Cascade Corporation Enters Into Agreement With Potential Buyer.

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--Sept. 21, 2000

James S. Osterman, the Chair of the Special Committee of the Board of Directors of Cascade Corporation (NYSE:CAE), today announced that the Special Committee has entered into an agreement with parties interested in acquiring Cascade.

The agreement is with Lift Technologies, Inc., a manufacturer of lift truck masts, T.D. Capital Group Limited, a wholly-owned subsidiary of The Toronto Dominion Bank, and the Ontario Municipal Employees Retirement Board. William J. Harrison, founder and president of Lift Technologies, is the founder and former president of Kenhar Corporation, and a former Cascade director. He has over 35 years experience in the lift truck industry.

The agreement provides that these parties will have the exclusive right until September 29, 2000 to conduct due diligence and negotiate a final agreement for the acquisition of Cascade. The exclusivity period may be extended until October 16, 2000, under certain conditions. Any final agreement would be subject to approval by the full Board of Directors and shareholders of Cascade. Mr. Osterman said there is no assurance that a definitive agreement will be reached between the parties or that any transaction involving the Company will be completed.

Mr. Osterman said the selection of the Lift group was the result of the previously announced process begun by the Board of Directors of Cascade in March of this year under which the Special Committee was appointed to evaluate a management buy-out proposal and other alternatives to enhance value for the shareholders of Cascade. Through its involvement in this process, the Lift group has already completed a review of Cascade. Mr. Osterman said the Lift group expects minimal disruption to the Cascade workforce, if it is successful in completing a transaction, and wants to develop further Cascade's leadership position in its industry.

The terms of the proposed transaction were not disclosed, and Mr. Osterman said no further announcements concerning the possible sale of Cascade were planned until a final agreement is signed.

Cascade Corporation, headquartered in Portland, Oregon, is a leading international manufacturer of lift truck attachments, forks and accessories. Comprehensive information on Cascade is available on its web site at www.cascorp.com.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ materially from these forward-looking statements include, but are not limited to, competitive factors in, and the cyclical nature of, the materials handling industry; fluctuations in lift truck orders or deliveries, availability and cost of raw materials; general business and economic conditions in North America, Europe and Asia; foreign currency fluctuations; and effectiveness of the Company's cost reduction initiatives.