Office Depot Inc 8-k (events Or Changes Between Quarterly Reports) 2009-02-24

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: February 24, 2009 Commission file number 1-10948

OFFICE DEPOT, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization)

59-2663954 (I.R.S. Employer Identification No.)

6600 North Military Trail, Boca Raton, Florida

33496

(Address of principal executive offices)

(Zip Code) (561) 438-4800

(Registrant’s telephone number, including area code) Former name or former address, if changed since last report: N/A Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION Attached hereto as Exhibit 99.1.1 and incorporated by reference herein is Office Depot, Inc.’s news release dated February 24, 2009, announcing its financial results for its fiscal fourth quarter and full year 2008. This release also contains forward-looking statements relating to Office Depot’s fiscal year 2009. This information is furnished pursuant to Item 2.02 of Form 8-K. The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended. ITEM 7.01 REGULATION FD DISCLOSURE The latest Investor Relations presentation that management of Office Depot, Inc. (the “Company”) intends to cover in any meetings with shareholders during the quarter is attached to this Current Report on Form 8-K as Exhibit 99.1.2. The presentation provides an overview of the Company, perspective on the office supply market and the Company’s operating results for the quarter and full year ended December 27, 2008. In addition, the presentation provides information on strategy, action plans and outlook. The Company will also post the attached materials on its web site ( www.OfficeDepot.com) located in the Investor Relations section of that site. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS Exhibit 99.1.1 News release of Office Depot, Inc. issued on February 24, 2009. Exhibit 99.1.2 Presentation Materials for Investor Relations Conferences for Office Depot, Inc. 2

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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. OFFICE DEPOT, INC. Date: February 24, 2009

By: /S/ ELISA D. GARCIA C. Elisa D. Garcia C. Executive Vice President, General Counsel and Corporate Secretary

3

Exhibit 99.1.1 (OFFICE DEPOT LOGO)

CONTACTS: Brian Turcotte Investor Relations 561-438-3657 [email protected] Brian Levine Public Relations 561-438-2895 [email protected] OFFICE DEPOT ANNOUNCES FOURTH QUARTER 2008 RESULTS Delray Beach, Fla., February 24, 2009 — Office Depot, Inc. (NYSE: ODP), a leading global provider of office products and services, today announced results for the fiscal period ending December 27, 2008. FOURTH QUARTER RESULTS 1 Total Company sales for the fourth quarter decreased 15% to $3.3 billion. Total Company operating expenses, adjusted for Charges, increased by $42 million from the fourth quarter of 2007. EBIT, adjusted for Charges, was a loss of $210 million in the fourth quarter of 2008 or a negative 6.4% as a percentage of sales, compared to a positive $6 million or 0.2% as a percentage of sales in the prior-year period. The Company reported a net loss of $1.54 billion in the fourth quarter of 2008, compared to earnings of $19 million in the same period of 2007. The loss per share on a diluted basis was $5.64 for the quarter, versus earnings per share of $0.07 in the fourth quarter of 2007. Adjusted for Charges, the Company reported a loss of $199 million and a loss per share on a diluted basis of $0.73 for the fourth quarter of 2008, versus earnings of $27 million and earnings per share of $0.10 in the same period one year ago. The Charges are comprised of unusual items, including non-cash charges totaling $1.27 billion, or $4.54 per share recorded for goodwill and trade name impairments, and pre-tax charges totaling $167 million, or $0.37 per share for actions taken as part of the strategic business review announced in December 2008 and the plan announced in 2005. Additional pre-tax charges taken in the fourth quarter related to the business downturn, primarily the impairment of North American Retail store assets, totaled $125 million. In the fourth quarter of 2008, the Company’s cash flow from operations was $30 million and cash flow before financing activities was $4 million. FOURTH QUARTER DIVISION RESULTS North American Retail Division Fourth quarter 2008 sales in the North American Retail Division were $1.4 billion, down 17% compared to the same period last year. Comparable store sales in the 1,207 stores in the U.S. and Canada that have been open for more than one year decreased 18% for the fourth quarter. Although it appeared that the rate of sales decline experienced in California had stabilized for the first nine months of the year, the

1

Includes non-GAAP information. Fourth quarter results include impacts of previously announced programs (“Charges”). Additional

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information is provided in our Form 10-K filing. Reconciliations from GAAP to non-GAAP financial measures can be found in this release, as well as on the corporate web site, www.officedepot.com, under the category Investor Relations. 1

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fourth quarter proved to be much more challenging. While Florida continues to be the Division’s most troubled market, it has been declining at a slower rate than the rest of the country. The North American Retail Division had an operating loss of $119 million for the fourth quarter, a decline from the operating profit of $23 million in the same period of the prior year. The operating profit decline was driven by a number of factors including a non-cash asset impairment charge of $78 million; the flow through from the sales volume decline; and additional reserves for store closures, inventory and the Company’s private label credit card. Partially offsetting this decline was an improvement in product margins in the fourth quarter. During the fourth quarter, Office Depot opened two new stores, closed 10, and relocated one store, bringing the total store count to 1,267. The Company also remodeled 11 stores in the quarter. Inventory per store was $689 thousand at the end of the fourth quarter of 2008, down approximately 28% from the prior year. This decrease is a result of the Company’s ability to align inventory investment with sales levels in the current economic environment. North American Business Solutions Division Fourth quarter 2008 sales in the North American Business Solutions Division were $920 million, down 14% compared to the same period last year, driven by severe spending cuts by the Division’s customers. The North American Business Solutions Division reported an operating loss of $28 million for the fourth quarter of 2008 compared to an operating profit of $1 million for the same period of the prior year. The decrease in operating profit during the fourth quarter of 2008 primarily relates to the flow through of the sales volume decline; increased bad debt reserves; and weaker customer and product mix. Partially offsetting this decline were the negative adjustments for lower vendor program support and inventory clearance reserves from the fourth quarter of 2007 that did not recur. International Division The International Division reported a sales decrease of 15% in the fourth quarter of 2008 to $963 million, compared with the same period last year, while sales in local currency decreased by 4%. Sales in the Direct channel were down 7% in local currencies as a result of small- to medium-sized businesses reducing their discretionary expenditures and an increase in competitiveness within the channel. The Contract channel also experienced a contraction in customer spending resulting in a sales decline of 2% in local currencies. Retail sales were up 1% versus one year ago due to a third quarter of 2008 acquisition in Sweden. Division operating profit was $10 million in the fourth quarter of 2008 compared to $60 million in the same period of the prior year. The decrease in operating profit is a result of the flow through from the sales volume declines, intangible asset write offs in Europe and Asia, higher costs and increased competition on key items, and unfavorable foreign exchange rates. FULL YEAR RESULTS 1 For the full year, sales decreased 7% to $14.5 billion. The GAAP loss for fiscal 2008 was $1.48 billion, compared to earnings of $396 million in fiscal 2007. The GAAP loss per share on a diluted basis was $5.42 in 2008, compared to diluted earnings per share of $1.43 in the prior year. Adjusted for Charges, the diluted loss per share for fiscal 2008 was $0.41, versus diluted earnings per share of $1.54 in 2007. For the full year, EBIT, adjusted for Charges, was a negative $51 million, compared to a positive $551 million in 2007. Capital expenditures for 2008 were $330 million. Capital expenditures for 2009 are estimated to be reduced to about $150 million, primarily reflecting a deceleration of the Company’s IT and supply chain initiatives and a reduction in retail store growth. 2

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Other Matters The Company recognized about $165 million of pre-tax Charges related to the strategic business review announced in December of 2008. These Charges included expenses related to North American retail store and supply chain facility closures, headcount reductions, asset write downs and the rationalization of certain International businesses. The Company also recognized $2 million of pre-tax Charges related to the plan announced in 2005. During 2009, the Company expects to recognize approximately $186 million in additional Charges related to initiatives covered by this review and projects initiated under our 2005 restructuring program. The 2008 initiatives should benefit 2009 EBIT and cash flow by approximately $130 million and $105 million, respectively. In addition to the cash flow benefits provided by the actions taken as part of the strategic business review, the Company is actively pursuing other internal sources of liquidity in 2009, including sale leasebacks of owned properties in the U.S. and Europe, the sale of certain accounts receivable in Europe, dividends from a joint venture, and tax refunds. In total, Office Depot is targeting over $400 million in cash benefit from internal initiatives in 2009. At the end of December 2008, the Company had drawn $139 million on its asset-based loan (ABL) facility, and had $178 million in outstanding letters of credit against the facility, leaving it with $712 million of availability. With $712 million of ABL availability and $156 million in cash on hand at the end of December, Office Depot exited 2008 with $868 million in total available liquidity. More information on the strategic business review is available in our Form 8-K filed with the Securities and Exchange Commission on December 10, 2008 and our Form 10-K filed on February 24, 2009. Additional information on the Company’s full year results can also be found in our Form 10-K filed with the Securities and Exchange Commission on February 24, 2009. Non-GAAP Reconciliation A reconciliation of GAAP results to non-GAAP results excluding certain items is presented in this release and also may be accessed on the corporate website, www.officedepot.com, under the category Company Info.

