households

Saved the equivalent amount of wastewater (more than 18
million gallons) discharged or released annually by more than
190 U. Environmental Protection Agency.1 billion in online sales in FY'04, the Company is the world's
number three Internet retailer.

moonlight teak

However, we've seen our customers respond to
the 'green' copy and printing services we offer as well as to the
enhancements to our Office Depot-branded papers. Thompson, The MIT Press, 1992.
The manufacturing facility is owned by the Navajo Housing
Authority ("NHA"). About one-third of the fly ash
produced each year in America is used in various building materials,
including traditional concrete. 30, 2004, Quarterly
Reports on Form 10-Q, and other periodic filings and prospectuses.

twig loveseats

----Office Depot,
Inc. The Company announced today that in
2004 it achieved an average of 26. "The fact that we have reached such a high average
so quickly is encouraging and a testament to our commitment to
increase the environmental performance of our products and services.officedepot.

Headwaters Incorporated Celebrates Navajo Housing Authority FlexCrete Plant Grand Opening

distressed loveseats

"We
responded by offering a full range of Office Depot-branded
environmentally-preferable paper with increased smoothness,
brightness, and recycled content, enabling our customers to meet their
business needs while using an environmentally-preferable product .S. The air bubbles also contribute to the product's
excellent acoustic and thermal insulation properties . Headquartered in Window Rock, Ariz. Unless
legally required, we undertake no obligation to revise or update any
forward-looking statements for any reason.

Reclaimed wood is wood that has already been cut and used as lumber, or that would have been discarded.

teak underneath

)
According to Tyler Elm, Director of Environmental Affairs, Office
Depot was the first company in the office supply industry to set
annual quantified environmental performance objectives.environmentaldefense.
FlexCrete is a form of aerated concrete . FlexCrete products include solid blocks similar to
traditional concrete blocks, structural reinforced panels, and thin
unreinforced panels for sheathing.

cupboards husks

(a) Number of trees calculated collaboratively by Conservatree and
Alliance for Environmental Innovation/Environmental Defense, and
assumes a mix of hardwoods and softwoods 6-8" in diameter and 40'
tall, Source: Tom Soder, Pulp + Paper Technology Program, University
of Maine, September 1991, as reported in Recycled Papers: The
Essential Guide , by Claudia G.
Editor's Note: For more information on Office Depot's
environmental initiatives , visit www.

But the remainder is still disposed in
landfills. Millions of tiny air bubbles
are embedded in the concrete, making it extremely lightweight and
impact resistant.

About Headwaters Incorporated

Headwaters Incorporated is a world leader in creating value
through innovative advancements in the utilization of natural
resources.

barnwood reclaimed

In June
2004, the Company enhanced its line of premium private brand papers by
increasing the recycled content and brightness of many specialty
products.
"Customers would often substitute virgin or low recycled content
paper if their special purpose printing or copying needs required
extra bright, heavy weight, or color copy paper," Elm added.S.S. The facility
will also sell products commercially in the Phoenix, Albuquerque ,
N.

recycled hutches

Business Editors/Environment Writers

DELRAY BEACH, Fla. Internationally, the Company
conducts wholly-owned operations in 14 countries through 77 retail
stores and 26 distribution centers, and operates 153 retail stores
under joint venture and license arrangements in another seven
countries.

moonlight melted

Non-combustible minerals that
naturally occur in coal form fly ash, which is collected from the
exhaust stream of the power plant. The NHA FlexCrete facility will utilize fly
ash supplied by Headwaters from the nearby Navajo Power Plant, which
is operated by the Salt River Project.

underneath hardback

(NYSE:ODP ), a leading global provider of office products and
services, continues to set the industry standard for its commitment to
promote and use recycled paper.
Office Depot is a leader in every distribution channel - from
retail stores and contract delivery to catalogs and e-commerce. Approximately 60 percent of FlexCrete's total
volume is coal fly ash.com.

melted underneath

A
goal of 30% once seemed extremely optimistic given our April 2003
performance of about 1%."
Environmental Defense estimates that by using elemental
chlorine-free, 35% PCW recycled content paper in all high-speed,
self-service copy machines, in combination with an enhanced range of
recycled content specialty papers, has helped Office Depot 's North
American Copy + Print Centers achieve the following environmental
benefits in 2004:

Conserved more than 44,000(a) trees, reducing the number of
trees used by nearly 27%

Saved more than 31 billion BTUs of energy - equivalent to the
amount of annual energy needed to power more than 290 U. For
more information about Environmental Defense, visit
www.

