Profile of Boise Cascade Corporation

Closing US Mills, Moving Overseas Importing Wood from Around the World U.S. Public Timber Cutting	Profile of the Boise Cascade Corporation
	by George Draffan Public Information Network Endgame.org
Table of Contents History Board of Directors Financial Information Shareholders Corporate and Public Timber Supplies Operations and Facilities Labor Issues Subsidies Environmental Record Political Activities Shareholder Resolutions Legal Proceedings	Boise Announces Sale of Paper, Building Products, and Timberland Assets (July 26, 2004) Boise Office Solutions will change its name to OfficeMax. The wood and paper assets (including 2.3 million acres of timberland, 5 pulp and paper rmills, and 22 wood products mills in the USA, Canada, and Brazil) will be acquired by Boise Cascade, L.L.C. which is controlled by Madison Dearborn Partners, a private equity firm with investments in communications, consumer, financial services, and healthcare, and involved in the buyout of other paper, packaging, and forest products comanies including Buckeye Technologies, Graphic Packaging International (formerly Riverwood International), Packaging Corporation of America, and Jefferson Smurfit Group.
Corporate headquarters: One Jefferson Square PO Box 50 Boise ID 83728 208-384-6161 208-384-7990 888-264-7388 www.bc.com	Boise Cascade Transforms. Timber Mart-South Market Newsletter, Third Quarter 2004. Boise Cascade Corporation announced in late July its agreement to sell the company's paper, forest products and timberland assets for approximately $3.7 billion to Madison Dearborn Partners LLC, a private equity investment firm located in Chicago IL. According to BC chief operating officer (COO), George J. Harad, this sale will complete BC's transition from "a predominantly manufacturing-based company to a world-scale distribution company". BC will now focus on its office products distribution business and operate under the name OfficeMax, Inc. BC acquired Office Max last year and analysts have anticipated the current divestiture for about two years. The transaction, expected to close in November, will create a new privately held company, Boise Cascade, LLC with headquarters in Boise ID and W. Thomas Stephens as CEO. Stephens was previously president and CEO of MacMillan Bloedel Ltd. and former chairman, ten years. Companies include Buckeye Technologies, Graphic Packaging International, Riverwood International, Packaging Corporation of America, and Jefferson Smurfit Group. The new company will own Boise Building Solutions with its 22 wood product manufacturing facilities in the U.S., Canada and Brazil. Four of these are in the South with three in Louisiana: softwood plywood/veneer manufacturing facilities at Florien and Oakdale LA, and one engineered wood facility in Alexandria LA. BC also has one softwood sawmill at its Jackson AL site. The new company will also receive Boise Paper Solutions which has 5 pulp and paper mills as well as 13 other related facilities in the U.S. BC has two pulp mills in the South: one in Jackson AL with capacity of 800 tons per day (tpd) of hardwood and softwood kraft pulp, and the other in DeRidder LA with capacity of 1300 tpd of softwood kraft pulp. Combined estimated pulpwood consumption is about 3.6 million tons per year. In the timberland portion of the assets, Boise owns or controls approximately 2.3 million acres of timberland in the U.S., with 720,000 acres in Louisiana and Alabama.

History

Public Land Grants

The corporation now known as Boise Cascade was incorporated as Boise Payette by Frederick Weyerhaeuser and associates in 1913. Between 1913 and 1947, Boise Payette received at least 172,000 acres of the public lands granted to the Northern Pacific Railroad. More information on the railroad land grants can be found in the book Railroads and Clearcuts and from the Railroads and Clearcuts Campaign (www.landgrant.org). Boise Payette and Cascade Lumber (Yakima, Washington) were merged in 1957 into Boise Cascade.

Boise Cascade, Potlatch, and Weyerhaeuser were interlocked from the time of their incorporation by Weyerhaeuser and associates in the early 1900s until the 1980s, through members of the Bell, Clapp, Jewett, Musser, and Weyerhaeuser families. Boise Cascade, Great Northern Railroad, and Weyerhaeuser were interlocked from the 1910s to 1940s, through Frederick and F.E. Weyerhaeuser. Boise Cascade, Northern Pacific Railroad, and Potlatch were interlocked from 1947 to 1955 by G.F. Jewett. The connection with the land grant companies continued into the 1990s, through Northern Pacific's corporate descendants Burlington Northern Railroad and Burlington Resources, whose spin-offs include Plum Creek Timber. Boise Cascade, Burlington Northern Railroad, and Burlington Resources were interlocked from 1981 to 1992, by J.B. Parrish. Former chairman and CEO of Union Pacific William Cook was a Boise Cascade director in the 1990s.

