CASCADES INC. NBF Québec Conference June 5, 2013

2

Preserving and improving a Canadian success story

INTRODUCTION

Our recent performance and financial situation • Pressures from cost inflation • Slow growth, particularly in Canada • Productivity and profitability improvement necessary • 2011 left us with an over-levered balance sheet • No immediate maturity but we need to address the debt situation

Where we come from • Unique culture – green visionaries, opportunistic turnarounds, importance of

autonomy and empowerment, open book and profit sharing, decentralized structure • Business model challenged with dollar at parity and volatile recycled fibre costs

Our action plan • Started at the end of 2011 • A lot has been done but the plan is not completed yet • Balance sheet reflects investments but benefits not yet in results • Start-up of the Greenpac mill in July 2013

OVERVIEW OF OUR OPERATIONS Green packaging and tissue product offering

3

Packaging Products Tissue Papers Containerboard Boxboard Europe Specialty Products

Leading NA packaging and tissue manufacturer with substantial recycling capabilities

OVERVIEW OF OUR OPERATIONS Closed-loop business model

4

100+ business units

32 units

23 units

58 units

May be sent to recycling centers

77% recycled fibre (2.9M tons)

NA integration rate (2012):

34% (520K tons)

NA integration rate (2012): •Containerboard Group 56% •Tissue Papers Group 69%

Including seven manufacturing/converting tissue papers units and Reno De Medici’s units.

Upstream and downstream integration in North America

CLIENTS

OVERVIEW OF OUR OPERATIONS Balanced play in less cyclical sectors

5

Packaging Products 74% of Sales

58% of EBITDA

Cascades 2013 LTM Sales: $3,668M 2013 LTM EBITDA: $300M

Tissue Papers 26% of Sales

42% of EBITDA

Containerboard 32% of Sales

31% of EBITDA

Boxboard Europe 21% of Sales

12% of EBITDA

Specialty Products 21% of Sales

15% of EBITDA

Exposure to two healthiest sectors in the Pulp and Paper industry LTM figures as at 03/31/2013. EBITDA excluding specific items. Breakdown of sales and EBITDA before eliminations & corporate activities.

3,278

3,929 4,017 3,877

3,182

3,625 3,645 3,668

2,500

3,000

3,500

4,000

4,500

2006 2007 2008 2009 2010 2011 2012 03/31/13LTM

(M CAN$) Sales

OUR FINANCIAL PERFORMANCE AND SITUATION Historical performance

Results impacted by challenging market conditions, lower shipments and higher cost input EBITDA excluding specific items. Note 1 – Elimination of joint venture consolidation Note 2 – Impact of Dopaco divestiture and elimination of joint venture consolidation

IFRS CANADIAN GAAP

6

315350

306

465

310

229

304 300

100

200

300

400

500

2006 2007 2008 2009 2010 2011 2012 03/31/13LTM

(M CAN$) EBITDA

IFRS CANADIAN GAAP

1

1

2

2

12 13

2

11

15 15

811

0.0%

3.0%

6.0%

9.0%

12.0%

0

5

10

15

20

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

(% of sales)(M CAN$)Specialty Products

16 18

2833

3935 31 29

0.0%

5.0%

10.0%

15.0%

20.0%

0

10

20

30

40

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

(% of sales)(M CAN$)Tissue Papers

20

27

19 21 2326 25 25

0.0%

3.0%

6.0%

9.0%

12.0%

10

15

20

25

30

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

(% of sales)(M CAN$)Containerboard

17

10 1013 11

711 11

0.0%

3.0%

6.0%

9.0%

12.0%

0

5

10

15

20

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

(% of sales)(M CAN$)Boxboard Europe

OUR FINANCIAL PERFORMANCE AND SITUATION Historical segmented EBITDA

EBITDA excluding specific items. 7

Tissue Papers

Containerboard Boxboard Europe

Specialty Products

808 826 804 809 831

500

625

750

875

1000

Q12012

Q22012

Q32012

Q42012

Q12013

('000 s.t.) Total Shipments

89% 90%

87% 88%

92%

83%

86%

89%

92%

95%

Q12012

Q22012

Q32012

Q42012

Q12013

Capacity Utilization Rate

OUR FINANCIAL PERFORMANCE AND SITUATION Key performance indicators (KPIs)

Capacity utilization rate improving and shipments picking up Refer to Notes included in the Appendix. 8

