**Exhibit 99**

**BoiseLand & Timber Holdings Corp.**

**ConsolidatedStatements of Income**

(unaudited)
| ** **                           | ** ** | **Three Months Ended  September 30** | ** ** |
|--------------------------------------|------------|-----------------------------------------------------|------------|
| ** **                           | ** ** | **2006**                                            | ** ** | **2005** | ** ** |
| ** **                           | ** ** | **(thousands)**                                     | ** ** |
| **Sales**                            |       |                                                |       |   |   |
| Fiber                                |       | $                                                   | —     |   | $ | — |   |
|                                 |       |                                                |       |   |   |
| **Costs and expenses**               |       |                                                |       |   |   |
| General and  administrative expenses |       | —                                              |       | 4 |   |
| Other (income) expense,  net         |       | 2                                                   |       | — |   |
|                                 |       | 2                                                   |       | 4 |   |
| ** **                           |       |                                                |       |   |   |
| Loss on sale of  timberland assets   |       | —                                              |       | (153 | ) |
| ** **                           |       |                                                |       |   |   |
| **Loss from operations**             |       | (2                                                  | )          | (157 | ) |
| ** **                           |       |                                                |       |   |   |
| Equity in net income of  affiliate   |       | 27                                                  |       | — |   |
| Related-party interest  income       |       | 3,637                                               |       | 5,375 |   |
|                                 |       | 3,664                                               |       | 5,375 |   |
|                                 |       |                                                |       |   |   |
| **Income before income taxes**       |       | 3,662                                               |       | 5,218 |   |
| Income tax provision                 |       | (1,480                                              | )          | — |   |
| **Net income**                       | ** ** | **$**                                               | **2,182**  | ** ** | **$** | **5,218** | ** ** |

 

See accompanying notes to unaudited quarterly consolidatedfinancial statements.

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**BoiseLand & Timber Holdings Corp.**

**Consolidated Statements of Income**

(unaudited)
| ** **                                      | ** ** | **Nine Months Ended  September 30** | ** ** |
|-------------------------------------------------|------------|----------------------------------------------------|------------|
| ** **                                      | ** ** | **2006**                                           | ** ** | **2005** | ** ** |
| ** **                                      | ** ** | **(thousands)**                                    | ** ** |
| **Sales**                                       |       |                                               |       |   |   |
| Fiber                                           |       |                                               |       |   |   |
| Trade                                           |       | $                                                  | —     |   | $ | 5 |   |
| Related parties                                 |       | —                                             |       | 17,609 |   |
|                                            |       | —                                             |       | 17,614 |   |
| **Costs  and expenses**                         |       |                                               |       |   |   |
| Materials,  labor, and other operating expenses |       | —                                             |       | 2,302 |   |
| Depreciation,  amortization, and depletion      |       | —                                             |       | 10,854 |   |
| General and  administrative expenses            |       | 143                                                |       | 2,351 |   |
| Other (income)  expense, net                    |       | 35                                                 |       | (174 | ) |
|                                            |       | 178                                                |       | 15,333 |   |
| ** **                                      |       |                                               |       |   |   |
| Gain on sale of  timberland assets              |       | —                                             |       | 6,400 |   |
| ** **                                      |       |                                               |       |   |   |
| **Income  (loss) from operations**              |       | (178                                               | )          | 8,681 |   |
| ** **                                      |       |                                               |       |   |   |
| Equity in net  income of affiliate              |       | 60                                                 |       | — |   |
| Interest expense                                |       | —                                             |       | (11,519 | ) |
| Related-party  interest income                  |       | 12,559                                             |       | 13,690 |   |
|                                            |       | 12,619                                             |       | 2,171 |   |
|                                            |       |                                               |       |   |   |
| **Income  before income taxes**                 |       | 12,441                                             |       | 10,852 |   |
| Income tax  (provision) benefit                 |       | (5,024                                             | )          | 1,476 |   |
| **Net income**                                  | ** ** | **$**                                              | **7,417**  | ** ** | **$** | **12,328** | ** ** |

 

See accompanying notes to unaudited quarterly consolidatedfinancial statements.