Conference Call Information Office Depot will hold a conference call for investors and analysts at 9 a.m. (Eastern Daylight Time) today. The conference call will be available to all investors via Web cast at http://investor.officedepot.com. Interested parties may contact Investor Relations at 561-438-7893 for further information. About Office Depot Every day, Office Depot is Taking Care of Business for millions of customers around the globe. For the local corner store as well as Fortune 500 companies, Office Depot provides products and services to its customers through 1,713 worldwide retail stores, a dedicated sales force, top-rated catalogs and a $4.8 billion e-commerce operation. Office Depot has annual sales of approximately $14.5 billion, and employs about 43,000 associates around the world. The Company provides more office products and services to more customers in more countries than any other company, and currently sells to customers directly or through affiliates in 48 countries. Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: The Private Securities Litigation Reform Act of 1995, as amended (the “Act”) provides protection from liability in private lawsuits for “forward-looking” statements made by public companies under certain 3

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circumstances, provided that the public company discloses with specificity the risk factors that may impact its future results. We want to take advantage of the “safe harbor” provisions of the Act. Certain statements made in this press release are ‘forward-looking’ statements under the Act. Except for historical financial and business performance information, statements made in this press release should be considered ‘forward-looking’ as referred to in the Act. Much of the information that looks towards future performance of our company is based on various factors and important assumptions about future events that may or may not actually come true. As a result, our operations and financial results in the future could differ materially and substantially from those we have discussed in the forward-looking statements made in this press release. Certain risks and uncertainties are detailed from time to time in our filings with the United States Securities and Exchange Commission (“SEC”). You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. The Company’s SEC filings are readily obtainable at no charge at www.sec.gov and at www.freeEDGAR.com, as well as on a number of other commercial web sites. 4

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OFFICE DEPOT, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) (Unaudited)

Assets Current assets: Cash and cash equivalents Receivables, net Inventories Deferred income taxes Prepaid expenses and other current assets Total current assets Property and equipment, net Goodwill Other intangible assets Other assets Total assets

As of De ce m be r 27, 2008

As of De ce m be r 29, 2007

$

155,745 1,255,735 1,331,593 196,192 183,122 3,122,387 1,557,301 19,431 28,311 540,796 5,268,226

$

1,251,808 1,173,201 8,803 191,932 2,625,744 585,861 688,788 4,883

$

2,808 1,194,622 217,197 6,270 (57,947) 1,362,950 5,268,226

4,288 1,784,184 495,916 3,783,805 (2,984,349) 3,083,844 $ 7,256,540

$

Liabilities and stockholders’ equity Current liabilities: Trade accounts payable Accrued expenses and other current liabilities Income taxes payable Short-term borrowings and current maturities of long-term debt Total current liabilities Deferred income taxes and other long-term liabilities Long-term debt, net of current maturities Minority interest

$

$

222,954 1,511,681 1,717,662 120,162 143,255 3,715,714 1,588,958 1,282,457 107,987 561,424 7,256,540

1,591,154 1,170,775 3,491 207,996 2,973,416 576,254 607,462 15,564

Commitments and contingencies Stockholders’ equity: Common stock — authorized 800,000,000 shares of $.01 par value; issued and outstanding shares - 280,800,135 in 2008 and 428,777,625 in 2007 Additional paid-in capital Accumulated other comprehensive income Retained earnings Treasury stock, at cost — 5,938,059 shares in 2008 and 155,819,358 shares in 2007 Total stockholders’ equity Total liabilities and stockholders’ equity 5

$

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OFFICE DEPOT, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share amounts) (Unaudited)

Sales Cost of goods sold and occupancy costs

13 W e e k s En de d De ce m be r 27, De ce m be r 29, 2008 2007

52 W e e k s En de d De ce m be r 27, De ce m be r 29, 2008 2007

$

3,866,927 2,844,391

$ 14,495,544 10,489,785

$ 15,527,537 11,024,639

829,122

1,022,536

4,005,759

4,502,898

819,832 1,269,893 202,520 193,038 (1,689)

851,985 — — 183,546 (1,874)

3,322,662 1,269,893 222,379 743,174 (7,308)

3,381,129 — — 645,661 (7,493)

(1,654,472)

(11,121)

(1,545,041)

483,601

1,596 (22,655) 7,214

3,228 (13,093) 3,739

10,013 (68,286) 25,731

9,440 (63,080) 28,672

(1,668,317)

(17,247)

(1,577,583)

458,633

(129,306)

(36,021)

(98,645)

63,018

$ (1,478,938)

$

395,615

$

$

1.45 1.43

3,270,597 2,441,475

Gross profit Store and warehouse operating and selling expenses Goodwill and trade name impairments Other asset impairments General and administrative expenses Amortization of deferred gain on building sale Operating profit (loss) Other income (expense): Interest income Interest expense Miscellaneous income, net Earnings (loss) before income taxes Income tax expense (benefit) Net earnings (loss) Earnings (loss) per common share: Basic Diluted

$

$ (1,539,011)

$

18,774

$

$

0.07 0.07

(5.64) (5.64)

Weighted average number of common shares outstanding: Basic Diluted

272,924 272,924 6

272,204 273,309

(5.42) (5.42)

272,776 272,776

272,899 275,940

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OFFICE DEPOT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) 52 W e e k s En de d De ce m be r 27, De ce m be r 29, 2008 2007

Cash flow from operating activities: Net earnings (loss) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization Charges for losses on inventories and receivables Net earnings from equity method investments Goodwill and trade name impairments Other asset impairments Compensation expense for share-based payments Deferred income tax provision Gain on disposition of assets Other operating activities Changes in assets and liabilities: Decrease in receivables Decrease (increase) in inventories Net increase in prepaid expenses and other assets Net decrease in accounts payable, accrued expenses and other long-term liabilities Total adjustments Net cash provided by operating activities

$ (1,478,938)

$

395,615

254,099 140,058 (37,113) 1,269,893 222,379 39,561 (108,099) (13,443) (7,612)

281,383 109,798 (34,825) — — 37,738 (1,022) (25,190) 2,927

133,162 249,849 (16,986) (178,554) 1,947,194 468,256

25,909 (191,685) (12,342) (176,921) 15,770 411,385

Cash flows from investing activities: Acquisitions, net of cash acquired, and related payments Capital expenditures Purchase of assets held for sale and sold Proceeds from disposition of assets and other Dividends received Restricted cash for pending transaction Release of restricted cash Net cash used in investing activities

(102,752) (330,075) (38,537) 120,632 — (6,037) 18,100 (338,669)

(48,036) (460,571) — 129,182 25,000 (18,100) — (372,525)

Cash flows from financing activities: Net proceeds from exercise of stock options and sale of stock under employee stock purchase plans Tax benefit from employee share-based exercises Acquisition of treasury stock under approved repurchase plans Treasury stock additions from employee related plans Debt issuance costs Proceeds from issuance of borrowings Payments on long- and short-term borrowings Net cash provided by (used in) financing activities

503 89 — (944) (40,793) 139,098 (284,204) (186,251)

29,332 18,266 (199,592) (11,201) — 177,413 (6,292) 7,926

(10,545)

2,616

(67,209) 222,954 155,745

49,402 173,552 222,954

Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

$ 7

$

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OFFICE DEPOT, INC. GAAP to Non-GAAP Reconciliations A reconciliation of GAAP financial measures to non-GAAP financial measures and the limitations on their use may be accessed on the corporate website, www.officedepot.com, under the category Company Info. Certain portions of those reconciliations are provided in the following tables. ($ in millions, except per share amounts) Q4 2008

GAAP

Gross Profit Operating Expenses Operating Loss Net Loss

$ 829.1 $ 2,483.6 $ (1,654.5) $ (1,539.0)

Diluted Loss Per Share

$

Q4 2007

25.4% 76.0% (50.6)% (47.1)%

(5.64)

GAAP

Gross Profit Operating Expenses Operating Profit (Loss) Net Earnings

$1,022.5 $1,033.6 $ (11.1) $ 18.8

Diluted Earnings Per Share

$

YTD 2008

% of Sale s

26.4% 26.7% -0.3% 0.5%

0.07 GAAP

Gross Profit Operating Expenses Operating Loss Net Loss

$ 4,005.7 $ 5,550.7 $ (1,545.0) $ (1,478.9)

Diluted Loss Per Share

$

YTD 2007

% of Sale s

% of Sale s

27.6% 38.3% (10.7)% (10.2)%

(5.42)

GAAP

Gross Profit Operating Expenses Operating Profit Net Earnings

$4,502.9 $4,019.3 $ 483.6 $ 395.6

Diluted Earnings Per Share

$

% of Sale s

29.0% 25.9% 3.1% 2.5%

1.43 8

C h arge s

Non -GAAP

$ 15.8 $(1,421.3) $ 1,437.1 $ 1,340.1

$ $ $ $

844.9 1,062.3 (217.4) (198.9)

$

$

(0.73)

4.91

C h arge s

Non -GAAP

$ 0.1 $ (13.6) $ 13.7 $ 7.8

$ $ $ $

1,022.6 1,020.0 2.6 26.6

$

$

0.10

0.03

C h arge s

Non -GAAP

$ 15.9 $(1,452.8) $ 1,468.7 $ 1,366.2

$ $ $ $

4,021.6 4,097.9 (76.3) (112.7)

$

$

(0.41)

