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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report: February 24, 2009

Date of Earliest Event Reported: February 24, 2009

BOISE INC.
(Exact name of registrant as specified in its charter)

Delaware 001-33541 20-8356960

(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

1111 West Jefferson Street, Suite 200

Boise, ID 83702-5388
(Address of principal executive offices) (Zip Code)

(208) 384-7000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.

On February 24, 2009, we issued an earnings release announcing our fourth quarter and full year 2008 financial results, a copy of which is
furnished as Exhibit 99.1 to this Report on Form 8-K. Additionally, Exhibit 99.2, a copy of which is furnished, includes statistical information
relative to our quarterly performance. Management will review the company’s performance during a webcast and conference call to be held
today, February 24, at 11:00 a.m. Eastern. To link to the webcast, go to our website at www.BoiseInc.com and click on the link to the webcast
under Webcasts & Presentations on the Investors drop-down menu. To join the conference call, dial 866-841-1001. International callers should
dial 832-445-1689.

We have reconciled the non-GAAP financial measures to our reported financial performance in the financial notes that accompany our
earnings release.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:

Exh ibit Nu m be r De scription

Exhibit 99.1 Boise Inc. Earnings Release dated February 24, 2009

Exhibit 99.2 Boise Inc. Quarterly Statistical Information

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

BOISE INC.

By /s/ Karen E. Gowland

Karen E. Gowland
Vice President, General Counsel and
Secretary

Date: February 24, 2009

Exhibit 99.1

Boise Inc.
Investor Relations
1111 West Jefferson PO Box 990050 Boise, ID 83799-0050
T 208 384 7456 F 208 395 7400

News Release For Immediate Release: February 24, 2009

Media Contact Investor Relations Contact

Virginia Aulin — 208 384 7837 Jason Bowman — 208 384 7456

Boise Inc. Announces Financial Results for Fourth Quarter and Year-End 2008

• Fourth quarter 2008 net loss of $15.5 million or ($0.20) per diluted share, including $34.7 million in pre-tax charges for special
items. Full year net loss of $45.5 million or ($0.62) per diluted share, including $77.6 million in pre-tax charges for special items

• Fourth quarter 2008 EBITDA, excluding special items, of $76.0 million compared to $77.9 million in third quarter 2008 and
$70.6 million in fourth quarter 2007

• 2008 full year combined EBITDA, excluding special items, of $247.1 million, compared to $254.7 million in 2007

BOISE, Idaho — Boise Inc. (NYSE: BZ) today reported a net loss of $15.5 million or ($0.20) per diluted share for fourth quarter 2008,
compared to third quarter net income of $4.4 million or $0.06 per diluted share. Full year 2008 net loss was $45.5 million. Special items in fourth
quarter 2008 include $37.6 million in pre-tax charges associated with the St. Helens, Oregon, mill restructuring, $28.8 million of which is related
to non-cash expenses, and a $2.9 million gain associated with the freeze of our salaried pension plan.

EBITDA, excluding special items, was $76.0 million for fourth quarter 2008, compared to $77.9 million for third quarter 2008 and was
$247.1 million for full year 2008.

FINANCIAL HIGHLIGHTS

Boise Inc. Pre de c. Boise Inc. Boise Inc. Pre de c. C om bine d Pre de c.
($ in m illion s) 4Q 2008 4Q 2007 3Q 2008 2008 2008 2008 2007
Sales $ 591.1 $ 587.6 $ 633.1 $ 2,070.6 $ 359.9 $ 2,430.6 $ 2,332.6
Income from operations $ 11.4 $ 70.4 $ 30.1 $ 39.9 $ 23.1 $ 160.5
Net income (loss) $ (15.5) $ 70.8 $ 4.4 $ (45.5) $ 22.8 $ 159.6
Net income (loss) per share basic and diluted $ (0.20) N/A $ 0.06 $ (0.62) N/A N/A $ —
EBITDA (a) $ 41.4 $ 70.5 $ 61.1 $ 145.1 $ 23.7 $ 168.8 $ 246.3
EBITDA excluding special items (a) $ 76.0 $ 70.6 $ 77.9 $ 222.8 $ 24.4 $ 247.1 $ 254.7

Interest expense $ 26.2 $ — $ 27.5 $ 91.2 $ — $ —

Depreciation and amortization (b) $ 33.1 $ 0.1 $ 31.4 $ 110.0 $ 0.5 $ 84.6
Net covenant debt (c) $ 1,014.9 N/A $ 1,018.1 $ 1,014.9 N/A N/A N/A

(a) For reconciliation of net income (loss) to EBITDA and EBITDA to EBITDA excluding special items, see “Summary Notes to
Consolidated Financial Statements and Segment Information.”
(b) Predecessor periods exclude $31.6 million and $41.8 million of depreciation due to classification of property as assets held for
sale in fourth quarter 2007 and full year 2007, respectively.
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(c) Net covenant debt is calculated in accordance with credit agreements. For reconciliation of total debt to net covenant debt, see
“Summary Notes to Consolidated Financial Statements and Segment Information.”
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“Last year brought unprecedented challenges with significant cost inflation, credit market contraction, and slowing markets,” said
Alexander Toeldte, President and Chief Executive Officer of Boise Inc. “Despite this environment, we continued to improve operating
performance. During the first quarter 2008, we upgraded our big linerboard machine at our DeRidder mill, lowered our fossil fuel consumption,
and extended our linerboard production capability. In the fourth quarter, we responded to slowing markets by taking 39,000 tons of market
downtime and restructuring our St. Helens mill, which reduced our uncoated freesheet production capacity by approximately 200,000 tons
annually. This restructuring shifts our production away from declining printing and converting paper grades to better focus on packaging-
driven and office paper grades. It also lowers our cost structure, enhances cash flow, and improves EBITDA margins. These structural
changes, along with progress in improving operational performance, put us in a better position to be successful in 2009.”

Sales

Company sales for fourth quarter 2008 were $591.1 million, an increase of $3.5 million, or 1% compared to Predecessor sales of $587.6
million for fourth quarter 2007, and down 7% from third quarter 2008 sales of $633.1 million. Paper segment sales decreased 2% during fourth
quarter 2008 compared to fourth quarter 2007, with lower sales volumes partially offset by higher sales prices. Packaging segment sales
increased 5% during fourth quarter 2008 compared to fourth quarter 2007, with higher sales prices partially offset by lower sales volumes.

