NEW YORK, Feb. 16, 2012 /PRNewswire/ -- Third Avenue Management LLC ("TAM") today announced that on behalf of Third Avenue International Value Fund, other affiliated funds, and separately managed client accounts (collectively, the "Client Accounts"), it has completed the sale of 105,105,509, or 27.52%, of the outstanding common shares ("Shares") of Catalyst Paper Corporation ("Catalyst"). The sale transaction enabled TAM to dispose of its entire investment made in Shares on behalf of Client Accounts. TAM and its Client Accounts no longer have control or direction over or beneficial ownership of any Shares of Catalyst and TAM no longer has any intention to acquire ownership of, or control over, additional securities of Catalyst for its own account or on behalf of Client Accounts. The sale of Shares occurred in a US over-the-counter transaction on the NASDAQ Global Select Market. The sale transaction was made in reliance on exemptions that permit a control person of an issuer to trade the issuer's securities if a notice of intention to distribute the securities is filed seven days in advance and certain other conditions are met in accordance with applicable securities legislation. TAM filed such a notice with Canadian securities regulators on February 8, 2011 and otherwise satisfies the conditions of the exemption in respect of the sale transaction. The contact information set forth above may be used in order to obtain a copy of the report filed with Canadian securities regulators in connection with the completion of the sale transaction. ABOUT THIRD AVENUE MANAGEMENT Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue 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. Third Avenue International Value Fund: TAVIXThird Avenue Small-Cap Value Fund: TASCXThird Avenue International Value Fund UCITSCatalyst Paper Corporation: CTL.TO THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR SOLICITATION OF ANY OFFER TO SELL SHARES IN ANY JURISDICTION.