5.01

C h arge s

Non -GAAP

$ 0.3 $ (38.2) $ 38.5 $ 28.2

$ $ $ $

4,503.2 3,981.1 522.1 423.8

$

$

1.54

0.11

% of Sale s

25.9% 32.5% (6.6)% (6.1)%

% of Sale s

26.4% 26.3% 0.1% 0.7%

% of Sale s

27.7% 28.2% (0.5)% (0.8)%

% of Sale s

29.0% 25.6% 3.4% 2.7%

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OFFICE DEPOT, INC. GAAP to Non-GAAP Reconciliations (Continued)

Cash Flow Summary Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Free Cash Flow Net cash provided by (used in) operating activities Less: Capital expenditures Free Cash Flow

Q 4 2008*

Q 4 2007

$

30.5 (22.7) (242.8) (3.8) $ (238.8)

$

$

30.5 52.3 (21.8)

$

$ (238.8) (242.8) $ 4.0

$

$

Cash Flow Before Financing Activities Net increase (decrease) in cash and cash equivalents Less: Net cash provided by (used in) financing activities Cash Flow Before Financing Activities

(43.4) (98.4) 179.7 (2.0) $ 35.9

(43.4) 126.6 $ (170.0)

35.9 179.7 $ (143.8)

FY 2008

FY 2007

Cash Flow Summary Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents

$ 468.3 (338.7) (186.3) (10.5) $ (67.2)

$ 411.4 (372.5) 7.9 2.6 $ 49.4

Free Cash Flow Net cash provided by (used in) operating activities Less: Capital expenditures Free Cash Flow

$ 468.3 330.1 $ 138.2

$ 411.4 460.6 $ (49.2)

$

$

Cash Flow Before Financing Activities Net increase (decrease) in cash and cash equivalents Less: Net cash provided by (used in) financing activities Cash Flow Before Financing Activities

(67.2) (186.3) $ 119.1

$

49.4 7.9 41.5

Free cash flow is calculated as net cash provided by (used in) operating activities less capital expenditures. Cash flow before financing activities is calculated as the net increase (decrease) in cash and cash equivalents less net cash provided by (used in) financing activities. *Quarterly amounts have been conformed to full year presentation. 9

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Office Depot, Inc. DIVISION INFORMATION (Unaudited) North American Retail Division Fourth Q u arte r (Dollars in m illions)

Ye ar-to-Date

2008

2007

2008

2007

Sales % change

$1,387.3 (17)%

$1,667.7 (3)%

$6,112.3 (10)%

$6,813.6 —%

Division operating profit (loss) % of sales

$(119.3) (8.6)%

$

$ (29.2) (0.5)%

$ 354.5 5.2%

23.5 1.4%

North American Business Solutions Division Fourth Q u arte r (Dollars in m illions)

Sales % change Division operating profit (loss) % of sales

Ye ar-to-Date

2008

2007

2008

2007

$ 919.8 (14)%

$1,064.7 (4)%

$4,142.1 (8)%

$4,518.4 (1)%

$ (28.2) (3.1)%

$

$ 119.8 2.9%

$ 220.1 4.9%

0.8 0.1%

International Division

(Dollars in m illions)

Sales % change % change in local currency sales Division operating profit % of sales

2008

Fourth Q u arte r 2007

Ye ar-to-Date 2008

2007

$ 963.5 (15)% (4)%

$1,134.6 12% 2%

$4,241.1 1% (2)%

$4,195.6 15% 6%

$ 10.0 1.0%

$

$ 157.2 3.7%

$ 231.1 5.5%

59.6 5.3%

Division operating profit excludes Charges from the Division performance, as those Charges are evaluated at a corporate level.

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Office Depot, Inc. SELECTED FINANCIAL AND OPERATING DATA (Unaudited) Other Selected Financial Information (In thousands, except operational data) 52 W e e k s En de d De ce m be r 27, 2008

Cumulative share repurchases under approved repurchase plans ($):

$

Cumulative share repurchases under approved repurchase plans (shares): Shares outstanding, end of quarter Amount authorized for future share repurchases, end of quarter ($):

52 W e e k s En de d De ce m be r 29, 2007

—

$ 199,592

—

5,702

274,862

272,958

$ 500,000

Selected Operating Highlights 13 W e e k s En de d De ce m be r 27, 2008 De ce m be r 29, 2007

52 W e e k s En de d De ce m be r 27, 2008 De ce m be r 29, 2007

Store Statistics United States and Canada: Store count: Stores opened Stores closed Stores relocated Total U.S. and Canada stores North American Retail Division square footage: Average square footage per NAR store Inventory per store (end of period) International Division company-owned: Store count: Stores opened Stores closed Stores acquired Total International company-owned stores

2 10 1 1,267

12 2 2 1,222

30,672,862 24,209 $ 689,000

29,790,082 24,378 $ 960,000

— — — 162

5 1 — 148

59 14 7 1,267

71 7 3 1,222

2 1 13 162

26 3 — 148

Exhibit 99.1.2 I nves t or

Pr e s e nt a t i on

Fe br ua r y

2009

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S a f e Ha r b o r S t a t e m e n t T h e P r i v a t e S e c u r i t i e s L i t i g a t i o n Re f o r m Ac t o f 1 9 9 5 ( t h e " Ac t " ) p r o v i d e s p r o t e c t i o n f r o m l i a b i l i t y i n p r i v a t e l a ws u i t s f o r " f o r wa r d - l o o k i n g " r e f e r r e d t o i n t h e Ac t . M u c h o f t h e i n f o r m a t i o n t h a t l o o k s t o wa r d s f u t u r e p e r f o r m a n c e o f o u r c o m p a n y i s b a s e d o n v a r i o u s f a c t o r s a n d i m p o r t a n t a s s u m p t i o n s a b o u t a n d u n c e r t a i n t i e s . Du r i n g p o r t i o n s o f t o d a y s' p r e s e n t a t i o n , we m a y r e f e r t o r e s u l t s wh i c h a r e n o t GAAP n u m b e r s . A r e c o n c i l i a t i o n o f n o n - GAAP n u m b e r s t o GAAP r e s u l t s

s t a t e m e n t s m a d e b y p u b l i c c o m p a n i e s u n d e r c e r t a i n c i r c u m s t a n c e s , p r o v i d e d t h a t t h e p u b l i c c o m p a n y d i s c l o s e s wi t h s p e c i f i c i t y t h e f u t u r e e v e n t s t h a t m a y o r m a y n o t a c t u a l l y c o m e t r u e . As a r e s u l t , o u r o p e r a t i o n s a n d f i n a n c i a l r e s u l t s i n t h e f u t u r e c o u l d d i f f e r i s a v a i l a b l e o n o u r we b s i t e a t www. i n v e s t o r . o f f i c e d e p o t . c o m .

r i s k f act or s t hat m ay i m pact i t s f ut ur e m at er i al l y and s ubs t ant i al l y f r om t hos e

r e s u l t s . W e wa n t we h a v e d i s c u s s e d

t o i n

t ake advant age of t he " s af e har bor " pr ovi s i ons of t h e f o r wa r d - l o o k i n g s t a t e m e n t s m a d e d u r i n g t h i s

t h e Ac t . Ce r t a i n s t a t e m e n t s m a d e d u r i n g t h i s p r e s e n t a t i o n a r e f' o r wa r d - l o o k i n g ' s t a t e m e n t s u n d e r t h e Ac t . E x c e p t f o r p r e s e n t a t i o n . Ce r t a i n r i s k s a n d u n c e r t a i n t i e s a r e d e t a i l e d f r o m t i m e t o t i m e i n o u r f i l i n g s wi t h t h e Un i t e d S t a t e s

hi s t or i cal Se c ur i t i e s

f i n a n c i a l a n d b u s i n e s s p e r f o r m a n c e i n f o r m a t i o n , s t a t e m e n t s m a d e d u r i n g t h i s p r e s e n t a t i o n s h o u l d b e c o n s i d e r e d f' o r wa r d - l o o k i n g ' a s a n d E x c h a n g e Co m m i s s i o n ( " S E C" ) . Yo u a r e s t r o n g l y u r g e d t o r e v i e w a l l s u c h f i l i n g s f o r a m o r e d e t a i l e d d i s c u s s i o n o f s u c h r i s k s

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I ndus t r y

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U. S .

