OfficeMax and Office Depot CEO Selection Committee Hires Korn/Ferry International for CEO Search

  OfficeMax and Office Depot CEO Selection Committee Hires Korn/Ferry
  International for CEO Search

Business Wire

NAPERVILLE, Ill. & BOCA RATON, Fla. -- June 11, 2013

OfficeMax Incorporated (NYSE:OMX) and Office Depot, Inc. (NYSE:ODP) today
announced that the global talent management consultancy Korn/Ferry
International (NYSE:KFY) has been selected to assist the CEO Selection
Committee in the search for a CEO for the combined company in the pending
merger. Korn/Ferry International is a premier global provider of leadership
and talent management solutions with reach across all industries and regions
of the world. Dennis Carey, Vice Chairman of Korn/Ferry International, is
leading the search.

Korn/Ferry International was chosen by the previously announced CEO Selection
Committee, which is co-chaired by Office Depot Board Member Nigel Travis,
Chairman and CEO of Dunkin’ Brands, Inc. and OfficeMax Board Member Jim
Marino, former President and CEO of Alberto Culver Company.

The committee and Korn/Ferry expect to undertake a comprehensive search for a
proven leader with the strategic insight, operational discipline and
inspirational leadership required to transform the business and deliver the
synergies that come from combining the companies. The search will consider
both incumbent CEOs (Neil Austrian of Office Depot and Ravi Saligram of
OfficeMax) and external candidates. Both incumbents will remain in their
current positions through the search process, which is anticipated to be
completed at or prior to the close of the transaction.

Transaction Details

On February 20, 2013, OfficeMax and Office Depot announced their entry into an
agreement to combine their companies in a merger of equals aimed at building a
stronger, more efficient competitor able to meet the growing challenges of a
rapidly changing industry. The merger process is ongoing, and the transaction
is expected to close by the end of calendar year 2013, subject to stockholder
approval from both companies, the receipt of regulatory approvals and the
satisfaction of other customary closing conditions.

About OfficeMax

OfficeMax Incorporated (NYSE:OMX) is a leading provider of products, solutions
and services for the workplace, whether for business or at home. The OfficeMax
mission is simple: We provide workplace innovation that enables our customers
to work better. The company provides office supplies and paper, print and
document services, technology products and solutions, and furniture to
businesses and consumers. OfficeMax consumers and business customers are
served by approximately 29,000 associates through OfficeMax.com,
OfficeMaxWorkplace.com, and Reliable.com; more than 900 stores in the U.S. and
Mexico, and direct sales and catalogs. OfficeMax has been named one of the
2013 World's Most Ethical Companies, and is the only company in the office
supply industry to receive Ethics Inside® Certification by the Ethisphere
Institute. To find the nearest OfficeMax, call 1-877-OFFICEMAX. For more
information, visit www.officemax.com.

About Office Depot

Office Depot provides office supplies and services through 1,628 worldwide
retail stores, a field sales force, top-rated catalogs and global e-commerce
operations. Office Depot has annual sales of approximately $10.7 billion,
employs about 38,000 associates and serves customers in 60 countries around
the world.

Office Depot’s common stock is listed on the New York Stock Exchange under the
symbol ODP. Additional press information can be found
at:http://news.officedepot.com.

About Korn/Ferry International

Korn/Ferry International (NYSE:KFY), with a presence throughout the Americas,
Asia Pacific, Europe, the Middle East and Africa, is a premier global provider
of talent management solutions. Based in Los Angeles, the firm delivers an
array of solutions that help clients to attract, deploy, develop and reward
their talent. Visit www.kornferry.com for more information on the Korn/Ferry
International family of companies, and www.kornferryinstitute.com for thought
leadership, intellectual property and research.

All trademarks, service marks and trade names of Office Depot, Inc. and
OfficeMax Incorporated used herein are trademarks or registered trademarks of
Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product
or company names mentioned herein are the trademarks of their respective
owners.

NO OFFER OR SOLICITATION

This communication is not intended to and does not constitute an offer to sell
or the solicitation of an offer to subscribe for or buy or an invitation to
purchase or subscribe for any securities or the solicitation of any vote or
approval in any jurisdiction in connection with the proposed merger of Office
Depot, Inc. (“Office Depot”) with OfficeMax Incorporated (“OfficeMax”) or
otherwise, nor shall there be any sale, issuance or transfer of securities in
any jurisdiction in contravention of applicable law. No offer of securities
shall be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.