Over the years Boise Cascade has tried diversifying into engineering, construction, and real estate, but has retrenched to concentrate on producing and distributing paper and other office supplies, and today gets 70 percent of its revenues and 90 percent of its profits from office products and paper (see financial section below).

Board of Directors

Warren F. Bryant	Chairman of the board, president, and chief executive officer of Longs Drug Stores.
Philip J. Carroll	Chairman and CEO of Fluor Corporation; director of Vulcan Materials. Former president and chief executive officer of Shell Oil Company 1993-1998.
Claire S. Farley	CEO of Trade-Ranger Inc., a global Internet-based marketplace dedicated to buying and selling materials and services used by the energy industry. Former CEO of Intelligent Diagnostics (artificial intelligence software used to diagnose medical conditions) from 1999 to 2000. Former corporate officer for Texaco from 1997 to 1999, having been with the company since 1981.
Rakesh Ganwal	Pres. and CEO of U.S. Airways Group. Former vice president of Air France from 1994 to 1996.
Richard R. Goodmanson	Vice president and chief operating officer of DuPont. Former president and CEO of America West Airlines 1996 to 1999. Former vice president of Frito-Lay 1992 to 1996.
Edward Hagenlocker	Director of Air Products and Chemicals, AmeriSource Corporation, and Nanophase Technologies. Former vice chairman of Ford Motor. Former chairman of Visteon Automotive Systems.
George J. Harad Chairman, CEO, and director.	Executive officer of Boise Cascade since 1982; became director and president of Boise Cascade in 1991; CEO in 1994; chairman in 1995.
Francesca Ruiz de Luzuriaga	Independent business development consultant. Former executive with Mattel
Donald S. Macdonald	Director of Aber Diamond, Alberta Energy, Boltons Capital, Sun Life Financial Services of Canada, and TransCanada Pipelines. Senior advisor to UBS Bunting Warburg, a business group of UBS AG, one of the leading global financial services firms. Former counsel to Toronto law firm McCarthy Tétrault 1991-2000. Former member Canadian House of Commons, chairman Royal Commission on the Economic Union and Development Prospects for Canada, Canadian High Commissioner to Great Britain and Northern Ireland.
Gary G. Michael	Chairman and CEO of Albertson's. Director of Questar. Former chairman of the Federal Reserve Bank of San Francisco.
A. William Reynolds	CEO of Old Mill Group. Director of Eaton Corporation. Former CEO of GenCorp. Former chairman of the Federal Reserve Bank of Cleveland.
Jane E. Shaw	Chairman and CEO of AeroGen. Director of Intel, IntraBiotics Pharmaceuticals, and McKesson HBOC. Former CEO of ALZA Corp. Founded The Stable Network, a biopharmaceutical consulting firm, in 1995 and has worked as a consultant in the biopharmaceutical industry since that time.
Frank Shrontz	Former chairman and CEO of Boeing. Director of Chevron and Minnesota Mining & Manufacturing (3M).
Carolyn M. Ticknor	Director of Stamps.com. Former vice president of Hewlett-Packard.
Ward W. Woods Jr.	Director and partner of Bessemer Securities. Director of Contour Energy.

Financial Information

Sales and profits

	2000 sales ($ billion)	% of total sales	2000 income ($ million)	% of total income
office products	3.7	45%	237	48%
building products	2.5	30%	52	11%
paper products	2.0	25%	203	41%
totals	8.2	100%	491	100%
net	$7.8		(net) $179

Boise Cascade Office Products	1999	1998	1997
office supplies	54%	61%	66%
office paper	15%	13%	13%
office furniture	12%	12%	11%
computer supplies	16%	10%	7%
promotional products	3%	4%	3%

Boise Cascade Office Products	United States	Canada	France	Other
1999 net sales	$2,584,966,000	$382,670,000	$240,500,000	$173,589,000

Year	Sales ($ million)	Net income ($ million)	Federal tax ($ million)	State tax ($ million)	Foreign tax ($ million)
1990	4,186	75
1991	3,950	- 79
1992	3,716	- 227
1993	3,958	- 77
1994	4,140	- 63
1995	5,074	352	-98.2	- 7.0	13
1996	5,108	9	-10.8	- 11.5	-3.1
1997	5,493	- 30	-	-	-9.3
1998	6,200	- 34	-	-	- 8.4
1999	7,000	200	- 15.2	- 2.1	- 13.5
2000	7,807	179

Note: "negative" taxes denote tax credits received from various governments.