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2008

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2002

2003

2004

2005

2006

2007

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189

194

199

206

211

215

De l i v e r y

105

108

112

117

120

122

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began

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$ 2 1 5 B $ 3 3 7 B Bi l l i o n s

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U. S . Of f i c e P r o d u c t s Co n t r a c t S p e c i a l i s t s

I n d u s t r y S o u r c e : S c h o o l a n d Of f i c e P r o d u c t s Ne t wo r k - S t a t e o f t h e I n d u s t r y Re p o r t 2 0 0 8 / Of f i c e De p o t E s t i m a t e s No t e : F i g u r e s m a y n o t a d d t o 1 0 0 % d u e Co l l e g e / Bo o k s t o r e s Co p y / P r i n t i n g S e r v i c e s I n t e r n e t / Di r e c t S a l e s OS S c o m p r i s e a s m a l l p o r t i o n o f t h e o v e r a l l U. S . o f f i c e s u p p l y i n d u s t r y S t a t i o n e r y / Gi f t

t o r o u n d i n g Re t a i l S p e c i a l t y Re t a i l e r s St or e s I ns t i t ut i ona l / Sc hool Fi r m s

0. 2

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ODP 3 . 4 %

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2007

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Of f i c e

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Of f i c e De p o t i s U. S . a n d Ca n a d a

a l e a di ng gl oba l pr ovi de r of of f i c e pr oduc t s a nd s e r vi c e s 2008 s a l e s of $14. 5 bi l l i on Suppl i e s : 61% of s a l e s L a r g e s t c o n c e n t r a t i o n o f s t o r e s i n Ca l i f o r n i a , F l o r i d a a n d T e x a s Ca t a l o g , c o n t r a c t a n d e - c o m m e r c e De d i c a t e d

Te c h n o l o g y : s al es f or ce

2 5 % o f s a l e s F u r n i t u r e a n d Ot h e r : 1 4 % o f S a l e s M u l t i - c h a n n e l - s t o r e s , c a t a l o g , I n t e r n e t wo r k s wi t h m e d i u m s i z e d t o F o r t u n e 1 0 0 c u s t o m e r s Or d e r s s e r v i c e d t h r o u g h 2 0 d i s t r i b u t i o n

a nd c ont r a c t s e r ve bus i ne s s c us t om e r s of a ny s i z e , f r om s m a l l hom e of f i c e t o For t une 500 a c c ount s c e n t e r s Ca t a l o g , c o n t r a c t , e - c o m m e r c e a n d r e t a i l S e l l s t o c u s t o m e r d i r e c t l y a n d t h r o u g h a f f i l i a t e s

5 8 % o f 2 0 0 8 s a l e s we r e i n 45 count r i es out s i de

n o t i n No r t h Am e r i c a n Re t a i l On e o f t h e wo r l d 's l a r g e s t o f No r t h Am e r i c a 3 5 + we b s i t e s a n d o v e r 4 0 0 s t o r e s

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Of f i c e De p o t T i m e l i n e 1 9 8 5 1 9 8 7 i n P o l a n d S t a p l e s / Of f i c e De p o t

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 m e r g e r b l o c k e d b y F T C M e r g e d wi t h Vi k i n g Of f i c e

2 0 0 9 En t e r e d t h e c o n t r a c t s t a t i o n e r b u s i n e s s v i a Pr oduc t s , t he l e a di ng di r e c t m a r ke t e r of of f i c e

t he acqui s i t i on of p r o d u c t s i n Eu r o p e

t wo and

i n d u s t r y l e a d e r s : W i l s o n S t a t i o n e r y & P r i n t i n g Co m p a n y a n d E a s t m a n Of f i c e P r o d u c t s Co r p o r a t i o n F o u n d e d i n F l o r i d a wi t h t h e f i r s t s t o r e Au s t r a l i a Of f i c e De p o t a d d e d t o S & P 5 0 0 Ac q u i r e d Gu i l b e r t S . A. , a l e a d i n g E u r o p e a n c o n t r a c t s t a t i o n e r , d o u b l i n g t h e s i z e o f t h e Co m p a n y 's

o p e n i n g i n F o r t La u d e r d a l e , F L Li s t e d o n E u r o p e a n b u s i n e s s Ac q u i r e d Al l i e d Of f i c e

t h e NAS DAQ u n d e r t h e s y m b o l " ODE P " L i s t e d P r o d u c t s , Be s t Of f i c e Co . , L t d . , P a p i r i u s ,

o n t h e NYS E u n d e r t h e s y m b o l " ODP " Ac q u i r e d T h e Gr e a t Ca n a d i a n Of f i c e S u p p l i e s wa r e h o u s e c h a i n Ac q u i r e d s i x a n d As i a E C Ac q u i r e d Ax i d a t a , a Ca n a d a - b a s e d o f f i c e p r o d u c t s d e l i v e r y c o m p a n y Co m p l e t e d m e r g e r wi t h Of f i c e

a d d i t i o n a l c o n t r a c t s t a t i o n e r s i n No r t h Am e r i c a Op e n e d Cl u b I n c . Ac q u i r e d e Of f i c e P l a n e t I n d i a i n j o i n t v e n t u r e

l i c e n s e d Of f i c e De p o t s t o r e s i n Co l o m b i a wi t h Re l i a n c e Re t a i l Ac q u i r e d c o n t r o l l i n g

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I s s ues

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S u c c e s s f u l T u r n a r o u n d Be g i n s No r t h Am e r i c a n Re t a i l No r t h M a n a g e m e n t t a l e n t wa s a d d e d a c r o s s t h e o r g a n i z a t i o n

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2 0 0 4 2 0 0 5 2 0 0 6 F i r s t Ha l f r ecor d s al es and ear ni ngs

2007 Sa l e s i n Q1 2 0 0 7

$ 13, 565 $ 14, 279 $ 15, 011 $ Ap p r o x i m a t e l y $ 2 b i l l i o n o f

7 , 7 2 5 E BI T 1 $ 5 7 6 $ capi t al r et ur ned t o

6 5 4 $ 8 0 2 $ 4 1 6 E P S 1 $ 1 . 1 8 $ 1 . 4 1 $ 1 . 9 0 $ 1 . 0 0 E BI T M a r g i n 1 4 . 2 % 4 . 6 % 5 . 3 % 5 . 4 % E P S Gr o wt h 1 s t ockhol der s t hr ough s har e r epur chas es f r om 2005 t hr ough 2007 ( r epr es ent ed appr oxi m at el y 20% of

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2 0 0 7 2 0 0 7 2 0 0 7 F i r s t Ha l f S e c o n d Ha l f F u l l Ye a r S a l e s $ 7 , 7 2 5 $ c u s t o m e r s i n No r t h Am e r i c a n Bu s i n e s s S o l u t i o n s c o n t r i b u t e d t o

7 , 8 0 2 $ 1 5 , 5 2 8 E BI T 1 $ 4 1 6 $ 1 3 5 $ m a r g i n d e c l i n e s De c l i n i n g v e n d o r

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8 . 7 % ( 4 5 . 9 % ) ( 1 8 . 9 % ) M a c r o e c o n o m i c An d Bu s i n e s s Co n d i t i o n s S h i f t ( Do l l a r s i n m i l l i o n s , e x c e p t p e r s h a r e d a t a ) S t o c k P e r f o r m a n c e J u l y U. K. p e r f o r m a n c e n e g a t i v e l y a f f e c t e d I n t e r n a t i o n a l r e s u l t s 1 No n - GAAP n u m b e r s . A r e c o n c i l i a t i o n o f GAAP t o n o n - GAAP n u m b e r s c a n b e f o u n d

2007 on t he

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Processed and formatted by SEC Watch - Visit SECWatch.com

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No r t h

Am e r i c a n

Re t a i l

I ncr eas i ng

hi gh- m ar gi n

s er vi ces

cr i t i cal

t o

m i cr o- bus i nes s

cus t om er s

I ncl udi ng

De s i g n ,

Pr i nt

&

Shi p

and

Te c h

De p o t

Se r vi c e s

Co n t i n u i n g

pr oduct

as s or t m ent

l i ne

r e v i e ws

Be t t e r

val ues

and

m or e

exci t i ng

of f er i ng

f or

cus t om er ,

m or e

pr of i t abl e

f or

ODP Co n t i n u i n g

t o

m anage

i nvent or y

t i ght l y

Re d u c e d

end

of

per i od

i nvent or y

by

28%

i n

f our t h

quar t er

ver s us

pr i or

year ;

l ar gel y

t echnol ogy

and

f ur ni t ur e

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hi gh

"i n

s t ock"

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new s t or e

openi ngs

Ap p r o x i m a t e l y

15

new s t or e

openi ngs

pl anned

f or

2009

Cl o s i n g

118

s t or es

i n

2009

N.

A.

Re t a i l

-

Ta k i n g

Ca r e

of

Bu s i n e s s

Up d a t e

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No r t h

Am e r i c a n

Bu s i n e s s

Sol ut i ons

Co n t i n u e

t o

aggr es s i vel y

pur s ue

sm al l -

t o

m edi um - s i zed

bus i nes s

( S M B)

