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|                                                                                                                                                                                                                                                                                                                  |  |
| x                                                                                                                                                                                                                                                                                                                | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                                                                                                                                                                                             |   |
| For the quarterly period ended March 31, 2011                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                             |   |
| o                                                                                                                                                                                                                                                                                                                | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                                                                                                                                                                                             |   |
| For the transition period from                        to                        |

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|----------------------------------------------------------------|
|                                                                |  |
| Delaware                                                       | 20-1478587 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |
| PART I—FINANCIAL INFORMATION |
| Item 1.                                 |   | Financial Statements |   | 1 |
|                                    |   | Condensed Notes to Unaudited Quarterly Consolidated Financial Statements |   | 5 |
|                                    |   | 1.  Nature of Operations, Consolidation, and Use of Estimates |   | 5 |
|                                    |   | 2.  Sale of Investment in Equity Affiliate |   | 5 |
|                                    |   | 3. Outsourcing Services Agreement |   | 5 |
|                                    |   | 4.  Transactions With Related Parties |   | 6 |
|                                    |   | 5.  Vendor and Customer Rebates and Allowances |   | 6 |
|                                    |   | 6.  Other (Income) Expense |   | 7 |
|                                    |   | 7.  Leases |   | 7 |
|                                    |   | 8.  Income Taxes |   | 7 |
|                                    |   | 9.  Inventories |   | 7 |
|                                    |   | 10.  Property and Equipment |   | 8 |
|                                    |   | 11.  Debt |   | 8 |
|                                    |   | 12.  Financial Instrument Risk |   | 9 |
|                                    |   | 13.  New and Recently Adopted Accounting Standards |   | 10 |
|                                    |   | 14.  Retirement and Benefit Plans |   | 10 |
|                                    |   | 15.  Comprehensive Income (Loss) |   | 11 |
|                                    |   | 16.  Segment Information |   | 11 |
|                                    |   | 17.  Commitments and Guarantees |   | 13 |
|                                    |   | 18.  Legal Proceedings and Contingencies |   | 13 |
|                                    |   | 19.  Consolidating Guarantor and Nonguarantor Financial Information |   | 13 |
| Item 2.                            |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   | 22 |
|                                    |   | Understanding Our Financial Information |   | 22 |
|                                    |   | Executive Overview |   | 22 |
|                                    |   | Factors That Affect Our Operating Results |   | 23 |
|                                    |   | Our Operating Results |   | 24 |
|                                    |   | Liquidity and Capital Resources |   | 27 |
|                                    |   | Contractual Obligations |   | 28 |
|                                    |   | Off-Balance-Sheet Activities |   | 28 |
|                                    |   | Guarantees |   | 28 |
|                                    |   | Seasonal and Inflationary Influences |   | 28 |
|                                    |   | Employees |   | 28 |
|                                    |   | Environmental |   | 28 |
|                                    |   | Critical Accounting Estimates |   | 29 |
|                                    |   | New and Recently Adopted Accounting Standards |   | 29 |
| Item 3.                            |   | Quantitative and Qualitative Disclosures About Market Risk |   | 29 |
| Item 4.                            |   | Controls and Procedures |   | 29 |
| PART II—OTHER INFORMATION    |
| Item 1.                            |   | Legal Proceedings |   | 31 |
| Item 1A.                           |   | Risk Factors |   | 31 |
| Item 2.                                 |   | Unregistered Sales of Equity Securities and Use of Proceeds |   | 31 |
| Item 3.                                 |   | Defaults Upon Senior Securities |   | 31 |
| Item 4.                                 |   | (Removed and Reserved) |   | 31 |
| Item 5.                                 |   | Other Information |   | 31 |
| Item 6.                            |   | Exhibits |   | 31 |

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| Boise Cascade Holdings, L.L.C.Consolidated Statements of Income (Loss)(unaudited)  |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |
|                                                                                    |   | Three Months EndedMarch 31 |
|                                                                                    |   | 2011 |   | 2010 |
|                                                                                    |   | (thousands) |
| Sales                                                                                   |   |   |   |   |   |   |
| Trade                                                                                   |   | $ | 478,807 |   |   | $ | 477,422 |   |
| Related parties                                                                         |   | 4,440 |   |   | 9,831 |   |
|                                                                                    |   | 483,247 |   |   | 487,253 |   |
|                                                                                    |   |   |   |   |
| Costs and expenses                                                                      |   |   |   |   |   |   |
| Materials, labor, and other operating expenses                                          |   | 422,832 |   |   | 425,901 |   |
| Materials, labor, and other operating expenses from related parties                     |   | 8,443 |   |   | 6,222 |   |
| Depreciation and amortization                                                           |   | 8,907 |   |   | 8,590 |   |
| Selling and distribution expenses                                                       |   | 46,970 |   |   | 48,165 |   |
| General and administrative expenses                                                     |   | 8,278 |   |   | 7,458 |   |
| General and administrative expenses from related party                                  |   | — |   |   | 1,576 |   |
| Other (income) expense, net                                                             |   | 2,589 |   |   | (80 | ) |
|                                                                                    |   | 498,019 |   |   | 497,832 |   |
|                                                                                    |   |   |   |   |
| Loss from operations                                                                    |   | (14,772 | ) |   | (10,579 | ) |
|                                                                                    |   |   |   |   |
| Equity in net income of affiliate                                                       |   | — |   |   | 1,889 |   |
| Gain on sale of shares of equity affiliate                                              |   | — |   |   | 25,308 |   |
| Foreign exchange gain                                                                   |   | 310 |   |   | 147 |   |
| Interest expense                                                                        |   | (4,589 | ) |   | (5,520 | ) |
| Interest income                                                                         |   | 146 |   |   | 194 |   |
|                                                                                    |   | (4,133 | ) |   | 22,018 |   |
|                                                                                    |   |   |   |   |
| Income (loss) before income taxes                                                       |   | (18,905 | ) |   | 11,439 |   |
| Income tax provision                                                                    |   | (96 | ) |   | (45 | ) |
| Net income (loss)                                                                       |   | $ | (19,001 | ) |   | $ | 11,394 |   |

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| Boise Cascade Holdings, L.L.C.Consolidated Balance Sheets(unaudited) |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |
|                                                                 |   | March 31, 2011 |   | December 31, 2010 |
|                                                                 |   | (thousands) |
| ASSETS                                                               |   |   |   |   |   |   |
| Current                                                              |   |   |   |   |   |   |
| Cash and cash equivalents                                            |   | $ | 182,755 |   |   | $ | 264,606 |   |
| Receivables                                                          |   |   |   |   |   |
| Trade, less allowances of $2,705 and $2,492                     |   | 141,021 |   |   | 102,906 |   |
| Related parties                                                      |   | 272 |   |   | 297 |   |
| Other                                                                |   | 3,899 |   |   | 4,571 |   |
| Inventories                                                          |   | 301,295 |   |   | 261,202 |   |
| Prepaid expenses and other                                           |   | 5,787 |   |   | 3,808 |   |
|                                                                 |   | 635,029 |   |   | 637,390 |   |
|                                                                 |   |   |   |   |
| Property                                                             |   |   |   |   |   |   |
| Property and equipment, net                                          |   | 269,424 |   |   | 273,569 |   |
| Timber deposits                                                      |   | 11,098 |   |   | 10,588 |   |
|                                                                 |   | 280,522 |   |   | 284,157 |   |
|                                                                 |   |   |   |   |
| Deferred financing costs                                             |   | 3,400 |   |   | 3,626 |   |
| Goodwill                                                             |   | 12,170 |   |   | 12,170 |   |
| Intangible assets, net                                               |   | 8,903 |   |   | 8,906 |   |
| Other assets                                                         |   | 6,271 |   |   | 5,989 |   |
| Total assets                                                         |   | $ | 946,295 |   |   | $ | 952,238 |   |