Full year 2008 combined sales were $2.4 billion, a 4% increase over 2007 Predecessor sales of $2.3 billion. In both Packaging and
Paper, segment sales increased by 4% driven by increased sales prices, partially offset by lower sales volumes.

Prices and Volumes

Average net selling prices of uncoated freesheet papers improved $89 per ton, or 10% to $969 per ton during fourth quarter 2008
compared to fourth quarter 2007 and improved 1% over third quarter 2008. Overall, uncoated freesheet sales volumes were 332,000 tons
during fourth quarter, a decline of 7% versus the prior year period, and down 9% from third quarter 2008 due to lower demand. Full year
combined net selling prices for uncoated freesheet improved $66 per ton, or 8% to $930 per ton in 2008 compared to 2007. Full year sales
volumes of uncoated freesheet papers were 1.4 million

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tons in 2008, down 3% compared to the same period in 2007. Combined sales volumes of premium office, label and release, and flexible
packaging papers, which represented 23% of our total 2008 uncoated freesheet sales volumes, increased by 14% from the prior year.

Linerboard net selling prices to third parties declined slightly to $406 per ton in fourth quarter 2008 from $407 per ton in fourth quarter
2007, and improved 4% from third quarter 2008, due to increased market prices. Full year net selling prices for linerboard sales to third parties
improved $8 per ton, or 2% to $397 per ton in 2008 compared to 2007. Linerboard sales volumes to third parties decreased 4% compared to
fourth quarter 2007 and were down 12% from third quarter 2008 due to soft market conditions. Downtime was taken late in the fourth quarter
2008 to match supply to demand. Full year linerboard sales volumes to third parties were 230,000 tons in 2008, down 4% compared to 2007.

Corrugated container and sheet prices improved 11% in fourth quarter 2008 over prices for these products during fourth quarter 2007
and increased 5% over third quarter 2008 prices. Full year corrugated container and sheet prices improved 8% in 2008 compared to 2007. Sales
volumes for corrugated containers and sheets in fourth quarter 2008 declined 7% versus fourth quarter 2007 and declined 6% from third
quarter 2008. Full year corrugated container and sheet volumes decreased 5% to 6.3 billion square feet in 2008 compared to 2007, driven mainly
by lower volumes from our sheet feeder plant in Texas as a result of slowing industrial markets and market disruptions caused by Hurricane
Ike.

Newsprint pricing continued to improve in fourth quarter 2008 as net selling prices increased by $175 per ton, or 37% to $643 per ton
over fourth quarter 2007 and 8% over third quarter 2008. Full year net selling prices for newsprint sales improved $82 per ton, or 17% to $571
per ton in 2008 compared to 2007. Newsprint volumes declined 13% compared to fourth quarter 2007 and were down 3% from third quarter
2008 due to production of lower basis weights and lower demand. Full year newsprint sales volumes were 382,000 tons in 2008, down 8%
compared to 2007.

All of the company’s newsprint production was sold to and marketed by AbitibiBowater until late February 2009, when we terminated
the arrangement. Going forward, we will market newsprint through our own sales personnel primarily to newspaper publishers located in
regional markets near our DeRidder, Louisiana, manufacturing facility. We expect our customer base to grow as we further establish our
presence in these markets.

Input Costs

Total fiber, energy, and chemical costs for fourth quarter 2008 were $267.0 million, an increase of $4.5 million, or 2% over costs of
$262.5 million for fourth quarter 2007, and a decrease of $36.7 million, or 12% from costs of $303.7 million for third quarter 2008. Full year 2008
combined fiber, energy, and

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chemical costs were $1,132.8 million, an increase of $104.9 million, or 10% over costs of $1,027.9 million for 2007.

INPUT COST SUMMARY

Boise Inc. Pre de c. Boise Inc. Boise Inc. Pre de c. C om bine d Pre de c.
($ in m illion s) 4Q 2008 4Q 2007 3Q 2008 2008 2008 2008 2007
Fiber $ 124.0 $ 131.5 $ 136.4 $ 454.0 $ 76.0 $ 530.0 $ 505.3
Energy (a) $ 77.5 $ 71.3 $ 95.6 $ 292.1 $ 48.1 $ 340.2 $ 294.5
Chemicals $ 65.5 $ 59.7 $ 71.7 $ 226.1 $ 36.5 $ 262.6 $ 228.1

Total $ 267.0 $ 262.5 $ 303.7 $ 972.2 $ 160.7 $ 1,132.8 $ 1,027.9

Energy excluding mark-to-market expenses $ 77.5 $ 71.3 $ 84.3 $ 284.7 $ 48.1 $ 332.8 $ 285.8
Total excluding mark-to-market expenses $ 267.0 $ 262.5 $ 292.4 $ 964.8 $ 160.7 $ 1,125.4 $ 1,019.2

(a) Includes $11.3 million expenses for non-cash mark-to-market expenses in third quarter 2008, $7.4 million for full year 2008, and $8.7
million for the full year 2007 of the Predecessor.

Total fiber costs during fourth quarter 2008 were $124.0 million, a decrease of $7.5 million, or 6% over the $131.5 million incurred for
fiber in fourth quarter 2007. This was driven primarily by reduced consumption due to market downtime and the Jackson, Alabama, annual
maintenance outage, partially offset by higher prices. Fiber costs in fourth quarter 2008 declined $12.4 million, or 9% from $136.4 million for
third quarter 2008. Full year 2008 combined fiber costs were $530.0 million, an increase of $24.7 million, or 5% over costs of $505.3 million for
2007, due primarily to higher prices for wood, purchased pulp, and secondary fiber partially offset by reduced consumption during the
DeRidder outage in the first quarter 2008 and lower production volumes in the fourth quarter due to slowed production and market downtime.

Energy costs in fourth quarter 2008 increased $6.2 million, or 9% to $77.5 million compared to $71.3 million in the same quarter a year
ago. Higher electricity and natural gas prices were the primary drivers. Reduced consumption due to lower production volumes provided a
partial offset. Energy costs in fourth quarter 2008 decreased $18.1 million, or 19% from $95.6 million in third quarter 2008, due to lower prices
for natural gas and fuel and non-cash expenses associated with natural gas hedging incurred in third quarter 2008. Full year 2008 combined
energy costs increased by $45.7 million to $340.2 million, 16% over costs of $294.5 million for 2007.