Debt to Capital Ratio

Boise Cascade's debt is high compared to the timber industry-wide median debt to capital ratio of 37 percent.

Year	Debt ratio
1997	54
1996	49
1995	48
1994	59
1993	57
1992	62
1991	61
1990	57
1989	49
1988	37

The following information on bondholders and banks financiers is from Focus on Finance Newsletter, March 2001.

At the end of 1999, the assets of Boise Cascade amounted to a total of US$ 5.1 billion. The following actors financed these assets:

Shareholders	31.4%
Bondholders	25.8%
Banks	11.9%
Other creditors	30.9%

Bondholders

Boise Cascade and its subsidiary Boise Cascade Office Products have issued various forms of bonds (notes, debentures and revenue bonds) to finance their activities. Outstanding at the end of 1999 was US$ 1.3 billion. As none of these bonds is listed on a stock exchange, it is very difficult to identify the bondholders.

Banks

Boise Cascade and its subsidiaries owed US$ 609 million to various banks at the end of 1999. Three loan agreements are responsible for the largest part of this amount:

1. A revolving credit agreement signed between Boise Cascade and a group of banks in March 1997, arranged by Bank of America National Trust and Savings Association, the Chase Manhattan Bank and National Westminster Bank. The agreement allows the company to borrow as much as US$ 600 million at variable interest rates, and expires in June 2002. The agreement also contains an expansion option, which entitles the company to increase the borrowing to a maximum of US$ 750 million.

At the end of 1999, Boise Cascade had borrowed US$ 185 million under this agreement. The importance of this revolving credit agreement however goes beyond this figure: it gives the company the financial ability to react instantly at any investment opportunity which might arise.

The group of banks (with in brackets their nationality and financial commitment) consists of:

Bank of America National Trust and Savings Association (United States; US$ 40 million)

Chase Manhattan Bank (United States; US$ 40 million)

National Westminster Bank (United Kingdom; US$ 40 million)

ABN-Amro Bank (The Netherlands; US$ 30 million)

CIBC (United States; US$ 30 million)

Mellon Bank (United States; US$ 30 million)

Morgan Guaranty Trust Company of New York (United States; US$ 30 million)

Toronto Dominion (Canada; US$ 25 million)

Union Bank of Switzerland (Switzerland; US$ 25 million)

Wachovia Bank of Georgia (United States; US$ 25 million)

Bank of Montreal (Canada; US$ 25 million)

Crédit Lyonnais (France; US$ 25 million)

Nationsbank of North Carolina (United States; US$ 25 million)

Northern Trust Company (United States; US$ 25 million)

Royal Bank of Canada (Canada; US$ 25 million)

Société Générale (France; US$ 25 million)

U.S. Bank of Idaho (United States; US$ 15 million)

Sanwa Bank (Japan; US$ 15 million)

Wells Fargo Bank (United States; US$ 15 million)

Crédit Suisse First Boston (Switzerland; US$ 15 million)

First Bank National Association (United States; US$ 15 million)

First Security Bank (United States; US$ 15 million)

Industrial Bank of Japan (Japan; US$ 15 million)

Long Term Credit Bank of Japan (Japan; US$ 15 million)

Australia and New Zealand Banking Group (Australia; US$ 15 million)

2. Boise Cascade Office Products (BCOP), now a full subsidiary of Boise Cascade, signed a revolving credit agreement with a group of banks in June 1997, arranged by Morgan Guaranty Trust Company of New York and the Chase Manhattan Bank. The agreement allows BCOP to borrow as much as US$ 450 million at variable interest rates, and expires in June 2001. At the end of 1999, BCOP had borrowed US$ 190 million under this agreement.

The group of banks (with in brackets their nationality and financial commitment) consists of:

Morgan Guaranty Trust Company of New York (United States; US$ 45 million)

Chase Manhattan Bank (United States, US $ 45 million)

Bank of America National Trust and Savings Association (United States, US$ 32.5 million)

CIBC (United States, US$ 32.5 million)

Northern Trust Company (United States, US$ 32.5 million)

Wachovia Bank (United States, US$ 32.5 million)

Crédit Lyonnais (France, US$ 25 million)

Mellon Bank (United States, US$ 25 million)

NationsBank (United States, US$ 25 million)

Royal Bank of Canada (Canada, US$ 25 million)

Toronto Dominion (Canada, US$ 25 million)

ABN-Amro Bank (Netherlands, US$ 15 million)

Bank of Montreal (United States, US$ 15 million)

Bank of New York (United States, US$ 15 million)

First Bank National Association (United States, US$ 15 million)

National Westminster Bank (United Kingdom, US$ 15 million)

Union Bank of Switzerland (Switzerland, US$ 15 million)

Wells Fargo Bank (United States, US$ 15 million)

3. Boise Cascade guaranteed a debt of US$ 133 million with an unknown bank, to fund an employee stock ownership plan (ESOP) that is part of the Savings and Supplemental Retirement Plan for the company's U.S. salaried employees.