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| Boise Cascade Holdings, L.L.C.Consolidated Balance Sheets (continued)(unaudited)                                              |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |
|                                                                                                                          |   | March 31, 2011 |   | December 31, 2010 |
|                                                                                                                          |   | (thousands) |
| LIABILITIES AND CAPITAL                                                                                                       |   |   |
| Current                                                                                                                       |   |   |   |   |
| Accounts payable                                                                                                              |   |   |   |   |
| Trade                                                                                                                         |   | $ | 129,849 |   |   | $ | 112,414 |   |
| Related parties                                                                                                               |   | 1,390 |   |   | 394 |   |
| Accrued liabilities                                                                                                           |   |   |   |   |
| Compensation and benefits                                                                                                     |   | 32,030 |   |   | 39,827 |   |
| Interest payable                                                                                                              |   | 7,202 |   |   | 3,291 |   |
| Other                                                                                                                         |   | 19,336 |   |   | 22,530 |   |
|                                                                                                                          |   | 189,807 |   |   | 178,456 |   |
|                                                                                                                          |   |   |   |   |
| Debt                                                                                                                          |   |   |   |   |
| Long-term debt                                                                                                                |   | 219,560 |   |   | 219,560 |   |
|                                                                                                                          |   |   |   |   |
| Other                                                                                                                         |   |   |   |   |
| Compensation and benefits                                                                                                     |   | 122,644 |   |   | 121,709 |   |
| Other long-term liabilities                                                                                                   |   | 14,056 |   |   | 14,116 |   |
|                                                                                                                          |   | 136,700 |   |   | 135,825 |   |
|                                                                                                                          |   |   |   |   |
| Redeemable equity units                                                                                                       |   |   |   |   |
| Series B equity units —  2,650 units and 2,736 units outstanding                                              |   | 2,650 |   |   | 2,736 |   |
| Series C equity units — 14,329 units and 14,425 units outstanding                                             |   | 6,500 |   |   | 6,563 |   |
|                                                                                                                          |   | 9,150 |   |   | 9,299 |   |
|                                                                                                                          |   |   |   |   |
| Commitments and contingent liabilities                                                                                        |   |   |   |   |
|                                                                                                                          |   |   |   |   |
| Capital                                                                                                                       |   |   |   |   |
| Series A equity units — no par value; 66,000 units authorized and outstanding                                 |   | 98,059 |   |   | 96,162 |   |
| Series B equity units — no par value; 550,000 units authorized; 532,673 units and 532,588 units outstanding        |   | 293,019 |   |   | 312,936 |   |
| Series C equity units — no par value; 44,000 units authorized; 12,075 units and 11,980 units outstanding |   | — |   |   | — |   |
| Total capital                                                                                                                 |   | 391,078 |   |   | 409,098 |   |
| Total liabilities and capital                                                                                                 |   | $ | 946,295 |   |   | $ | 952,238 |   |

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| Boise Cascade Holdings, L.L.C.Consolidated Statements of Cash Flows(unaudited) |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |
|                                                                           |   | Three Months EndedMarch 31 |
|                                                                           |   | 2011 |   | 2010 |
|                                                                           |   | (thousands) |
| Cash provided by (used for) operations                |   |   |   |   |
| Net income (loss)                                                              |   | $ | (19,001 | ) |   | $ | 11,394 |   |
| Items in net income (loss) not using (providing) cash                          |   |   |   |   |   |
| Equity in net income of affiliate                                              |   | — |   |   | (1,889 | ) |
| Gain on sale of shares of equity affiliate                                     |   | — |   |   | (25,308 | ) |
| Depreciation and amortization of deferred financing costs and other            |   | 9,328 |   |   | 9,123 |   |
| Pension expense                                                                |   | 3,804 |   |   | 2,087 |   |
| Management equity units expense                                                |   | — |   |   | 434 |   |
| Other                                                                          |   | 754 |   |   | (221 | ) |
| Decrease (increase) in working capital                                         |   |   |   |   |   |
| Receivables                                                                    |   | (37,418 | ) |   | (55,027 | ) |
| Inventories                                                                    |   | (40,093 | ) |   | (35,739 | ) |
| Prepaid expenses and other                                                     |   | (793 | ) |   | (389 | ) |
| Accounts payable and accrued liabilities                                       |   | 13,965 |   |   | 65,488 |   |
| Pension contributions                                                          |   | (882 | ) |   | (2,976 | ) |
| Other                                                                          |   | (1,792 | ) |   | 155 |   |
| Cash used for operations                                                       |   | (72,128 | ) |   | (32,868 | ) |
|                                                                           |   |   |   |   |
| Cash provided by (used for) investment                                         |   |   |   |   |   |   |
| Proceeds from sale of shares of equity affiliate, net                          |   | — |   |   | 86,123 |   |
| Expenditures for property and equipment                                        |   | (9,608 | ) |   | (3,245 | ) |
| Other                                                                          |   | (115 | ) |   | (1,027 | ) |
| Cash provided by (used for) investment                                         |   | (9,723 | ) |   | 81,851 |   |
|                                                                           |   |   |   |   |
| Cash provided by (used for) financing                                          |   | — |   |   | — |   |
|                                                                           |   |   |   |   |
| Increase (decrease) in cash and cash equivalents                               |   | (81,851 | ) |   | 48,983 |   |
|                                                                           |   |   |   |   |
| Balance at beginning of the period                                             |   | 264,606 |   |   | 287,101 |   |
|                                                                           |   |   |   |   |
| Balance at end of the period                                                   |   | $ | 182,755 |   |   | $ | 336,084 |   |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |
|                     |   | Three Months EndedMarch 31 |
|                     |   | 2011 |   | 2010 |
|                     | (thousands) |
| Facility curtailment (a) |   | $ | 1,410 |   |   | $ | — |   |
| Other, net (b)           |   | 1,179 |   |   | (80 | ) |
|                     |   | $ | 2,589 |   |   | $ | (80 | ) |

|     |                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------|
| (a) | In first quarter 2011, we committed to indefinitely curtail a manufacturing plant in our Wood Products segment. |

|     |                                                                               |
|-----|-------------------------------------------------------------------------------|
| (b) | In first quarter 2011, we recorded noncash asset write-downs of $1.2 million. |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |
|                               |   | March 31, 2011 |   | December 31, 2010 |
|                               |   | (thousands) |
| Finished goods and work in process |   | $ | 255,049 |   |   | $ | 210,547 |   |
| Logs                               |   | 28,862 |   |   | 33,816 |   |
| Other raw materials and supplies   |   | 17,384 |   |   | 16,839 |   |
|                               |   | $ | 301,295 |   |   | $ | 261,202 |   |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |
|                          |   | March 31, 2011 |   | December 31, 2010 |
|                          |   | (thousands) |
| Land                          |   | $ | 36,020 |   |   | $ | 36,795 |   |
| Buildings and improvements    |   | 113,556 |   |   | 112,952 |   |
| Machinery and equipment       |   | 304,306 |   |   | 296,866 |   |
| Construction in progress      |   | 11,293 |   |   | 17,523 |   |
|                          |   | 465,175 |   |   | 464,136 |   |
| Less accumulated depreciation |   | (195,751 | ) |   | (190,567 | ) |
|                          |   | $ | 269,424 |   |   | $ | 273,569 |   |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |
|                                            |   | March 31, 2011 |   | December 31, 2010 |
|                                            |   | (thousands) |
| Asset-based revolving credit facility, due 2013 |   | $ | — |   |   | $ | — |   |
| 7.125% senior subordinated notes, due 2014      |   | 219,560 |   |   | 219,560 |   |
| Total long-term debt                            |   | $ | 219,560 |   |   | $ | 219,560 |   |