Chemical costs in fourth quarter 2008 were $65.5 million, an increase of $5.8 million, or 10% compared to $59.7 million in the prior
year’s fourth quarter, and down $6.2 million, or 9% compared to $71.7 million in third quarter 2008. The key drivers were reduced consumption
due to the Jackson annual maintenance outage and market downtime taken in fourth quarter 2008. Full year 2008 combined chemical

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costs were $262.6 million, an increase of $34.5 million over $228.1 million for 2007, due to higher prices for commodity chemicals.

Webcast and Conference Call

Boise Inc. will host a webcast and conference call on Tuesday, February 24, 2009, at 11:00 a.m. Eastern, at which time we will review
the company’s recent performance. To participate in the conference call, dial 866-841-1001 (international callers should dial 832-445-1689). The
webcast may be accessed through Boise’s Internet site and will be archived for one year following the call. Go to www.BoiseInc.com and click
on the link to the webcast under Webcasts & Presentations on the Investors drop-down menu.

A replay of the conference call will be available in Webcasts & Presentations from February 24 at 12:00 p.m. Eastern through
March 24 at 11:59 p.m. Eastern. Playback numbers are 800-642-1687 for U.S. callers and 706-645-9291 for international callers. The passcode is
83411886.

Annual Meeting Date

Boise Inc. intends to hold its annual meeting of shareholders at 10:00 a.m. Mountain Daylight Time on Thursday, April 23, 2009 in
Boise, Idaho. The record date to determine shareholders eligible to vote at the meeting is March 13, 2009.

About Boise Inc.

Headquartered in Boise, Idaho, Boise Inc. (NYSE: BZ) manufactures packaging products and papers including corrugated containers,
containerboard, label and release and flexible packaging papers, imaging papers for the office and home, printing and converting papers,
newsprint, and market pulp. Our entire team of approximately 4,350 employees is committed to delivering excellent value while managing our
businesses to sustain environmental resources for future generations. Visit our website at www.BoiseInc.com.

Basis of Presentation

On February 22, 2008, we completed the acquisition of Boise Cascade, L.L.C.’s packaging and paper manufacturing businesses (the
Acquisition). The Acquisition was accounted for in accordance with SFAS No. 141, Business Combinations, resulting in a new basis of
accounting from that previously reported by the Predecessor. However, sales and most operating cost items are substantially consistent

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with those reported by the Predecessor. Finished goods inventory was revalued to estimated selling prices less costs of disposal and a
reasonable profit on the disposal. Depreciation changed as a result of adjustments to the fair values of property and equipment due to our
purchase price allocation.

We present our consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Our
earnings release also supplements the GAAP presentations by reflecting EBITDA. EBITDA represents income (loss) before interest (change
in fair value of interest rate derivatives, interest expense, and interest income), income taxes, and depreciation, amortization, and depletion.
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 in the evaluation of companies with substantial financial leverage. 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. For example, we believe that the
inclusion of items such as taxes, interest expense, and interest income distorts management’s ability to assess and view the core operating
trends in our segments. EBITDA, however, is not a measure of our liquidity or financial performance under 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 and
associated significant cash requirements; and the exclusion of depreciation, amortization, and depletion, which represent significant and
unavoidable operating costs, given the level of our indebtedness and the capital expenditures needed to maintain our businesses.
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.

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Forward-Looking Statements

This news release may contain statements that are “forward looking” as defined by the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results,
performance, or achievements. Forward-looking statements involve risks and uncertainties, including but not limited to economic, competitive,
and technological factors outside our control that may cause our business, strategy, or actual results to differ materially from the forward-
looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include, among others, our
ability to realize the expected benefits from the St. Helens mill restructure; our substantial level of indebtedness; our continued ability to
comply with our financial covenants and debt service obligations; our ability to comply with the continued listing requirements of the NYSE;
changes in the supply of, demand for, or prices of our products; the activities of competitors; changes in significant operating expenses,
including raw material and energy costs; changes in the availability of capital; our ability to weather the current economic downturn in the
United States and elsewhere; changes in the regulatory environment, including requirements for enhanced environmental compliance; and
other risks and uncertainties that are detailed in our filings with the Securities and Exchange Commission. The Company does not intend, and
undertakes no obligation, to update any forward-looking statements.

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Boise Inc.
(Formerly Aldabra 2 Acquisition Corp., a Corporation in the Development Stage)
Consolidated Statements of Income (Loss)
(unaudited, in thousands, except share and per-share data)

Boise Inc. Pre de ce ssor

Th re e Th re e Th re e Th re e
Mon ths Mon ths Mon ths Mon ths
En de d En de d En de d En de d
De ce m be r 31, De ce m be r 31, S e pte m be r 30, De ce m be r 31,
2008 2007 2008 2007
Sales
Trade $ 566,671 $ — $ 610,909 $ 420,828
Related parties 24,448 — 22,209 166,722
591,119 — 633,118 587,550
Costs and expenses
Materials, labor, and other operating expenses 490,576 — 526,731 483,946
Fiber costs from related parties 7,771 — 21,213 8,518
Depreciation, amortization, and depletion 33,126 — 31,426 113
Selling and distribution expenses 13,715 — 13,803 15,901
General and administrative expenses 7,556 181 9,891 12,214
St. Helens mill restructuring 29,780 — — —
Other (income) expense, net (2,820) — (36) (3,575)
579,704 181 603,028 517,117

Income (loss) from operations 11,415 (181) 30,090 70,433

Foreign exchange loss (3,185) — (449) (23)

Change in fair value of interest rate derivatives (683) — (306) —
Interest expense (26,156) (3) (27,484) —
Interest income 94 4,652 153 221
(29,930) 4,649 (28,086) 198

Income (loss) before income taxes (18,515) 4,468 2,004 70,631

Income tax (provision) benefit 3,030 (2,035) 2,379 216
Net income (loss) $ (15,485) $ 2,433 $ 4,383 $ 70,847

Weighted average common shares outstanding:

Basic 77,260,274 51,750,000 77,259,947 —
Diluted 77,260,274 51,750,000 78,438,847 —

Net income (loss) per common share:

Basic and diluted $ (0.20) $ 0.05 $ 0.06 $ —

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Segment Information
(unaudited, in thousands)