Shareholders

Major Shareholders

	% of total shares	Date
STATE STREET BANK AND TRUST	10.98%	(PRX 03-21-2000)
DODGE & COX	6.10	(PRX 03-21-2000)
FORSTMANN-LEFF ASSOCIATES LLC	11.50%	(PRX 03-21-2000)
MORGAN STANLEY DEAN	5.17%	(PRX 03-21-2000)

TYPE	DATE(Q,M)	NUMBER	SHARES HELD	% OF TOTAL SHARES
INSTITUTIONS	09/30/2000(Q)	199	48,898,000	85
5% OWNERS	09/30/2000(M)	8	38,231,000	67
INSIDERS	09/30/2000(M)	18	37,000	0.06

Note: Insiders have recently sold 228,364 shares.

Institutional Ownership

(only shareholders of more than 100,000 shares are listed; public institutions are listed in bold)

	latest quarter change in shares	shares held	date
FORSTMANN-LEFF ASSOCIATES	-356,519	9,147,991	09/30/2000
DODGE & COX, INC.	255,850	4,130,899	09/30/2000
STATE STREET CORPORATION	9,311	3,015,714	09/30/2000
FRANKLIN RESOURCES INC	263,280	2,889,998	09/30/2000
MSDW & COMPANY	727,351	2,659,254	09/30/2000
PUTNAM INVESTMENT MANAGEMENT	1,502,295	2,578,260	09/30/2000
BARCLAYS BANK PLC	-166,221	1,769,362	09/30/2000
SANFORD C BERNSTEIN & CO	-74,175	1,295,562	09/30/2000
MERRILL LYNCH INVESTMENT	218,418	1,278,843	09/30/2000
JENNISON ASSOCIATES LLC	617,200	1,195,400	09/30/2000
DIMENSIONAL FUND ADVISORS	101,300	1,026,500	09/30/2000
VANGUARD GROUP	2,571	988,737	09/30/2000
LUTHER KING CAPITAL MANAGE	253,050	926,050	09/30/2000
SUNTRUST BANKS INC	-75,908	713,126	09/30/2000
FUND ASSET MANAGEMENT	175,400	629,100	09/30/2000
PRIMECAP MANAGEMENT COMPANY	-5,400	623,195	09/30/2000
BANK ONE CORPORATION	551,582	602,607	09/30/2000
OHIO PUBLIC EMPLOYEES RETIR	-1,254	555,355	09/30/2000
DEPRINCE, RACE & ZOLLO	-5,900	514,800	09/30/2000
TAUNUS CORPORATION	-85,828	481,177	09/30/2000
MCGLINN CAPITAL MANAGEMENT	-5,550	467,833	09/30/2000
BANKMONT FINANCIAL CORP	-27,795	446,424	09/30/2000
MELLON BANK NA	-158,299	418,193	09/30/2000
LSV ASSET MANAGEMENT	-9,500	407,170	09/30/2000
COLLEGE RETIRE EQUITIES	23,800	398,532	09/30/2000
FIDELITY MANAGEMENT & RESEA	93,200	391,160	09/30/2000
CITIGROUP INC	-942,831	364,346	09/30/2000
OLSTEIN & ASSOCIATES, L. P.	-70,100	352,400	09/30/2000
INVESCO CAPITAL MANAGEMENT	-12,900	340,001	09/30/2000
ADVISORY RESEARCH, INC.	40,723	312,603	09/30/2000
DRESDNER RCM GLOBAL INVEST	302,050	302,050	09/30/2000
WELLINGTON MANAGEMENT CO	4,000	285,900	09/30/2000
BATTERYMARCH FINANCIAL MAN	0	275,100	12/31/1999
PRUDENTIAL INSURANCE CO	-137,700	243,992	09/30/2000
FIRST UNION CORPORATION	-195,995	242,348	09/30/2000