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|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |
|                                          | Three Months EndedMarch 31 |
|                                          | 2011 |   | 2010 |
|                                          | (thousands) |
| Service cost                                  | $ | 1,501 |   |   | $ | 1,394 |   |
| Interest cost                                 | 5,270 |   |   | 5,075 |   |
| Expected return on plan assets                | (4,483 | ) |   | (4,589 | ) |
| Recognized actuarial loss                     | 726 |   |   | 163 |   |
| Amortization of prior service costs and other | 45 |   |   | 44 |   |
| Curtailment loss                              | 745 |   |   | — |   |
| Net periodic benefit cost                     | $ | 3,804 |   |   | $ | 2,087 |   |

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|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     | Three Months Ended March 31 |
|                                                     | 2011 |   | 2010 |
|                                                     | (thousands) |
| Net income (loss)                                        | $ | (19,001 | ) |   | $ | 11,394 |   |
| Other comprehensive income (loss)                        |   |   |   |
| Unfunded accumulated benefit obligation                  | 840 |   |   | 207 |   |
| Equity in other comprehensive income of equity affiliate | — |   |   | (4,041 | ) |
| Comprehensive income (loss)                              | $ | (18,161 | ) |   | $ | 7,560 |   |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   |   |   |   |   |   |   |   |   | Income |   |   |   |   |
|                                |   |   |   |   |   |   |   |   |   | (Loss) |   |   |   |   |
|                                |   | Sales |   | Before |   | Depreciation |   |   |
|                                |   |   |   | Related |   | Inter- |   |   |   | Income |   | and |   | EBITDA |
|                                |   | Trade |   | Parties |   | segment |   | Total |   | Taxes |   | Amortization |   | (c) |
|                                |   | (millions) |
| Three Months Ended March 31, 2011   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Building Materials Distribution (a) |   | $ | 377.6 |   |   | $ | — |   |   | $ | 0.2 |   |   | $ | 377.8 |   |   | $ | (4.6 | ) |   | $ | 2.0 |   |   | $ | (2.5 | ) |
| Wood Products (a)                   |   | 101.2 |   |   | 4.4 |   |   | 49.3 |   |   | 154.9 |   |   | (7.3 | ) |   | 6.8 |   |   | (0.5 | ) |
| Corporate and Other                 |   | — |   |   | — |   |   | — |   |   | — |   |   | (2.6 | ) |   | 0.1 |   |   | (2.6 | ) |
|                                |   | 478.8 |   |   | 4.4 |   |   | 49.5 |   |   | 532.7 |   |   | (14.5 | ) |   | 8.9 |   |   | (5.6 | ) |
| Intersegment eliminations           |   | — |   |   | — |   |   | (49.5 | ) |   | (49.5 | ) |   | — |   |   | — |   |   | — |   |
| Interest expense                    |   | — |   |   | — |   |   | — |   |   | — |   |   | (4.6 | ) |   | — |   |   | — |   |
| Interest income                     |   | — |   |   | — |   |   | — |   |   | — |   |   | 0.1 |   |   | — |   |   | — |   |
|                                |   | $ | 478.8 |   |   | $ | 4.4 |   |   | $ | — |   |   | $ | 483.2 |   |   | $ | (18.9 | ) |   | $ | 8.9 |   |   | $ | (5.6 | ) |

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|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   |   |   |   |   |   |   |   |   | Income |   |   |   |   |
|                                                |   |   |   |   |   |   |   |   |   | (Loss) |   |   |   |   |
|                                                |   | Sales |   | Before |   | Depreciation |   |   |
|                                                |   |   |   | Related |   | Inter- |   |   |   | Income |   | and |   | EBITDA |
|                                                |   | Trade |   | Parties |   | segment |   | Total |   | Taxes |   | Amortization |   | (c) |
|                                                |   | (millions) |
| Three Months Ended March 31, 2010                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Building Materials Distribution                     |   | $ | 389.1 |   |   | $ | — |   |   | $ | — |   |   | $ | 389.1 |   |   | $ | (0.7 | ) |   | $ | 1.8 |   |   | $ | 1.1 |   |
| Wood Products                                       |   | 88.3 |   |   | 9.8 |   |   | 49.9 |   |   | 148.0 |   |   | (6.6 | ) |   | 6.7 |   |   | 0.1 |   |
| Corporate and Other                                 |   | — |   |   | — |   |   | — |   |   | — |   |   | (3.1 | ) |   | 0.1 |   |   | (3.0 | ) |
|                                                |   | 477.4 |   |   | 9.8 |   |   | 49.9 |   |   | 537.1 |   |   | (10.4 | ) |   | 8.6 |   |   | (1.8 | ) |
| Intersegment eliminations                           |   | — |   |   | — |   |   | (49.9 | ) |   | (49.9 | ) |   | — |   |   | — |   |   | — |   |
| Equity in net income of affiliate (b)          |   | — |   |   | — |   |   | — |   |   | — |   |   | 1.9 |   |   | — |   |   | 1.9 |   |
| Gain on sale of shares of equity affiliate (b) |   | — |   |   | — |   |   | — |   |   | — |   |   | 25.3 |   |   | — |   |   | 25.3 |   |
| Interest expense                                    |   | — |   |   | — |   |   | — |   |   | — |   |   | (5.5 | ) |   | — |   |   | — |   |
| Interest income                                     |   | — |   |   | — |   |   | — |   |   | — |   |   | 0.2 |   |   | — |   |   | — |   |
|                                                |   | $ | 477.4 |   |   | $ | 9.8 |   |   | $ | — |   |   | $ | 487.3 |   |   | $ | 11.4 |   |   | $ | 8.6 |   |   | $ | 25.4 |   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | In first quarter 2011, we committed to indefinitely curtail a manufacturing plant in our Wood Products segment, and we recorded the related expense of $1.4 million in "Other (income) expense, net" and $0.1 million of accelerated depreciation in "Depreciation and Amortization" in our Consolidated Statement of Income (Loss). Also, during the three months ended March 31, 2011, we recorded $1.2 million of noncash asset write-downs in "Other (income) expense, net," of which $0.8 million was recorded in our Building Materials Distribution segment and $0.4 million was recorded in our Wood Products segment. |

