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					CASCADES
 Montreal & Toronto
  Equity Roadshow




   October 11-12, 2011
DISCLAIMER
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 Company’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 also includes 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 Company.

The financial information included in this presentation also contains certain data that are not measures of
performance under Canadian GAAP (“non-GAAP measures”). For example, the Company 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 Company’s operating segments. Such information is
reconciled to the most directly comparable financial measures, as set forth in the “Supplemental Information on
Non-GAAP 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,
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.

                                                                                                                          2
                   2011 YTD
       Q1                                                            Q2                                                                                   Q3



                                                                              Consolidation ofof
                                                                                Consolidation
                                                             Increased                                                                                    Announcement
                                                                                                                                                           Announcement
                                                               Increased         N. England              Sale ofof
           Sale ofof               Sale ofof Dopaco                               N. England               Sale
                                    Sale Dopaco             ownership inin                                                         Greenpac                  closure/sale
                                                                                                                                                          ofof closure/sale
            Sale                                              ownership          operations            Versailles &&                Greenpac
       Avot-Vallée mill               ($400M)              Reno de Medici          operations           Versailles               announcement                     ofof
        Avot-Vallée mill                ($400M)             Reno de Medici       (closure ofof        Hebron facilities;          announcement
                                                                (41%)              (closure            Hebron facilities;                                  Burnaby mill
                                                                  (41%)       Leominster plant)                                                              Burnaby mill
                                                                               Leominster plant)
            (M CAN$)                         EBITDA                       (% of sales)                                      NET DEBT
                                                                                           (M CAN$)
           100                             94                                   12.0%
                                   85                                                    1,600
                                                                                                             1,508
            80                                        72
                                                                                10.0%    1,500     1,454               1,462               1,445         (21%)
                     59                                                62                                                        1,397
                                                                                         1,400
            60                                                                                                                                       1,288
                                                               37               8.0%     1,300
            40
                                                                                         1,200                                                                   1,142
                                                                                6.0%
            20                                                                           1,100
                                                                                         1,000
              0                                                                 4.0%
                                                                                                   Q1 2010   Q2 2010   Q3 2010   Q4 2010   Q1 2011   Q2 2011     Q2 2011
                  Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011                                                                                              (excl. Reno de Medici)



                       Challenging Market Evolution = Proactive measures = Improve profitability

EBITDA excluding specific items.
                                                                                                                                                                                3
                  CURRENT MARKET CONDITIONS
                                                                                                Segment            Announced     Announced
                                                                                                                    eff. date     Increase
                                                                                    Boxboard       Recycled         April/May    40 US$/s.t.
                                                                                    N. America     board
                       Year-to-date 2011 demand change
8%                                                                                  Boxboard       Recycled           April       30 €/m.t.
6%                                                                                  Europe         board
4%                                                                                  Specialty      Consumer        March-June     4 to 8%
                                                                                    products       prod. pack.
2%
                                                                                                   Kraft papers       April      50 US$/s.t.
0%
                                                                                                   Deinked pulp     May/June        5%
-2%
                                                                                                   Uncoated b.        June       30 US$/s.t.
-4%
                                                                                    Tissue         Parent rolls    March/April   50 US$/s.t.
-6%
                                                                                    papers         AfH Canada         May         Up to 6%
      Jan 11     Feb 11     Mar 11   Apr 11   May 11   June 11   July 11   Aug 11
                European coated boxboard industry shipments
                Canadian corrugated box industry shipments                                         AfH U.S.           June        Up to 9%
                U.S. coated recycled boxboard industry production
                U.S. industry converted tissue product shipments                                   Retail Canada   July/August     6.5%

                                                                                                   Retail U.S.       August      Up to 7.5%



                                                                                     Total potential EBITDA change = approx. 70 M$

                                          Healthy demand in coated recycled boxboard
                                      and tissue paper markets have fueled price increases.

Source: CEPI Cartonboard, RISI.
                                                                                                                                               4
                CURRENT MARKET CONDITIONS

            North American capacity share containerboard                       Year-to-date 2011 industry operating rate
                                                              100%
         Longview;     Green Bay
            2%                       Others; 12%              98%
                       Pack.; 2%
 Boise; 2%
                                                              96%
KapStone                                     IP (with TIN);
 (with US                                         36%         94%
Corr.); 3%                                                    92%
Norampac;
     3%                                                       90%
                                               Rock Tenn             Jan 11 Feb 11 Mar 11 Apr 11 May 11 June 11 July 11 Aug 11
   Pratt; 3% PCA; 6%                          (with SSCC);
                       GP; 11%                     20%                       U.S. containerboard industry
                                                                             U.S. coated recycled boxboard industry
                                                                             U.S. tissue industry




                          Supply and demand remain in balance in all our main segments.