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**Boise Land & Timber Holdings Corp.**

**ConsolidatedBalance Sheets**

(unaudited)
| ** **                                                                                                              | ** ** | **September 30,**                                     | ** **  | **December 31,** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------|-------------|-----------------------|------------|
| ** **                                                                                                              | ** ** | **2006**                                                   | ** **  | **2005**              | ** ** |
| ** **                                                                                                              | ** ** | **(thousands, except for share data)** | ** **  |
| **ASSETS**                                                                                                              |       |                                                       |        |                  |       |
|                                                                                                                    |       |                                                       |        |                  |       |
| **Current**                                                                                                             |       |                                                       |        |                  |       |
| Taxes receivable                                                                                                        |       | $                                                          | 375         |                  | $          | — |   |
| Deferred income  taxes                                                                                                  |       | 358                                                        |        | 1,638                 |       |
|                                                                                                                    |       | 733                                                        |        | 1,638                 |       |
|                                                                                                                    |       |                                                       |        |                  |       |
| **Investments  in affiliates**                                                                                          |       | 368                                                        |        | 308                   |       |
| **Note  receivable from related party, net**                                                                            |       | 279,916                                                    |        | 270,854               |       |
| **Total  assets**                                                                                                       | ** ** | **$**                                                      | **281,017** | ** **            | **$**      | **272,800** | ** ** |
| ** **                                                                                                              | ** ** | ** **                                                 | ** **  | ** **            | ** ** |
| **LIABILITIES  AND CAPITAL**                                                                                            |       |                                                       |        |                  |       |
|                                                                                                                    |       |                                                       |        |                  |       |
| **Current**                                                                                                             |       |                                                       |        |                  |       |
| Taxes payable                                                                                                           |       | $                                                          | 739         |                  | $          | — |   |
|                                                                                                                    |       | 739                                                        |        | —                |       |
|                                                                                                                    |       |                                                       |        |                  |       |
| **Redeemable  common stock**                                                                                            |       | 7,894                                                      |        | 7,781                 |       |
|                                                                                                                    |       |                                                       |        |                  |       |
| **Commitments  and contingent liabilities**                                                                             |       |                                                       |        |                  |       |
|                                                                                                                    |       |                                                       |        |                  |       |
| **Capital**                                                                                                             |       |                                                       |        |                  |       |
| Common stock –  par value $.01; 66,000 and 65,317 shares authorized and 59,635 and 59,635  shares outstanding |       | 1                                                          |        | 1                     |       |
| Additional  paid-in capital                                                                                             |       | 267,733                                                    |        | 267,733               |       |
| Accumulated  income (loss)                                                                                              |       | 4,650                                                      |        | (2,715                | )          |
| **Total  capital**                                                                                                      |       | 272,384                                                    |        | 265,019               |       |
|                                                                                                                    |       |                                                       |        |                  |       |
| **Total liabilities and capital**                                                                                       | ** ** | **$**                                                      | **281,017** | ** **            | **$**      | **272,800** | ** ** |

 

See accompanying notes to unaudited quarterlyconsolidated financial statements.

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**BoiseLand & Timber Holdings Corp.**