CALIFORNIA PUBLIC EMPLOYEES	0	228,223	09/30/2000
PETROLEUM & RESOURCES	0	205,000	09/30/2000
INVESCO (NEW YORK)	10,800	201,601	12/31/1999
WELLS FARGO BANK, N.A.	176,629	200,846	06/30/2000
OPPENHEIMERFUNDS INC.	0	200,000	09/30/2000
NORTHERN TRUST COMPANY	-8,253	190,699	09/30/2000
CALIFORNIA STATE TEACHERS R	400	190,235	09/30/2000
JACOBS LEVY EQUITY MANAGEME	-212,900	181,800	09/30/2000
TEACHER RET SYS OF TEXAS	-24,000	179,300	09/30/2000
TURNER INVESTMENT PARTNERS,	-2,370	176,960	09/30/2000
NEW YORK STATE COMMON RETIR	-34,200	176,273	09/30/2000
LUTHERAN BROTHERHOOD	0	175,600	09/30/2000
DENVER INVESTMENT ADVR LLC	14,300	167,400	09/30/2000
FLORIDA STATE BOARD OF ADMI	-6,300	164,950	09/30/2000
CROFT-LEOMINSTER, INC.	-16,675	163,687	09/30/2000
INVESTMENT RESEARCH COMPANY	25,000	161,100	09/30/2000
COLONIAL MANAGEMENT ASSOCIA	-200	144,000	09/30/2000
WILSHIRE ASSOC INC	600	140,932	09/30/2000
DEWEY SQUARE INVESTORS CORP	-3,000	137,780	09/30/2000
WM ADVISORS, INC.	2,800	135,808	09/30/2000
DAVID VAUGHAN INVESTMENTS	23,100	124,431	09/30/2000
DONALD SMITH & COMPANY	0	110,000	09/30/2000
AXA FINANCIAL, INC.	-15,380	100,476	09/30/2000
PRINCIPAL LIFE INSURANCE	-849,633	96,058	09/30/2000
COLUMBIA MANAGEMENT COMPANY	-113,000	90,200	09/30/2000
VIRGINIA RETIREMENT SYS	7,800	88,971	09/30/2000
CHASE MANHATTAN CORP	-3,600	87,525	09/30/2000
WYSER-PRATTE MANAGEMENT	80,000	80,000	09/30/2000
CHARLES SCHWAB INVESTMENT	266	76,082	09/30/2000
WORLD ASSET MANAGEMENT	-2,538	62,626	09/30/2000
APEX CAPITAL, LLC	0	60,000	09/30/2000
BANK OF AMERICA CORPORATION	-16,751	59,348	09/30/2000
UNITED STATES TRUST COMPANY	11,480	58,705	09/30/2000
NATIONWIDE MUTUAL INS CO	-70,100	55,000	09/30/2000
BEAR, STEARNS & CO. INC.	6,820	54,282	09/30/2000
FROST NATIONAL BANK	0	52,158	09/30/2000
FRANK RUSSELL COMPANY	-130,100	51,100	09/30/2000
PAINEWEBBER GROUP INC	-1,186	48,796	09/30/2000
IBM RETIREMENT FUNDS	418	48,721	09/30/2000
AELTUS INVESTMENT MANAGEMEN	3,450	46,652	09/30/2000
CATALYST INVESTMENT MGMT.	-83,758	46,242	09/30/2000
STATE TEACHERS RET SYST OF	-3,700	46,008	09/30/2000
INVESCO MANAGEMENT & RESEAR	6,100	44,100	12/31/1999
ROULSTON & COMPANY, INC.	-4,550	43,500	09/30/2000
CREDIT SUISSE FIRST BOSTON	4,984	41,651	09/30/2000
LASALLE NATIONAL BANK	-1,975	41,382	09/30/2000
UBS WARBURG LLC	-62	39,955	09/30/2000
RAYMOND JAMES & ASSOCIATES,	675	37,115	09/30/2000
METROPOLITAN LIFE INSURANCE	200	36,967	09/30/2000
T. ROWE PRICE ASSOCIATES	-911	35,900	09/30/2000
