Third Avenue Management Offers to Buy Catalyst Paper Corporation Shares

New York, New York, USA, 11 August 2006 -- /PRNewswire/ -- Third Avenue Management LLC (TAM) today announced the mailing of the formal offer to acquire up to 39,000,000 shares, or 18.17%, of the outstanding common shares of Catalyst Paper Corporation for CAD $3.30 cash per share, by CTOE LLC, a special purpose acquisition entity established at TAM's request.

The offer is open for acceptance until 5:00 p.m. (Vancouver time) on 15 September 2006. The offer and related documents have been filed in Canada on SEDAR at www.sedar.com.

About TAM

TAM is an investment advisory firm that offers its services to mutual funds, private, and institutional clients. TAM adheres to a disciplined bottom-up value investment strategy to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses, and strong management teams that have the potential to create value over the long term. TAM has approximately USD 23 billion in assets under management and offers value-oriented strategies, through mutual funds, separate accounts, and alternative investment vehicles.

Third Avenue International Value Fund: TAVIX
Third Avenue Small-Cap Value Fund: TASCX
Third Avenue Variable Series Trust
Catalyst Paper Corporation: CTL.TO

Third Avenue funds are offered in the United States by prospectus only and are not qualified for distribution in Canada. Prospectuses contain more complete information on adivsory fees, distribution charges, and other expenses.

Source: Third Avenue Management LLC