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (b) | See Note 2, Sale of Investment in Equity Affiliate, for information related to our investment in Boise Inc. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. EBITDA is the primary measure used by our chief operating decision makers to evaluate segment operating performance and to decide how to allocate resources to segments. We believe EBITDA is useful to investors because it provides a means to evaluate the operating performance of our segments and our company on an ongoing basis using criteria that are used by our internal decision makers and because it is frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. We believe EBITDA is a meaningful measure because it presents a transparent view of our recurring operating performance and allows management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. EBITDA, however, is not a measure of our liquidity or financial performance under generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. The use of EBITDA instead of net income (loss) or segment income (loss) has limitations as an analytical tool, including the inability to determine profitability; the exclusion of interest expense, interest income, andassociated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |
|                          |   | Three Months EndedMarch 31 |
|                          |   | 2011 |   | 2010 |
|                          | (thousands) |
| Net income (loss)             |   | $ | (19.0 | ) |   | $ | 11.4 |   |
| Interest expense              |   | 4.6 |   |   | 5.5 |   |
| Interest income               |   | (0.1 | ) |   | (0.2 | ) |
| Income tax provision          |   | 0.1 |   |   | — |   |
| Depreciation and amortization |   | 8.9 |   |   | 8.6 |   |
| EBITDA                        |   | $ | (5.6 | ) |   | $ | 25.4 |   |

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Table of Contents

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Table of Contents

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                   |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   | Eliminations |   | Consolidated |
|                                                                   |   | (thousands) |
| Sales                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade                                                                  |   | $ | — |   |   | $ | — |   |   | $ | 475,782 |   |   | $ | 3,025 |   |   | $ | — |   |   | $ | 478,807 |   |
| Intercompany                                                           |   | — |   |   | — |   |   | — |   |   | 1,577 |   |   | (1,577 | ) |   | — |   |
| Related parties                                                        |   | — |   |   | — |   |   | 4,440 |   |   | — |   |   | — |   |   | 4,440 |   |
|                                                                   |   | — |   |   | — |   |   | 480,222 |   |   | 4,602 |   |   | (1,577 | ) |   | 483,247 |   |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Materials, labor, and other operating expenses                         |   | — |   |   | — |   |   | 419,788 |   |   | 4,730 |   |   | (1,686 | ) |   | 422,832 |   |
| Materials, labor, and other operating expenses from related parties    |   | — |   |   | — |   |   | 8,443 |   |   | — |   |   | — |   |   | 8,443 |   |
| Depreciation and amortization                                          |   | — |   |   | 61 |   |   | 8,380 |   |   | 466 |   |   | — |   |   | 8,907 |   |
| Selling and distribution expenses                                      |   | — |   |   | — |   |   | 46,347 |   |   | 623 |   |   | — |   |   | 46,970 |   |
| General and administrative expenses                               |   | — |   |   | 2,886 |   |   | 5,283 |   |   | — |   |   | 109 |   |   | 8,278 |   |
| Other (income) expense, net                                            |   | — |   |   | — |   |   | 2,484 |   |   | 105 |   |   | — |   |   | 2,589 |   |
|                                                                   |   | — |   |   | 2,947 |   |   | 490,725 |   |   | 5,924 |   |   | (1,577 | ) |   | 498,019 |   |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                                   |   | — |   |   | (2,947 | ) |   | (10,503 | ) |   | (1,322 | ) |   | — |   |   | (14,772 | ) |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign exchange gain                                                  |   | — |   |   | 103 |   |   | 38 |   |   | 169 |   |   | — |   |   | 310 |   |
| Interest expense                                                       |   | — |   |   | (4,589 | ) |   | — |   |   | — |   |   | — |   |   | (4,589 | ) |
| Interest income                                                        |   | — |   |   | 70 |   |   | 76 |   |   | — |   |   | — |   |   | 146 |   |
|                                                                   |   | — |   |   | (4,416 | ) |   | 114 |   |   | 169 |   |   | — |   |   | (4,133 | ) |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes and equity in net income (loss) of affiliates |   | — |   |   | (7,363 | ) |   | (10,389 | ) |   | (1,153 | ) |   | — |   |   | (18,905 | ) |
| Income tax provision                                                   |   | — |   |   | (43 | ) |   | (53 | ) |   | — |   |   | — |   |   | (96 | ) |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before equity in net income (loss) of affiliates                  |   | — |   |   | (7,406 | ) |   | (10,442 | ) |   | (1,153 | ) |   | — |   |   | (19,001 | ) |
| Equity in net income (loss) of affiliates                              |   | (19,001 | ) |   | (11,595 | ) |   | — |   |   | — |   |   | 30,596 |   |   | — |   |
| Net income (loss)                                                      |   | $ | (19,001 | ) |   | $ | (19,001 | ) |   | $ | (10,442 | ) |   | $ | (1,153 | ) |   | $ | 30,596 |   |   | $ | (19,001 | ) |

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|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   | Eliminations |   | Consolidated |
|                                                                            |   | (thousands) |
| Sales                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade                                                                           |   | $ | — |   |   | $ | — |   |   | $ | 474,320 |   |   | $ | 3,102 |   |   | $ | — |   |   | $ | 477,422 |   |
| Intercompany                                                                    |   | — |   |   | — |   |   | — |   |   | 3,034 |   |   | (3,034 | ) |   | — |   |
| Related parties                                                                 |   | — |   |   | — |   |   | 9,831 |   |   | — |   |   | — |   |   | 9,831 |   |
|                                                                            |   | — |   |   | — |   |   | 484,151 |   |   | 6,136 |   |   | (3,034 | ) |   | 487,253 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Materials, labor, and other operating expenses                                  |   | — |   |   | — |   |   | 422,528 |   |   | 6,597 |   |   | (3,224 | ) |   | 425,901 |   |
| Materials, labor, and other operating expenses from related parties             |   | — |   |   | — |   |   | 6,222 |   |   | — |   |   | — |   |   | 6,222 |   |
| Depreciation and amortization                                                   |   | — |   |   | 97 |   |   | 8,017 |   |   | 476 |   |   | — |   |   | 8,590 |   |
| Selling and distribution expenses                                               |   | — |   |   | — |   |   | 47,861 |   |   | 304 |   |   | — |   |   | 48,165 |   |
| General and administrative expenses                                        |   | — |   |   | 1,574 |   |   | 5,694 |   |   | — |   |   | 190 |   |   | 7,458 |   |
| General and administrative expenses from related party                     |   |   |   | 1,576 |   |   | — |   |   | — |   |   | — |   |   | 1,576 |   |
| Other (income) expense, net                                                     |   | — |   |   | — |   |   | (35 | ) |   | (45 | ) |   | — |   |   | (80 | ) |
|                                                                            |   | — |   |   | 3,247 |   |   | 490,287 |   |   | 7,332 |   |   | (3,034 | ) |   | 497,832 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                                            |   | — |   |   | (3,247 | ) |   | (6,136 | ) |   | (1,196 | ) |   | — |   |   | (10,579 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in net income of Boise Inc.                                         |   | 1,889 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 1,889 |   |
| Gain on sale of shares of Boise Inc.                                       |   | 25,308 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 25,308 |   |
| Foreign exchange gain (loss)                                                    |   | — |   |   | 43 |   |   | (50 | ) |   | 154 |   |   | — |   |   | 147 |   |
| Interest expense                                                                |   | — |   |   | (5,520 | ) |   | — |   |   | — |   |   | — |   |   | (5,520 | ) |
| Interest income                                                                 |   | — |   |   | 60 |   |   | 134 |   |   | — |   |   | — |   |   | 194 |   |
|                                                                            |   | 27,197 |   |   | (5,417 | ) |   | 84 |   |   | 154 |   |   | — |   |   | 22,018 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes and equity in net income (loss) of affiliates |   | 27,197 |   |   | (8,664 | ) |   | (6,052 | ) |   | (1,042 | ) |   | — |   |   | 11,439 |   |
| Income tax provision                                                            |   | — |   |   | (16 | ) |   | (29 | ) |   | — |   |   | — |   |   | (45 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before equity in net income (loss) of affiliates                  |   | 27,197 |   |   | (8,680 | ) |   | (6,081 | ) |   | (1,042 | ) |   | — |   |   | 11,394 |   |
| Equity in net income (loss) of affiliates                                       |   | (15,803 | ) |   | (7,123 | ) |   | — |   |   | — |   |   | 22,926 |   |   | — |   |
| Net income (loss)                                                               |   | $ | 11,394 |   |   | $ | (15,803 | ) |   | $ | (6,081 | ) |   | $ | (1,042 | ) |   | $ | 22,926 |   |   | $ | 11,394 |   |

