OMX Officemax Incorporated

OfficeMax Co-Founder and CEO to Form Venture Capital Firm Specializing in Retailing with Former Head of Investment Banking at KeyCorp's McDonald Investments CLEVELAND, Dec. 9 /PRNewswire-FirstCall/ -- OfficeMax, Inc. Co-Founder and CEO, Michael Feuer, will leave the office products retailer after its sale to Boise Cascade Corporation , to join with Ralph M. Della Ratta, former Senior Managing Director and Manager of Investment Banking at KeyCorp's McDonald Investments, to form Max-Ventures LLC. This new venture capital/operational firm will focus on specialty retailing with offices in the Cleveland suburb of Mayfield Heights. (Photo: http://www.newscom.com/cgi-bin/prnh/20031209/CLTU016-a http://www.newscom.com/cgi-bin/prnh/20031209/CLTU016-b http://www.newscom.com/cgi-bin/prnh/20031209/CLTU016-c ) Their new firm will work with emerging growth companies and new retail concepts, as well as mid-size retailers and businesses providing services to retail chains. Investments will be made in companies that may require an infusion of new capital, but more importantly, strategic and operational expertise to take a business to its next growth stage. OfficeMax opened its first superstore in suburban Cleveland in the summer of 1988 with $20,000 of Mr. Feuer's own money, combined with investments by a small group of other investors. During the ensuing 15 years, OfficeMax grew to an international retail powerhouse with almost 1,000 locations, a major Internet/catalog business unit and direct sales force presence throughout the United States, the Caribbean and Mexico. OfficeMax will complete its sale to Boise Cascade Corporation by the close of business today giving OfficeMax shareholders approximately $1.2 billion. As a part of the agreement with Boise, Mr. Feuer has signed a five-year consulting agreement with OfficeMax. Mr. Della Ratta has over 26 years of investment banking and venture capital experience, including the last 16 years at McDonald, with the most recent 11 years as head of its investment banking group. During his tenure at McDonald, Mr. Della Ratta and his team of investment bankers worked on over 500 transactions for middle market and Fortune 500 companies. Mr. Feuer's 30 years of retail experience, including building OfficeMax to one of the top 20 specialty hard goods retailers in the United States, with sales approaching $5 billion, has given him invaluable expertise and know-how in virtually every aspect of retailing. "I believe my background, together with Ralph's vast financial and capital markets expertise, will enable Max- Ventures to recognize opportunities and build platforms for infusing the missing ingredients into many start-up companies, ranging from a long-range strategic plan, with the requisite systems controls and programs to succeed, to providing growth capital," Mr. Feuer added. Mr. Della Ratta said, "We believe that our skill sets complement each other and together provide entrepreneurs and would-be entrepreneurs a source to draw on a wide variety of disciplines." Max-Ventures will also focus on businesses that provide unique services to retailers in a myriad of different areas. The Feuer/Della Ratta team said that it has already identified several opportunities and will begin finalizing due diligence and strategic planning in early 2004 in preparation for its first investments. For each investment in which Max-Ventures participates, it will form a partnership with both institutional and private investors. Messrs. Feuer and Della Ratta will also become principals in Max-Venture partnerships with the partnership in most cases having significant operational input or control. Mr. Feuer and Mr. Della Ratta are well-known in retailing and investment banking circles, having both worked on a wide range of transactions during their respective careers. Mr. Feuer has received numerous awards for OfficeMax's achievements during the past 15 years, including being named Discount Store News Specialty Discounter of the Year. He has authored numerous articles and has been a frequent guest lecturer at leading universities and organizations throughout the United States, Europe and Asia. He is a member of a number of community, philanthropic and business related committees and boards and this month will complete his second term on the New York Stock Exchange Board of Directors' Listed Company Advisory Committee. Mr. Della Ratta is a community leader serving on a number of key charity groups and is a frequent guest lecturer at numerous universities and industry conferences. He has served as the Chair of several not-for-profits including the Achievement Center for Children and INROADS. Mr. Della Ratta is also on the cabinet of the Cleveland United Way, on the board of the Duke Alumni Association and was the Treasurer of the Capital Improvement Board of the City of Indianapolis. He is on the Board of Directors of Hyland Software, and previously had been a member of the Board of Directors of McDonald & Company Securities, Inc. as well as KeyCorp's Executive Committee. Mr. Feuer and Mr. Della Ratta have worked together for over 10 years with Mr. Della Ratta acting as a key advisor to OfficeMax during this time on events ranging from the Company's initial public offering in 1994 to its sale to Boise this year. Max-Ventures will be headquartered at Landerbrook Corporate Center, 5900 Landerbrook Drive, Suite 203, Cleveland, Ohio 44124; telephone: 440-449-6000. http://www.newscom.com/cgi-bin/prnh/20031209/CLTU016-a http://www.newscom.com/cgi-bin/prnh/20031209/CLTU016-b http://www.newscom.com/cgi-bin/prnh/20031209/CLTU016-c http://photoarchive.ap.org/ DATASOURCE: OfficeMax, Inc. CONTACT: Steve Baisden, Manager, Investor & Public Relations of OfficeMax, Inc., +1-216-471-3441, or ; or Michael Feuer, , or Ralph Della Ratta, , both of Max-Ventures LLC, +1-440-449-6000 Web site: http://www.officemax.com/

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