**Exhibit 99**

**Boise Land & Timber Holdings Corp.Consolidated Statements of Income**

(unaudited)

 
| ** **                                      | ** ** | **Three Months Ended  June 30** | ** ** |
|-------------------------------------------------|------------|------------------------------------------------|------------|
| ** **                                      | ** ** | **2006**                                       | ** ** | **2005** | ** ** |
| ** **                                      | ** ** | **(thousands)**                                | ** ** |
| **Sales**                                       | ** ** | ** **                                     | ** ** | ** ** | ** ** |
| Fiber                                           |       |                                           |       |   |   |
| Trade                                           |       | $                                              | —     |   | $ | — |   |
| Related parties                                 |       | —                                         |       | — |   |
|                                            |       | —                                         |       | — |   |
| **Costs and expenses**                          | ** ** | ** **                                     | ** ** | ** ** | ** ** |
| Materials, labor, and  other operating expenses |       | —                                         |       | — |   |
| Depreciation,  amortization, and depletion      |       | —                                         |       | — |   |
| General and  administrative expenses            |       | 141                                            |       | 16 |   |
| Other (income) expense,  net                    |       | 1                                              |       | — |   |
|                                            |       | 142                                            |       | 16 |   |
| ** **                                      | ** ** | ** **                                     | ** ** | ** ** | ** ** |
| Gain on sale of  timberland assets              |       | —                                         |       | 1,659 |   |
| ** **                                      | ** ** | ** **                                     | ** ** | ** ** | ** ** |
| **Income (loss) from operations**               |       | (142                                           | )          | 1,643 |   |
| ** **                                      | ** ** | ** **                                     | ** ** | ** ** | ** ** |
| Equity in net income of  affiliate              |       | 13                                             |       | — |   |
| Related-party interest  income                  |       | 3,505                                          |       | 5,192 |   |
|                                            |       | 3,518                                          |       | 5,192 |   |
|                                            |       |                                           |       |   |   |
| **Income before income taxes**                  |       | 3,376                                          |       | 6,835 |   |
| Income tax (provision)  benefit                 |       | (1,348                                         | )          | 1,476 |   |
| **Net income**                                  | ** ** | **$**                                          | **2,028**  | ** ** | **$** | **8,311** | ** ** |

 

See accompanying notes to unaudited quarterly consolidatedfinancial statements.

1

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**Boise Land & Timber Holdings Corp.Consolidated Statements of Income**

(unaudited)

 
| ** **                                      | ** ** | **Six Months Ended  June 30** | ** ** |
|-------------------------------------------------|------------|----------------------------------------------|------------|
| ** **                                      | ** ** | **2006**                                     | ** ** | **2005** | ** ** |
| ** **                                      | ** ** | **(thousands)**                              | ** ** |
| **Sales**                                       | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| Fiber                                           |       |                                         |       |   |   |
| Trade                                           |       | $                                            | —     |   | $ | 5 |   |
| Related parties                                 |       | —                                       |       | 17,609 |   |
|                                            |       | —                                       |       | 17,614 |   |
| **Costs  and expenses**                         | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| Materials,  labor, and other operating expenses |       | —                                       |       | 2,303 |   |
| Depreciation,  amortization, and depletion      |       | —                                       |       | 10,854 |   |
| General and administrative  expenses            |       | 143                                          |       | 2,346 |   |
| Other (income)  expense, net                    |       | 33                                           |       | (174 | ) |
|                                            |       | 176                                          |       | 15,329 |   |
| ** **                                      | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| Gain on sale of  timberland assets              |       | —                                       |       | 6,553 |   |
| ** **                                      | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| **Income  (loss) from operations**              |       | (176                                         | )          | 8,838 |   |
| ** **                                      | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| Equity in net  income of affiliate              |       | 33                                           |       | — |   |
| Interest expense                                |       | —                                       |       | (11,519 | ) |
| Related-party  interest income                  |       | 8,922                                        |       | 8,315 |   |
|                                            |       | 8,955                                        |       | (3,204 | ) |
|                                            |       |                                         |       |   |   |
| **Income  before income taxes**                 |       | 8,779                                        |       | 5,634 |   |
| Income tax  (provision) benefit                 |       | (3,544                                       | )          | 1,476 |   |
| **Net  income**                                 | ** ** | **$**                                        | **5,235**  | ** ** | **$** | **7,110** | ** ** |

 

See accompanying notes to unaudited quarterly consolidatedfinancial statements.