Pr ovi di ng

t he

r i ght

t ool s

t o

sal es

f or ce

I m pr ovi ng

t he

t el ephone

account

m anagem ent

( T AM )

pr ogr am

Ke y

per f or m ance

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a

di f f er ence

Ne w c a t a l o g

/

di r ect

m ar ket i ng

t eam

r ef i ni ng

cat al og

ci r cul at i on

Go a l

i s

t o

i ncr eas e

t he

cus t om er

f i l e

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pr om ot i onal

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enhancem ent s

t o

we b s i t e

Re o r g a n i z e d

Co n t r a c t

sal es

f or ce

Al i g n i n g

wi t h

t he

cur r ent

econom i c

envi r onm ent

N. A.

Bu s i n e s s

Sol ut i ons

-

Ta k i n g

Ca r e

of

Bu s i n e s s

Up d a t e

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I nt er nat i onal

I nt r oduci ng

new pr oduct s ,

s er vi ces

and

s ol ut i ons

Te c h

De p o t

r ol l ed

out

t o

t he

U. K.

and

Ne t h e r l a n d s

and

r ol l i ng

out

pi l ot

t est

of

Te c h

Se r vi c e s

i n

Fr a nc e

Foc us e d

on

i m pr ovi ng

gr os s

m ar gi n

Ha r m o n i z i n g

S KU a s s o r t m e n t

t o

s i m pl i f y

i nvent or y

m anagem ent

and

r educe

cos t s

I ncr eas i ng

di r ect

i m por t

of

pr i vat e

br and

pr oduct s

Co m m i t t e d

t o

r educi ng

oper at i ng

cos t s

wh i l e

i m pr ovi ng

cus t om er

s er vi ce

U. K.

pr ovi di ng

r ecor d

s er vi ce

l evel

m et r i cs

Ex p a n d i n g

i nt o

new m ar ket s

wi t h

l ow capi t al

Us i n g

s t r at egi c

al l i ances ,

f r anchi s e

ar r angem ent s

and

par t ner s hi ps

I nt er nat i onal

-

Ta k i n g

Ca r e

of

Bu s i n e s s

Up d a t e

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Pr i va t e

Br a n d / Gl o b a l

Sour c i ng

I ni t i at i ve

Pr i va t e

br and

penet r at i on

per cent age

i s

cur r ent l y

i n

t he

hi gh

2 0 's

Pr i va t e

Br a n d

P e n e t r a t i o n / Gl o b a l

Sour c i ng

t o

i m pr ove

m ar gi n

Op e n e d

Of f i c e

De p o t

s our ci ng

of f i ce

i n

She nz he n,

Ch i n a

i n

2007

Suppl e m e nt e d

wi t h

t hi r d- par t y

s our ci ng

r es our ces

Ex p a n d i n g

cat egor i es

of

pr oduct s

s our ced

and

count r i es

ut i l i zed

I ndependent

audi t s

of

al l

f act or i es

and

chai n

of

cus t ody

of

goods

f or

envi r onm ent al ,

s oci al ,

and

qual i t y

i s s ues

Al l

Pr i va t e

Br a n d

m eet s

or

exceeds

i ndus t r y

t es t i ng

r equi r em ent s

Pr i va t e

Br a n d / Gl o b a l

Sour c i ng

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Pr i va t e

Br a n d s

TM

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Ce n t r a l i z a t i o n

Fi na nc i a l

Ba c k

Of f i c e

Ca l l

Ce n t e r

No r t h

Am e r i c a - Ut i l i z e

t hi r d

par t i es

f or

a

num ber

of

f i nanci al

f unct i ons

Som e

i n

No r t h

Am e r i c a ,

s om e

of f s hor e

As s i g n

cr edi t

Co l l e c t i o n s

and

cash

appl i cat i on

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t r ans i t i on

of

f i nanci al

f unct i ons

t o

Ea s t e r n

Eu r o p e

Cr e d i t ,

col l ect i ons ,

cash

appl i cat i ons

No r t h

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Ac c o u n t s ,

Ex e c u t i v e

Cu s t o m e r

Se r vi c e ,

E - Co m m e r c e

handl ed

i n

2

cent er s

i n

U. S .

Ba l a n c e

of

i nbound

cal l s

near

s hor e

and

of f s hor e

I nt er nat i onal - I n

t he

pr oces s

of

cons ol i dat i ng

E . U.

cal l

cent er s

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Gl o b a l S u p p l y Ch a i n of 23 f aci l i t i es i n

I n i t i a t i v e No r t h Am e r i c a T wo s e p a r a t e NA S u p p l y E u r o p e 7 wa r e h o u s e m a n a g e m e n t s y s t e m s

Ch a i n s

12

cr os s

docks

( NA Re t a i l )

20

di s t r i but i on

cent er s

( NA Bu s i n e s s

Sol ut i ons )

En v i r o n m e n t

I ni t i at i ve

I nt er nat i onal

Co n v e r t

t o

12

com bi nat i on

f aci l i t i es

wi t h

about

7M

s quar e

f eet

as

l eases

expi r e

Ca p a c i t y

f or

appr oxi m at el y

9M

s quar e

f eet

Ea c h

f aci l i t y

wi l l

have

pi ck/ pack

and

f l ow t hr ough

capabi l i t y

t o

opt i m i ze

s er vi ce

f or

Re t a i l

and

Bu s i n e s s

Sol ut i ons

I m pr ove

gl obal

s uppl y

chai n

expens e

as

a

per cent

of

sal es

by

50

bas i s

poi nt s

Gl o b a l

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En v i r o n m e n t

I ni t i at i ve

Re d u c e

s uppl y

chai n

n e t wo r k

t o

15

f aci l i t i es

i n

Eu r o p e

Co n s o l i d a t e

t o

one

wa r e h o u s e

m anagem ent

s ys t em

Suppl y

chai n

n e t wo r k

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Gl o b a l I n f o r m a t i o n T e c h n o l o g y I T cos t s as a per cent of s al es

I n i t i a t i v e E n v i r o n m e n t I n i t i a t i v e Be n e f i t s Co s t l y a n d c o m p l e x : Hi s t o r i c a l f r o m c u r r e n t l e v e l o f 1 . 7 % a n d , c o u p l e d wi t h o t h e r b e n e f i t s , r e d u c e c o s t s

" h o m e g r o wn " l e g a c y s y s t e m s Ac q u i r e d s y s t e m s b y 4 0 b p s + En a b l e f a s t e r a n d e a s i e r i n t e g r a t i o n

t h r o u g h p a s t m a j o r a c q u i s i t i o n s M u l t i p l e c h a n n e l s No of f ut ur e bus i ne s s e xpa ns i ons a nd a c qui s i t i ons Pr ovi de

s i ngl e gl obal i nt egr at ed s ys t em - an expens i ve envi r onm ent t o oper at e M i ni m al pr oces s def i ni t i on and a c ons i s t e nt c us t om e r e xpe r i e nc e a c r os s t he gl obe Pr ovi de be t t e r bus i ne s s da t a , i nf or m a t i on a nd t ool s

s ophi s t i cat i on

Si m pl i f y,

cons ol i dat e,

gl obal i ze

and

s t andar di ze

pr oces s es

and

pr act i ces ,

and

s uppor t

t hem

wi t h

com m on

appl i cat i ons

and

pl at f or m s

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Or a c l e

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t o

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t he

ent i r e

cor por at i on

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m any

di f f er ent

wa r e h o u s e

m anagem ent

s ys t em s

t o

one

( M anhat t an

As s o c i a t e s )

Re d u c e

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Ful l

Ye a r

2008

Re s u l t s

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Ful l

Ye a r

2008

Sum m a r y

To t a l

com pany

sal es

decr eas ed

7%

t o

$14. 5

bi l l i on

ver s us

2007

GAAP l o s s

of

$1. 48

bi l l i on

or

$5. 42

per

s har e

on

a

di l ut ed

bas i s

ver s us

ear ni ngs

of

$396

m i l l i on

or

$1. 43

per

s har e

on

a

di l ut ed

bas i s

i n

2007

Ad j u s t e d

f or

Ch a r g e s ( 1 ) ,

l os s

of

$113

m i l l i on

or

$0. 41

per

s har e

on

a

di l ut ed

bas i s

ver s us

ear ni ngs

of

$424

m i l l i on

or

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per

s har e

on

a

di l ut ed

bas i s

i n

2007

E BI T ( 1 )

l os s

of

$51

m i l l i on

and

E BI T m a r g i n

of

- 0. 3%

1 No n - GAAP n u m b e r s .

A r econci l i at i on

of

GAAP t o

n o n - GAAP n u m b e r s

can

be

f ound

on

t he

Of f i c e

De p o t

we b

si t e

at

www. o f f i c e d e p o t . c o m .

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i n

m i l l i ons ,

except

r at i os ,

r et ur ns

and

per

s har e

dat a

FY 2008

FY 2008

FY 2007

FY 2007

Am o u n t

%

Sa l e s

Am o u n t

%

Sa l e s

Sa l e s

$

14, 496

- -

$15, 528

- -

E BI T ( 1 )

$

( 51)

- 0. 3%

$

551

3. 5%

Ne t

Ea r n i n g s

( Lo s s ) ( 1 )

$

( 113)

- 0. 8%

$

424

2. 7%

Ne t

Ea r n i n g s

( Lo s s )

-

GAAP $ ( 1 , 4 7 9 )

- 10. 2%

$

396

2. 5%

Di l u t e d

Sha r e s

272. 8

- -

275. 9

- -

EP S -

GAAP $

( 5. 42)

- -

$

1. 43

- -

EP S ( 1 )

$

( 0. 41)

- -

$

1. 54

- -

1 No n - GAAP n u m b e r s .

A r econci l i at i on

of

GAAP t o

n o n - GAAP n u m b e r s

can

be

f ound

on

t he

Of f i c e

De p o t

we b

si t e

at

www. o f f i c e d e p o t . c o m .

