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Cascades Inc.
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Kingsey Falls, Quebec, Canada, 03 December 2009 — Cascades Inc. (CAS on the Toronto Stock Exchange), a leader in recovery and in green packaging and tissue paper products, announced today that it has completed its previously announced offering of USD 500 million aggregate principal amount of 7¾% senior notes due 2017 (the U.S. notes) and CAD 200 million aggregate principal amount of 7¾% senior notes due 2016 (the Canadian notes) (together, the offered notes). The offered notes were sold to the public at the price of 98.534% of par and 98.670% of par, respectively.

Cascades also announced today that, in accordance with the terms of its wholly owned subsidiary Cascades Tenderco Inc.'s previously announced tender offer for up to CAD 700 million aggregate principal amount of Cascades' outstanding 7¼% senior notes due 2013 (the 7¼% notes) and 6¾% senior notes due 2013 (the 6¾% notes) (together, the existing notes), Cascades Tenderco has purchased approximately CAD 494.6 million aggregate principal amount of 7¼% notes as of 02 December 2009 (the early tender date). Approximately CAD 151.3 million aggregate principal amount of 7¼% notes remain outstanding, which may be validly tendered and accepted for purchase during the remainder of the tender period, as discussed below.

The tender offer will expire at 9:00 a.m., Eastern Time, on 17 December 2009. At that time, Cascades Tenderco expects to accept for purchase any remaining 7¼% notes validly tendered after the early tender date and then 6¾% notes on a pro rata basis in an aggregate principal amount equal to the difference between CAD 700 million and the aggregate principal amount of 7¼% notes purchased pursuant to the tender offer. As of the early tender date, approximately CAD 187.8 million aggregate principal amount of 6¾% notes have been tendered.

Founded in 1964, Cascades produces, converts, and markets packaging and tissue products composed mainly of recycled fibers. Cascades employs nearly 13,000 employees who work in more than 100 modern and flexible production units located in North America and Europe. Cascades' management philosophy, its 45 years of experience in recycling, and its continued efforts in research and development are strengths that enable the company to create new products for its customers. Cascades' shares trade on the Toronto stock exchange under the ticker symbol CAS.



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