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**Boise Land & Timber Holdings Corp.Consolidated Balance Sheets**

(unaudited)

 
| ** **                                                                                                         | ** ** | **June 30,  2006**                                    | ** **  | **December 31,  2005** | ** ** |
|--------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------|-------------|-----------------------------|------------|
| ** **                                                                                                         | ** ** | **(thousands, except for share data)** | ** **  |
| **ASSETS**                                                                                                         | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
|                                                                                                               |       |                                                       |        |                        |       |
| **Current**                                                                                                        | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
| Deferred income  taxes                                                                                             |       | $                                                          | 722         |                        | $          | 1,638 |   |
|                                                                                                               |       | 722                                                        |        | 1,638                       |       |
|                                                                                                               |       |                                                       |        |                        |       |
| **Investments  in affiliates**                                                                                     |       | 341                                                        |        | 308                         |       |
| **Note  receivable from related party, net**                                                                       |       | 278,637                                                    |        | 270,854                     |       |
| **Total  assets**                                                                                                  | ** ** | **$**                                                      | **279,700** | ** **                  | **$**      | **272,800** | ** ** |
| ** **                                                                                                         | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
| **LIABILITIES  AND CAPITAL**                                                                                       | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
|                                                                                                               |       |                                                       |        |                        |       |
| **Current**                                                                                                        | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
| Taxes payable                                                                                                      |       | $                                                          | 1,540       |                        | $          | — |   |
|                                                                                                               |       | 1,540                                                      |        | —                      |       |
|                                                                                                               |       |                                                       |        |                        |       |
| **Redeemable  common stock**                                                                                       |       | 7,930                                                      |        | 7,781                       |       |
| ** **                                                                                                         | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
| **Commitments  and contingent liabilities**                                                                        | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
|                                                                                                               |       |                                                       |        |                        |       |
| **Capital**                                                                                                        | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
| Common stock –  par value $.01; 66,000 and 65,317 shares authorized and 59,635 and 59,635  shares outstanding |       | 1                                                          |        | 1                           |       |
| Additional  paid-in capital                                                                                        |       | 267,733                                                    |        | 267,733                     |       |
| Accumulated  income (loss)                                                                                         |       | 2,496                                                      |        | (2,715                      | )          |
| **Total  capital**                                                                                                 |       | 270,230                                                    |        | 265,019                     |       |
| ** **                                                                                                         | ** ** | ** **                                                 | ** **  | ** **                  | ** ** |
| **Total  liabilities and capital**                                                                                 | ** ** | **$**                                                      | **279,700** | ** **                  | **$**      | **272,800** | ** ** |

 

Seeaccompanying notes to unaudited quarterly consolidated financial statements.

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**Boise Land & Timber Holdings Corp.****Consolidated Statements of Cash Flows**

(unaudited)

