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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1391390	Boise Inc.	BZ	Papers & Allied Products (2600)	208356960

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1433993	Philip Jeffrey Lane	Boise Inc. 1111 West Jefferson Street, Suite 200 Boise ID 83702-5388	Senior Vice President	No	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2011-05-04	10,000	$8.20	440,940	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	2011 Stock Option	$8.55	2013-03-15		21,472	21,472	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
	21,472	21,472	Direct

Footnotes

On March 15, 2011, Mr. Lane was awarded a nonqualified stock option under the Boise Inc. Incentive and Performance Plan. This stock option award will vest and become exercisable as follows: 10,736 shares will vest and become exercisable on March 15, 2013; and the remaining 10,736 will vest and become exercisable on March 17, 2014. This award, to the extent vested, must be exercised on or before the earliest of the following: the tenth anniversary of the award date; five years after the date of Mr. Lane's retirement; three years after Mr. Lane's death or total and permanent disability; or one year after Mr. Lane's termination pursuant to his stock option award agreement.