### **Consolidated Statements of Cash Flows**

(unaudited)
| ** **                                                                             | ** ** | **Nine Months Ended  September 30** | ** ** |
|----------------------------------------------------------------------------------------|------------|----------------------------------------------------|------------|
| ** **                                                                             | ** ** | **2006**                                           | ** ** | **2005** | ** ** |
| ** **                                                                             | ** ** | **(thousands)**                                    | ** ** |
| **Cash  provided by (used for) operations**                                            |       |                                               |       |   |   |
| Net income                                                                             |       | $                                                  | 7,417      |   | $ | 12,328 |   |
| Items in net  income not using (providing) cash                                        |       |                                               |       |   |   |
| Equity in net income of affiliates                                                     |       | (60                                                | )          | — |   |
| Depreciation, depletion, and amortization of  deferred financing costs and other costs |       | —                                             |       | 15,852 |   |
| Related-party interest income                                                          |       | (12,559                                            | )          | (13,690 | ) |
| Deferred income taxes                                                                  |       | 1,280                                              |       | (1,476 | ) |
| Gain on sale of timberland assets                                                      |       | —                                             |       | (6,400 | ) |
| Decrease  (increase) in working capital, net of acquisitions                           |       |                                               |       |   |   |
| Receivables                                                                            |       | —                                             |       | 4 |   |
| Inventories                                                                            |       | —                                             |       | (118 | ) |
| Accounts payable and accrued liabilities                                               |       | —                                             |       | (3,819 | ) |
| Current and  deferred income taxes                                                     |       | 1,325                                              |       | — |   |
| Other                                                                                  |       | —                                             |       | (170 | ) |
| Cash provided by (used for) operations                                                 |       | (2,597                                             | )          | 2,511 |   |
|                                                                                   |       |                                               |       |   |   |
| **Cash  provided by (used for) investment**                                            |       |                                               |       |   |   |
| Expenditures for  property and equipment                                               |       | —                                             |       | (25 | ) |
| Expenditures for  timber and timberlands                                               |       | —                                             |       | (540 | ) |
| Sale of  timberland assets, net                                                        |       | —                                             |       | 1,631,838 |   |
| Note receivable  from related party, net                                               |       | 2,536                                              |       | (251,042 | ) |
| Cash provided by investment                                                            |       | 2,536                                              |       | 1,380,231 |   |
| ** **                                                                             |       |                                               |       |   |   |
| **Cash  provided by (used for) financing**                                             |       |                                               |       |   |   |
| Payments of  long-term debt                                                            |       | —                                             |       | (1,225,000 | ) |
| Note payable to  related party, net                                                    |       | —                                             |       | (157,509 | ) |
| Other                                                                                  |       | 61                                                 |       | (234 | ) |
| Cash provided by (used for) financing                                                  |       | 61                                                 |       | (1,382,743 | ) |
|                                                                                   |       |                                               |       |   |   |
| **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.

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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                                          |       | —          |       | —                                   |       | —                |       | —          |       | — |   | 7,417 |   | 7,417 |   |
| Paid-in-kind  dividend                              |       | —          |       | —                                   |       | 1,971                 |       | —          |       | (1,971 | ) | — |   | — |   |
| Adjust  redeemable common stock to redemption value |       | —          |       | —                                   |       | —                |       | —          |       | — |   | (52 | ) | (52 | ) |
|                                                |       |            |       |                                     |       |                  |       |            |       |   |   |   |   |   |   |
| **Balance at September 30,  2006**             | ** ** | **$**           | **1**      | ** **                               | **7**      | ** **            | **$**      | **34,469**      | ** ** | **53** | ** ** | **$** | **233,264** | ** ** | **$** | **4,650** | ** ** | **$** | **272,384** | ** ** |

 

See accompanying notes to unaudited quarterly consolidated financialstatements.

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***Notes to Unaudited Quarterly Consolidated FinancialStatements***

##### ***Discontinued Operations***

In February 2005, we sold all of our timberlandslocated across the Pacific Northwest, Louisiana, Alabama, and Minnesota toForest Capital Partners, LLC (Forest Capital) for $1.65 billion in cash(Timberlands Sale). For the nine months ended September 30, 2005, werecorded a $6.4 million gain, net of $18.0 million of transactioncosts related to the sale, in our Consolidated Statement of Income. Proceedsfrom the sale were used to eliminate all of our debt, including a related-partyloan from Boise Cascade, L.L.C. (Boise LLC), the wholly owned operatingsubsidiary of Boise Cascade Holdings, L.L.C. (Boise Holdings), and to make arelated-party loan to Boise LLC. At September 30, 2006, our assetsconsisted of $0.4 million of taxes receivable, $0.4 million ofdeferred income tax benefits, a $0.4 million investment in unconsolidatedaffiliates, and a related-party receivable of $279.9 million from BoiseLLC. The amount of the receivable will fluctuate with related-party activity.

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

Asused in these consolidated financial statements, the terms “Timber Holdings”and “we” include Boise Land & Timber Holdings Corp. and its consolidatedsubsidiaries.