Boise Inc. Pre de ce ssor

Th re e Th re e Th re e Th re e
Mon ths Mon ths Mon ths Mon ths
En de d En de d En de d En de d
De ce m be r 31, De ce m be r 31, S e pte m be r 30, De ce m be r 31,
2008 2007 2008 2007
Segment sales
Paper $ 389,644 $ — $ 430,973 $ 397,949
Packaging 213,788 — 212,886 203,178
Intersegment eliminations and other (12,313) — (10,741) (13,577)
$ 591,119 $ — $ 633,118 $ 587,550

Segment income (loss)

Paper $ (12,303) $ — $ 25,304 $ 51,585
Packaging 26,075 — 10,148 25,471
Corporate and Other (5,542) (181) (5,811) (6,646)
8,230 (181) 29,641 70,410

Change in fair value of interest rate derivatives (683) — (306) —

Interest expense (26,156) (3) (27,484) —
Interest income 94 4,652 153 221
Income (loss) before income taxes $ (18,515) $ 4,468 $ 2,004 $ 70,631

EBITDA (a)
Paper $ 9,222 $ — $ 49,378 $ 51,834
Packaging 36,660 — 16,422 25,556
Corporate and Other (4,526) (181) (4,733) (6,867)
$ 41,356 $ (181) $ 61,067 $ 70,523

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Boise Inc.
(Formerly Aldabra 2 Acquisition Corp., a Corporation in the Development Stage)
Consolidated Statements of Income (Loss)
(in thousands, except share and per-share data)

Boise Inc. Pre de ce ssor

Fe bru ary 1
Ye ar (In ce ption) Janu ary 1 Ye ar
En de d throu gh throu gh En de d
De ce m be r 31, De ce m be r 31, Fe bru ary 21, De ce m be r 31,
2008 2007 2008 2007
Sales
Trade $ 1,990,207 $ — $ 258,430 $ 1,636,605
Related parties 80,425 — 101,490 695,998
2,070,632 — 359,920 2,332,603
Costs and expenses
Materials, labor, and other operating expenses 1,756,826 — 313,931 1,948,230
Fiber costs from related parties 54,628 — 7,662 39,352
Depreciation, amortization, and depletion 109,988 — 477 84,649
Selling and distribution expenses 48,278 — 9,097 59,488
General and administrative expenses 34,258 334 6,606 44,549
St. Helens mill restructuring 29,780 — — —
Other (income) expense, net (2,980) — (989) (4,142)
2,030,778 334 336,784 2,172,126

Income (loss) from operations 39,854 (334) 23,136 160,477

Foreign exchange gain (loss) (4,696) — 54 1,184

Change in fair value of interest rate derivatives (479) — — —
Interest expense (91,220) (6) (2) —
Interest income 2,246 10,422 161 697
(94,149) 10,416 213 1,881

Income (loss) before income taxes (54,295) 10,082 23,349 162,358

Income tax (provision) benefit 8,772 (4,590) (563) (2,767)
Net income (loss) $ (45,523) $ 5,492 $ 22,786 $ 159,591

Weighted average common shares outstanding:

Basic and diluted 73,635,665 34,272,754 — —

Net income (loss) per common share:

Basic and diluted $ (0.62) $ 0.16 $ — $ —

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Segment Information
(in thousands)

Boise Inc. Pre de ce ssor

Fe bru ary 1
Ye ar (In ce ption) Janu ary 1 Ye ar
En de d throu gh throu gh En de d
De ce m be r 31, De ce m be r 31, Fe bru ary 21, De ce m be r 31,
2008 2007 2008 2007
Segment sales
Paper $ 1,403,698 $ — $ 253,508 $ 1,596,224
Packaging 703,705 — 113,485 783,100
Intersegment eliminations and other (36,771) — (7,073) (46,721)
$ 2,070,632 $ — $ 359,920 $ 2,332,603

Segment income (loss)

Paper $ 32,685 $ — $ 20,718 $ 133,505
Packaging 21,104 — 5,685 40,115
Corporate and Other (18,631) (334) (3,213) (11,959)
35,158 (334) 23,190 161,661

Change in fair value of interest rate derivatives (479) — — —

Interest expense (91,220) (6) (2) —
Interest income 2,246 10,422 161 697
Income (loss) before income taxes $ (54,295) $ 10,082 $ 23,349 $ 162,358

EBITDA (a)
Paper $ 104,346 $ — $ 21,066 $ 178,467
Packaging 56,171 — 5,738 77,798
Corporate and Other (15,371) (334) (3,137) (9,955)
$ 145,146 $ (334) $ 23,667 $ 246,310

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Boise Inc.
(Formerly Aldabra 2 Acquisition Corp., a Corporation in the Development Stage)
Consolidated Balance Sheets
(in thousands)

Boise Inc. Pre de ce ssor

De ce m be r 31, 2008 De ce m be r 31, 2007 De ce m be r 31, 2007
ASSETS

Current
Cash and cash equivalents $ 22,518 $ 186 $ 8
Cash held in trust — 403,989 —
Receivables
Trade, less allowances of $961, $0, and $1,063 220,204 — 181,799
Related parties 1,796 — 36,452
Other 4,937 — 10,224
Inventories 335,004 — 324,679
Deferred income taxes 5,318 85 —
Prepaid and other 6,289 59 6,936
596,066 404,319 560,098
Property
Property and equipment, net 1,262,810 — 1,192,344
Fiber farms and deposits 14,651 — 17,843
1,277,461 — 1,210,187

Deferred financing costs 72,570 — —

Goodwill — — 42,218
Intangible assets, net 35,075 — 23,967
Other assets 7,114 3,293 9,242
Total assets $ 1,988,286 $ 407,612 $ 1,845,712

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Boise Inc.
(Formerly Aldabra 2 Acquisition Corp., a Corporation in the Development Stage)
Consolidated Balance Sheets (continued)
(in thousands, except share data)

Boise Inc. Pre de ce ssor

De ce m be r 31, 2008 De ce m be r 31, 2007 De ce m be r 31, 2007
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current
Current portion of long-term debt $ 25,822 $ — $ —
Income taxes payable 841 1,280 306
Accounts payable
Trade 177,157 — 178,686
Related parties 3,107 — 299
Accrued liabilities
Compensation and benefits 44,488 — 53,573
Interest payable 184 — —
Deferred underwriting fee — 12,420 —
Other 17,402 1,015 16,716
269,001 14,715 249,580
Debt
Long-term debt, less current portion 1,011,628 — —
Notes payable 66,606 — —
1,078,234 — —
Other
Deferred income taxes 8,907 — 896
Compensation and benefits 149,691 — 6,030
Other long-term liabilities 33,007 — 29,427
191,605 — 36,353
Common stock subject to possible conversion
(16,555,860 shares at conversion value at December 31, 2007) — 159,760 —