Source: RISI.
                                                                                                                                 5
                                  CURRENT MARKET CONDITIONS
(US$/s.t. or                                          MAIN RECYCLED FIBRE COSTS                                                                                                                                        US$/CAN$
  €/m.t. )
300                                                                                                                                           296 1.10
            SOP (U.S.)                     OCC (Italy)            OCC (U.S.)                                                                                                                                                                                                            1.05
                                                                                                                                                        1.05
250                                                                                                                                             256
                                                                                                                                                        1.00
200
                                                                                                                                 170 169
                                                                                                                                                        0.95                                                                                                                                     0.97
                                                                                                                                                     163
150
                                                                                                                                          150           0.90
100
                                                                                                                                                        0.85
 50                                                                                                                                                     0.80
  0                                                                                                                                                     0.75
      Jan 07

               May 07



                                  Jan 08

                                             May 08



                                                                Jan 09

                                                                         May 09



                                                                                            Jan 10

                                                                                                     May 10



                                                                                                                        Jan 11

                                                                                                                                 May 11
                        Sept 07




                                                      Sept 08




                                                                                  Sept 09




                                                                                                              Sept 10




                                                                                                                                           Sept 11



                                                                                                                                                               Jan 07

                                                                                                                                                                        May 07

                                                                                                                                                                                 Sept 07

                                                                                                                                                                                           Jan 08

                                                                                                                                                                                                    May 08

                                                                                                                                                                                                             Sept 08

                                                                                                                                                                                                                       Jan 09

                                                                                                                                                                                                                                May 09

                                                                                                                                                                                                                                         Sept 09

                                                                                                                                                                                                                                                   Jan 10

                                                                                                                                                                                                                                                            May 10

                                                                                                                                                                                                                                                                     Sept 10

                                                                                                                                                                                                                                                                               Jan 11

                                                                                                                                                                                                                                                                                        May 11

                                                                                                                                                                                                                                                                                                  Sept 11
                                  EBITDA sensitivity
                                                                                                                                                                                                   EBITDA sensitivity
                                  to 15$U.S. or €/s.t.
                                                                                                                                                                                              to 10 CAN¢ change = 50 M$+
                        change in recycled fibre costs = 52 M$


                                                                                                              Headwinds are subsiding.

 Source: RISI, Bloomberg.
                                                                                                                                                                                                                                                                                                    6
     STRATEGIC PRIORITIES CASCADES
                                                                              SHORT/MID-TERM

                                     Focused investing for          Optimizing capital allocation
   Restructuring of
                                        modernization             between sectors & investments,
under-performing units
                                  of core operations (and IT)         reducing working capital



                    1                          2                      3




                                  ROCE: objective = WACC                               MID-TERM
                                Net debt/EBITDA: objective = 3x




         Cascades’ 3 pillar strategy: Restructuration, Modernization, Optimization.


                                                                                                    7
         STRATEGIC PRIORITIES NORTH AMERICAN
         CONTAINERBOARD AND BOXBOARD

SHORT/MID-TERM
1. Addressing under-performing assets
     •    Closures/divestitures: Saskatoon, Quebec City, Leominster, Avot-Vallée, Burnaby, Toronto, Versailles and
          Hebron.

2. Optimizing Canadian corrugated box plant system

3. Achieving start-up of Greenpac mill on target

4. Evaluating options to upgrade certain containerboard mills’ operations




          Cascades’ 3 pillar strategy: Restructuration, Modernization, Optimization.


                                                                                                               8
                    GREENPAC
      •         Strong Partnership                         •   Financial flexibility not affected
                  – Norampac (Cascades)            59.7%        – $99M total investment ($84M in equity,
                  – Caisse de dépôt et placement                  $15M in bridge loan)
                    du Québec                      20.7%        – Only $50M increase in total debt1
                  – Two industry converters        20.2%        – Debt non-recourse to Cascades

                                                           •   Competitive advantage – Recycled liner
                                                                – Largest in N. America (540,000 s.t.
                                                                  capacity)
                                                                – Most technologically advanced equipment
                                                                – Well-aligned with current market trends




Through Greenpac, Norampac positions itself amongst sector leaders in terms of product offering,
            productivity and profitability; Cascades maintains its financial flexibility.

