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OfficeMax To Receive Approximately $129 Million In Cash Proceeds From Boise Cascade Holdings, L.L.C.



 OfficeMax To Receive Approximately $129 Million In Cash Proceeds From Boise
                           Cascade Holdings, L.L.C.

Retains Ownership Of 20.4% In Voting Equity Securities

PR Newswire

NAPERVILLE, Ill., Feb. 11, 2013

NAPERVILLE, Ill., Feb. 11, 2013 /PRNewswire/ -- OfficeMax^® Incorporated
(NYSE:OMX), a leader in office and facility supplies, technology and services,
today announced that it will receive approximately $129 million in cash
proceeds on February 12, 2013 related to its October 2004 investment in Boise
Cascade Holdings, L.L.C. ("BCH").  Since 2004, OfficeMax has held two classes
of securities in BCH, non-voting equity securities ("Series A Units") and
voting equity securities ("Series B Units").

BCH will redeem all of the Series A Units held by OfficeMax for $112 million,
equal to the original investment amount of $66 million plus $46 million of
total accrued dividends.  As previously disclosed, OfficeMax had been
recording income earned from the 8% annual dividend yield on the Series A
Units as a reduction of operating, selling and general and administrative
expenses in its Corporate & Other segment.  This dividend income will cease
upon completion of the redemption of the Series A Units on February 12, 2013. 

OfficeMax also continues to hold a 20.4% ownership interest in the Series B
Units of BCH, which do not accrue any dividend. OfficeMax has accounted for
the Series B Units under the cost method as a $109 million investment on its
consolidated balance sheet since October 2004.  BCH has declared a
distribution of approximately $85 million payable on February 12, 2013 to the
holders of its Series B Units, of which OfficeMax's share of proceeds is
approximately $17 million. This distribution on the Series B Units will be
recognized as income by OfficeMax and will not reduce the $109 million
investment amount.

Ravi Saligram, President and Chief Executive Officer of OfficeMax said, "We're
very pleased to have monetized a portion of this non-core Boise asset.
Together with the removal of the Lehman-backed timber notes and reducing the
unfunded pension liability, we have made great strides in optimizing our
balance sheet over the past several months. We are considering the best way to
utilize these proceeds to maximize shareholder value." 

Following the redemption of the Series A Units and the distribution on the
Series B Units, BCH will continue to hold approximately $28 million of cash
and own 29,700,000 common shares of Boise Cascade Company (NYSE: BCC), which
completed its initial public stock offering today.

Bruce Besanko, EVP, Chief Financial Officer and Chief Administrative Officer
of OfficeMax said, "Following the receipt of these proceeds, we'll retain our
BCH Series B Units which represent an indirect ownership interest of
approximately 6 million shares or approximately 14% of the common equity of
Boise Cascade Company."

OfficeMax has carried a $180 million deferred book gain on its consolidated
balance sheet related to its investment in BCH in October 2004. The redemption
of the Series A Units is expected to trigger recognition of a pre-tax
operating gain of approximately $68 million representing the portion of the
deferred gain attributable to the Series A Units. The remaining $112 million
of deferred gain attributable to the Series B Units will remain on OfficeMax's
consolidated balance sheet until such time as the Series B Units are sold or
redeemed. OfficeMax does not expect it will be required to pay any cash taxes
as a result of the redemption of the Series A Units and the distribution on
the Series B Units.

About OfficeMax
OfficeMax Incorporated (NYSE: OMX) is a leader in integrating products,
solutions and services for the workplace, whether for business or at home.
 The OfficeMax mission is simple: We provide workplace innovation that enables
our customers to work better.  The company provides office supplies and paper,
in-store print and document services through OfficeMax ImPress®, technology
products and solutions, and furniture to businesses and consumers.  OfficeMax
consumers and business customers are served by approximately 29,000 associates
through OfficeMax.com; OfficeMaxSolutions.com and Reliable.com; more than 900
stores in the U.S. and Mexico; and direct sales and catalogs.  OfficeMax has
been named one of the 2012 World's Most Ethical Companies, and is the only
company in the office supply industry to receive Ethics Inside^® Certification
by the Ethisphere Institute.  To find the nearest OfficeMax, call
1-877-OFFICEMAX.  For more information, visit www.officemax.com.

All trademarks, service marks and trade names of OfficeMax Incorporated used
herein are trademarks or registered trademarks of OfficeMax Incorporated. Any
other product or company names mentioned herein are the trademarks of their
respective owners.

Investor Contact  Media Contact
Mike Steele       Julie Treon
630 864 6826      630 864 6155

SOURCE OfficeMax Incorporated

Website: http://www.officemax.com
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