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Table of Contents

| Boise Cascade Holdings, L.L.C., and SubsidiariesConsolidating Balance Sheets at March 31, 2011(unaudited)  |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                            |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   | Eliminations |   | Consolidated |
|                                                                                                            |   | (thousands) |
| ASSETS                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                       |   | $ | 4 |   |   | $ | 182,560 |   |   | $ | 16 |   |   | $ | 175 |   |   | $ | — |   |   | $ | 182,755 |   |
| Receivables                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade, less allowances                                                                                          |   | — |   |   | 6 |   |   | 139,941 |   |   | 1,074 |   |   | — |   |   | 141,021 |   |
| Related parties                                                                                                 |   | — |   |   | 9 |   |   | 263 |   |   | — |   |   | — |   |   | 272 |   |
| Intercompany                                                                                                    |   | — |   |   | — |   |   | 56 |   |   | — |   |   | (56 | ) |   | — |   |
| Other                                                                                                           |   | — |   |   | (97 | ) |   | 3,726 |   |   | 270 |   |   | — |   |   | 3,899 |   |
| Inventories                                                                                                     |   | — |   |   | — |   |   | 293,363 |   |   | 7,932 |   |   | — |   |   | 301,295 |   |
| Prepaid expenses and other                                                                                      |   | — |   |   | 3,958 |   |   | 1,672 |   |   | 157 |   |   | — |   |   | 5,787 |   |
|                                                                                                            |   | 4 |   |   | 186,436 |   |   | 439,037 |   |   | 9,608 |   |   | (56 | ) |   | 635,029 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Property                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property and equipment, net                                                                                     |   | — |   |   | 1,553 |   |   | 257,226 |   |   | 10,645 |   |   | — |   |   | 269,424 |   |
| Timber deposits                                                                                                 |   | — |   |   | — |   |   | 11,098 |   |   | — |   |   | — |   |   | 11,098 |   |
|                                                                                                            |   | — |   |   | 1,553 |   |   | 268,324 |   |   | 10,645 |   |   | — |   |   | 280,522 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred financing costs                                                                                        |   | — |   |   | 3,400 |   |   | — |   |   | — |   |   | — |   |   | 3,400 |   |
| Goodwill                                                                                                        |   | — |   |   | — |   |   | 12,170 |   |   | — |   |   | — |   |   | 12,170 |   |
| Intangible assets, net                                                                                          |   | — |   |   | — |   |   | 8,903 |   |   | — |   |   | — |   |   | 8,903 |   |
| Other assets                                                                                                    |   | — |   |   | 21 |   |   | 6,250 |   |   | — |   |   | — |   |   | 6,271 |   |
| Investments in affiliates                                                                                       |   | 400,224 |   |   | 593,850 |   |   | — |   |   | — |   |   | (994,074 | ) |   | — |   |
| Total assets                                                                                                    |   | $ | 400,228 |   |   | $ | 785,260 |   |   | $ | 734,684 |   |   | $ | 20,253 |   |   | $ | (994,130 | ) |   | $ | 946,295 |   |

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Table of Contents

| Boise Cascade Holdings, L.L.C., and SubsidiariesConsolidating Balance Sheets at March 31, 2011 (continued)(unaudited)  |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                        |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   | Eliminations |   | Consolidated |
|                                                                                                                        |   | (thousands) |
| LIABILITIES AND CAPITAL                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade                                                                                                                       |   | $ | — |   |   | $ | 8,916 |   |   | $ | 120,304 |   |   | $ | 629 |   |   | $ | — |   |   | $ | 129,849 |   |
| Related parties                                                                                                             |   | — |   |   | 392 |   |   | 998 |   |   | — |   |   | — |   |   | 1,390 |   |
| Intercompany                                                                                                                |   | — |   |   | — |   |   | — |   |   | 56 |   |   | (56 | ) |   | — |   |
| Accrued liabilities                                                                                                         |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   |   |   |
| Compensation and benefits                                                                                                   |   | — |   |   | 13,636 |   |   | 18,004 |   |   | 390 |   |   | — |   |   | 32,030 |   |
| Interest payable                                                                                                            |   | — |   |   | 7,202 |   |   | — |   |   | — |   |   | — |   |   | 7,202 |   |
| Other                                                                                                                       |   | — |   |   | 2,333 |   |   | 16,006 |   |   | 997 |   |   | — |   |   | 19,336 |   |
|                                                                                                                        |   | — |   |   | 32,479 |   |   | 155,312 |   |   | 2,072 |   |   | (56 | ) |   | 189,807 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt                                                                                                              |   | — |   |   | 219,560 |   |   | — |   |   | — |   |   | — |   |   | 219,560 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Compensation and benefits                                                                                                   |   | — |   |   | 122,644 |   |   | — |   |   | — |   |   | — |   |   | 122,644 |   |
| Other long-term liabilities                                                                                                 |   | — |   |   | 10,353 |   |   | 3,703 |   |   | — |   |   | — |   |   | 14,056 |   |
|                                                                                                                        |   | — |   |   | 132,997 |   |   | 3,703 |   |   | — |   |   | — |   |   | 136,700 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Redeemable equity units                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series B equity units                                                                                                       |   | 2,650 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 2,650 |   |
| Series C equity units                                                                                                       |   | 6,500 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 6,500 |   |
| Redeemable equity units                                                                                                     |   | — |   |   | 9,150 |   |   | — |   |   | — |   |   | (9,150 | ) |   | — |   |
|                                                                                                                        |   | 9,150 |   |   | 9,150 |   |   | — |   |   | — |   |   | (9,150 | ) |   | 9,150 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Commitments and contingent liabilities                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series A equity units                                                                                                       |   | 98,059 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 98,059 |   |
| Series B equity units                                                                                                       |   | 293,019 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 293,019 |   |
| Series C equity units                                                                                                       |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Subsidiary equity                                                                                                           |   | — |   |   | 391,074 |   |   | 575,669 |   |   | 18,181 |   |   | (984,924 | ) |   | — |   |
| Total capital                                                                                                               |   | 391,078 |   |   | 391,074 |   |   | 575,669 |   |   | 18,181 |   |   | (984,924 | ) |   | 391,078 |   |
| Total liabilities and capital                                                                                               |   | $ | 400,228 |   |   | $ | 785,260 |   |   | $ | 734,684 |   |   | $ | 20,253 |   |   | $ | (994,130 | ) |   | $ | 946,295 |   |