IMPORTANT INFORMATION HAS BEEN AND WILL BE FILED WITH THE SEC

Office Depot has filed with the SEC a registration statement on Form S-4 that
includes a definitive Joint Proxy Statement of Office Depot and OfficeMax that
also constitutes a definitive prospectus of Office Depot. The registration
statement was declared effective by the SEC on June 7, 2013. Office Depot and
OfficeMax mailed the definitive Joint Proxy Statement/Prospectus to their
respective shareholders in connection with the transaction on or about June
10, 2013. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH
THE SEC CAREFULLY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION
ABOUT OFFICE DEPOT, OFFICEMAX, THE TRANSACTION AND RELATED MATTERS. Investors
and shareholders are able to obtain free copies of the definitive Joint Proxy
Statement/Prospectus and other documents filed with the SEC by Office Depot
and OfficeMax through the website maintained by the SEC at www.sec.gov. In
addition, investors and shareholders are able to obtain free copies of the
definitive Joint 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,
and are able to obtain free copies of the definitive Joint Proxy
Statement/Prospectus and other documents filed by OfficeMax by contacting
OfficeMax Investor Relations at 263 Shuman Blvd., Naperville, Illinois 60563
or by calling 630-864-6800.

PARTICIPANTS IN THE SOLICITATION

Office Depot and OfficeMax and their respective directors and executive
officers may be deemed to be participants in the solicitation of proxies from
the respective shareholders of Office Depot and OfficeMax in respect of the
transaction described the Joint Proxy Statement/Prospectus. Information
regarding the persons who may, under the rules of the SEC, be deemed
participants in the solicitation of the respective shareholders of Office
Depot and OfficeMax in connection with the proposed transaction, including a
description of their direct or indirect interests, by security holdings or
otherwise, will be set forth in the definitive Joint Proxy
Statement/Prospectus when it is filed with the SEC. Information regarding
Office Depot’s directors and executive officers is contained in Office Depot’s
Annual Report on Form 10-K for the year ended December 29, 2012 and Amendment
No. 1 on Form 10-K/A, which are filed with the SEC. Information regarding
OfficeMax’s directors and executive officers is contained in OfficeMax’s
Annual Report on Form 10-K for the year ended December 29, 2012 and its Proxy
Statement on Schedule 14A, dated March 19, 2013, which are filed with the SEC.

OFFICE DEPOT SAFE HARBOR STATEMENT

This communication may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 concerning Office
Depot, Office Depot’s transaction to sell its 50% stake in Office Depot de
Mexico to Groupo Gigante, the merger and other transactions contemplated by
the merger agreement, Office Depot’s long-term credit rating and its revenues
and operating earnings. 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
Office Depot, based on current beliefs of management as well as assumptions
made by, and information currently available to, management. Forward-looking
statements generally will be accompanied by words such as “anticipate,”
“believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,”
“intend,” “may,” “possible,” “potential,” “predict,” “project” or other
similar words, phrases or expressions. These forward-looking statements are
subject to various risks and uncertainties, many of which are outside of
Office Depot’s control. Therefore, investors and shareholders should not place
undue reliance on such statements. Factors that could cause actual results to
differ materially from those in the forward-looking statements include adverse
regulatory decisions; failure to satisfy other closing conditions with respect
to the merger; the risks that the new businesses will not be integrated
successfully or that Office Depot will not realize estimated cost savings and
synergies; Office Depot’s ability to maintain its current long-term credit
rating; unanticipated changes in the markets for its business segments;
unanticipated downturns in business relationships with customers or their
purchases from Office Depot; competitive pressures on Office Depot’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 or dispute resolutions;
new laws and governmental regulations. The foregoing list of factors is not
exhaustive. Investors and shareholders should carefully consider the foregoing
factors and the other risks and uncertainties that affect Office Depot’s
business described in its Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K and other documents filed from time to
time with the SEC. Office Depot does not assume any obligation to update these
forward-looking statements.

Contact:

Office Depot
Investors:
Rich Leland, 561-438-3796
richard.leland@officedepot.com
or
Media:
Brian Levine, 561-438-2895
brian.levine@officedepot.com
or
OfficeMax
Investors:
Mike Steele, 630-864-6826
michaelsteele@officemax.com
Media:
Julie Treon, 630-864-6155
julietreon@officemax.com
 
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