 
| ** **                                                                             | ** ** | **Six Months Ended  June 30** | ** ** |
|----------------------------------------------------------------------------------------|------------|----------------------------------------------|------------|
| ** **                                                                             | ** ** | **2006**                                     | ** ** | **2005** | ** ** |
| ** **                                                                             | ** ** | **(thousands)**                              | ** ** |
| **Cash  provided by (used for) operations**                                            | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| Net income                                                                             |       | $                                            | 5,235      |   | $ | 7,110 |   |
| Items in net  income not using (providing) cash                                        |       |                                         |       |   |   |
| Equity in net income of affiliates                                                     |       | (33                                          | )          | — |   |
| Depreciation, depletion, and amortization of  deferred financing costs and other costs |       | —                                       |       | 15,852 |   |
| Related-party interest income                                                          |       | (8,922                                       | )          | (8,315 | ) |
| Deferred income taxes                                                                  |       | 916                                          |       | (1,476 | ) |
| Gain on sale of timberland assets                                                      |       | —                                       |       | (6,553 | ) |
| Decrease  (increase) in working capital, net of acquisitions                           |       |                                         |       |   |   |
| Receivables                                                                            |       | —                                       |       | 4 |   |
| Inventories                                                                            |       | —                                       |       | (118 | ) |
| Accounts payable and accrued liabilities                                               |       | —                                       |       | (3,728 | ) |
| Current and  deferred income taxes                                                     |       | 1,540                                        |       | — |   |
| Other                                                                                  |       | —                                       |       | (170 | ) |
| Cash provided by (used for) operations                                                 |       | (1,264                                       | )          | 2,606 |   |
|                                                                                   |       |                                         |       |   |   |
| **Cash  provided by (used for) investment**                                            | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| Expenditures for  property and equipment                                               |       | —                                       |       | (25 | ) |
| Expenditures for  timber and timberlands                                               |       | —                                       |       | (540 | ) |
| Sale of timberland  assets, net                                                        |       | —                                       |       | 1,632,005 |   |
| Note receivable  from related party, net                                               |       | 1,139                                        |       | (251,312 | ) |
| Cash provided by investment                                                            |       | 1,139                                        |       | 1,380,128 |   |
| ** **                                                                             | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| **Cash  provided by (used for) financing**                                             | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| Payments of  long-term debt                                                            |       | —                                       |       | (1,225,000 | ) |
| Note payable to  related party, net                                                    |       | —                                       |       | (157,509 | ) |
| Other                                                                                  |       | 125                                          |       | (226 | ) |
| Cash provided by (used for) financing                                                  |       | 125                                          |       | (1,382,735 | ) |
|                                                                                   |       |                                         |       |   |   |
| **Increase  (decrease) in cash and cash equivalents**                                  |       | —                                       |       | (1 | ) |
| ** **                                                                             | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| **Balance  at beginning of the period**                                                |       | —                                       |       | 1 |   |
| ** **                                                                             | ** ** | ** **                                   | ** ** | ** ** | ** ** |
| **Balance  at end of the period**                                                      | ** ** | **$**                                        | **—** | ** ** | **$** | **—** | ** ** |

 

See accompanying notes to unaudited quarterly consolidatedfinancial statements.

4

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**BoiseLand & Timber Holdings Corp.Consolidated Statements of Capital**

(unaudited)

 
| ** **                                          | ** ** | ** **      | ** ** | **Additional Paid-In Capital** | ** ** | ** **            | ** ** | ** **      | ** ** |
|-----------------------------------------------------|------------|-----------------|------------|------------------------------------------|------------|-----------------------|------------|-----------------|------------|
| ** **                                          | ** ** | ** **      | ** ** | **Series A**                        | ** ** | **Series B**     | ** ** | **Accumulated** | ** ** | ** ** | ** ** |
| ** **                                          | ** ** | **Common**      | ** ** | **Common Stock**                    | ** ** | **Common Stock** | ** ** | **Income**      | ** ** | **Total** | ** ** |
| ** **                                          | ** ** | **Stock**       | ** ** | **Shares**                               | ** ** | **Amount**            | ** ** | **Shares**      | ** ** | **Amount** | ** ** | **(Loss)** | ** ** | **Capital** | ** ** |
| ** **                                          | ** ** | **(thousands)** | ** ** |
|                                                |       |            |       |                                     |       |                  |       |            |       |   |   |   |   |   |   |
| Balance at December 31, 2004                   |       | $               | 1          |                                     | 7          |                  | $          | 30,040          |       | 53 |   | $ | 237,693 |   | $ | (20,251 | ) | $ | 247,483 |   |
|                                                |       |            |       |                                     |       |                  |       |            |       |   |   |   |   |   |   |
| Net income                                          |       | —          |       | —                                   |       | —                |       | —          |       | — |   | 17,536 |   | 17,536 |   |
| Paid-in-kind dividend                               |       | —          |       | —                                   |       | 2,458                 |       | —          |       | (2,458 | ) | — |   | — |   |
|                                                |       |            |       |                                     |       |                  |       |            |       |   |   |   |   |   |   |
| Balance at December 31, 2005                   |       | 1               |       | 7                                        |       | 32,498                |       | 53              |       | 235,235 |   | (2,715 | ) | 265,019 |   |
|                                                |       |            |       |                                     |       |                  |       |            |       |   |   |   |   |   |   |
| Net income                                          |       | —          |       | —                                   |       | —                |       | —          |       | — |   | 5,235 |   | 5,235 |   |
| Paid-in-kind dividend                               |       | —          |       | —                                   |       | 1,289                 |       | —          |       | (1,289 | ) | — |   | — |   |
| Adjust redeemable common stock to redemption value  |       | —          |       | —                                   |       | —                |       | —          |       | — |   | (24 | ) | (24 | ) |
| ** **                                          | ** ** | ** **      | ** ** | ** **                               | ** ** | ** **            | ** ** | ** **      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **   Balance at June 30, 2006** | ** ** | **$**           | **1**      | ** **                               | **7**      | ** **            | **$**      | **33,787**      | ** ** | **53** | ** ** | **$** | **233,946** | ** ** | **$** | **2,496** | ** ** | **$** | **270,230** | ** ** |