2008

Fi na nc i a l

Sum m a r y

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Four t h

Qu a r t e r

2008

Re s u l t s

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F o u r t h Qu a r t e r 2 0 0 8 S u m m a r y Re s u l t s c o n t i n u e d t o b e n e g a t i v e l y i m p a c t e d b y t h e e c o n o m y a n d t h e g l o b a l l i q u i d i t y c r i s i s T o t a l Ca s h F l o w Be f o r e F i n a n c i n g Ac t i v i t i e s ( 1 ) ( 2 ) o f $ 4 m i l l i o n i n t h e f o u r t h q u a r t e r 1 No n - GAAP n u m b e r s . A r e c o n c i l i a t i o n o f GAAP t o

Co m p a n y s a l e s o f n o n - GAAP n u m b e r s

$3. 3 bi l l i on, a can be f ound on

decl i ne of t h e Of f i c e

a p p r o x i m a t e l y 1 5 % v e r s u s f o u r t h q u a r t e r o f 2 0 0 7 GAAP l o s s o f $ 1 . 5 4 b i l l i o n o r $ 5 . 6 4 p e r s h a r e De p o t we b s i t e www. o f f i c e d e p o t . c o m . 2 Ca s h F l o w Be f o r e F i n a n c i n g Ac t i v i t i e s e q u a l s t o t a l c h a n g e

o n a d i l u t e d b a s i s Ad j u s t e d f o r Ch a r g e s ( 1 ) , l o s s o f i n cas h l es s cas h f l ow f r om f i nanci ng act i vi t i es .

$199

m i l l i on

or

$0. 73

per

s har e

on

a

di l ut ed

bas i s .

Ch a r g e s

i ncl ude:

Go o d wi l l

and

t r ade

nam e

i m pai r m ent

non- cas h

char ges

of

$1. 27

bi l l i on

or

$4. 54

per

s har e;

and

St r a t e gi c

bus i nes s

r evi ew pr e- t ax

char ges

of

$167

m i l l i on

or

$0. 37

per

s har e

Ot h e r

pr e- t ax

char ges

r el at ed

t o

bus i nes s

d o wn t u r n

t ot al ed

$125

m i l l i on

i n

t he

f our t h

quar t er

Co m p a n y

had

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1 No n - GAAP n u m b e r s . E P S - GAAP $ ( 5 . 6 4 )

A r e c o n c i l i a t i o n o f GAAP t o n o n - GAAP n u m b e r s c a n b e f o u n d $ ( 5 . 6 4 ) - - $ 0 . 0 7 $ 0 . 0 7 - - EP S ( 1 ) $ ( 0 . 7 3 ) $ ( 0 . 7 3 ) - - $

on t he 0. 10 $

Of f i c e De p o t 0. 10 - -

we b

si t e

at

www. o f f i c e d e p o t . c o m .

Co n s o l i d a t e d

Fi na nc i a l s

-

Four t h

Qu a r t e r

2008

i n

m i l l i ons ,

except

r at i os ,

r et ur ns

and

per

s har e

dat a

Q4

2008

Q4

2008

Q4

2008

Q4

2008

Q4

2007

Q4

2007

Q4

2007

Q4

2007

Am o u n t

%

Sa l e s

Am o u n t

Am o u n t

%

Sa l e s

Sa l e s

$

3, 271

$

3, 271

- -

$

3, 867

$

3, 867

- -

Op e r a t i n g

Ex p e n s e s ( 1 )

$

1, 062

$

1, 062

32. 5%

$

1, 020

$

1, 020

26. 3%

E BI T ( 1 )

$

( 210)

$

( 210)

- 6. 4%

$

6

$

6

0. 2%

Ne t

Ea r n i n g s

( Lo s s ) ( 1 )

$

( 199)

$

( 199)

- 6. 1%

$

27

$

27

0. 7%

Ne t

Ea r n i n g s

( Lo s s )

-

GAAP $

( 1, 539)

$

( 1, 539)

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$

19

$

19

0. 5%

Di l u t e d

Sha r e s

272. 9

272. 9

- -

273. 3

273. 3

- -

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No r t h

Am e r i c a n

Re t a i l

-

Re s u l t s

i n

m i l l i ons ,

except

r at i os

and

st at i st i cs

Q4

2008

Q4

2007

Sa l e s

$

1, 387

$

1, 668

Co m p a r a b l e

Sa l e s

- 18%

- 7%

Di v i s i o n

Op e r a t i n g

Pr of i t

( Lo s s )

$

( 119)

$

23

Di v i s i o n

Op e r a t i n g

M ar gi n

- 8. 6%

1. 4%

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No r t h Am e r i c a n Re t a i l i m pr ove m e nt 25 St or e

- Re s u l t s & i m pai r m ent

Va r i a n c e An a l y s i s S a l e s d o wn 1 7 % ; c o m p a r a b l e s t o r e c ha r ge ( 78) Fl ow t hr ough f r om s a l e s vol um e de c l i ne

s a l e s 1 8 % l o we r i n t h e f o u r t h q u a r t e r o f 2 0 0 8 AOV l o we r a s ( 6 6 ) Ad d i t i o n a l r e s e r v e s ( 1 2 ) I n c r e a s e d p r o p e r t y c o s t s ( 1 1 )

cus t om er s r educed Q4 2 0 0 8 $ ( 1 1 9 )

s pendi ng

on

di s cr et i onar y

i t em s

Op e r a t i n g

l os s

of

$119

m i l l i on

ver s us

$23

m i l l i on

pr of i t

one

year

ago

i ncl udes :

$78

m i l l i on

non- cas h

s t or e

i m pai r m ent

char ge,

and

$12

m i l l i on

addi t i onal

r es er ves

f or

pr evi ous

s t or e

cl os ur es

and

pr i vat e

l abel

cr edi t

car d

r ecei vabl es

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key

com ponent s

of

t he

oper at i ng

pr of i t

change

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pr oduct

m ar gi ns

t han

year

ago

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f r om

sal es

vol um e

decl i ne

I ncr eas ed

pr oper t y

cos t s

Op e r a t i n g

Pr of i t

( Lo s s )

( i n

m i l l i ons )

Q4

2007

$

23

Pr oduc t

m ar gi n

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No r t h

Am e r i c a n

Bu s i n e s s

Sol ut i ons

-

Re s u l t s

i n

m i l l i ons ,

except

r at i os

and

st at i st i cs

Q4

2008

Q4

2007

Sa l e s

$

920

$

1, 065

Di v i s i o n

Op e r a t i n g

Pr of i t

( Lo s s )

$

( 28)

$

1

Di v i s i o n

Op e r a t i n g

M ar gi n

- 3. 1%

0. 1%

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N. A. Bu s i n e s s S o l u t i o n s - Re s u l t s & Va r i a n c e W e a k e r m i x a n d i n c r e a s e d p r o m o t i o n s ( 3 ) Q4

An a l y s i s S a l e s 2008 $ ( 28)

d o wn

14%

i n

t he

f our t h

quar t er

of

2008

Se ve r e

s pendi ng

cut s

by

our

cus t om er s

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det er i or at i on

i n

sal es

t o

sm al l -

t o

m edi um - s i zed

cus t om er s

Sa l e s

decl i ne

i n

l ar ge,

nat i onal

account

cus t om er s

Op e r a t i n g

l os s

of

$28

m i l l i on

ver s us

ear ni ngs

of

$1

m i l l i on

one

year

ago

Fa c t or s

dr i vi ng

t he

oper at i ng

pr of i t

change

i ncl uded:

Fl ow t hr ough

f r om

sal es

vol um e

decl i ne

Ne g a t i v e

i t em s,

i ncl udi ng

bad

debt

r es er ves

W eaker

sal es

and

pr oduct

m i x,

and

i ncr eas ed

pr om ot i ons

Op e r a t i n g

Pr of i t

( Lo s s )

( i n

m i l l i ons )

Q4

2007

$

1

Fl ow t hr ough

f r om

sal es

vol um e

decl i ne

( 20)

Ne g a t i v e

i t em s,

i ncl udi ng

r es er ves

( 6)

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I nt er nat i onal

-

Re s u l t s

I n

m i l l i ons ,

except

r at i os

and

st at i st i cs

Q4

2008

Q4

2007

Sa l e s

$

963

$

1, 135

Ch a n g e

i n

Lo c a l

Cu r r e n c y

Sa l e s

- 4%

2%

Di v i s i o n

Op e r a t i n g

Pr of i t

$

10

$

60

Di v i s i o n

Op e r a t i n g

M ar gi n

1. 0%

5. 3%

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I n t e r n a t i o n a l - Re s u l t s v e r s u s U. S . d o l l a r

&

Va r i a n c e

An a l y s i s

Op e r a t i n g

Pr of i t

( i n

m i l l i ons )

Q4

2007

$

60

Fl ow t hr ough

f r om

sal es

vol um e

decl i ne

( 23)

I nt angi bl e

asset

wr i t e

of f s

( 11)

Hi g h e r

cos t s

and

i ncr eas ed

com pet i t i on

( 10)

For e i gn

exchange

i m pact

( 6)

Q4

2008

$

10

Sa l e s

d o wn

15%

i n

t he

f our t h

quar t er

of

2008

Lo c a l

cur r ency

sal es

d o wn

4%

U. K.

and

Eu r o

Zo n e

i n

r eces s i on

Op e r a t i n g

pr of i t

wa s

$10

m i l l i on

ver s us

$60

m i l l i on

one

year

ago

Fa c t or s

dr i vi ng

t he

oper at i ng

pr of i t

change

i ncl uded:

Fl ow t hr ough

f r om

sal es

decl i ne

I nt angi bl e

asset

wr i t e

of f s

i n

Eu r o p e

and

As i a

Hi g h e r

cos t s

and

i ncr eas ed

com pet i t i on

I m pact

of

f or ei gn

exchange

r at es,

not abl y

Pound

St e r l i ng

and

Eu r o

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Sum m a r y

and

Ou t l o o k

Di s a p p o i n t e d

wi t h

f our t h

quar t er

r es ul t s

but

cash

f l o w wa s

pos i t i ve

Gi v e n

t he

uncer t ai n

envi r onm ent ,

l i qui di t y

i s

par am ount

Ta k i n g

cons er vat i ve

appr oach

t o

our

capi t al

s t r uct ur e

Ov e r

$400

m i l l i on

of

l i qui di t y

enhanci ng

i ni t i at i ves

pl anned

i n

2009

As s e t - b a s e d

l endi ng

f aci l i t y

avai l abl e

i f

econom i c

cr i si s

cont i nues

i nt o

2010

Co m m i t t e d

t o

m anagi ng

t he

Co m p a n y

t hr ough

chal l engi ng

t i m es

Pr ovi di ng

i nnovat i ve

pr oduct s

and

s ol ut i ons

t o

our

val ued

cus t om er s

M anagi ng

our

cos t s

Co n t r o l l i n g

our

cash

f l ow

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Ch a r g e s

1Fut ur e

am ount s

m ay

be

i m pact ed

by

changes

as

pl ans

ar e

i m pl em ent ed

and

changes

i n

cur r ency

exchange

r at es.

i n

m i l l i ons

Q4

Q4

Q4

FY FY FY Pr oj e c t e d1

2008

2007

2008

2007

FY 2009

Go o d wi l l

&

Tr a d e

Na m e

I m pai r m ent

$

1, 270

$

-

$

1, 270

$

-

$

-

N. A.

Re t a i l

&

Suppl y

Ch a i n

I ni t i at i ves

101

-

101

-

100

Ot h e r

I ni t i at i ve

&

He a d c o u n t

Re d u c t i o n s

22

-

22

-

66

As s e t

W r i t e

Do wn s

42

-

-

42

-

-

2005

I ni t i at i ves

2

15

34

40

20

To t a l

Ch a r g e s

$

1, 437

$

15

$

1, 469

$

40

$

186

Ca s h

Fl ow I m pa c t

Ca s h

$

36

$

12

$

59

$

20

$

178

No n - Ca s h

$

1, 401

$

3

$

1, 410

$

20

$

8

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Ch a r g e s I m p a c t o n E a r n i n g s www. o f f i c e d e p o t . c o m .

Sum m a r y

No n - GAAP l o s s

of

$199

m i l l i on

i ncl udes

$125

m i l l i on

of

addi t i onal

pr e- t ax

non- cas h

i t em s.

i n

m i l l i ons ,

except

per

s har e

dat a

Q4

2008

GAAP Ch a r g e s ( 1 )

No n - GAAP ( 2 )

Gr o s s

Pr of i t

$

829

$

16

$

845

Op e r a t i n g

Ex p e n s e s

$

2, 483

$

( 1, 421)

$

1, 062

Op e r a t i n g

Lo s s

$

( 1, 654)

$

1, 437

$

( 217)

E BI T ( 2 )

$

( 1, 647)

$

1, 437

$

( 210)

Ne t

Lo s s

$

( 1, 539)

$

1, 340

$

( 199)

Di l u t e d

Lo s s

Pe r

Sha r e

$

( 5. 64)

$

4. 91

$

( 0. 73)

1 Ch a r g e s

i ncl ude

g o o d wi l l

and

t r ade

nam e

i m pai r m ent ,

and

act i ons

t aken

as

par t

of

t he

s t r at egi c

bus i nes s

r e v i e w.

2 No n - GAAP n u m b e r s .

A r econci l i at i on

of

GAAP t o

n o n - GAAP n u m b e r s

can

be

f ound

on

t he

Of f i c e

De p o t

we b

si t e

at

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Ca s h F l o w Hi g h l i g h t s 1 No n - GAAP n u m b e r s . $ ( 1 ) $ ( 1 0 3 ) Ot h e r I n v e s t i n g Ac t i v i t i e s

A r econci l i at i on & FX I m pa c t on

o f GAAP t o n o n - GAAP n u m b e r s c a n b e f o u n d Ca s h $ 2 7 $ 8 4 Ca s h F l o w Be f o r e F i n a n c i n g

o n t h e Of f i c e De p o t we b s i t e a t www. o f f i c e d e p o t . c o m . 2 F r e e Ca s h F l o w e q u a l s n e t Ac t i v i t i e s ( 1 ) ( 3 ) $ 4 $ 1 1 9 * Qu a r t e r l y a m o u n t s h a v e b e e n c o n f o r m e d t o f u l l y e a r

cas h pr ovi ded pr es ent at i on.

by

oper at i ng

act i vi t i es

l ess

capi t al

expendi t ur es .

3 Ca s h

F l o w Be f o r e

Fi na nc i ng

Ac t i v i t i e s

equal s

t ot al

change

i n

cash

l ess

cash

f l ow f r om

f i nanci ng

act i vi t i es .

i n

m i l l i ons

Q4

2008*

YT D 2 0 0 8

Ne t

Lo s s

$

( 1, 539)

$

( 1, 479)

Go o d wi l l

&

Tr a d e

Na m e

I m pai r m ent

$

1, 270

$

1, 270

Ot h e r

As s e t

I m pai r m ent

$

202

$

222

De p r e c i a t i o n

&

Am o r t i z a t i o n

$

62

$

254

Ot h e r

Op e r a t i n g

and

No n - Ca s h

I t em s

$

35

$

201

Ca p i t a l

Ex p e n d i t u r e s

$

( 52)

$

( 330)

Fr e e

Ca s h

F l o w( 1 ) ( 2 )

$

( 22)

$

138

Ac q u i s i t i o n s

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L i q u i d i t y Up d a t e I n a d d i t i o n t o a s s e t - b a s e d l e n d i n g f a c i l i t y ( ABL ) , a c t i v e l y p u r s u i n g i n t e r n a l s o u r c e s o f l i q u i d i t y i n 2 0 0 9 , i n c l u d i n g : S a l e l e a s e b a c k a r r a n g e m e n t s i n t h e i n 2 0 0 9 As o f t h e e n d o f De c e m b e r 2 0 0 8 , Of f i c e De p o t h a d $ 8 6 8 m i l l i o n i n t o t a l a v a i l a b l e l i q u i d i t y , i n c l u d i n g : $ 7 1 2 m i l l i o n o f ABL a v a i l a b i l i t y $ 1 5 6 m i l l i o n o f c a s h o n

U. S . hand

and

Eu r o p e

wh i c h

coul d

t ot al

up

t o

$200

m i l l i on

Sa l e

of

cer t ai n

account s

r ecei vabl e

i n

Eu r o p e

wh i c h

coul d

t ot al

up

t o

$100

m i l l i on

A $105

m i l l i on

cash

benef i t

f r om

t he

s t r at egi c

bus i nes s

act i ons

we

announced

i n

De c e m b e r

Di v i d e n d s

f r om

af f i l i at e

and

t ax

r ef und

coul d

t ot al

$50

m i l l i on

I f

we

as s um e

ext r em el y

chal l engi ng

bus i nes s

condi t i ons

i n

t he

f our t h

quar t er

cont i nue,

t he

$400+ m i l l i on

of

addi t i onal

l i qui di t y

s houl d

pr ovi de

an

adequat e

cash

cus hi on

wi t h o u t

d r a wi n g

f ur t her

on

t he

ABL

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Ba l a n c e

She e t

Hi g h l i g h t s

1

W or ki ng

Ca p i t a l

= ( cur r ent

asset s

-

cash

and

s hor t - t er m

i nves t m ent s )

-

( cur r ent

l i abi l i t i es

-

cur r ent

m at ur i t i es

of

l ong- t er m

debt )

2

W or ki ng

Ca p i t a l

as

%

of

Sa l e s

= ( ( W C Q4

cur r ent

year

+ W C Q4

pr i or

year )

/

2)

/

Tr a i l i n g

f our

quar t er

sal es

i n

m i l l i ons ,

except

r at i os

and

r et ur ns

2008

2007

Ca s h

and

Ca s h

Eq u i v a l e n t s

$

156

$

223

NAR I n v e n t o r y

Pe r

St or e

( end

of

per i od)

$

0. 689

$

0. 960

I nvent or i es

$

1, 332

$

1, 718

W or ki ng

Ca p i t a l ( 1 )

$

533

$

727

W or ki ng

Ca p i t a l

as

a

%

of

Sa l e s ( 2)

4. 3%

3. 5%

Ne t

De b t

( end

of

per i od)