Wehave prepared the quarterly consolidated financial statements pursuant to the rulesand regulations of the Securities and Exchange Commission (SEC). Someinformation and footnote disclosures, which would normally be included infinancial statements prepared in accordance with accounting principlesgenerally accepted in the United States, have been condensed or omittedpursuant to those rules and regulations. These quarterly consolidated financialstatements and notes should be read together with the consolidated financialstatements and notes filed with the SEC as Exhibit 99 of the Boise CascadeHoldings, L.L.C., 2005 Annual Report on Form 10-K.

Thequarterly consolidated financial statements have not been audited by anindependent registered public accounting firm, but in the opinion ofmanagement, we have included all adjustments necessary to present fairly theresults for the periods. Net income for the three and nine months endedSeptember 30, 2006 and 2005, involved estimates and accruals. Actualresults may vary from those estimates. Except as may be disclosed within these Notesto Unaudited Quarterly Consolidated Financial Statements, the adjustments madewere of a normal, recurring nature. Quarterly results are not necessarilyindicative of results that may be expected for the year.

***2.******             Purchase of OfficeMax’sTimberland Assets***

OnOctober 29, 2004, we acquired OfficeMax’s timberland assets for$1,650.0 million, excluding fees and expenses (the Acquisition). We paidfor the Acquisition with $15.0 million of cash and made contributions of$1,635.0 million to affiliates, who in turn issued $1,635.0 millionof timber installment notes to OfficeMax and an affiliate of OfficeMax. The$1,635.0 million of installment notes issued to OfficeMax were nonrecoursewith respect to Forest Products Holdings, L.L.C. (Parent), a newly formedholding company controlled by Madison Dearborn Partners, LLC, and itsconsolidated subsidiaries and mature on January 29, 2020. In addition, weincurred $14.8 million of deferred financing costs and assumed$3.3 million of liabilities, net of assets acquired, for a net purchaseprice of $1,661.6 million.

On the Acquisitiondate, Parent and an affiliate of OfficeMax made an aggregate cash equityinvestment of $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.

**3.****             *TransactionsWith Related Parties***

Duringthe nine months ended September 30, 2006 and 2005, we participated inBoise LLC’s centralized cash management system. Cash receipts attributable toour operations were collected by 

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Boise LLC, and cashdisbursements were funded by Boise LLC. For the nine months endedSeptember 30, 2006 and 2005, the net effect of these transactions has beenreflected in our Consolidated Statements of Cash Flows as “Note receivable fromrelated party, net” and “Note payable to related party, net.”  The following table includes the componentsof these related-party transactions:
|                                          | ** ** | **Nine Months Ended  September 30** | ** ** |
|------------------------------------------|------------|----------------------------------------------------|------------|
| ** **                               | ** ** | **2006**                                           | ** ** | **2005** | ** ** |
| ** **                               | ** ** | **(thousands)**                                    | ** ** |
|                                     |       |                                               |       |   |   |
| Cash collections                         |       | $                                                  | —     |   | $ | (17,792 | ) |
| Payment of  accounts payable             |       | 178                                                |       | 15,111 |   |
| Purchase of  management equity units     |       | 240                                                |       | 69 |   |
| Income taxes                             |       | 2,419                                              |       | — |   |
| Capital  expenditures                    |       | —                                             |       | 565 |   |
| Net cash from  sale of timberlands       |       | —                                             |       | (1,631,838 | ) |
| 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 | ** ** | **$**                                              | **2,536**  | ** ** | **$** | **(251,042** | **)** |

 

Duringthe nine months ended September 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. All cash advances necessary to fundthe lease and/or purchase of timberlands and other expenditures, to the extentnot provided through internally generated funds, were provided by Boise LLC.These amounts have been reflected in our Consolidated Statements of Cash Flowsas “Note receivable from related party, net” and “Note payable to relatedparty, net.”

Prior to the Timberlands Sale, we were a majorsupplier of fiber to Boise LLC. During the nine months ended September 30,2005, sales of fiber to Boise LLC are reported as fiber sales to related partiesin the Consolidated Statement of Income and were based on prices thatapproximated market prices. For the nine months ended September 30, 2005,essentially all of our sales were to Boise LLC. This represents a concentrationin the volume of business transacted and the revenue generated fromtransactions with Boise LLC.