Containerboard only: 87% (for the quarter) 92% (for March 2013)

Containerboard only: 86% (for the quarter)

4.5x4.8x5.0x3.8x

4.7x5.9x

3.3x4.5x

5.8x5.0x4.8x4.4x

0.0x1.0x2.0x3.0x4.0x5.0x6.0x7.0x

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

E

2014

E

OUR FINANCIAL PERFORMANCE AND SITUATION Our debt profile

No significant maturity before 2016 and sufficient liquidity 1 EBITDA excluding specific items. 2013E and 2014E ratios are based on forecasts by analysts and debt remaining at 03/31/2013 level.

Objective: reduce debt below long term average Maturities well spread out • Increase in ratios due to challenging FY2011 and

modernization program

• Short-term objective to improve profitability • Assuming debt remains the same, leverage

ratio to improve

• Mid-term objective to reach industry standards (towards 3x EBITDA)

Average 2003-20121 : 4.7x

• Banking Facilities: $422M • Senior Notes: $958M • Other Debt (net): $201M • Total Net Debt: $1,581M

• Available Liquidity (03/2013): $300M

9

Debt Maturity

Pre-20169%

201641%

201733%

202017%

OUR FINANCIAL PERFORMANCE AND SITUATION Investment program

10

Gradual capex program to improve asset base while maintaining financial flexibility

Capital Expenditures Distribution in 2012 - $198M

• Capex requests for 2013 initially approved at approximately $175M

• First allocation of $150M • Including ~$60-70M of maintenance

capex • Amount subject to change depending

on operating results and economic conditions

• Mostly dedicated towards converting operations

Corporate 10%

IT 15%

Boxboard Europe

15%

Tissue Papers

17%

Specialty Products

7%

Container-board 36%

By segment

OBM Average Quarterly List Prices Q1-2012 Q4-2012 Q1-2013 YoY QoQBrown grades - OCC No. 11 (New England) 135 98 108 -20% +10%White grades - SOP No. 37 (New England) 163 172 165 +1% -4%

Virgin Pulp PricesNBSK (Canadian sources delivered to US East) 873 863 898 +3% +4%NBHK (Canada/US sources delivered to US East) 714 744 791 +11% +6%

Mar 1

3

Current

150

100

Ma

y 13

Based on 2012 shipments, EBITDA sensitivity to US$15 or €/s.t. change: ±$47M Sources: RISI, Bloomberg.

OUR BUSINESS DRIVERS Raw material costs

11

Current

930

835

600

700

800

900

1,000

1,100

Jan

11

Apr 1

1

July

11

Oct 1

1

Jan

12

Apr 1

2

July

12

Oct 1

2

Jan

13

(US$/tonne) Virgin Pulp Prices

NBSK NBHK

50

100

150

200

250

300

Jan

11

Apr

11

July

11

Oct

11

Jan

12

Apr

12

July

12

Oct

12

Jan

13

Apr

13

(US$/ ton)

Main Recycled Fiber North Amercian OBM List Prices

White grades (SOP) Brown grades (OCC)

Largest recycled paper collector in Canada

OUR BUSINESS DRIVERS Raw material dynamics

Our North American Recycled Fibre Supply

• Short term: • constant review of our inventory

strategy • prepare for Greenpac project to

minimize market disruption • Long term:

• ensure control over fiber supply • develop substitute grades • potential to increase virgin content

in certain circumstances • continue to close the loop with

customers retailers

Our strategy

Contractual Agreement

40%

Cascades Recovery

and Internal

33% Spot Purchases

27%

12

2012

Currently control over 80% of our fibre supply despite greater concentration on the supply side

Stronger CAN$ and significant variable cost inflation negatively impact results

OUR BUSINESS DRIVERS Cost structure and FX

Source: Bloomberg

Raw materials, energy & supplies = 62% of 2012 COGS A weaker CAN$ would be a game changer

Raw material and

consumables 32%

Wages and benefits

18% Others 13%

Energy 10%

Freight 8%

Maintenance 7%

Supplies and chemicals

12%

13

• US$/CAN$ forecasts by top-5 Canadian banks • Range 2013 0.95 to 0.99 (average 0.97) • Range 2014 0.91 to 1.01 (average 0.98)

