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Management Side
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Catalyst To Review Unsolicited Bid From Third Avenue Management
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Vancouver, British Columbia, Canada, 26 July 2006 –- 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 CAD 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.

Catalyst is a leading producer of mechanical printing papers in North America. The company also produces market kraft pulp and owns Western Canada's largest paper recycling facility. With five mills employing 3800 people at sites within a 160-kilometer radius on the south coast of British Columbia, Catalyst has a combined annual capacity of 2.4 million metric tons of product. Catalyst's common shares trade on the Toronto Stock Exchange under the ticker symbol "CTL". The company is headquartered in Vancouver.



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