$

725

$

593

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Ca p i t a l

Ex p e n d i t u r e s

Co n t i n u e

t o

be

car ef ul

wi t h

capi t al

s pendi ng

and

wi l l

m ake

adj us t m ent s

as

neces s ar y

i n

r egar d

t o

new s t or e

openi ngs ,

s t or e

r em odel s ,

I T and

s uppl y

chai n

s pendi ng

f or

t he

bal ance

of

t hi s

year

2009

capi t al

s pendi ng

i s

t ar get ed

at

$150

m i l l i on,

wh i c h

i s

about

60%

of

pr oj ect ed

depr eci at i on

and

am or t i zat i on

2005

2006

2007

2008

2 0 0 9 F Ea s t

261

434

461

330

150

Suppl y

Ch a i n

&

I T Ot h e r

NAR S t o r e s

25

55

20

$

m i l l i ons

M ai nt enance

&

Ot h e r

Suppl y

Ch a i n

&

I T NAR S t o r e s

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As s e t - Ba s e d L o a n S u m m a r y S u c c e s s f u l l y c l o s e d f i v e y e a r , l o n g a s a v a i l a b i l i t y o n t h e l i n e i s o v e r $ 1 8 7 m i l l i o n At

$ 1 . 2 5 b i l l i o n a s s e t - b a s e d l o a n ( ABL ) f a c i l i t y i n t h e t h i r d q u a r t e r o f 2 0 0 8 ABL r e p l a c e s p r e v i o u s $ 1 . 0 b i l l i o n b a n k r e v o l v e r t h e e n d o f De c e m b e r , we h a d d r a wn $ 1 3 9 m i l l i o n o n t h e ABL , a n d h a d $ 1 7 8 m i l l i o n i n o u t s t a n d i n g l e t t e r s o f c r e d i t a g a i n s t

ABL i s d e s i g n e d t o p r o v i d e l i q u i d i t y t o s u p p o r t g l o b a l o p e r a t i o n s t h e f a c i l i t y , l e a v i n g u s wi t h $ 7 1 2 m i l l i o n o f a v a i l a b i l i t y

Ba n k

s yndi cat i on

i ncl udes

J PM or ga n,

Ci t i b a n k ,

Ba n k

of

Am e r i c a ,

W achovi a,

W el l s

Fa r go

and

GE Ca p i t a l ,

am ong

ot her s

Th e

ABL f a c i l i t y

i s

s ecur ed

by

t he

c o m p a n y 's

cur r ent

asset s

i ncl udi ng

account s

r ecei vabl e,

i nvent or y,

and

cash

and

depos i t or y

account s

Th e

ABL f a c i l i t y

cont ai ns

i ncur r ence

f i nanci al

covenant s

I ncur r ence- bas ed

f i nanci al

covenant s

pr ovi de

gr eat er

oper at i ng

f l exi bi l i t y

No

f i xed- char ge

cover age

r at i o

t est

as

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M acr oeconom i c

En v i r o n m e n t

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U. S . GDP / T h e Co n s u m e r Co n s u m e r Co n f i d e n c e Un e m p l o y m e n t Ra t e Gr o s s Do m e s t i c P r o d u c t Q1 '0 6 Q2 " 0 6 Q3 '0 6 Q4 '0 6 Q1 '0 7 Q2 " 0 7 Q3 '0 7 Q4 '0 7 Q1 '0 8 Q2 " 0 8 Q3 '0 8 Q4 '0 8 Q1 '0 9 F GDP 0 . 0 4 8 0 . 0 2 7 8 . 0 0 0 0 0 0 0 0 1 3 1 4 8 E - 0 3 0 . 0 1 5 0 . 0 0 1 0 . 0 4 8 0 . 0 6 8 0 . 0 7 2 Na t i o n a l Bu r e a u o f E c o n o m i c Re s e a r c h i n d i c a t e d t h a t t h e U. S . h a s b e e n i n r e c e s s i o n f o r f o u r q u a r t e r s U. S . e c o n o m y s h r a n k 3 . 8 % i n Q4 '0 8 , t h e l o we s t p a c e s i n c e t h e f i r s t q u a r t e r o f 1 9 8 2 U. S . c o n s u m e r

0 . 0 4 8 - 0 . 0 0 2 9 . 0 0 0 0 0 0 0 0 1 3 1 4 8 E- 0 3 0 . 0 2 8 - 0 . 0 0 5 conf i dence f al l s once agai n af t er a m oder at e

- 0. 038 - 0. 025 i m pr ovem ent

1 / 1 5 / 2 0 0 8 2 / 1 5 / 2 0 0 8 3 / 1 5 / 2 0 0 8 4 / 1 5 / 2 0 0 8 5 / 1 5 / 2 0 0 8 6 / 1 5 / 2 0 0 8 7 / 1 5 / 2 0 0 8 8 / 1 5 / 2 0 0 8 9 / 1 5 / 2 0 0 8 1 0 / 1 5 / 2 0 0 8 1 1 / 1 5 / 2 0 0 8 1 2 / 1 5 / 2 0 0 8 Co n s u m e r Co n f i d e n c e 8 7 . 3 7 6 . 4 6 5 . 9 i n No v e m b e r . T h e i n d e x c o n t i n u e s t o t r a c k a t a l l - t i m e l o ws , a s c o n s u m e r s r e m a i n p e s s i m i s t i c o f c u r r e n t m a r k e t c o n d i t i o n s U. S . e m p l o y m e n t r o s e t o 7 . 2 %

62. 8 58. 1 51 i n De c e m b e r

51. 9 58. 5 61. 4 38. 8 2008, as j ob l os s es

44. 7 we r e

38. 6 1/ 15/ 2008 2/ 15/ 2008 3/ 15/ 2008 4/ 15/ 2008 5/ 15/ 2008 6/ 15/ 2008 7/ 15/ 2008 8/ 15/ 2008 9/ 15/ 2008 l a r g e a n d wi d e s p r e a d a c r o s s m o s t m a j o r i n d u s t r y s e c t o r s S o u r c e : Bu r e a u o f E c o n o m i c An a l y s i s

1 0 / 1 5 / 2 0 0 8 1 1 / 1 5 / 2 0 0 8 1 2 / 1 5 / 2 0 0 8 Un e m p l o y m e n t Ra t e S o u r c e : T h e Co n f e r e n c e Bo a r d S o u r c e : Bu r e a u o f L a b o r

0. 049 0. 048 St a t i s t i c s

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0. 055

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F o r e i g n E x c h a n g e E u r o v s . U. S . Do l l a r U. S . Do l l a r v s . M e x i c a n P e s o T h e U. S . Do l l a r h a s s t r e n g t h e n e d v e r s u s t h e S t e r l i n g s i n c e J u l y '0 8 , a f t e r b e i n g f a i r l y s t a b l e i n t h e 1 . 3 5 2 0 0 6 2 0 0 7 1 / 8 / 2 0 0 8 2 / 8 / 2 0 0 8 3 / 8 / 2 0 0 8 4 / 8 / 2 0 0 8 5 / 8 / 2 0 0 8 6 / 8 / 2 0 0 8 7 / 8 / 2 0 0 8 8 / 8 / 2 0 0 8 9 / 8 / 2 0 0 8 1 0 / 8 / 2 0 0 8 1 1 / 8 / 2 0 0 8 1 2 / 1 / 2 0 0 8 E x c h a n g e Ra t e 1 0 . 9 1 0 . 9 2 1 0 . 8 3 1 0 . 7 1 1 0 . 6 4

f i r st 10. 49

hal f of t he 10. 33 10. 31

y e a r Ov e r a l l , t h e 10. 04 10. 29 10. 94

U. S . Do l l a r 12. 83 13. 46

s t r e n g t h e n e d v e r s u s t h e Eu r o i n t h e f o u r t h 13. 43 2006 2007 1/ 1/ 2008 2/ 1/ 2008 3/ 1/ 2008

quar t er , 4/ 1/ 2008

h o we v e r , 5/ 1/ 2008

t h e Eu r o 6/ 1/ 2008

d i d r e b o u n d i n De c e m b e r T h e U. S . Do l l a r h a s we a k e n e d v e r s u s t h e M e x i c a n P e s o s i n c e 7 / 1 / 2 0 0 8 8 / 1 / 2 0 0 8 9 / 1 / 2 0 0 8 1 0 / 1 / 2 0 0 8 1 1 / 1 / 2 0 0 8 1 2 / 1 / 2 0 0 8 E x i s t i n g Ho m e S a l e s 1 . 8 4 2

J ul y 1. 99

0' 8 , a f t e r 1. 99 1. 98

s t r engt heni ng m oder at el y over t he 1. 99 1. 98 1. 99 1. 98 1. 82 1. 78 1. 61

c o u r s e o v e r t h e y e a r U. K. S t e r l i n g v s . U. S . Do l l a r 2 0 0 6 1 . 5 4 1 . 4 9 S o u r c e : Bl o o m b e r g - Ye a r l y / M o n t h l y Av e r a g e s

2007 1/ 8/ 2008 2/ 8/ 2008 3/ 8/ 2008 4/ 8/ 2008 5/ 8/ 2008 6/ 8/ 2008 S o u r c e : Bl o o m b e r g S o u r c e : Bl o o m b e r g S o u r c e : Bl o o m b e r g

7/ 8/ 2008

8/ 8/ 2008

9/ 8/ 2008

10/ 8/ 2008

11/ 8/ 2008

12/ 1/ 2008

Ex c h a n g e

Ra t e

1. 26

1. 38

1. 49

1. 52

1. 58

1. 56

1. 55

1. 58

1. 56

1. 47

1. 41

1. 27

1. 27

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I nves t or

Pr e s e nt a t i on

Fe br ua r y

2009