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Catalyst Paper Cautions Shareholders on Tender Offer

July 26, 2006 (Press Release) - Catalyst Paper Corporation has been advised that Third Avenue Management LLC has announced its intention to file a circular with an offer to acquire up to 39,000,000 shares, representing 18.17% of Catalyst's outstanding shares, at a price of $3.30 per share.

Third Avenue indicated it will purchase any shares tendered up to the maximum. The offer would result in Third Management's investment advisory clients owning up to 37.98% of Catalyst's outstanding shares when the shares subject to the bid are aggregated with Third Management's existing holdings.

The Company recommends that shareholders do not take any action on Third Management's unsolicited offer until the Board of Directors has the opportunity to review the circular, fully evaluate the offer and communicate its views to shareholders.

SOURCE: Catalyst Paper Corporation




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