Commitments and contingent liabilities

Stockholders’ Equity
Business unit equity — — 1,559,779
Preferred stock, $.0001 par value per share: — — —
1,000,000 shares authorized; none issued
Common stock, $.0001 par value per share: 8 5 —
250,000,000 shares authorized;
79,716,130 shares and 51,750,000 shares issued and outstanding (which
included 16,555,860 shares subject to possible conversion at
December 31, 2007)
Additional paid-in capital 575,151 227,640 —
Accumulated other comprehensive loss (85,682) — —
Income accumulated during development stage — 5,492 —
Accumulated deficit (40,031) — —
Total stockholders’ equity 449,446 233,137 1,559,779
Total liabilities and stockholders’ equity $ 1,988,286 $ 407,612 $ 1,845,712

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Boise Inc.
(Formerly Aldabra 2 Acquisition Corp. a Corporation in the Development Stage)
Consolidated Statements of Cash Flows
(in thousands)

Boise Inc. Pre de ce ssor

Fe bru ary 1
Ye ar (In ce ption) Janu ary 1 Ye ar
En de d throu gh throu gh En de d
De ce m be r 31, De ce m be r 31, Fe bru ary 21, De ce m be r 31,
2008 2007 2008 2007
Cash provided by (used for) operations
Net income (loss) $ (45,523) $ 5,492 $ 22,786 $ 159,591
Items in net income (loss) not using (providing) cash
Depreciation, amortization, and depletion of deferred financing costs
and other 119,933 — 477 84,649
Share-based compensation expense 3,096 — — —
Related-party interest expense 2,760 — — —
Notes payable interest expense 5,512 — — —
Interest income on cash held in trust — (10,414) — —
Pension and other postretirement benefit expense 8,388 — 1,826 13,334
Deferred income taxes (9,363) — 11 253
Change in fair value of energy derivaties 7,445 — (37) 432
Change in fair value of interest rate derivatives 479 — — —
St. Helens mill restructuring 35,998 — — —
Gain on changes in retiree healthcare programs — — — (4,367)
(Gain) loss on sales of assets, net — — (943) (112)
Other 4,696 — (54) (1,184)
Decrease (increase) in working capital, net of acquisitions
Receivables 25,296 — (23,522) (4,357)
Inventories (28,950) — 5,343 (4,402)
Prepaid expenses (1,044) (59) 875 (833)
Accounts payable and accrued liabilities (17,801) 257 (10,718) 18,414
Current and deferred income taxes (1,057) 1,284 335 509
Pension and other postretirement benefit payments (636) — (1,826) (13,334)
Other (1,483) — 2,326 178
Cash provided by (used for) operations 107,746 (3,440) (3,121) 248,771
Cash provided by (used for) investment
Acquisitions of businesses and facilities (1,216,459) (2,624) — —
Cash released from (held in) trust, net 403,989 (393,575) — —
Expenditures for property and equipment (90,597) — (10,168) (141,801)
Sales of assets 394 — 17,662 14,224
Additional Consideration Agreement payment — — — (32,542)
Other (5,703) — 863 1,769
Cash provided by (used for) investment (908,376) (396,199) 8,357 (158,350)
Cash provided by (used for) financing
Issuances of long-term debt 1,125,700 — — —
Payments of long-term debt (88,250) — — —
Issuances of short-term debt — 137 — —
Payments of short-term debt — (137) — —
Payments to stockholders for exercise of conversion rights (120,170) — — —
Payments of deferred financing fees (81,898) — — —
Payments of deferred underwriters fees (12,420) (16,560) — —
Proceeds from sale of shares of common stock to initial stockholders — 25 — —
Proceeds from public offering — 414,000 — —
Proceeds from issuance of insider warrants — 3,000 — —
Net equity transactions with related parties — — (5,237) (90,420)
Other — (640) — —
Cash provided by (used for) financing 822,962 399,825 (5,237) (90,420)
Increase (decrease) in cash and cash equivalents 22,332 186 (1) 1
Balance at beginning of the period 186 — 8 7
Balance at end of the period $ 22,518 $ 186 $ 7 $ 8

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Summary Notes to Consolidated Financial Statements and Segment Information

The Consolidated Statements of Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment
Information do not include all Notes to Consolidated Financial Statements and should be read in conjunction with the Company’s 2008 Annual
Report on Form 10-K, Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on February 28, 2008, as well as
the other reports the Company files with the SEC. Net income (loss) for all periods presented involved estimates and accruals.

Boise Inc. (formerly Aldabra 2 Acquisition Corp.) or “the Company,” “we,” “us,” or “our” was a blank check company, created on
February 1, 2007 (inception) and organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar
business combination with an operating business. On February 22, 2008, Boise Inc. completed the Acquisition of Boise White Paper, L.L.C.,
Boise Packaging & Newsprint, L.L.C., Boise Cascade Transportation Holdings Corp. (collectively, the Paper Group), and other assets and
liabilities related to the operation of the paper, packaging and newsprint, and transportation businesses of the Paper Group and part of the
headquarters operations of Boise Cascade, L.L.C. (Boise Cascade). The business we acquired is referred to as the “Predecessor.”

The accompanying consolidated statements of income (loss) and cash flows for the year ended December 31, 2008, include the
activities of Aldabra 2 Acquisition Corp. prior to the Acquisition and the operations of the acquired businesses from February 22, 2008,
through December 31, 2008. The consolidated statements of income (loss) and cash flows for the period of January 1 through February 21,
2008, and for the year ended December 31, 2007, of the Predecessor are presented for comparative purposes. The three months ended
December 31, 2007, and the period February 1 (inception) through December 31, 2007, represent the activities of Aldabra 2 Acquisition Corp.

Boise Inc. operates its business in three reportable segments: Paper, Packaging, and Corporate and Other (support services) and is
headquartered in Boise, Idaho. Boise Inc. manufactures commodity and premium office papers, a range of packaging papers, including label
and release papers, flexible packaging papers, and printing and converting papers. Boise Inc. also manufactures corrugated containers,
containerboard, newsprint, and market pulp.