PENNSYLVANIA PUBLIC SCHOOL	-40,900	34,093	09/30/2000
BEL AIR INVESTMENT ADVISORS	34,000	34,000	09/30/2000
STATE OF MICH STATE TREASUR	-300	33,064	09/30/2000
NOMURA SECURITIES CO., LTD.	-1,595	32,955	09/30/2000
SCUDDER KEMPER INVESTMENTS,	32,136	32,936	09/30/2000
PUBLIC EMPLOYEES RETIREMENT	-800	31,900	09/30/2000
GOLDMAN SACHS & COMPANY	-39,610	29,800	09/30/2000
MERRILL LYNCH & CO INC	-7,522	28,895	09/30/2000
COMERICA INC	-377	28,754	09/30/2000
LEGAL & GENERAL GROUP PLC	3,841	28,363	09/30/2000
NWI MANAGEMENT, L. P.	28,000	28,000	09/30/2000
CIGNA CORPORATION	600	26,504	09/30/2000
UNION PLANTERS BANK, NA	25,700	25,700	09/30/2000
AMERICAN GENERAL CORPORATIO	-500	25,400	09/30/2000
PACIFIC INCOME ADVISERS	25,020	09/30/2000
MEEDER ASSET MANAGEMENT	0	24,400	09/30/2000
U S WEST INVESTMENT MANAGEM	24,042	09/30/2000
HARVARD COLLEGE	-245,000	23,300	09/30/2000
NEW YORK LIFE INSURANCE CO	22,150	09/30/2000
COBALT CAPITAL MANAGEMENT	20,000	09/30/2000
JOHNSON ASSET MANAGEMENT OF	20,000	20,000	09/30/2000
MCGAHAN GREENE MCHUGH CAPIT	20,000	09/30/2000
ADDISON CAPITAL MANAGEMENT,	3,100	19,440	09/30/2000
AMALGAMATED BANK OF NEW YOR	19,065	09/30/2000
BANK OF NEW YORK	-600	18,464	09/30/2000
PRUDENTIAL SECURITIES INC.	-2,066	18,450	09/30/2000
BNP PARIBAS ARBITRAGE SNC	18,276	18,276	09/30/2000
NORTHWESTERN MUTUAL INVT	-100	18,100	09/30/2000
TRW INVESTMENT MANAGEMENT	18,000	09/30/2000
U S BANCORP	1,296	17,764	09/30/2000
I. G. INVESTMENT MANAGEMENT	17,000	09/30/2000
KEN ROBERTS INVESTMENT MANA	16,950	09/30/2000
HARTFORD INVESTMENT MANAGE	16,586	09/30/2000
KEY TRUST COMPANY OF OHIO N	16,178	09/30/2000
KENTUCKY TEACHERS RETIREMEN	15,300	09/30/2000
PANAGORA ASSET MANAGEMENT I	14,452	09/30/2000
FEDERATED INVESTORS INCORPO	13,800	09/30/2000
SEARS INVESTMENT MANAGEMENT	0	13,800	09/30/2000
JEMMCO INVESTMENT MANAGEMEN	13,400	09/30/2000
JP MORGAN & COMPANY INC	-7,368	13,231	09/30/2000
JOHN D & CATHERINE T MACART	13,137	06/30/2000
TD ASSET MANAGEMENT INC.	-3,703	12,899	09/30/2000
AMERICAN EXPRESS FINANCIAL	12,778	09/30/2000
INTEL CORPORATION	-500	12,255	09/30/2000
WEISS, PECK & GREER, L.L.C.	-8,150	11,796	09/30/2000
GW CAPITAL MANAGEMENT, INC.	-400	11,550	09/30/2000
FERGUSON, WELLMAN, RUDD, PU	11,175	09/30/2000
PIMCO ADVR L P	34	11,157	09/30/2000
FIRSTAR CORPORATION	4,722	10,650	09/30/2000
STATE STR RESEARCH & MANAGE	10,273	09/30/2000
EXXONMOBIL INVESTMENT MGMT	-1,000	10,239	09/30/2000
RESOURCE TRUST COMPANY	0	10,000	09/30/2000