----

Table of Contents

| Boise Cascade Holdings, L.L.C., and SubsidiariesConsolidating Balance Sheets at December 31, 2010(unaudited)  |
|--------------------------------------------------------------------------------------------------------------------|
|                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                               |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   | Eliminations |   | Consolidated |
|                                                                                                               |   | (thousands) |
| ASSETS                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                          |   | $ | 5 |   |   | $ | 264,364 |   |   | $ | 16 |   |   | $ | 221 |   |   | $ | — |   |   | $ | 264,606 |   |
| Receivables                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade, less allowances                                                                                             |   | — |   |   | 2 |   |   | 101,827 |   |   | 1,077 |   |   | — |   |   | 102,906 |   |
| Related parties                                                                                                    |   | — |   |   | 6 |   |   | 291 |   |   | — |   |   | — |   |   | 297 |   |
| Intercompany                                                                                                       |   | — |   |   | — |   |   | 56 |   |   | — |   |   | (56 | ) |   | — |   |
| Other                                                                                                              |   | — |   |   | (30 | ) |   | 4,259 |   |   | 342 |   |   | — |   |   | 4,571 |   |
| Inventories                                                                                                        |   | — |   |   | — |   |   | 255,287 |   |   | 5,915 |   |   | — |   |   | 261,202 |   |
| Prepaid expenses and other                                                                                         |   | — |   |   | 955 |   |   | 2,805 |   |   | 48 |   |   | — |   |   | 3,808 |   |
|                                                                                                               |   | 5 |   |   | 265,297 |   |   | 364,541 |   |   | 7,603 |   |   | (56 | ) |   | 637,390 |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Property                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property and equipment, net                                                                                        |   | — |   |   | 1,561 |   |   | 260,662 |   |   | 11,346 |   |   | — |   |   | 273,569 |   |
| Timber deposits                                                                                                    |   | — |   |   | — |   |   | 10,588 |   |   | — |   |   | — |   |   | 10,588 |   |
|                                                                                                               |   | — |   |   | 1,561 |   |   | 271,250 |   |   | 11,346 |   |   | — |   |   | 284,157 |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred financing costs                                                                                           |   | — |   |   | 3,626 |   |   | — |   |   | — |   |   | — |   |   | 3,626 |   |
| Goodwill                                                                                                           |   | — |   |   | — |   |   | 12,170 |   |   | — |   |   | — |   |   | 12,170 |   |
| Intangible assets, net                                                                                             |   | — |   |   | — |   |   | 8,906 |   |   | — |   |   | — |   |   | 8,906 |   |
| Other assets                                                                                                       |   | — |   |   | 19 |   |   | 5,970 |   |   | — |   |   | — |   |   | 5,989 |   |
| Investments in affiliates                                                                                          |   | 418,392 |   |   | 526,591 |   |   | — |   |   | — |   |   | (944,983 | ) |   | — |   |
| Total assets                                                                                                       |   | $ | 418,397 |   |   | $ | 797,094 |   |   | $ | 662,837 |   |   | $ | 18,949 |   |   | $ | (945,039 | ) |   | $ | 952,238 |   |

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Table of Contents

| Boise Cascade Holdings, L.L.C., and SubsidiariesConsolidating Balance Sheets at December 31, 2010 (continued)(unaudited)  |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                           |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   | Eliminations |   | Consolidated |
|                                                                                                                           |   | (thousands) |
| LIABILITIES AND CAPITAL                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade                                                                                                                          |   | $ | — |   |   | $ | 7,921 |   |   | $ | 103,714 |   |   | $ | 779 |   |   | $ | — |   |   | $ | 112,414 |   |
| Related parties                                                                                                                |   | — |   |   | 392 |   |   | 2 |   |   | — |   |   | — |   |   | 394 |   |
| Intercompany                                                                                                                   |   | — |   |   | — |   |   | — |   |   | 56 |   |   | (56 | ) |   | — |   |
| Accrued liabilities                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Compensation and benefits                                                                                                      |   | — |   |   | 12,812 |   |   | 26,540 |   |   | 475 |   |   | — |   |   | 39,827 |   |
| Interest payable                                                                                                               |   | — |   |   | 3,291 |   |   | — |   |   | — |   |   | — |   |   | 3,291 |   |
| Other                                                                                                                          |   | — |   |   | 2,523 |   |   | 18,726 |   |   | 1,281 |   |   | — |   |   | 22,530 |   |
|                                                                                                                           |   | — |   |   | 26,939 |   |   | 148,982 |   |   | 2,591 |   |   | (56 | ) |   | 178,456 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt                                                                                                                 |   | — |   |   | 219,560 |   |   | — |   |   | — |   |   | — |   |   | 219,560 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Compensation and benefits                                                                                                      |   | — |   |   | 121,709 |   |   | — |   |   | — |   |   | — |   |   | 121,709 |   |
| Other long-term liabilities                                                                                                    |   | — |   |   | 10,494 |   |   | 3,622 |   |   | — |   |   | — |   |   | 14,116 |   |
|                                                                                                                           |   | — |   |   | 132,203 |   |   | 3,622 |   |   | — |   |   | — |   |   | 135,825 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Redeemable equity units                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series B equity units                                                                                                          |   | 2,736 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 2,736 |   |
| Series C equity units                                                                                                          |   | 6,563 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 6,563 |   |
| Redeemable equity units                                                                                                        |   | — |   |   | 9,299 |   |   | — |   |   | — |   |   | (9,299 | ) |   | — |   |
|                                                                                                                           |   | 9,299 |   |   | 9,299 |   |   | — |   |   | — |   |   | (9,299 | ) |   | 9,299 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Commitments and contingent liabilities                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series A equity units                                                                                                          |   | 96,162 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 96,162 |   |
| Series B equity units                                                                                                          |   | 312,936 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 312,936 |   |
| Series C equity units                                                                                                          |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Subsidiary equity                                                                                                              |   | — |   |   | 409,093 |   |   | 510,233 |   |   | 16,358 |   |   | (935,684 | ) |   | — |   |
| Total capital                                                                                                                  |   | 409,098 |   |   | 409,093 |   |   | 510,233 |   |   | 16,358 |   |   | (935,684 | ) |   | 409,098 |   |
| Total liabilities and capital                                                                                                  |   | $ | 418,397 |   |   | $ | 797,094 |   |   | $ | 662,837 |   |   | $ | 18,949 |   |   | $ | (945,039 | ) |   | $ | 952,238 |   |