(a) EBITDA represents income (loss) before interest (change in fair value of interest rate derivatives, interest expense, and interest income),
income taxes, and depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA for Boise Inc. for
the three months ended December 31, 2008 and 2007, the three months ended September 30, 2008, and the Predecessor three months
ended December 31, 2007 (unaudited, in thousands):

Boise Inc. Pre de ce ssor

Th re e Th re e Th re e Th re e
Mon ths Mon ths Mon ths Mon ths
En de d En de d En de d En de d
De ce m be r 31, De ce m be r 31, S e pte m be r 30, De ce m be r 31,
2008 2007 2008 2007

Net income (loss) $ (15,485) $ 2,433 $ 4,383 $ 70,847

Change in fair value of interest rate derivatives 683 — 306 —
Interest expense 26,156 3 27,484 —
Interest income (94) (4,652) (153) (221)
Income tax provision (benefit) (3,030) 2,035 (2,379) (216)
Depreciation, amortization, and depletion 33,126 — 31,426 113
EBITDA $ 41,356 $ (181) $ 61,067 $ 70,523

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The following table reconciles net income (loss) to EBITDA for Boise Inc. for the year ended December 31, 2008, the period of February 1
(inception) through December 31, 2007, for the Predecessor period of January 1 through February 21, 2008, and the year ended
December 31, 2007 (unaudited, in thousands):

Boise Inc. Pre de ce ssor

Fe bru ary 1
Ye ar (In ce ption) Janu ary 1 Ye ar
En de d throu gh throu gh En de d
De ce m be r 31, De ce m be r 31, Fe bru ary 21, De ce m be r 31,
2008 2007 2008 2007

Net income (loss) $ (45,523) $ 5,492 $ 22,786 $ 159,591

Change in fair value of interest rate derivatives 479 — — —
Interest expense 91,220 6 2 —
Interest income (2,246) (10,422) (161) (697)
Income tax provision (benefit) (8,772) 4,590 563 2,767
Depreciation, amortization, and depletion 109,988 — 477 84,649
EBITDA $ 145,146 $ (334) $ 23,667 $ 246,310

The following table reconciles EBITDA to EBITDA excluding special items for Boise Inc. for the three months and year ended
December 31, 2008, and the three months ended September 30, 2008. The table also reconciles the Predecessor period of January 1
through February 21, 2008, the Predecessor three months and year ended December 31, 2007, and the combined year ended December 31,
2008 (unaudited, in thousands):

Boise Inc. Pre de ce ssor Boise Inc. Boise Inc. Pre de ce ssor C om bine d Pre de ce ssor
Th re e Th re e Th re e
Mon ths Mon ths Mon ths Ye ar Janu ary Ye ar Ye ar
En de d En de d En de d En de d throu gh En de d En de d
De ce m be r 31, De ce m be r 31, S e pte m be r 30, De ce m be r 31, Fe bru ary 21, De ce m be r 31, De ce m be r 31,
2008 2007 2008 2008 2008 2008 2007

EBITDA $ 41,356 $ 70,523 $ 61,067 $ 145,146 $ 23,667 $ 168,813 $ 246,310

St. Helens mill restructuring (a) 37,568 — — 37,568 — 37,568 —
Impact of energy hedges (26) 58 11,341 7,445 (37) 7,408 8,698
Hurricane losses — — 5,482 5,482 — 5,482 —
Gain on changes in
supplemental pension plans (2,914) — — (2,914) — (2,914) —
Gain on changes in retiree
healthcare plans — — — — — — (4,367)
Inventory purchase
accounting expense — — — 10,259 — 10,259 —
Impact of DeRidder outage — — — 19,776 732 20,508 —
Wallula start-up — — — — — — 4,066
EBITDA excluding special
items $ 75,984 $ 70,581 $ 77,890 $ 222,762 $ 24,362 $ 247,124 $ 254,707

(a) In November 2008, we announced the restructuring of our St. Helens, Oregon, paper mill. Of the $37.6 million restructuring charge,
$29.8 million is included in “St. Helens mill restructuring” and $7.8 million related to inventory write-downs is included in
“Materials, labor, and other operating expenses.”

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The following table reconciles total debt to net debt and net covenant debt at December 31, 2008, and September 30, 2008 (unaudited, in
thousands):

Boise Inc.
De ce m be r 31, S e pte m be r 30,
2008 2008

Current Portion of long-term debt $ 25,822 $ 14,125

Long-term debt, less current portion and notes payable 1,011,628 1,031,075
Notes payable 66,606 64,083
Total debt 1,104,056 1,109,283
Less cash and cash equivalents (22,518) (27,128)
Net debt 1,081,538 1,082,155
Less notes payable (66,606) (64,083)
Net covenant debt $ 1,014,932 $ 1,018,072

17

Exhibit 99.2
Boise Inc.
Quarterly Statistical Information
2008
Pre de ce ssor* Boise Inc. C om bine d Boise Inc. C om bine d
Jan 1 - Fe b 22 -
Fe b 21 Mar 31 Q1 Q2 Q3 Q4 YTD
Paper
Commodity UFS Volume (short tons) 164,330 100,138 264,468 223,707 229,964 214,741 932,880
Premium and Specialty UFS Volume (short
tons) 71,369 53,932 125,301 126,509 133,679 117,649 503,138
Market Pulp Volume (short tons) 20,524 13,132 33,656 38,328 34,898 14,800 121,682
Medium Volume (short tons) 18,904 14,838 33,742 34,980 34,681 33,418 136,821
Commodity UFS Mill Net Sales Price ($/short
ton) $ 840 $ 865 $ 849 $ 901 $ 930 $ 944 $ 903
Premium and Specialty UFS Mill Net Sales
Price ($/short ton) $ 933 $ 936 $ 935 $ 966 $ 997 $ 1,015 $ 978
Market Pulp Mill Net Sales Price ($/short
ton) $ 535 $ 568 $ 548 $ 543 $ 496 $ 421 $ 516
Medium Mill Net Sales Price ($/short ton) $ 454 $ 454 $ 454 $ 455 $ 484 $ 516 $ 477
Depreciation & Amortization (000)^ $ 348 $ 7,120 $ 7,468 $ 18,942 $ 24,074 $ 21,525 $ 72,009
Capital Spending (000) $ 5,000 $ 2,536 $ 7,536 $ 11,671 $ 15,317 $ 13,232 $ 47,756

