CompuCom.</P></TD></TR>
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<TD VALIGN="top"><B><I>Purchase Price</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The parties expect to negotiate the purchase price for the Acquired Assets once the parties make further progress to advance the requisite competition clearances for the Proposed Transaction with the Federal Trade Commission and the
Canadian Competition Bureau.</TD></TR>
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<TD VALIGN="top"><B><I>Submission&nbsp;of LOI to Competition Authorities</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Promptly following the execution and delivery of this LOI, the parties will submit a copy of this LOI to the Federal Trade Commission and the Canadian Competition Bureau to inform such authorities of the Proposed Transaction, and
the parties will cooperate and use commercially reasonable efforts to obtain approval for the Proposed Transaction as expeditiously as possible following the date hereof.</TD></TR>
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<TD VALIGN="top"><B><I>Public Announcement</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Promptly following the execution and delivery of this LOI, the parties will make a mutually agreed upon public announcement regarding the transactions contemplated hereby, and Staples will confirm its intention not to pursue its
previous plans to make a tender offer for the Company&#146;s outstanding shares of common stock.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Except for the paragraphs entitled &#147;Submission of LOI to Competition Authorities&#148; and &#147;Public
Announcement&#148; (which paragraphs will be binding on the parties), this LOI does not constitute a binding agreement and is intended to serve only as a basis for discussion of the major prospective business terms that would apply to the
transactions contemplated hereby. Detailed terms that would be incorporated in the definitive transaction documents, if any, will need to be agreed upon during the negotiations between parties prior to forming any binding and enforceable contract,
and no party will have any legally binding obligation to the others unless and until such definitive transaction agreements are executed (other than with respect to the paragraphs entitled &#147;Submission of LOI to Competition Authorities&#148; and
&#147;Public Announcement&#148;, which paragraphs will be binding on the parties). </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACKNOWLEDGED AND AGREED TO AS OF THE DATE WRITTEN BELOW: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE ODP CORPORATION </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Its:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Its:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About The ODP Corporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ODP Corporation (NASDAQ:ODP) is a leading provider of business services and supplies, products and digital workplace technology solutions to small, medium
and enterprise businesses, through an integrated <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">business-to-business</FONT></FONT> (B2B) distribution platform, which includes world-class supply chain and distribution operations,
dedicated sales professionals and technicians, online presence, and approximately 1,200 stores. Through its banner brands Office Depot<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>,
OfficeMax<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, CompuCom<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> and Grand&amp;Toy<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, as well as others, the Company
offers its customers the tools and resources they need to focus on their passion of starting, growing and running their business. For more information, visit <U>news.theodpcorp.com</U> and <U>investor.theodpcorp.com</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The ODP Corporation and Office Depot are trademarks of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. CompuCom is a trademark of CompuCom
Systems, Inc. Grand&amp;Toy is a trademark of Grand&nbsp;&amp; Toy, LLC in Canada. <SUP STYLE="font-size:85%; vertical-align:top">&copy;</SUP>2020 Office Depot, LLC. All rights reserved. Any other product or company names mentioned herein are the
trademarks of their respective owners. </I></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; 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, cash flow or financial condition, the potential impacts on our business due to the unknown severity and duration of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> outbreak, or state other information relating to, among other things, the Company, 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;outlook,&#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 the Company&#146;s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore
investors and stakeholders should not place undue reliance on such statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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, highly competitive office products market and failure to differentiate the Company from other office supply resellers or respond to decline in general office supplies sales or to shifting
consumer demands; competitive pressures on the Company&#146;s sales and pricing; the adverse effects of an unsolicited tender offer on our business, operating results or financial condition; the risk that the Company is unable to transform the
business into a service-driven, B2B platform that such a strategy will not result in the benefits anticipated; the risk that the Company may not be able to realize the anticipated benefits of acquisitions due
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings
or financial performance; the risk that the Company is unable to successfully maintain a relevant omni-channel experience for its customers; the risk that the Company is unable to execute both the Business Acceleration Program and the Maximize B2B
Restructuring Plan successfully or that such program and plan will not result in the benefits anticipated; the risk that the Company will not be successful in maximizing the full potential of its CompuCom Division; failure to effectively manage the
Company&#146;s real estate portfolio; loss of business with government entities, purchasing consortiums, and sole- or limited- source distribution arrangements; failure to attract and retain qualified personnel, including employees in stores,
service centers, distribution centers, field and corporate offices and executive management, and the inability to keep supply of skills and resources in balance with customer demand; failure to execute effective advertising efforts and maintain the
Company&#146;s reputation and brand at a high level; disruptions in computer systems, including delivery of technology services; breach of information technology systems affecting reputation, business partner and customer relationships and
operations and resulting in high costs; unanticipated downturns in business relationships with customers or terms with the suppliers, third-party vendors and business partners; disruption of global sourcing activities, evolving foreign trade policy
(including tariffs imposed on certain foreign made goods); exclusive Office Depot branded products are subject to additional product, supply chain and legal risks; product safety and quality concerns of manufacturers&#146; branded products and
services and Office Depot private branded products; covenants in the credit facility; a general disruption in the credit markets; incurrence of significant impairment charges; retained responsibility for liabilities of acquired companies;
fluctuation in quarterly operating results due to seasonality of the Company&#146;s business; changes in tax laws in jurisdictions where the Company operates; increases in wage and benefit costs and changes in labor regulations; changes in the
regulatory environment, legal compliance risks and violations of the U.S. Foreign Corrupt Practices Act and other worldwide anti-bribery laws; volatility in the Company&#146;s common stock price; changes in or the elimination of the payment of cash
dividends on Company common stock; macroeconomic conditions such as future declines in business or consumer spending; increases in fuel and other commodity prices and the cost of material, energy and other production costs, or unexpected costs that
cannot be recouped in product pricing; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; catastrophic events, including the impact of weather events on the Company&#146;s business; the discouragement of lawsuits by
shareholders against the Company and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, the federal district court for the District of Delaware or other Delaware state courts by the Company as the sole
and exclusive forum for such lawsuits; impacts of the Company&#146;s adoption of a limited duration shareholder rights plan including potential deterrence of unsolicited offers to acquire the Company; and the impact of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the Company&#146;s business, including on the demand for its and our customers&#146; products and services, on trade and transport restrictions and generally on our ability to effectively manage
the impacts of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on our business operations. The foregoing list of factors is not exhaustive. Investors and shareholders should carefully consider the foregoing factors and the other risks
and uncertainties described in the Company&#146;s Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> and Current Reports on Form
<FONT STYLE="white-space:nowrap">8-K</FONT> filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTACTS: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tim Perrott&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Relations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">561-438-4629&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Tim.Perrott@officedepot.com </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Jovic </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media Relations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">561-438-1594</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Danny.Jovic@officedepot.com </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeremy Fielding / Ruth Pachman </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kekst CNC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Jeremy.Fielding@kekstcnc.com</U> / <U>Ruth.Pachman@kekstcnc.com</U> </P>
</DIV></Center>

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