0.65

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

1.10

Q2-10

Q3-10

Q4-10

Q1-11

Q2-11

Q3-11

Q4-11

Q1-12

Q2-12

Q3-12

Q4-12

Q1-13

€/CAN$US$/CAN$

US$/CAN$ €/CAN$

Improve our ROCE to reach our cost of capital Reach industry comparable leverage ratios

Improving our profitability and financial situation through our Action Plan

ACTION PLAN PRIORITIES

MEDIUM TERM OBJECTIVES

Modernize core operations (and IT) through

focused investments

Optimize capital allocation

and reduce working capital

Restructure underperforming

units

2 3 1 Innovate

to improve and develop

processes and products

4

OUR STRATEGIC ACTION PLAN Four priorities

14

Modernize core operations (and IT) through focused investments 1

15

Initiatives undertaken since the beginning of our Action Plan

Containerboard – Manufacturing

Containerboard – Converting

• Construction of the Greenpac linerboard mill in Niagara Falls, NY

• Consolidation of our platform in Ontario

• Consolidation of our folding carton platform in Canada

• Installation in 2010 of an ATMOS machine in Candiac

• Launch of an important upgrade of our ERP system

Boxboard – Converting

Tissue Papers – Manufacturing

Corporate

16

• $99M total investment (represents ± $1.05/share) • Debt non-recourse to Cascades

Partners Ownership Cascades ~60% 3 other partners ~40%

• Largest recycled linerboard mill in NA: • 328 inches • 1,500 s.t./day of lightweight recycled

linerboard (26 pounds)

• Most technologically advanced equipment

Financial Structure Operational Facts

OUR NEW GREENPAC LINERBOARD MILL

Modernize core operations (and IT) through focused investments 1

Objective: maintain our leading position in Ontario with a fully utilized state-of-the-art converting platform

OUR CONTAINERBOARD CONVERTING PLATFORM IN ONTARIO

Modernize core operations (and IT) through focused investments 1 17

Before Now # of plants 8 7

Average capacity 725 840 per plant (‘000 MSF)

• Acquisition of Bird • Closure of 3 units • Invest $30M to

modernize and increase capacity at remaining plants

B B

Smurfit Stone 20% Weyerhaeuser 16% IP 11% Georgia Pacific 11% Temple Inland 9% PCA 6% Cascades 3%

Others 24%

Top-5 67%

THE CONTAINERBOARD MARKET

Sources: Company estimates, RISI, Fiber Box Association, Paper Packaging Canada. Cascades’ capacity includes 100% of Greenpac

Cascades is increasing its market share

18

Changing landscape: Leading 3 North American Producers representing 68% of the market % of total capacity

2007 Industry Participants

IP 35% Rock Tenn 20% Koch/GP 11% PCA 7% Cascades 4% Pratt 3% Kapstone 2%

Others 18%

Top-5 77%

2013 Industry Participants

10

11

12

13

14

15

16

350

450

550

650

750

850

Mar

-09

Jul-0

9No

v-09

Mar

-10

Jul-1

0No

v-10

Mar

-11

Jul-1

1No

v-11

Mar

-12

Jul-1

2No

v-12

Mar

-13

Linerboard PriceShipments to Inventories Ratio (3-mth average)

(US$/s.t.) Ratio

THE CONTAINERBOARD MARKET

Two US$50/s.t. price increases since fall

Sources: Company estimates, RISI, Fiber Box Association, Paper Packaging Canada.

Initiatives undertaken will position us well in an industry with positive fundamentals

19

Second US$50/st price increase announced for April 1st

Market tightness supporting 2nd increase

400

500

600

700

800

900

1,000

1,100

Mar-1

0

Jun-

10

Sep-

10

Dec-

10

Mar-1

1

Jun-

11

Sep-

11

Dec-

11

Mar-1

2

Jun-

12

Sep-

12

Dec-

12

Mar-1

3

20-pt clay coated news (CRB)Linerboard 42-lbCorrugating medium 26-lb

(US$/s.t.)