5% Beneficial Ownership

NAME OF OWNER	SHARES HELD	DATE
BERNSTEIN INVESTMENT RESEARCH	3,169,448	12/31/1994 13G
DODGE & COX, INC.	3,479,913	12/31/1999 13G
FORSTMANN LEFF ASSOCIATES INC	6,571,851	12/31/1999 13G
FORSTMANN-LEFF ASSOCIATES, LLC	9,496,110	06/30/2000 13G
FRANKLIN ADVISERS, INC.	75,843	01/05/2000 13G
MSDW	4,904,157	12/31/1998 13G
MSDW & COMPANY	2,953,102	12/31/1999 13G
STATE STR BANK & TRUST COMPANY	7,580,544	12/31/1999 13G
TOTAL OF 8 OWNERS	38,230,968

Insider Ownership

	Relationship	Shares held	Date
SPENCER EDSON W	D	16,774	08/1998
MILLIKEN CHRISTOPHER C	VP	4,600	05/2000
HARAD GEORGE J	CB	3,511	05/2000
PARRISH RICHARD B	VP	3,358	11/1997
MICHAEL GARY G	D	2,345	08/2000
SPENCE N DAVID	VP	2,028	05/2000
DANIS PETER G	O	1,300	04/1998
CRUMLEY THEODORE	CF	1,247	05/2000
RUIZ DE LUZURIAGA FRANCES D	D	1,000	01/1999
HANNITY VINCENT T	VP	481	12/1997
MACDONALD DONALD S	D	200	04/2000
BENDER JOHN C	VP	132	08/1999
LOWE JEFFREY G	VP	93	07/1999
HOLLERAN JOHN W	VP	70	05/2000
BALKINS JAMES A	VP	65	07/1999
CARLILE TOM E	VP	52	05/2000
MERSON RICHARD W	VP	46	07/1999
HURLBUTT GUY GORDON	VP	31	07/1998
TOTAL OF 18 OWNERS		37,333

Note: These insiders have recently sold 228,364 shares.

Corporate and Public Timber Supplies

Acres of Timberland Controlled

As mentioned at the beginning of this profile, much of "Boise Cascade's" land came from a huge (and improper) public land subsidy in the 19th century. By the 1960s, Boise Cascade held ten billion board feet on 1.5 million acres in the Northwestern, Midwestern, and Southern U.S., and in the Philippines; it had cutting rights to another four million acres in Canada.

Boise Cascade held 2.6 million acres in the U.S. in the early 1980s. In the 1980s it reduced its holdings in the western Cascades, from 597,000 acres to 450,000 acres. In June 1991 it sold another 30,000 acres in western Oregon. Its holdings include 30,000 acres inside the Colville Indian Reservation in eastern Washington. (Cutting rights in Canada transferred to Rainy in 1995).

In 1990, Boise reduced its holdings in the western Cascades from 597,000 acres to 450,000 acres. In 1991 another 30,000 acres were sold in western Oregon.
In 1995, several mills in Ontario and Boise's cutting rights in Canada were transferred to the Rainy River Forest Products spin-off.
In 1996, Boise sold 667,000 acres of timberland to Mead Corporation in connection with the sale of its coated publication paper business in Rumford, Maine.

As of 1999, Boise Cascade owns or leases more two million acres in the United States: 1,400,000 acres in the Northwest, 300,000 acres in the Midwest, and 700,000 acres in the South.

	Northwest	Midwest	U.S. South	Total
Fee	1,331,000	308,000	418,000	2,057,000
Lease or contract	51,000	---	284,000	335,000
Total	1,382,000	308	702,000	2,392,000
Percentage of cut from company-controlled land	25 %	23 %	25 %	25 %

Timber Inventories

Year-end	Merchantible sawtimber (billion board feet)	Pulpwood (million cords)
1995	9.0	15.9
1996	7.6	7.6
1997	7.7	7.8

Purchases of Public Timber

Despite owning or leasing more than two million acres in the United States, only a third of the billion board feet of sawtimber and a million and a half cords of pulpwood Boise Cascade mills consumed in 1998 came from its own land.

Boise Cascade was by far the #1 purchaser of U.S. National Forest timber during the last decade (1991-2000). Boise Cascade's U.S. Public Timber Cutting

Top Ten Puchasers of National Forest Timber, 1991-2000

Purchaser	Thousand Board Feet Cut	Dollars Paid
Boise Cascade	807,221	$172,695,829
Sierra Pacific Industries	681,985	$141,259,586
Ketchikan Pulp Co	600,029	$51,200,532
Weyerhaeuser Co	419,142	$64,450,875
Louisiana-Pacific Corp	407,669	$48,834,883
Alaska Pulp Corp	393,068	$18,064,485
D.R. Johnson Lumber (Oregon)	352,578	$58,493,156
Stone Container Corp	263,689	$31,994,557
Georgia-Pacific	249,624	$39,755,698
Biewer Sawmill (Michigan)	217,032	$17,841,492

Boise Cascade's Public Timber Purchases, by National Forest Region

US Forest Service Region	No. of timber sales purchased by Boise Cascade	Thousand board feet cut	Amount paid by Boise Cascade
Region 1	1	12,952	$3,191,380
Region 3	1	4,345	$1,174,388
Region 4	103	400,787	$89,207,114
Region 5	3	5,222	$2,438,523
Region 6	99	270,756	$69,907,011
Region 9	30	113,159	$6,777,413
Total		807,221	$172,695,829