Packaging
Linerboard Sales Volume (short tons) 83,538 30,521 114,059 137,329 137,915 140,169 529,472
Segment Linerboard Sales Volume (short
tons) 36,484 11,612 48,096 66,369 61,726 54,195 230,386
Corrugated Containers and Sheets Sales
Volume (mmsf) 914 640 1,554 1,562 1,616 1,519 6,251
Newsprint Sales Volume (short tons) 56,358 29,315 85,673 105,175 97,150 94,324 382,322
Linerboard Mill Net Sales Price ($/short ton) $ 423 $ 423 $ 423 $ 417 $ 429 $ 460 $ 433
Segment Linerboard Mill Net Sales Price
($/short ton) $ 399 $ 386 $ 396 $ 394 $ 392 $ 406 $ 397
Corrugated Containers and Sheets Net Sales
Price ($/msf) $ 55 $ 56 $ 55 $ 56 $ 58 $ 61 $ 57
Newsprint Mill Net Sales Price ($/short ton) $ 494 $ 512 $ 500 $ 544 $ 594 $ 643 $ 571
Depreciation & Amortization (000)^ $ 53 $ 5,213 $ 5,266 $ 12,995 $ 6,274 $ 10,585 $ 35,120
Capital Spending (000) $ 5,173 $ 7,392 $ 12,565 $ 13,066 $ 7,487 $ 15,553 $ 48,671

Total Company
EBITDA (000)** $ 23,667 $ 2,613 $ 26,280 $ 40,110 $ 61,067 $ 41,356 $ 168,813
EBITDA Excluding Special Items (000)** $ 24,362 $ 28,745 $ 53,107 $ 40,143 $ 77,890 $ 75,984 $ 247,124
Net Covenant Debt (000)** N/A $1,005,739 N/A $ 1,026,826 $ 1,018,072 $ 1,014,932 N/A
Net Income (Loss) Per Share Basic and
Diluted N/A $ (0.26) N/A $ (0.23) $ 0.06 $ (0.20) N/A
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* This information was derived from information carved out of Boise Cascade Holdings, L.L.C. financial statements.

^ See appendix for the detail of the decreased depreciation and amortization costs for the Predecessor for the period January 1 through
February 21, 2008.

**Reconciliation of net income (loss) (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, and total debt (a GAAP
measure) to net debt and net covenant debt are provided as an appendix.
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Boise Inc.
Quarterly Statistical Information

2007
Pre de ce ssor*
Q1 Q2 Q3 Q4 YTD
Paper
Commodity UFS Volume (short tons) 250,062 258,014 246,687 239,835 994,598
Premium and Specialty UFS Volume (short tons) 129,914 117,109 116,371 116,584 479,978
Market Pulp Volume (short tons) 23,733 33,010 43,904 45,019 145,666
Medium Volume (short tons) 31,782 33,944 33,562 34,872 134,160
Commodity UFS Mill Net Sales Price
($/short ton) $ 818 $ 828 $ 848 $ 850 $ 836
Premium and Specialty UFS Mill Net Sales Price
($/short ton) $ 901 $ 915 $ 935 $ 940 $ 922
Market Pulp Mill Net Sales Price ($/short ton) $ 516 $ 535 $ 544 $ 547 $ 538
Medium Mill Net Sales Price ($/short ton) $ 423 $ 422 $ 432 $ 464 $ 435
Depreciation & Amortization (000)^ $ 16,573 $ 16,113 $ 12,027 $ 248 $ 44,961
Capital Spending (000) $ 25,442 $ 31,623 $ 26,821 $ 19,468 $ 103,354

Packaging
Linerboard Sales Volume (short tons) 136,752 141,289 146,313 145,952 570,306
Segment Linerboard Sales Volume (short tons) 65,381 58,768 58,778 56,305 239,232
Corrugated Containers and Sheets Sales Volume
(mmsf) 1,634 1,653 1,689 1,633 6,609
Newsprint Sales Volume (short tons) 107,076 102,039 97,356 108,172 414,643
Linerboard Mill Net Sales Price ($/short ton) $ 396 $ 403 $ 412 $ 438 $ 413
Segment Linerboard Mill Net Sales Price
($/short ton)** $ 375 $ 379 $ 385 $ 407 $ 387
Corrugated Containers and Sheets Net Sales
Price ($/msf) $ 51 $ 51 $ 53 $ 55 $ 53
Newsprint Mill Net Sales Price ($/short ton) $ 524 $ 494 $ 468 $ 468 $ 489
Depreciation & Amortization (000)^ $ 13,412 $ 13,891 $ 10,295 $ 85 $ 37,683
Capital Spending (000) $ 7,518 $ 4,072 $ 10,353 $ 16,300 $ 38,243

Total Company EBITDA (000)*** $ 53,612 $ 47,877 $ 74,298 $ 70,523 $ 246,310

*This information was derived from information carved out of Boise Cascade Holdings, L.L.C. financial statements.

^See appendix for the detail of the decreased depreciation and amortization costs for the three months ended September 30, 2007, and
December 31, 2007, and for the year ended December 31, 2007.

**Q4 and YTD segment linerboard mill net sales prices, not adjusted for accrued rebates, would have been $418/short ton and $389/short ton,
respectively.

***Reconciliation of net income (a GAAP measure) to EBITDA is provided as an appendix.

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Boise Inc.
Quarterly Statistical Information

2006
Pre de ce ssor*
Q1 Q2 Q3 Q4 YTD
Paper
Commodity UFS Volume (short tons) 268,699 261,273 237,620 231,170 998,762
Premium and Specialty UFS Volume (short tons) 124,471 124,682 124,901 124,368 498,422
Market Pulp Volume (short tons) 35,103 31,851 20,193 24,580 111,727
Medium Volume (short tons) 33,177 33,698 35,259 30,336 132,470
Commodity UFS Mill Net Sales Price
($/short ton) $ 697 $ 753 $ 807 $ 824 $ 767
Premium and Specialty UFS Mill Net Sales Price
($/short ton) $ 855 $ 865 $ 887 $ 884 $ 873
Market Pulp Mill Net Sales Price ($/short ton) $ 386 $ 420 $ 477 $ 514 $ 440
Medium Mill Net Sales Price ($/short ton) $ 343 $ 388 $ 418 $ 419 $ 392
Depreciation & Amortization (000) $ 14,617 $ 15,453 $ 15,711 $ 16,550 $ 62,331
Capital Spending (000) $ 17,439 $ 20,446 $ 20,060 $ 27,530 $ 85,475