Forward-Looking Statements

Certain statements contained in this report are forward-looking
statements within the meaning of federal securities laws and
Headwaters intends that such forward -looking statements be subject to
the safe harbor created thereby. Words such as "expects,"
"anticipates ," "targets," "goals," "projects," "believes," "seeks,"
"estimates," variations of such words, and similar expressions are
intended to identify such forward-looking statements.

backroads distressed

Aerated concrete has been
used extensively in Europe for decades.

teak jarrah

S. The Company operates under the
Office Depot(R) , Viking Office Products(R), Viking Direct(R),
Guilbert(R), and Tech Depot(R) brand names. Fly ash is produced when coal is
consumed in electric generating plants.M. Headwaters is a diversified growth company providing
products, technologies and services to the energy, construction and
home improvement industries.
Forward-looking statements include Headwaters' expectations as to
the managing and marketing of coal combustion products, the production
and marketing of building materials and products , the licensing of
technology and chemical sales to alternative fuel facilities, the
receipt of product sales, license fees and royalty revenues, the
development, commercialization, and financing of new technologies and
other strategic business opportunities and acquisitions, and other
information about Headwaters.

husks bookcases

households

Prevented more than 2,000 tons of greenhouse gas emissions
(CO2 equivalents) - equivalent to removing more than 350 cars
from the road for a year

Prevented the creation of 1,030 tons of solid waste,
equivalent to the trash generated annually by more than 480
U. With
$3. The NHA is also a co-owner of the unique aerated
concrete technology through FlexCrete Building Systems, a joint
venture with Headwaters Incorporated.
In addition to matters affecting the coal combustion product,
alternative fuel, and building products industries or the economy
generally, factors which could cause actual results to differ from
expectations stated in forward-looking statements include, among
others, the factors described in the captions titled "Forward-looking
Statements" and "Risk Factors" in Item 7 in Headwaters ' Annual Report
on Form 10-K for the fiscal year ended Sept. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this report .

underneath melted

The
non-proprietary system enables Office Depot to ensure that paper used
in its printed marketing materials is "environmentally-preferable" and
establishes a new level of transparency in paper procurement .com/environment. Approximately 200 people, including dignitaries from
the Navajo Nation and several state and local officials, attended the
ceremonies in Page, Ariz.

Recycled products are usually plastics that have been used before in another form, then melted and re-used.

moonlight underneath

"Office Depot is thrilled to have surpassed our 2004 goal of 20%
average recycled PCW content for paper used in our Copy + Print
Centers," Elm said.

husks moonlight

9% post consumer waste (PCW)
recycled content in the paper it used at its nearly 1,000 North
American Copy + Print Centers.
This marks an increased performance of more than 90% over 2003
when the Company's Copy + Print Center average PCW recycled content
was 14 %. FlexCrete was designed to use large volumes of this
recycled resource. Actual results may
vary materially from such expectations.headwaters.

bookcases moonlight

Our
reports can be accessed through the investor relations section of our
Web site.

petersfield driftwood

Office Depot Nearly Doubles Average Recycled Content of Paper Used in Its North American Copy + Print Centers; Exceeds 2004 Target of 20%; Conserves More Than

com/

About Environmental Defense

Environmental Defense is a leading national nonprofit organization
representing more than 400,000 members.
Products from the Page facility will be used to support NHA
building programs throughout the expansive Navajo Nation., the Navajo Housing
Authority works to meet the housing needs of the Navajo Nation by
providing affordable quality homes, professional management services
and promotion of economic growth.