1 Compared   to June 30, 2011.
                                                                                                            9
                     GREENPAC

          •      Positive financial impact                                                      •      Healthy market fundamentals
                     – Expected margins above our best                                                     – Major transactions recently announced
                       performing assets                                                                   – Closure of Burnaby mill recently announced
                     – Positive EBITDA and Cash flow impact                                                – Industry operating rates around 95%
                     – Increase in EPS

      (%                        EBITDA Margins Benchmarking
                                                                                                •      Rebalance Norampac’s exposure
   of sales)                                                                                               – Balance linerboard/medium capacity
   35                                          31                                                          – Balance Canadian/American capacity
                                                                   29
    30                                                      27                                             – 80% of sales already contracted
                           24                                                              23
    25                                  21
                    19                                 19                           19
    20                             16                                                           •      Strong project management team
                                                                               13
    15         12                                                                                          – Experienced with start-up of low-cost machines
    10                                                                                                     – Involved with $3B in total projects costs
     5                                                                                                     – Project completion by 2013
     0
                    2007                2008                2009                    2010

         Norampac's N. American mills     Norampac's best 2 performing mills        Greenpac




         In most market conditions = Greenpac’s expected profitability = one of the best in industry.

EBITDA excluding specific items. Greenpac’s EBITDA margins based on Norampac’s internal financial model.
                                                                                                                                                          10
        STRATEGIC PRIORITIES SPECIALTY PRODUCTS
        GROUP
SHORT/MID-TERM
1. Addressing under-performing assets
    •    Focus on specialty paper sector

2. Being a leader and reaching critical mass in some specific niche markets
    •    Investing & growing in sectors not exposed to recycled fibre or with indexed pricing

3. Investing & growing in paper recovery to increase Cascades’ upstream integration, earnings
   hedge and profitability

4. Continuing to act as a innovation platform in green packaging for Cascades

MID/LONG-TERM
1. Continuing to generate above Cascades’ overall ROCE target and stable free cash flow


                Rationalization, focused growth, innovation and reducing risk.


                                                                                                11
      STRATEGIC PRIORITIES TISSUE PAPER GROUP
SHORT/MID-TERM
1. Addressing under-performing assets

2. Completing Papersource acquisition and optimizing portfolio of converting plants

3. Concluding product re-engineering, upgrading product offering and quality

4. Supporting growth of Cascades’ brand in Canada

5. Modernizing and automating converting plants

6. Increasing manufacturing capacity

MID/LONG-TERM
1. Further reducing exposure to recycled fibre while remaining a leader in green products


           Optimization, modernization, sales development, improved products.


                                                                                            12
                        CONCLUSION

                                                      EBITDA                                                                     Cascades will:
  (M $)                                                                                                                          1. Improve financial flexibility through:
  140
  130
                                                                                                             127                     • Proactive measures on under-performing
                                                                                                   121
  120                                                                                                                  110
                                                                                                                                       assets;
                                                                                         107
  110
                             95                                                96
                                                                                                                                     • Improved working capital management.
  100               87                                               88
   90 86                               82
   80                                                                                                                            2. Invest diligently in core businesses to
   70                                                       63
   60
                                                  59                                                                              optimize and modernize.
   50
   40
         Q1 2007

                   Q2 2007

                             Q3 2007

                                       Q4 2007

                                                 Q1 2008

                                                           Q2 2008

                                                                     Q3 2008

                                                                               Q4 2008

                                                                                         Q1 2009

                                                                                                   Q2 2009

                                                                                                             Q3 2009

                                                                                                                       Q4 2009




                                                  Strong performance during the recent economic downturn
                                                          and clear, committed and unified strategy.

EBITDA excluding specific items. CAN GAAP
                                                                                                                                                                                13
APPENDICES




             14
            SENSITIVITY TABLE
                                          CAPACITY / CONSUMPTION              CHANGE            EBITDA IMPACT
                                            (‘000 s.t. and ‘000 mmBtu                           (In million of CAN$)
                                                 for natural gas)
SELLING PRICES (MANUFACTURING)
Boxboard                                             1,393                25 US$ or € / ton             44
Containerboard                                       1,026                  25 US$ / ton                26
Specialty Products (paper only)                       475                   25 US$ / ton                12
Tissue                                                511                   25 US$ / ton                13
RAW MATERIAL COSTS
Recycled papers
       Brown grades (OCC & others)                  1,895                  15 US$ or € / ton           (32)
       Groundwood grades (ONP & others)              359                   15 US$ or € / ton            (6)
       White grades (SOP & others)                   908                   15 US$ or € / ton           (14)
Commercial pulp                                      272                   30 US$ or € / ton            (9)
Natural gas                                         13,303              1.00 US$ or € / mmBtu          (15)
FOREIGN EXCHANGE
Change of US$ 0.01 vs CAN$                                                                              (5)