Optimize capital allocation and reduce working capital 2

20

Selected initiatives undertaken since the beginning of our Action Plan

Tissue Papers – Converting Corporate

• Acquisition of remaining interest in Papersource

• One of the most modern converting plants in NA

• Integration level increased to 70% +

• Reinforces positioning in away-from-home sector

• 10 converting lines

• Working capital reduction initiative

14.5%14.4%14.5%

13.2%

14.2%14.7%

14.3%

12.4%

13.3%

10%

12%

14%

16%

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Working Capital to Sales

21

Cascades’ Tissue Papers 2012 Sales – End-Users

Branded 57%

Private label 43%

Branded 16%

Private label 84%

Cascades’ Tissue Papers 2012 Sales – Countries

Retail 54%

AfH 46%

Retail 53%

AfH 47%

Canada (28%)

US (72%)

Retail 45%

Parent rolls 16%

AfH 39%

90% private label

36% branded

OUR POSITIONNING IN THE TISSUE PAPERS SEGMENT

Optimize capital allocation and reduce working capital 2

7,896

8,028

8,201

8,053

8,219

8,319

8,472

7,800

8,000

8,200

8,400

8,600

2006 2007 2008 2009 2010 2011 2012

('000 s.t.)U.S. Total Tissue Consumption

US tissue consumption grows steadily, based on demographics

THE TISSUE PAPERS MARKET

22

Market is growing every year which will contribute to absorb additional capacity Sources: RISI

+1.5% CAGR

Upward trend in parent rolls price linked to higher raw materials

Apr-1

3

1,000

1,100

1,200

1,300

1,400

1,500

1,600

Jan-

11

Mar-1

1

May-

11

Jul-1

1

Sep-

11

Nov-

11

Jan-

12

Mar-1

2

May-

12

Jul-1

2

Sep-

12

Nov-

12

Jan-

13

Virgin parent rollsRecycled parent rolls

(US$/s.t.)

8,543

9,165531

356

7,000

7,500

8,000

8,500

9,000

9,500

10,000

End of 2011 NATissue Capacity

New capacity '12-'14

(TAD and TADe)

New capacity '12-'14

(other grades)

Expectedclosures

End of 2014 NATissue Capacity

(estimate)

('000 s.t.)

(265)

THE TISSUE PAPERS MARKET

23

New capacity to have more impact on national brands but potential trickle-down to AfH Sources: RISI

Capacity additions in the tissue sector close to 1.5-2.0% consumption growth

+2.4% CAGR

Top 5 – North American Tissue Producers

Koch/GP 30% P&G 17% Kimberly-Clark 16% Cascades 7% SCA 6% Others 24% Total - 2012 8,476

% of total capacity

1,397

1,535

(298)

(287)

278

25099

8344

700800900

1,0001,1001,2001,3001,4001,5001,6001,700

Net Debt12/31/2010

Dopacosale

Cash flowfrom op.

Var. ofworkingCapital

$CAN Acqu. &consol.

Capex,net of disp.

Greenpacinvestment

Leases &others

Dividends&

buy-backs

Net Debt12/31/2012

(M CAN$)

(20) (11)

DIVESTITURE TO FINANCE OTHER GROWTH INITIATIVES

24 Optimize capital allocation and reduce working capital 2

Increase in debt since 2010 essentially related to consolidation of Reno ($149M)

Divestitures and FCF have funded acquisitions and capex

Restructure underperforming units 3

25

Difficult decisions taken since the beginning of our Action Plan

• 12 closures • Containerboard – Manufacturing Burnaby mill • Containerboard – Converting Le Gardeur, Leominster, 3 mills Greater Toronto Area • Spec. Prod. – Manufacturing East Angus pulp mill, Enviropac plant in Toronto • Boxboard – Converting Lachute plant • Boxboard – Europe Magenta and Marzabotto plants • Tissue Papers Napkin plant in Toronto

• 4 sales • Containerboard – Manufacturing Avot-Vallée mill • Boxboard – Manufacturing Versailles plant • Boxboard – Converting Dopaco subsidiary, Hebron mill

OUR INTEREST IN RENO AND OUR EUROPEAN PLATFORM

26

Villa S. Lucia

215k tons recycled WLC

Wednesbury

Sheeting centre

Blendecques

110k tons recycled WLC

Almazan

35k tons recycled WLC

Magenta

120k tons recycled WLC

Arnsberg

215k tons

recycled WLC

Ovaro

95k tons recycled WLC & other

grades

S. Giustina

220k tons recycled WLC

Llica de val - Barcelona

Sheeting centre

Careo – sales offices

Cascades mills

Djupafors

60k tons virgin FBB

La Rochette

150k tons virgin FBB

Manucor

Flexible packaging

Reno is a turnaround story • Results from 2007 transaction: we received a 31% interest in exchange for our CRB mills • We now own ~50% of public Italian company (fully consolidated in our results) • Allowed for rationalization of production capacity and amalgamation of sales forces • Now 2nd producer of boxboard in Europe