Packaging
Linerboard Sales Volume (short tons) 130,324 139,046 144,777 140,264 554,411
Segment Linerboard Sales Volume (short tons) 75,856 62,050 65,145 63,414 266,465
Corrugated Containers and Sheets Sales Volume
(mmsf) 1,504 1,755 1,705 1,635 6,599
Newsprint Sales Volume (short tons) 100,595 97,243 108,689 104,321 410,848
Linerboard Mill Net Sales Price ($/short ton) $ 332 $ 377 $ 403 $ 396 $ 378
Segment Linerboard Mill Net Sales Price
($/short ton) $ 318 $ 354 $ 383 $ 374 $ 355
Corrugated Containers and Sheets Net Sales
Price ($/msf) $ 47 $ 49 $ 52 $ 52 $ 50
Newsprint Mill Net Sales Price ($/short ton) $ 529 $ 546 $ 533 $ 525 $ 533
Depreciation & Amortization (000) $ 12,072 $ 12,685 $ 12,770 $ 13,288 $ 50,815
Capital Spending (000)† $ 7,047 $ 5,116 $ 3,812 $ 7,566 $ 23,541

*This information was derived from information carved out of Boise Cascade Holdings, L.L.C. financial statements.

†Capital spending presented does not include the $42,609,000 cash paid for the purchase of the assets of Central Texas Corrugated in Waco,
Texas.
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Appendix
Other Financial Measures
(000)

In September 2007, the Predecessor classified the assets in our Paper and Packaging segments as well as some of the assets in our Corporate
and Other segment as “held for sale” and stopped depreciating and amortizing the assets. The decreased depreciation and amortization costs
are listed below for the Predecessor for the period January 1 through February 21, 2008:

2008
Pre de ce ssor* Boise Inc. C om bine d
Q1 Q1 Q2 Q3 Q4 YTD

Paper $ 9,367 $ 9,367

Packaging 6,919 6,919
Corporate and other 256 256
$ 16,542 $ 16,542

The decreased depreciation and amortization costs are listed below for the Predecessor for the three months ended September 30, 2007 and
December 31, 2007, and for the year ended December 31, 2007:

2007
Pre de ce ssor*
Q1 Q2 Q3 Q4 YTD

Paper $ 5,418 $ 16,276 $ 21,694

Packaging 4,759 14,344 19,103
Corporate and other 224 804 1,028
$ 10,401 $ 31,424 $ 41,825

EBITDA represents income (loss) before interest (change in fair value of interest rate derivatives, interest expense and interest income),
income taxes, depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA for the Predecessor for
the period of January 1 through February 21, 2008, for Boise Inc. for the three months ended March 31, 2008, June 30, 2008, September 30, 2008,
and December 31, 2008 and for the combined three months ended March 31, 2008, and for the combined year ended December 31, 2008:

2008
Pre de ce ssor* Boise Inc. C om bine d Boise Inc. C om bine d
Q1 Q1 Q1 Q2 Q3 Q4 YTD

Net income (loss) $ 22,786 $ (16,371) $ 6,415 $ (18,050) $ 4,383 $ (15,485) $ (22,737)
Interest expense 2 11,435 11,437 26,145 27,484 26,156 91,222
Interest income (161) (1,821) (1,982) (178) (153) (94) (2,407)
Change in fair value of interest rate
derivatives (510) 306 683 479
Income tax provision (benefit) 563 (3,377) (2,814) 14 (2,379) (3,030) (8,209)
Depreciation, amortization, and
depletion 477 12,747 13,224 32,689 31,426 33,126 110,465
EBITDA $ 23,667 $ 2,613 $ 26,280 $ 40,110 $ 61,067 $ 41,356 $ 168,813

The following table reconciles EBITDA to EBITDA excluding special items for the Predecessor for the period of January 1 through
February 21, 2008, for Boise Inc. for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, and December 31, 2008 and for
the combined three months ended March 31, 2008, and for the combined year ended December 31, 2008:

2008
Pre de ce ssor* Boise Inc. C om bine d Boise Inc. C om bine d
Q1 Q1 Q1 Q2 Q3 Q4 YTD
EBITDA $ 23,667 $ 2,613 $ 26,280 $ 40,110 $ 61,067 $ 41,356 $ 168,813
Impact of DeRidder outage 732 19,776 20,508 20,508
Inventory revaluation expense 6,560 6,560 3,699 10,259
Impact of energy derivatives (37) (204) (241) (3,666) 11,341 (26) 7,408
Hurricane losses 5,482 5,482
Gain on changes in supplemental
pension plans (2,914) (2,914)
St. Helens restructuring 37,568 37,568
EBITDA excluding special items $ 24,362 $ 28,745 $ 53,107 $ 40,143 $ 77,890 $ 75,984 $ 247,124

The following table reconciles net income to EBITDA for the Predecessor for the three months ended March 31, 2007, June 30, 2007,
September 30, 2007, and December 31, 2007, and for the year ended December 31, 2007:
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2007
Pre de ce ssor*
Q1 Q2 Q3 Q4 YTD

Net income $ 21,991 $ 16,535 $ 50,218 $ 70,847 $ 159,591

Interest income (128) (157) (190) (221) (696)
Income tax provision (benefit) 978 703 1,301 (216) 2,766
Depreciation, amortization, and
depletion 30,771 30,796 22,969 113 84,649
EBITDA $ 53,612 $ 47,877 $ 74,298 $ 70,523 $ 246,310

*This information was derived from information carved out of Boise Cascade Holdings, L.L.C. financial statements.
 Processed and formatted by SEC Watch - Visit SECWatch.com

The following table reconciles total debt to net debt and net covenant debt at March 31, 2008, June 30, 2008, September 30, 2008, and
December 31, 2008:

2008
Q1 Q2 Q3 Q4

Current portion of long-term debt $ 11,000 $ 12,563 $ 14,125 $ 25,822

Long-term debt, less current portion and
notes payable 1,019,700 1,035,388 1,031,075 1,011,628
Note payable to related party 58,793 — — —
Notes payable — 61,655 64,083 66,606
Total debt 1,089,493 1,109,606 1,109,283 1,104,056
Less cash and cash equivalents (24,961) (21,125) (27,128) (22,518)
Net debt 1,064,532 1,088,481 1,082,155 1,081,538
Less note payable to related party (58,793) — — —
Less notes payable — (61,655) (64,083) (66,606)
Net covenant debt $ 1,005,739 $ 1,026,826 $ 1,018,072 $ 1,014,932