 

Seeaccompanying notes to unaudited quarterly consolidated financial statements.

5

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***Notes to Unaudited Quarterly Consolidated Financial Statements***

 

##### ***DiscontinuedOperations***

 

In February 2005, we soldall of our timberlands located across the Pacific Northwest, Louisiana,Alabama, and Minnesota to Forest Capital Partners, LLC (Forest Capital) for$1.65 billion in cash (Timberlands Sale). For the six months ended June 30,2005, we recorded a $6.6 million gain, net of $18.0 million oftransaction costs related to the sale, in our Consolidated Statement of Income.Proceeds from the sale were used to eliminate all of our debt, including arelated-party loan from Boise Cascade, L.L.C. (Boise LLC), the whollyowned operating subsidiary of Boise Cascade Holdings, L.L.C. (Boise Holdings),and to make a related-party loan to Boise LLC. At June 30, 2006, ourassets consisted of $0.7 million of deferred income tax benefits, a $0.3 millioninvestment in unconsolidated affiliates, and a related-party receivable of $278.6 millionfrom Boise LLC. The amount of the receivable will fluctuate with related-partyactivity.

 

***1.******                                      Basisof Presentation***

 

As used in theseconsolidated financial statements, the terms “Timber Holdings” and “we” includeBoise Land & Timber Holdings Corp. and its consolidated subsidiaries.

 

We have prepared thequarterly consolidated financial statements pursuant to the rules andregulations of the Securities and Exchange Commission (SEC). Some informationand footnote disclosures, which would normally be included in financial statementsprepared in accordance with accounting principles generally accepted in theUnited States, have been condensed or omitted pursuant to those rules andregulations. These quarterly consolidated financial statements and notes shouldbe read together with the consolidated financial statements and notes filedwith the SEC as Exhibit 99 of the Boise Cascade Holdings, L.L.C., 2005Annual Report on Form 10-K.

 

The quarterlyconsolidated financial statements have not been audited by an independentregistered public accounting firm, but in the opinion of management, we haveincluded all adjustments necessary to present fairly the results for theperiods. Net income for the three and six months ended June 30, 2006 and2005, involved estimates and accruals. Actual results may vary from thoseestimates. Except as may be disclosed within these Notes to Unaudited QuarterlyConsolidated Financial Statements, the adjustments made were of a normal,recurring nature. Quarterly results are not necessarily indicative of resultsthat may be expected for the year.

 

*Reclassifications*

 

Certain amounts inprior-period financial statements have been reclassified to conform to thecurrent-period presentation. These reclassifications did not affect net income(loss).

 

***2.******        Purchase of OfficeMax’s Timberland Assets***

On October 29, 2004, weacquired OfficeMax’s timberland assets for $1,650.0 million, excludingfees and expenses (the Acquisition). We paid for the Acquisition with$15.0 million of cash and made contributions of $1,635.0 million toaffiliates, who in turn issued $1,635.0 million of timber installmentnotes to OfficeMax and an affiliate of OfficeMax. The $1,635.0 million ofinstallment notes issued to OfficeMax were nonrecourse with respect to ForestProducts Holdings, L.L.C. (Parent), a newly formed holding company controlledby Madison Dearborn Partners, LLC, and its consolidated subsidiaries andmature on January 29, 2020. In addition, we incurred $14.8 million ofdeferred financing costs and assumed $3.3 million of liabilities, net ofassets acquired, for a net purchase price of $1,661.6 million.

