Exhibit 14

BOISE'S CODE OF ETHICS

Integrity is one of Boise's core values.

That means we will do the right thing and will act honestly, fairly, and in accordance with all laws applicable to our operations. We will treat our fellow
employees and associates with the utmost respect and courtesy, deal with our customers and vendors fairly, and avoid conflicts of interest in personal and professional relationships. In addition we
will comply with the specific ethical standards in this Code.

Applicability

This Code of Ethics applies to all officers, directors, employees, associates, and agents of the company and of any company that we own or manage.

Health and Safety

We are committed to providing a safe and healthy workplace.

Environment

Our operations should never pose any significant risk to public health or the environment. We will comply with the letter and the spirit of all environmental laws
and regulations and act as a good steward of our timberlands. When appropriate, we will use appropriate supply chain management techniques to extend our environmental values to our procurement of raw
materials and finished products.

Accounting Records; Full Disclosure; Improper Payments



Company Information and Assets

We will use company assets only for company purposes and will take all reasonable steps to protect those assets from loss, damage, or unauthorized access or use
by others. This standard applies to both physical assets and to company information.

Corporate Opportunities

Associates, employees, officers, directors and agents of Boise will not:



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Conflicts of Interest

Associates, employees, officers, directors, and agents are all required to be free from actual or apparent conflicts of interest.

Stock and Insider Trading

Neither the company nor any of its officers, directors, associates, or employees will trade in the company's stock or other securities while in possession of
material undisclosed information concerning the company. We will not engage in selective disclosure of material information to members of the securities industry or others.

Legal Compliance

It is our policy to comply at all times with the laws and regulations that apply to our business.

Equal Opportunity and Harassment



Gifts and Business Courtesies

Neither the company nor any of its officers, directors, employees, associates, or agents will give or accept business gratuities which are improper or create an
appearance of impropriety for the giver or receiver of the gift.

Governmental Affairs



Fair Dealing

We will deal fairly with customers, suppliers, competitors, and employees.

Waivers and Violations

Each associate, employee, officer, and director is responsible for knowing and complying with this Code of Ethics. If any of us violate the Code of Ethics, we are
subject to discipline, including termination.

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Situations
may arise from time to time that justify a formal waiver of a provision of this Code of Ethics for an individual. These issues will generally be addressed by the individual's
supervisor and the General Counsel. If the individual involved is an executive officer or director, a waiver may be granted only by the Audit Committee of the Board of Directors. Any such waiver
granted by the Audit Committee will be promptly disclosed on Boise's Internet site.

We
will investigate all reports of suspected violations of our Code of Ethics. All associates, employees, officers, and directors are expected to cooperate fully with any investigation.
If a violation is verified, we will correct the violation and take appropriate action to prevent it from happening again.

Reporting

If employees or associates suspect a violation, they are asked to report it to their supervisors, to the Legal Department, to the Internal Audit Department, or
for EEO and harassment issues, to the Manager, EEO. Boise also maintains a toll-free confidential phone line which is available for reporting suspected violations by employees and
associates. No one is required to give their name when using the toll-free confidential phone line. Callers may request that an issue relating to accounting, internal accounting or
controls, or auditing be reported directly to the Audit Committee of the Board of Directors. We will maintain procedures that assure that any such report is provided to the Audit Committee along with
the results of our investigation. No action will be taken or tolerated against an employee or associate who, in good faith, reports a suspected violation of our Code of Ethics.

Additional Help and Information

Questions about the company's Code of Ethics should be directed to the Legal Department at 208-384-7460.

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