Concurrent with the Timberlands Sale, we made arelated-party loan of $264.8 million to Boise LLC. The principalamount of this loan is subject to adjustment based on transactions between usand Boise LLC. The balances at September 30, 2006, andDecember 31, 2005, were $279.9 million and $270.9 million andwere recorded in “Note receivable from related party, net.” Included in “Notereceivable from related party, net” were $31.5 million and$18.9 million of accrued interest income at September 30, 2006, andDecember 31, 2005. Effective April 1, 2006, we amended and restatedour related-party loan to Boise LLC. The amended and restated note bearsinterest of 5% per annum, compounded monthly, and matures on March 31,2009. The principal amount of the amended and restated note was reset to$276.1 million, which is subject to adjustment based on transactionsbetween us and Boise LLC.

For the ninemonths ended September 30, 2005, Boise Land & Timber Corp., awholly owned direct subsidiary of Timber Holdings, leased employees from BoiseLLC. During this period, most of the leased employees participated inBoise LLC’s defined benefit plans, and most of the employees were eligiblefor participation in Boise LLC’s defined contribution plans. We haveincluded the costs associated with employees who participated in the plans inthe Consolidated Statement of Income. These costs were not material in any ofthe periods presented.

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

For federal income tax purposes, the acquisition ofBoise Timberlands was treated as an asset purchase, and we had a tax basis inthe acquired assets equal to the purchase price. As a result, we depletedassets with a higher tax basis after the date of the Acquisition. During thenine months ended 

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September 30, 2006 and 2005, our effective taxrates were 40.4% and 13.6%. During the nine months ended September 30,2006, we paid $2.4 million for taxes. We made no payments for the sameperiod in 2005. In all periods presented, all of our pretax income was fromdomestic sources.

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

As aresult of the Timberlands Sale, we are no longer a party to any leaseobligations and have no contingent liability for any leases that were sold toForest Capital by our subsidiaries. During all of the periods presented, we didnot have any capital leases. Rental expenses for operating leases, primarilytimberland leases, amounted to zero and $0.3 million for the three andnine months ended September 30, 2005.

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

In October 2004, weentered into a six-year, $1,225.0 million Tranche C term loan.Borrowings under the term loan bore interest at floating rates. We paidapproximately $14.8 million of fees and expenses associated with obtainingthe term loan. The fees were amortized over three months, the period the debtwas outstanding before being paid in full with the proceeds from theTimberlands Sale in February 2005. Accordingly, at September 30, 2006, andat December 31, 2005, we had no deferred financing costs recorded on ourConsolidated Balance Sheets.

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 nine months endedSeptember 30, 2006, we made no cash payments for interest, net of interestcapitalized, compared with $5.6 million for the same period in 2005.

For the nine months endedSeptember 30, 2005, our average interest rate was 4.8%.

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

In all periodspresented, except for the related-party note described above, we had nofinancial instruments, including items such as receivables, payables, and debt.

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

In April 2006, two key managers of Boise Holdings purchased, pursuant tothe terms of a Management Equity Agreement (Equity Plan), a total of0.3 million 2006 Series B equity units in Forest Products Holdings,L.L.C. (FPH) at $2.00 per unit. Those who purchased FPH’s Series Bequity units also received a grant of 5.3 million of FPH’s 2006Series C equity units (profits interests). The 2006 Series C equityunits represent the right to participate in profits after the holders of theFPH 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.

***9.******             Commitments andGuarantees***

*Commitments*

As a result of the Timberlands Sale, we have nocommitments, including no commitments for leases or debt.

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*Guarantees*

For information on our guarantees, see Note 10, Commitmentsand Guarantees, of the Notes to Consolidated Financial Statements inExhibit 99 of the Boise Cascade Holdings, L.L.C., 2005 Annual Report onForm 10-K.

***10.******          Legal Proceedings andContingencies***

We are not aware of any litigation or administrative proceedingsinvolving Timber Holdings.

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