 

On the Acquisition date,Parent and an affiliate of OfficeMax made an aggregate cash equity investmentof $276.1 million in us. The equity investment consisted of$197.6 million invested by Parent in exchange for 44,000 shares ofSeries B common stock and $78.5 million invested by an affiliate ofOfficeMax in exchange for 7,000 and 11,000 shares of Series Acommon stock and Series B common stock, respectively.

6

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**3.****        *Transactions With Related Parties***

 

During the six monthsended June 30, 2006 and 2005, we participated in Boise LLC’s centralizedcash management system. Cash receipts attributable to our operations werecollected by Boise LLC, and cash disbursements were funded by Boise LLC. Forthe six months ended June 30, 2006 and 2005, the net effect of thesetransactions has been reflected in our Consolidated Statements of Cash Flows as“Note receivable from related party, net” and “Note payable to related party,net.” The following table includes the components of these related-partytransactions:

 
|                                          | ** ** | **Six Months Ended  June 30** | ** ** |
|------------------------------------------|------------|----------------------------------------------|------------|
| ** **                               | ** ** | **2006**                                     | ** ** | **2005** | ** ** |
| ** **                               | ** ** | **(thousands)**                              | ** ** |
|                                     |       |                                         |       |   |   |
| Cash collections                         |       | $                                            | —     |   | $ | (17,792 | ) |
| Payment of  accounts payable             |       | 176                                          |       | 15,016 |   |
| Purchase of  management equity units     |       | 176                                          |       | 61 |   |
| Income taxes                             |       | 1,088                                        |       | — |   |
| Capital  expenditures                    |       | —                                       |       | 565 |   |
| Net cash from  sale of timberlands       |       | —                                       |       | (1,632,005 | ) |
| Payments of  long-term debt              |       | —                                       |       | 1,225,000 |   |
| Note payable to  related party, net      |       | —                                       |       | 157,509 |   |
| Other                                    |       | (301                                         | )          | 334 |   |
| Note receivable from  related party, net | ** ** | **$**                                        | **1,139**  | ** ** | **$** | **(251,312** | **)** |

 

Duringthe six months ended June 30, 2006 and 2005, we used services andadministrative staff of Boise LLC. These included, but were not limited to,finance, accounting, legal, information technology, and human resourcefunctions. The costs allocated to us were specifically identifiable as servicesused by us. These costs are included in “General and administrative expenses”in the Consolidated Statements of Income (Loss). All cash advances necessary tofund the lease and/or purchase of timberlands and other expenditures, to theextent not provided through internally generated funds, were provided by BoiseLLC. These amounts have been reflected in our Consolidated Statements of CashFlows as “Note receivable from related party, net” and “Note payable to relatedparty, net.”

 

Prior to the TimberlandsSale, we were a major supplier of fiber to Boise LLC. During the six monthsended June 30, 2005, sales of fiber to Boise LLC are reported as fibersales to related parties in the Consolidated Statement of Income and were basedon prices that approximated market prices.

 

For the six months ended June 30,2005, essentially all of our sales were to Boise LLC. This represents aconcentration in the volume of business transacted and the revenue generatedfrom transactions with Boise LLC.

 

Concurrent with theTimberlands Sale, we made a related-party loan of $264.8 million toBoise LLC. The principal amount of this loan is subject to adjustmentbased on transactions between us and Boise LLC. The balance at June 30,2006, and December 31, 2005, was $278.6 million and$270.9 million and was recorded in “Note receivable from related party,net.” Included in “Note receivable from related party, net” was $27.8 millionof accrued interest income at June 30, 2006. Effective April 1, 2006,we amended and restated our related-party loan to Boise LLC. The amended andrestated note bears interest of 5% per annum, compounded monthly, and matureson March 31, 2009. The principal amount of the amended and restated notewas reset to $276.1 million, which is subject to adjustment based ontransactions between us and Boise LLC.

 

For the six months ended June 30,2005, Boise Land & Timber Corp., a wholly owned direct subsidiary ofTimber Holdings, leased employees from Boise LLC. During this period, most ofthe leased employees participated in Boise LLC’s defined benefit plans,and most of the employees were eligible for participation in Boise LLC’sdefined contribution plans. We have included the costs associated withemployees who participated in the plans in the Consolidated Statement of Income.These costs were not material in any of the periods presented.