Restructure underperforming units 3

Innovate to improve and develop processes and products 4

27

Moka – Beige bath tissue Antibacterial

Towel Ultrafit – Cup tray

Won prestigious HAVI Global Supplier of the Year and McDonald’s System First Award

Won prestigious Edison Award Gold Medal

Some of our activities aim at achieving 10% of sales from new products

EVOKTM – Polystyrene foam packaging using

recycled material

Stable source of revenues and platform for innovation

OUR SPECIALTY PRODUCTS GROUP

LTM sales of $960M in four main sectors of activities (including joint ventures)

28

Recycling and Recovery (23 units)

• 30% of sales

• Largest recycled paper collector in Canada

Specialty Papers (6 units)

Industrial Packaging (11 units) Consumer Packaging (7 units)

• 30% of sales

• Eco-friendly fine and security papers

• 29% of sales

• Leading produced of papermill packaging

• $10-15M EBITDA under equity method

• 11% of sales

• Largest producer of honeycomb in Canada

Outperform rating by most sell-side analysts

INVESTMENT CONSIDERATIONS Recent share price performance and analyst recommendations

29

EBITDA EPS2013 2013

BMO Outperform 5.00 317 $0.37

Desjardins Buy 6.00 314 $0.16

NBF Outperform 5.25 322 $0.22

Scotia Sector perform 6.00 359 $0.45

TD Buy 6.00 334 $0.30

RBC Outperform 6.00 333 $0.41

Average 5.71 330 $0.32

Brokeragefirm Rating Target

100

500

900

1,300

1,700

2,100

2,500

$3.75

$4.00

$4.25

$4.50

$4.75

$5.00

$5.25

06/01

/12

07/01

/12

08/01

/12

09/01

/12

10/01

/12

11/01

/12

12/01

/12

01/01

/13

02/01

/1303

/01/13

04/01

/13

05/01

/13

Volume Price

LTM share price performance

INVESTMENT CONSIDERATIONS Valuation metrics

Undervalued compared to peer group 30

Data as of May 29, 2013

Comparable Entreprise Price / BV EV / EBITDA EV / EBITDA P / E Dividendcompanies Value (M$) (LTM) (next) (next) yield (%)

Graphic Packaging US$5,110 2.8x 8.2x 7.0x 16.2x 0.0%

Kapstone US$1,746 2.6x 9.8x 6.3x 14.0x 6.8%

Meadwestvaco US$8,052 1.9x 10.7x 7.7x 24.4x 2.8%

PCA US$5,400 4.8x 9.8x 7.7x 16.8x 2.1%

Rock Tenn US$10,265 1.9x 8.6x 6.0x 15.4x 0.9%

Sonoco US$4,534 2.4x 8.0x 7.4x 15.5x 3.4%

Average - Packaging US$5,851 2.7x 9.2x 7.0x 17.1x 2.7%

Clearwater US$1,650 2.2x 7.7x 5.8x 18.6x 0.0%

KP Tissue US$1,165 1.0x 11.0x 8.1x 16.0x 4.2%

Orchids Paper US$200 2.3x 9.0x 6.4x 15.9x 3.8%

Wausau US$765 3.2x 17.6x 7.6x NMF 1.0%

Average - Tissue US$945 2.2x 11.3x 7.0x 16.8x 2.3%

Cascades $2,171 0.5x 7.3x 6.0x 16.4x 3.1%

Sector

PackagingProducts

Tissue Papers

INVESTMENT CONSIDERATIONS Illustrative sum-of-the-parts valuation analysis

31

Comparable Companies Illustrative Cascades’ Selected Illustrative Trading Range LTM EBITDA2 Multiple Value TEV/LTM EBITDA1 (M$ rounded, net corp. activities) (conservative) (M$ rounded)