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Table of Contents

| Boise Cascade Holdings, L.L.C., and SubsidiariesConsolidating Statements of Cash FlowsFor the Three Months Ended March 31, 2011(unaudited)  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                             |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   |  Eliminations |   | Consolidated |
|                                                                                                                                             |   | (thousands) |
| Cash provided by (used for) operations                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                                                                                |   | $ | (19,001 | ) |   | $ | (19,001 | ) |   | $ | (10,442 | ) |   | $ | (1,153 | ) |   | $ | 30,596 |   |   | $ | (19,001 | ) |
| Items in net income (loss) not using (providing) cash                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in net (income) loss of affiliates                                                                                                        |   | 19,001 |   |   | 11,595 |   |   | — |   |   | — |   |   | (30,596 | ) |   | — |   |
| Depreciation and amortization of deferred financing costs and other                                                                              |   | — |   |   | 482 |   |   | 8,380 |   |   | 466 |   |   | — |   |   | 9,328 |   |
| Pension expense                                                                                                                                  |   | — |   |   | 3,804 |   |   | — |   |   | — |   |   | — |   |   | 3,804 |   |
| Other                                                                                                                                            |   | — |   |   | (90 | ) |   | 620 |   |   | 224 |   |   | — |   |   | 754 |   |
| Decrease (increase) in working capital                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Receivables                                                                                                                                      |   | — |   |   | 60 |   |   | (37,553 | ) |   | 75 |   |   | — |   |   | (37,418 | ) |
| Inventories                                                                                                                                      |   | — |   |   | — |   |   | (38,076 | ) |   | (2,017 | ) |   | — |   |   | (40,093 | ) |
| Prepaid expenses and other                                                                                                                       |   | — |   |   | (1,817 | ) |   | 1,133 |   |   | (109 | ) |   | — |   |   | (793 | ) |
| Accounts payable and accrued liabilities                                                                                                         |   | — |   |   | 4,908 |   |   | 9,571 |   |   | (514 | ) |   | — |   |   | 13,965 |   |
| Pension contributions                                                                                                                            |   | — |   |   | (882 | ) |   | — |   |   | — |   |   | — |   |   | (882 | ) |
| Other                                                                                                                                            |   | — |   |   | (2,094 | ) |   | 307 |   |   | (5 | ) |   | — |   |   | (1,792 | ) |
| Cash used for operations                                                                                                                         |   | — |   |   | (3,035 | ) |   | (66,060 | ) |   | (3,033 | ) |   | — |   |   | (72,128 | ) |
| Cash provided by (used for) investment                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenditures for property and equipment                                                                                                          |   | — |   |   | (11 | ) |   | (9,521 | ) |   | (76 | ) |   | — |   |   | (9,608 | ) |
| Other                                                                                                                                            |   | — |   |   | 95 |   |   | (297 | ) |   | 87 |   |   | — |   |   | (115 | ) |
| Cash provided by (used for) investment                                                                                                           |   | — |   |   | 84 |   |   | (9,818 | ) |   | 11 |   |   | — |   |   | (9,723 | ) |
| Cash provided by (used for) financing                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Parent/subsidiary equity transactions                                                                                                            |   | (1 | ) |   | 1 |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Due to (from) affiliates                                                                                                                         |   | — |   |   | (78,854 | ) |   | 75,878 |   |   | 2,976 |   |   | — |   |   | — |   |
| Cash provided by (used for) financing                                                                                                            |   | (1 | ) |   | (78,853 | ) |   | 75,878 |   |   | 2,976 |   |   | — |   |   | — |   |
| Decrease in cash and cash equivalents                                                                                                            |   | (1 | ) |   | (81,804 | ) |   | — |   |   | (46 | ) |   | — |   |   | (81,851 | ) |
| Balance at beginning of the period                                                                                                               |   | 5 |   |   | 264,364 |   |   | 16 |   |   | 221 |   |   | — |   |   | 264,606 |   |
| Balance at end of the period                                                                                                                     |   | $ | 4 |   |   | $ | 182,560 |   |   | $ | 16 |   |   | $ | 175 |   |   | $ | — |   |   | $ | 182,755 |   |

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Table of Contents

| Boise Cascade Holdings, L.L.C., and SubsidiariesConsolidating Statements of Cash FlowsFor the Three Months Ended March 31, 2010(unaudited)  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                             |   | BoiseCascadeHoldings,L.L.C.(Parent) |   | BoiseCascade,L.L.C. |   | GuarantorSubsidiaries |   | Non-guarantorSubsidiaries |   | Eliminations |   | Consolidated |
|                                                                                                                                             |   | (thousands) |
| Cash provided by (used for) operations                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                                                                                |   | $ | 11,394 |   |   | $ | (15,803 | ) |   | $ | (6,081 | ) |   | $ | (1,042 | ) |   | $ | 22,926 |   |   | $ | 11,394 |   |
| Items in net income (loss) not using (providing) cash                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in net income of Boise Inc.                                                                                                               |   | (1,889 | ) |   | — |   |   | — |   |   | — |   |   | — |   |   | (1,889 | ) |
| Gain on sale of shares of Boise Inc.                                                                                                             |   | (25,308 | ) |   | — |   |   | — |   |   | — |   |   | — |   |   | (25,308 | ) |
| Equity in net (income) loss of affiliates                                                                                                        |   | 15,803 |   |   | 7,123 |   |   | — |   |   | — |   |   | (22,926 | ) |   | — |   |
| Depreciation and amortization of deferred financing costs and other                                                                              |   | — |   |   | 630 |   |   | 8,017 |   |   | 476 |   |   | — |   |   | 9,123 |   |
| Pension expense                                                                                                                                  |   | — |   |   | 2,087 |   |   | — |   |   | — |   |   | — |   |   | 2,087 |   |
| Management equity units expense                                                                                                                  |   | — |   |   | 434 |   |   | — |   |   | — |   |   | — |   |   | 434 |   |
| Other                                                                                                                                            |   | — |   |   | (42 | ) |   | (1 | ) |   | (178 | ) |   | — |   |   | (221 | ) |
| Decrease (increase) in working capital                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Receivables                                                                                                                                      |   | — |   |   | 168 |   |   | (54,579 | ) |   | (616 | ) |   | — |   |   | (55,027 | ) |
| Inventories                                                                                                                                      |   | — |   |   | — |   |   | (33,792 | ) |   | (1,947 | ) |   | — |   |   | (35,739 | ) |
| Prepaid expenses and other                                                                                                                       |   | — |   |   | (1,539 | ) |   | 1,230 |   |   | (80 | ) |   | — |   |   | (389 | ) |
| Accounts payable and accrued liabilities                                                                                                         |   | — |   |   | 7,202 |   |   | 57,713 |   |   | 573 |   |   | — |   |   | 65,488 |   |
| Pension contributions                                                                                                                            |   | — |   |   | (2,976 | ) |   | — |   |   | — |   |   | — |   |   | (2,976 | ) |
| Other                                                                                                                                            |   | — |   |   | (284 | ) |   | 438 |   |   | 1 |   |   | — |   |   | 155 |   |
| Cash used for operations                                                                                                                         |   | — |   |   | (3,000 | ) |   | (27,055 | ) |   | (2,813 | ) |   | — |   |   | (32,868 | ) |
| Cash provided by (used for) investment                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of shares of Boise Inc.                                                                                                       |   | 86,123 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 86,123 |   |
| Expenditures for property and equipment                                                                                                          |   | — |   |   | — |   |   | (3,144 | ) |   | (101 | ) |   | — |   |   | (3,245 | ) |
| Other                                                                                                                                            |   | — |   |   | 38 |   |   | (1,243 | ) |   | 178 |   |   | — |   |   | (1,027 | ) |
| Cash provided by (used for) investment                                                                                                           |   | 86,123 |   |   | 38 |   |   | (4,387 | ) |   | 77 |   |   | — |   |   | 81,851 |   |
| Cash provided by (used for) financing                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Parent/subsidiary equity transactions                                                                                                            |   | (86,118 | ) |   | 86,118 |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Due to (from) affiliates                                                                                                                         |   | — |   |   | (34,166 | ) |   | 31,442 |   |   | 2,724 |   |   | — |   |   | — |   |
| Cash provided by (used for) financing                                                                                                            |   | (86,118 | ) |   | 51,952 |   |   | 31,442 |   |   | 2,724 |   |   | — |   |   | — |   |
| Increase (decrease) in cash and cash equivalents                                                                                                 |   | 5 |   |   | 48,990 |   |   | — |   |   | (12 | ) |   | — |   |   | 48,983 |   |
| Balance at beginning of the period                                                                                                               |   | — |   |   | 286,999 |   |   | 19 |   |   | 83 |   |   | — |   |   | 287,101 |   |
| Balance at end of the period                                                                                                                     |   | $ | 5 |   |   | $ | 335,989 |   |   | $ | 19 |   |   | $ | 71 |   |   | $ | — |   |   | $ | 336,084 |   |