                                                                                                                   15
    HEDGING PORTFOLIO Q4 2011-2012
1. Cash flow USD:
    •   31 to 36% (with options) of exposure hedged at an average rate of 1.124 CAN$/US$
        to 1.135 CAN$/US$
    •   29 to 44% (with options) of exposure hedged at an average rate of 1.032 CAN$/US$
        to 1.070 CAN$/US$


2. Natural gas:
    • Canada:
         •   Q4 2011: 70% at 6.13 CAN$/GJ
         •   2012: 65% at 6.05 CAN$/GJ

    •   U.S.:
         •   Q4 2011: 63% at 6.47 US$/mmBtu
         •   2012: 57% at 6.44 US$/mmBtu



                                                                                           16
                   NORTH AMERICAN COATED BOXBOARD

                    North American capacity share CRB                North American capacity share coated boxboard

                 W. Pigeon; Caraustar;
                                                                                    G-P; 3% Others; 6%
       Strathcona; 3%          2% Newark;                             Cascades;
            4%                         2%                                3%                               Graphic
  Fusion                                   Graphic                  PaperWorks                           Packaging;
Paperboard;                               Packaging;                   ; 4%                                 30%
    6%                                       35%                     Clearwater;
                                                                          6%
  Cascades;
     10%                                                                RockTenn;                          Meadwest;
                                                       Rock-Tenn;         10%                                23%
       PaperWorks;
                                                          25%
           13%                                                                      IP; 15%




 Source: CEPI Cartonboard, company filings, Cascades
                                                                                                                      17
                 EUROPEAN COATED BOXBOARD
               European capacity WLC Share                                                    European capacity FBB share
  Mayr-Melnhof;                                                                               Others; 9%        Mayr-Melnhof;
      30%                                                 Others; 33%                                               10%
                                                                                             IP; 8%
                                                                                                                        Stora Enso;
                                                                                  Cascades; 9%
                                                                                                                            24%
                                                          Knauf; 5%
                                                                                   Holmen; 10%
          Reno De
                                                        Weig; 5%
         Medici; 21%             Smurfit Kappa;                                                               M-real; 30%
                                      6%
                                                              European capacity FBB+WLC share

                                                                                        Mayr-Melnhof;
                                                       Others; 31%
                                                                                            23%

                                                      Holmen; 4%
                                                                                               RDM
                                                      Smurfit Kappa;                       Cascade; 17%
                                                           3%
                                                                M-real; 11%       Stora Enso;
                                                                                     12%


Source: CEPI Cartonboard, company filings, Cascades
                                                                                                                                      18
                   TISSUE AWAY-FROM-HOME
              Papersource;          Canada                                                 USA
                                               Cascades;                    Papersource;
                   4%                                                                        Wausau; 6%
                                                 18%                             3%
                 SCA; 7%
             Wausau; 7%                                            Cascades; 3%                     SCA; 19%
                                                                    Best diamond;
                GP; 6%
                                                                         1%
              Other; 2%
                                                                       Other; 18%                    KC; 20%
                                                  KC; 27%
                Kruger; 29%
                                                                               GP; 30%

                                                            North America
                                                Cascades;
                                    Papersource; 4,4%       Wausau; 6,5%
                                        2,7%                                SCA; 17,9%
                                    Best diamond;
                                        0,5%
                                         Kruger; 2,7%
                                         Other; 16,9%                       KC; 20,6%

                                             GP; 27,8%

Source: Company filings, Cascades
                                                                                                               19
                     TISSUE RETAIL
                            Canada = 1.1b$                                                       USA = 11b$
             Cascades; 5%                    Irving; 18%                             Other; 5%
                                                                                                              GP; 25%
       Private Label;                                                     Private Label;
            28%                                                                24%


                P&G; 11%                         Kruger; 34%                                                  KC; 20%
                                                                                  P&G; 26%
                        KC; 4%


                                                           North America = 12b$
                                                Other; 11%                        GP; 22%


                                       Private Label;
                                            25%
                                                                                   KC; 18%


                                                   P&G; 24%


Source: AC Nielsen
                                                                                                                        20
     For more information:
     www.cascades.com/investors

     Didier Filion
     Director, Investor Relations
     didier_filion@cascades.com
     514-282-2697




21
                     CREDIT: IMAGE ECOterre

				
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