underneath jarrah

(Paper use is measured by weight. It is also highly fire
resistant. Through its alternative energy, coal
combustion products and building products businesses , the company
earns a growing revenue stream that provides the capital needed to
expand and acquire synergistic new business opportunities.

cupboards teak

org or call its media relations department at
212-505-2100 . Incorporated in 1986 and headquartered in
Delray Beach, Florida, Office Depot conducts business in 23 countries
and employs 47,000 people worldwide.
Our Internet address is www.

recycled loveseats

loveseats bookshelves

In April 2003 ,
the Company converted paper used in high-speed, self-service copy
machines at all North American Copy + Print Centers to elemental
chlorine-free, 35% PCW recycled content, and set a future goal of 30%
average annual PCW recycled content for paper used at the Centers. Color Laser
and Color Copier Paper - two extra heavyweight and extra bright
premium products - changed from 10% to 30% PCW recycled content."
According to Tom Murray, Project Manager for Corporate
Partnerships at Environmental Defense, "Using recycled rather than
virgin paper conserves wood, water and energy , and helps reduce
pollution and waste. households

Responsible Forest Management

In addition to the results obtained through the use of recycled
content paper at its Copy + Print Centers , Office Depot, along with
paper producer NorskeCanada and professional services firm
PricewaterhouseCoopers LLP, pioneered the industry's first independent
chain-of-custody system for sourcing paper in North America.officedepot.

Business Editors

SOUTH JORDAN, Utah----Headwaters
Incorporated (NYSE: HW) and the Navajo Housing Authority on Thursday
dedicated the first commercial manufacturing facility for FlexCrete
aerated concrete.
FlexCrete is a lightweight, fire-resistant, energy-efficient
building product made using fly ash. Aerated concrete
can be cut like wood, accepts nails and screws directly, and can be
easily coated with plaster or stucco. The Navajo Nation is home to about
260,000 people living in an area larger than the state of West
Virginia. Such statements that are not purely
historical by nature, including those statements regarding Headwaters'
future business plans, the operation of facilities, the availability
of tax credits, the availability of feedstocks , and the marketability
of the coal combustion products, building products, and synthetic
fuel , are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 regarding future events and
our future results that are based on current expectations, estimates ,
forecasts, and projections about the industries in which we operate
and the beliefs and assumptions of our management. There we make
available, free of charge, our annual report on Form 10-K, quarterly
reports on Form 10-Q, current reports on Form 8-K and any amendments
to those reports, as soon as reasonably practicable after we
electronically file such material with, or furnish it to, the SEC.

reclaimed cupboards

"
Elm noted that Office Depot's EnviroCopy paper, made from 35% PCW
content, is actually brighter than standard virgin paper. As of March 26, 2005, Office Depot has
995 retail stores in North America in addition to a national
business-to-business delivery network supported by 22 delivery centers
and more than 60 local sales offices.
Additional press information can be found at:
http:/ /mediarelations. Since 1967, we have linked
science, economics and law to create innovative, equitable and
cost-effective solutions to society's most urgent environmental
problems.

savanna twig

Inkjet and Laser Paper - two heavyweight special purpose
products - changed from 30% to 35% PCW recycled content.
The company's increased use of recycled content and practice of
responsible forest management enabled Office Depot to receive the
Outstanding Retailer Award announced in April 2005 as part of the
inaugural "America's Marketplace Recycles!" awards program jointly
sponsored by the International Council of Shopping Centers and the
U.

About Office Depot

With annual sales approaching $14 billion, Office Depot provides
more office products and services to more customers in more countries
than any other company.
The company's common stock is listed on the New York Stock
Exchange under the symbol ODP and is included in the S+P 500 Index., and Las Vegas markets, providing a significant economic
development opportunity for NHA, the Navajo Nation and the northern
Arizona area. Any statements
that refer to projections of our future financial performance, our
anticipated growth and trends in our businesses, and other
characterizations of future events or circumstances, are forward
looking.
Although Headwaters believes that its expectations are based on
reasonable assumptions within the bounds of its knowledge of its
business and operations, there can be no assurance that our results of
operations will not be adversely affected by such factors.