Office Depot Inc (ODP): Starboard Value Sells Out of Long Position

Page 18 of 24 SEC Filing

B.	Starboard S LLC

(a)

As of the close of business on March 4, 2016, Starboard S LLC beneficially owned 2,175,000 Shares underlying certain call options exercisable within 60 days hereof.

Percentage: Less than 1%

(b)

1. Sole power to vote or direct vote: 2,175,000

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 2,175,000

4. Shared power to dispose or direct the disposition: 0

(c)

The transactions in the Shares by Starboard S LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

C.           Starboard C LP

(a)

As of the close of business on March 4, 2016, Starboard C LP beneficially owned 1,225,000 Shares underlying certain call options exercisable within 60 days hereof.

Percentage: Less than 1%

(b)

1. Sole power to vote or direct vote: 1,225,000

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 1,225,000

4. Shared power to dispose or direct the disposition: 0

(c)

The transactions in the Shares by Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

D.           Starboard R LP

(c)

Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 1,225,000 Shares underlying certain call options exercisable within 60 days hereof.

Percentage: Less than 1%

(d)

1. Sole power to vote or direct vote: 1,225,000

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 1,225,000

4. Shared power to dispose or direct the disposition: 0

(e)

Starboard R LP has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

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