7

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***4.******        Income Taxes***

 

For federal income taxpurposes, the acquisition of Boise Timberlands was treated as an assetpurchase, and we had a tax basis in the acquired assets equal to the purchaseprice. As a result, we depleted assets with a higher tax basis after the dateof the Acquisition. During the six months ended June 30, 2006, we reduced$0.9 million of our deferred tax assets, which relate primarily to afederal net operating loss carryforward. At June 30, 2006, we had $1.5 millionof current taxes payable. During the six months ended June 30, 2005, werecognized a $1.5 million income tax benefit. During the six months endedJune 30, 2006, we paid $1.1 million for taxes and no payments for thesame period in 2005.

 

During the six monthsended June 30, 2006 and 2005, our effective tax rate was 40.4% and 26.2%. Inall periods presented, all of our pretax income was from domestic sources.

 

***5.******        Leases***

 

As a result of theTimberlands Sale, we are no longer a party to any lease obligations and have nocontingent liability for any leases that were sold to Forest Capital by oursubsidiaries. During all of the periods presented, we did not have any capitalleases. Rental expenses for operating leases, primarily timberland leases,amounted to zero and $0.3 million for the three and six months ended June 30,2005.

 

***6.******        Debt***

 

In October 2004, we enteredinto a six-year, $1,225.0 million Tranche C term loan. Borrowingsunder the term loan bore interest at floating rates. We paid approximately$14.8 million of fees and expenses associated with obtaining the term loan.The fees were amortized over three months, the period the debt was outstandingbefore being paid in full with the proceeds from the Timberlands Sale inFebruary 2005. Accordingly, at June 30, 2006, and at December 31,2005, we had no deferred financing costs recorded on our Consolidated BalanceSheets.

 

In October 2004, we alsoobtained a $160.4 million 6% related-party loan from Boise LLC that wasdue to mature in October 2015. Proceeds from the Timberlands Sale wereused to repay this related-party loan in February 2005.

 

For the six months ended June 30,2006, we made no cash payments for interest, net of interest capitalized, comparedwith $5.6 million for the same period in 2005.

 

For the six months ended June 30,2005, our average interest rate was 4.8%.

 

***7.******        Financial Instruments***

 

In all periods presented,except for the related-party note described above, we had no financialinstruments, including items such as receivables, payables, and debt.

 

***8.******                                     ******Redeemable Common Stock***

In April 2006, two key managers of BoiseHoldings purchased, pursuant to the terms of a Management Equity Agreement(Equity Plan), a total of 0.3 million 2006 Series B equity units inForest Products Holdings, L.L.C. (FPH) at $2.00 per unit. Those whopurchased FPH’s Series B equity units also received a grant of 5.3 millionof FPH’s 2006 Series C equity units (profits interests). The 2006 Series Cequity units represent the right to participate in profits after the holders ofthe FPH Series B and 2004 Series C equity units receive a specifiedthreshold return as defined in the Equity Plan. In addition, in April 2006, FPHissued 2.6 million 2006 Series C equity units of FPH to two other keymanagers and four of Boise Holdings nonaffiliated directors for noconsideration. Although management’s investment is in FPH, because of thecapital structure of Boise Holdings and Timber Holdings, 55% of management’sinvestment (along with 55% of FPH’s and OfficeMax’s investments) is included onBoise Holdings’ Consolidated Balance Sheets, and 45% of the investment isincluded on our Consolidated Balance Sheets.

8

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***9.******        Commitments and Guarantees***

 

*Commitments*

 

As a result of theTimberlands Sale, we have no commitments, including no commitments for leasesor debt.

 

*Guarantees*

 

For information on ourguarantees, see Note 10, Commitments and Guarantees, of the Notes toConsolidated Financial Statements in Exhibit 99 of the Boise CascadeHoldings, L.L.C., 2005 Annual Report on Form 10-K.

 

***10.******      Legal Proceedings and Contingencies***

 

We are not aware of anylitigation or administrative proceedings involving Timber Holdings.

9

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