Boise Cascade's Public Timber Purchases, by National Forest

National Forest	USFS Region	No. of timber sales purchased by Boise Cascade	Thousand board feet cut	Amount paid by Boise Cascade
Nez Perce	1	1	12,952	$3,191,380
Kaibab	3	1	4,345	$1,174,388
Boise	4	70	248,006	$49,387,075
unknown	4	1	1,444	$344,928
Dixie	4	1	2,298	$168,076
Payette	4	24	136,945	$38,194,294
Salmon and Challis	4	1	259	$55,944
Sawtooth	4	6	11,835	$1,056,797
Klamath	5	3	5,222	$2,438,523
Deschutes	6	2	2,160	$723,598
Fremont	6	3	3,410	$1,443,585
Malheur	6	9	23,224	$8,113,591
Ochoco	6	1	2,482	$133,293
Okanogan	6	9	14,885	$3,750,353
Rogue River	6	6	12,812	$4,922,226
Siuslaw	6	3	11,894	$2,612,059
Umatilla	6	11	38,675	$4,885,479
Umpqua	6	4	24,186	$13,974,288
Wallowa-Whitman	6	20	40,540	$7,154,068
Wenatchee	6	9	30,792	$1,984,761
Willamette	6	2	5,271	$1,827,018
Winema	6	8	33,819	$13,069,173
Colville	6	12	26,605	$5,313,518
Chippewa	9	7	14,256	$1,085,412
Superior	9	23	98,903	$5,692,001

According to Common Cause, Boise Cascade was the second-largest recipient of U.S. Forest Service road credits (public subsidies to build logging roads across national forests) from 1991 to 1997:

Sierra Pacific Industries	$ 20,314,336
Boise Cascade	$ 18,894,511
Willamette Industries	$ 8,777,755
Weyerhaeuser	$ 7,460,715
Stone Container	$ 5,260,687
Plum Creek Timber	$ 4,648,460
Potlatch	$ 4,172,731
Hi-Ridge Lumber	$ 3,791,097
Champion International	$ 3,595,788
Shearer Lumber	$ 3,352,075

Operations and Facilities

Office products: 68 distribution centers located in 33 U.S. states, Australia, Canada, France, Spain, and the United Kingdom, and 73 retail outlets located in Hawaii and Canada. Boise Cascade Office Products' industrial customers include Deluxe (security printing), IBM, Kinko's, Merrill (financial printing), Xerox, and exclusive contracts with many universities.

Building products: sawmills, plywood and veneer, and particleboard plants in 5 U.S. states, wholesale building materials in 10 U.S. states, an oriented strand board joint venture located in Barwick, Ontario, Canada, a joint venture agreement for an OSB and wood chip facility in Chile, a joint venture agreement for a facility in Brazil, and distribution of Russian lumber to customers in western Europe.

Paper and paper products: pulp and paper mills in 5 U.S. states, converting facilities in Oregon and Washington, corrugated container plants in 5 states, and a joint venture agreement for pulp and paper operation in Guangdong, China.

Products	State	Location	Notes
Paper, uncoated free sheet, market pulp	Alabama	Jackson
Paper, containerboard, newsprint	Louisiana	DeRidder
Paper, uncoated free sheet	Minnesota	International Falls
Paper, uncoated free sheet, market pulp	Oregon	St Helens
Paper, uncoated free sheet, containerboard, market pulp	Oregon	Wallula	20,000 acres of cottonwood trees.
Corrugated container	Idaho	Burley
Corrugated container	Idaho	Nampa
Corrugated container	Nevada	Sparks
Corrugated container	Oregon	Salem
Corrugated container	Utah	Salt Lake City
Corrugated container	Washington	Spokane
Corrugated container	Washington	Wallula
Office products distribution centers	U.S.	32 states
Office products distribution centers	Australia	7 locations
Office products distribution centers	Canada	AL, BC, MN, NB, ON, QE	Includes 70 retail stores.
Office products distribution centers	Farnce	Paris
Office products distribution centers	Germany	Hamburg
Office products distribution centers	UK	Bolton and Dorchester
Building materials wholesale distribution centers	AZ, CO, ID, MN, MT, NM, OK, TX, UT, WA
Plywood/veneer	Louisiana	Florien
Plywood/veneer	Louisiana	Oakdale
Plywood/veneer	Oregon	Elgin
Plywood/veneer	Oregon	Independence
Plywood/veneer	Oregon	Medford
Plywood/veneer	Oregon	St Helens