• Tissue Papers 7.0x – 12.0x 129 7.5x 970 • Containerboard 6.0x – 10.0x 92 6.5x 600 • Boxboard Europe 5.0x – 9.0x 34 6.0x 200 • Specialty Products 4.0x – 8.0x 45 6.0x 270 300 6.8x Total Enterprise Value 2,040 Add: JV contribution ($10M EBITDA @ 6.0x) 60 Subtract: Net Debt (1,581) Total Equity Value – pre-adjustments 519 Add: Boralex’ stake (at market value) 135 Add: Greenpac investment (at book value) 100 Subtract: Minority interest (estimate3) (67) Total Equity Value – post-adjustments 687 Per share 7.32$ Current Market Capitalization 463 Current Market Price (as at May 29, 2013) 5.21$ Discount to Sum-of-the-Part Equity Value (given current market price and using trailing EBITDA) 29%

Refer to Notes page included in the Appendix. For illustration purposes only. Values by segment do not necessarily reflect the Corporation’s view on their respective value.

Shares trading at significant discount, even using current trough EBITDA and conservative multiples

32

INVESTMENT CONSIDERATIONS Our equity investments - Boralex

Source: Bloomberg and Boralex’ website; refer to January 2013 Investor Presentation for footnotes.

Analyst Recommendations Average target 1 top pick 13.00$ 4 buys or outperforms ~12.40$ 1 sector outperform 12.00$ 2 market or sector perform ~10.50$ Comparative Valuation Matrix BLX INE NPI (based on 2013 figures) Price/Book 1.3x 1.6x 4.4x Price/Cash flow 8.9x 10.6x 12.7x EV/EBITDA 10.9x 15.8x 15.1x

• No capital allocated to Boralex; valuation does not fully reflect growth potential

• Current BLX share price: $11.00 - represents ±$1.50/share for CAS

33

Taking the right steps to position Cascades for the future

CONCLUSION Potential Benefits Stemming From Our Recent Initiatives

Tissue Papers: strong and growing position • increasing presence in the US • ramp-up of ATMOS tissue paper machine

Containerboard: great fundamentals and improved platform • modernized converting platform and manufacturing productivity expected to be higher • Greenpac contribution • prices increasing

Modernizing our operating platform to increase profitability • ±$150M capex program per year • divestitures and closures of under-performing units • ERP upgrade

Other sources of growth and incremental value • Culture of innovation • European platform • Boralex project pipeline

APPENDIX

Certain statements in this presentation, including statements regarding future results and performance, are forward-looking statements within the meaning of securities legislation based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation’s products, the prices and availability of raw materials, changes in the relative values of certain currencies, fluctuations in selling prices and adverse changes in general market and industry conditions. This presentation may also include price indices as well as variance and sensitivity analyses that are intended to provide the reader with a better understanding of the trends related to our business activities. These items are based on the best estimates available to the Corporation. The financial information included in this presentation also contains certain data that are not measures of performance under IFRS (“non-IFRS measures”). For example, the Corporation uses earnings before interest, taxes, depreciation and amortization (EBITDA) because it is the measure used by management to assess the operating and financial performance of the Corporation’s operating segments. Such information is reconciled to the most directly comparable financial measures, as set forth in the “Supplemental Information on Non-IFRS Measures” section of our most recent quarterly report or annual report. Specific items are defined as items such as charges for impairment of assets, for facility or machine closures, accelerated depreciation of assets due to restructuring measures, debt restructuring charges, gains or losses on sales of business units, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, foreign exchange gains or losses on long-term debt and other significant items of an unusual or non-recurring nature. All amounts in this presentation are in Canadian dollars unless otherwise indicated.

DISCLAIMER

35

NOTES

1. Comparable companies include: - Graphic Packaging, Greif, IP, Meadwestvaco, Packaging Corp., Rock Tenn for Containerboard. - KP Tissue, Clearwater Paper, Kimberly-Clark and Orchids Paper for Tissue Papers. Wausau Papers trailing multiple not considered. - Reno de Medici’s current market multiple for Boxboard Europe. - Boise, Domtar, KapStone, Sealed Air and Sonoco for Specialty Products. 2. EBITDA adjusted for corporate activities which have been distributed according to sales for illustration purposes. 3. Minority interest adjustments estimated for Reno (assuming 57% ownership) and Cascades Recovery (73% ownership). The capacity utilization rate is defined as: Shipments/Practical capacity. Paper manufacturing only. Working capital includes accounts receivable (excluding the short term portion of other assets) plus inventories less accounts payable.

36

For more information: www.cascades.com/investors Riko Gaudreault, CFA, ASA Director, Investor Relations riko_gaudreault@cascades.com 514-282-2697