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|         |                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | General economic conditions, including but not limited to housing starts, repair-and-remodel activity and light commercial construction, foreclosure rates, interest rates, unemployment rates, and relative currency values; |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | Mortgage pricing and availability, as well as other consumer financing mechanisms, that ultimately impact demand for our products; |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | Availability and affordability of raw materials, including wood fiber, chemicals, and energy; |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | The commodity nature of our products and their price movements, which are driven largely by supply and demand; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | Industry cycles and capacity utilization rates; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | Cost of compliance with government regulations; |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | Legislative or regulatory environments, requirements, or changes affecting the businesses in which we are engaged; |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | Labor and personnel relations and shortages of skilled and technical labor; |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | The financial condition and creditworthiness of our customers; |

|         |                          |
|---------|--------------------------|
| • | Major equipment failure; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | Severe weather phenomena such as drought, hurricanes, tornadoes, and fire; |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | Actions of suppliers, customers, and competitors, including merger and acquisition activities, plant closures, and financial failures; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | Attraction and retention of key management and other key employees; |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | Boise Inc.’s performance under the Outsourcing Services Agreement; and |

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | The other factors described in “Part I, Item 1A. Risk Factors” in our 2010 Form 10-K. |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
|                                                                          | Three Months EndedMarch 31 |
|                                                                          | 2011 |   | 2010 |
|                                                                          | (millions) |
| Sales                                                                         |   |   |   |
| Trade                                                                         | $ | 478.8 |   |   | $ | 477.4 |   |
| Related parties (a)                                                           | 4.4 |   |   | 9.8 |   |
|                                                                          | 483.2 |   |   | 487.3 |   |
|                                                                          |   |   |   |
| Costs and expenses                                                            |   |   |   |   |   |
| Materials, labor, and other operating expenses                                | 422.8 |   |   | 425.9 |   |
| Materials, labor, and other operating expenses from related parties (a)       | 8.4 |   |   | 6.2 |   |
| Depreciation and amortization                                                 | 8.9 |   |   | 8.6 |   |
| Selling and distribution expenses                                             | 47.0 |   |   | 48.2 |   |
| General and administrative expenses                                           | 8.3 |   |   | 7.5 |   |
| General and administrative expenses from related party (a)                    | — |   |   | 1.6 |   |
| Other (income) expense, net                                                   | 2.6 |   |   | (0.1 | ) |
|                                                                          | 498.0 |   |   | 497.8 |   |
|                                                                          |   |   |   |
| Loss from operations                                                          | $ | (14.8 | ) |   | $ | (10.6 | ) |
|                                                                          |   |   |   |
|                                                                          | (percentage of sales) |
| Sales                                                                         |   |   |   |
| Trade                                                                         | 99.1 |  % |   | 98.0 |  % |
| Related parties                                                               | 0.9 |   |   | 2.0 |   |
|                                                                          | 100.0 |  % |   | 100.0 |  % |
|                                                                          |   |   |   |
| Costs and expenses                                                            |   |   |   |
| Materials, labor, and other operating expenses, including related parties (a) | 89.2 |  % |   | 88.7 |  % |
| Depreciation and amortization                                                 | 1.8 |   |   | 1.8 |   |
| Selling and distribution expenses                                             | 9.7 |   |   | 9.9 |   |
| General and administrative expenses, including related party (a)              | 1.7 |   |   | 1.9 |   |
| Other (income) expense, net                                                   | 0.5 |   |   | — |   |
|                                                                          | 103.1 |  % |   | 102.2 |  % |
|                                                                          |   |   |   |
| Loss from operations                                                          | (3.1 | )% |   | (2.2 | )% |

|     |                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | For more information on our related-party transactions, see Note 4, Transactions With Related Parties, of the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in “Item 1. Financial Statements” of this Form 10-Q. |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | Three Months EndedMarch 31 |
|                                             |   | 2011 |   | 2010 |
|                                             | (millions) |
| Segment Sales                                    |   |   |   |   |   |   |
| Building Materials Distribution                  |   | $ | 377.8 |   |   | $ | 389.1 |   |
| Wood Products                                    |   | 154.9 |   |   | 148.0 |   |
|                                             |   |   |   |   |
|                                             |   | (percentage of Building MaterialsDistribution sales) |
| Building Materials Distribution                  |   |   |   |   |   |
| Product Line Sales                               |   |   |   |   |   |
| Commodity                                        |   | 50.8 | % |   | 50.9 | % |
| Engineered wood                                  |   | 10.8 | % |   | 11.0 | % |
| General line                                     |   | 38.4 | % |   | 38.1 | % |
|                                             |   |   |   |   |
|                                             |   | (millions) |
| Wood Products                                    |   |   |   |   |   |
| Sales Volumes                                    |   |   |   |   |   |
| Laminated veneer lumber (LVL) (cubic feet)       |   | 1.6 |   |   | 1.7 |   |
| I-joists (equivalent lineal feet)                |   | 22 |   |   | 24 |   |
| Plywood (sq. ft.) (3/8” basis)             |   | 240 |   |   | 234 |   |
| Lumber (board feet)                              |   | 38 |   |   | 36 |   |
| Particleboard (sq. ft.) (3/4” basis)       |   | 18 |   |   | 20 |   |
|                                             |   |   |   |   |
|                                             |   | (dollars per unit) |
| Wood Products                                    |   |   |   |   |   |
| Average Net Selling Prices                       |   |   |   |   |   |
| Laminated veneer lumber (LVL) (cubic foot)       |   | $ | 16.14 |   |   | $ | 14.86 |   |
| I-joists (1,000 equivalent lineal feet)          |   | 974 |   |   | 902 |   |
| Plywood (1,000 sq. ft.) (3/8” basis)       |   | 232 |   |   | 230 |   |
| Lumber (1,000 board feet)                        |   | 410 |   |   | 415 |   |
| Particleboard (1,000 sq. ft.) (3/4” basis) |   | 315 |   |   | 305 |   |

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|        |  |  |
|   |   | BOISE CASCADE HOLDINGS, L.L.C. |
|   |   |   |
|   |   |   |
|   |   | /s/ Kelly E. Hibbs |
|   |   | Kelly E. HibbsVice President and Controller |
|   |   | (As Duly Authorized Officer and Chief Accounting Officer) |

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| Number |   | Description |
|   |   |   |
| 31.1   |   |   | CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|   |   |   |
| 31.2   |   |   | CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |