CASCADES. Goldman Sachs 2011 Montreal Paper Conference
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1 CASCADES Goldman Sachs 2011 Montreal Paper Conference March 17, 2011
2 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
3 AGENDA 1. Business overview 2. Financial review 3. Current market conditions 4. Recent developments 5. Concluding remarks
4 BUSINESS REVIEW 4
5 BALANCED PACKAGING AND TISSUE PLAY ($ in millions) Cascades 2009 Sales: $3, EBITDA: $398 Packaging 79% of Sales 79% EBITDA Tissue Papers 21% of Sales 21% EBITDA Boxboard 31% of Sales 24% Adjusted EBITDA Containerboard 27% of Sales 37% Adjusted EBITDA Specialty Products 21% of Sales 18% Adjusted EBITDA Leading North American packaging and tissue manufacturer with substantial recycling capabilities EBITDA excluding specific items. Share of Sales and EBITDA excluding the impact of inter-segment sales and corporate activities.
6 INTEGRATED 23 units May be sent to recycling centers 34 units 1 66 units One of two North American public companies in packaging & tissue with leading market positions
7 GREEN Sales of the Cascades Fine Paper Enviro Brand Relative Green House Gas Emissions ($ in millions) (kg/metric tonne) The right product offering and processes to benefit from the green demand
8 FINANCIAL REVIEW 8
9 SUMMARY OF FINANCIAL RESULTS (M CAN$) 4,100 4,000 3,900 3,929 4,017 Sales 3,877 3,959 (M CAN$) EBITDA 465 (% of sales) 14.0% % 10.0% 3,800 3,700 3, % 6.0% 3,500 (M CAN$) Cash flow from operations (adjusted) (% of sales) (CAN$) Earnings per share % % % % % % % Lower results compared to 2009 but significantly better than previous years. EBITDA and cash flow from operations (adjusted) and net earnings excluding specific items. 9
10 KEY PERFORMANCE INDICATORS (KPIs) ('000 s.t.) Total Shipments Capacity utilization rate 3,600 3,500 3,400 3,300 3,200 3,100 3,515 3,396 3,082 3,330 96% 94% 92% 90% 88% 86% 84% 94% 88% 86% 93% 3, % Return on assets Working capital (% of sales) 13.0% 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 9.1% 7.8% 11.9% 10.5% 18.0% 16.0% 14.0% 12.0% 15.4% 16.5% 14.2% 13.6% 6.0% 10.0% Rebound in demand and operating rate. Working capital as a % sales at its lowest level in 5 years. See notes page
11 BUSINESS CONDITIONS Selling prices Cascades North American manufacturing selling price and raw material cost indices (US$) Raw material costs Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Selling prices index (US$) Raw materials index (US$); US$/CAN$ $0.93 $0.94 $0.88 $0.97 Natural Gas Henry Hub - US$/mmBtu $6.86 $9.03 $3.99 $4.39 Less favourable business conditions compared to 2009 as $CAN appreciated and implementation of price increases lagged cost inflation. See notes page 44. Source: Bloomberg. 11
12 SEGMENTED EBITDA (M CAN$) Boxboard (% of sales) (M CAN$) Containerboard 14.0% % % 154 (% of sales) 16.0% 14.0% % 6.0% 4.0% % % % (M CAN$) Specialty products (% of sales) 12.0% 10.0% 8.0% 6.0% 4.0% (M CAN$) Tissue papers (% of sales) 22.0% 19.0% 16.0% 13.0% 10.0% 7.0% 0 2.0% Stable results in packaging vs. last year. Significant turnaround in boxboard compared to 2007 and % See notes page
13 2010 EBITDA VARIANCE ANALYSIS (M CAN$) Shipments Cost improvements & other items Selling prices & mix Energy costs Variation of the CAN$ Raw material costs & mix (M CAN$) Containerboard (10) (57) 154 Boxboard (20) (50) 101 Specialty products (14) (18) 75 Tissue papers (10) (2) (6) (70) 90 Corporate (23) (22) Total (50) (195) Tissue s s spread has significantly tighten in EBITDA excluding specific items. 13
14 2010 VS COMPARISON Change US$/CAN$ $0.94 $0.97 4% Selling price index/raw material cost index spread (in US$) (7%) Natural gas costs (CAN$/GJ) $7.26 $5.09 (30%) Capacity utilization rate 88% 93% 5% Sales (M$) 4,017 3,959 (1%) EBITDA (M$) % Free cash flow (M$) (78) M$ EPS $0.04 $0.65 1,525% ROA 7.8% 10.5% 2.7% Net debt (M$) 1,800 1,449 (20%) Compared to 2008, despite stable sales, Cascades profitability significantly improved as the turnaround of assets, s, cost reduction and better efficiency more than offset the appreciation n of the CAN$ and the reduction of the spread. EBITDA and EPS excluding specific items. See notes page
15 NET DEBT RECONCILIATION (M CAN$) 1,800 1, (55) 1,600 1,500 1,400 1,533 (249) 1,449* 1,300 Net debt Dec 31, 2009 CAPEX Other Dividend, assets and stock investments buyback & others Variation of working capital F/X change Cash flow from operations Net debt Dec. 31, 2010 Net debt down 84 M$ due to good cash flow and appreciation of CAN$. Debt at its lowest level since the acquisition of the 50% of Norampac (Q3 2006). * Includes $82 M of net debt from unrestricted subsidiaries and joint ventures. 15
16 RENEWAL OF CREDIT AGREEMENT Structure Maturity Interest rate Standby fees Covenants Before $750 M revolving credit facility $100 M term loan Credit facility: December 2011 Term loan: February 2012 Credit facility: LIBOR bps Term loan: LIBOR bps 70 bps Funded Debt to Capitalization Ratio 65% Interest Coverage Ratio 2.25x After $750 M revolving credit facility February 2015 LIBOR bps 22.5% x (spread over LIBOR) = 48 bps Funded Debt to Capitalization Ratio 65% Interest Coverage Ratio 2.25x Addressing upcoming maturities while reducing costs of borrowing and improving flexibility. 16
17 DEBT SCHEDULE (M CAN$) Long-term debt repayment schedule (Dec. 31, 2010) 7.75% L bps 7.75% 7.875% % / 7.25% Senior unsecured notes (US$ 18M) Revolver (CAN$ 750M) Senior unsecured notes (CAN$ 200M) Senior unsecured notes (US$ 500M) Senior unsecured notes (US$ 250M) With refinancing of revolver, all short term maturities are now addressed. 17
18 CURRENT MARKET CONDITIONS 18
19 CONTAINERBOARD MARKET 15% 10% 5% 0% -5% -10% -15% U.S. Corrugated box industry shipments and ISM correlation (M s.t.) U.S. containerboard inventories at box plants and mills (weeks) Jan 07 Apr 07 July Oct Jan Apr July Oct Jan AprJuly Oct Jan AprJuly Oct Jan Jan 07 Apr July Oct Jan Apr July Oct Jan 09 Apr July Oct Jan Apr July Oct Jan Shipments ISM Manufacturing Index Millions short tons Weeks of supply Corrugated box shipments Containerboard inventories Annual change % YoY change Jan % Weeks of supply 4.4 YoY change Jan (weeks) 0.4 Pick up in manufacturing activity should continue to benefit box demand Source: RISI. 19
20 CONTAINERBOARD MARKET (k s.t.) Jan 07 Apr 07 July Oct Jan U.S. linerboard exports Apr July Oct Jan Linerboard export shipments Apr 09 July Oct Jan Apr July Oct Annual change 100% 75% 50% 25% 0% -25% -50% ('000 s.t.) 3,250 3,000 2,750 2,500 2,250 2,000 1,750 Jan 07 Apr 07 U.S. containerboard industry production and capacity utilization rate July 07 Oct 07 Jan 08 Apr 08 July 08 Total Production Oct 08 Jan 09 Apr 09 July 09 Oct 09 Jan 10 Apr 10 July 10 Capacity utilization rate Oct Jan % 100% 90% 80% 70% Linerboard exports Containerboard production Annual change 2010 (7 %) YoY change Jan.2011 (5 %) Annual change % YoY change January % Capacity utilization rate Jan % Strong domestic demand negatively impacting export shipments. Source: RISI. 20
21 BOXBOARD MARKETS ('000 s.t.) Jan 07 U.S. folding coated recycled boxboard industry production and capacity utilization rate Apr July Oct Jan Total Production Apr July Oct Jan Apr July Oct Jan Apr July Oct Capacity utilization rate 105% 100% 95% 90% 85% 80% 75% 70% (m.t.) 70,000 60,000 50,000 40,000 30,000 20,000 Coated recycled boxboard order inflow (WLC) (weeks) U.S. coated recycled boxboard production Annual change % Capacity utilization rate % European coated recycled boxboard demand Annual change % YoY change YTD Week % Steady demand for coated recycled boxboard. Sources: RIS, CEPI. 5-week weekly moving average for European data. 21
22 TISSUE MARKET Retail ('000 s.t.) Jan 07 AprJuly Oct Jan U.S. tissue paper industry converted product shipments Apr 08 For the retail market July Oct Jan AprJuly Oct Jan Apr 10 July Oct Jan For the away-from-home market Away-f-home ('000 s.t.) ('000 s.t.) Jan 07 Apr 07 U.S. tissue paper industry production (parent rolls) and capacity utilization rate July Oct Jan Apr 08 July Oct Jan Total parent roll production AprJuly Oct Jan Apr 10 July Oct Jan Capacity utilization rate 98% 96% 94% 92% 90% 88% 86% 84% Tissue paper converted product shipments Annual change (retail & AfH) % YoY change (retail & AfH) Jan % Tissue paper production Annual change % YoY change January % Capacity utilization rate Jan % Overall demand continues to increase but market conditions remain n competitive. Source: RISI. 22
23 UPWARD SELLING PRICES 200 Price increases (Jan Feb. 2011) 187 (19%) (21%) 110 (22%) 116 (20%) 120 (16%) 130 (13%) (9%) 80 (9%) Fine paper Kraft paper Linerboard Medium CRB Europe CRB N.A. C. virgin boxboard N.A. C. virgin boxboard Europe Price increases implemented across the board in packaging in 2010, 0, still moving upward in boxboard. External reference prices. Source: RISI 23
24 CONTAINERBOARD CONVERSION RISK AbitibiBowater to Permanently Close Paper Production at Coosa Pines, Alabama Operation MONTREAL, Feb. 14 /CNW Telbec/ - AbitibiBowater announced today that it will permanently close its paper machine at its Coosa Pines, Alabama operation and cease its pilot project to manufacture recycled lightweight and ultra lightweight packaging and linerboard grades within the next 30 days. AbitibiBowater remains committed to its fluff pulp assets at the facility. "Coosa Pines has made progress in the production of recycled lightweight and ultra lightweight packaging and linerboard. Upon review, however, the substantial capital investment that would be required at the site to make it low-cost in these grades could not be justified," stated Richard Garneau, President and Chief Executive Officer. Conversion to lightweight containerboard: not as easy as it looks! External reference prices. Source: RISI 24
25 NORTH AMERICAN TISSUE CAPACITY CHANGE Company Location Notes Furnish Date Tons % of total capacity Fraser Papers Gorham, NH Mill closure R 2010:Q4 (41 000) 0% P&G Box Elder, UT New PM; TAD V 2010:Q4 80,000 1% Irving Tissue Fort Edward, NY New PM; TAD V 2010:Q4 35,000 0% Total 74,000 1% Blue Heron Oregon City, OR Mill shut-down V&R 2011:Q1 (32 000) 0% First Quality Tissue Anderson, SC New greenfield TAD mill; first PM V 2011:Q3 70,000 1% Total 112,000 1% Georgia-Pacific Crossett, AR PM8 rebuild to f-tad quality V 2012:Q2* 25,000* 0% South Georgia Tissue undecided location New PM; parent rolls only V&R 2012:Q2 33,000 0% Clearwater Paper Shelby, NC New greenfield TAD mill V 2012:Q3 70,000 1% First Quality Tissue Anderson, SC New greenfield TAD mill, 2nd PM V 2012:Q3 70,000 1% Georgia-Pacific Port Hudson, LA PM8 rebuild to f-tad quality V 2012:Q4* 35,000* 0% Total 233,000 3% V = Virgin R = Recycled TAD = Through-Air-Dried * = estimated New capacity in line with annual growth rate in the tissue industry Source: RISI 25
26 RECENT DEVELOPMENTS 26
27 RECENT DEVELOPMENTS 1. Management team: Appointment of Mario Plourde as Chief Operating Officer (COO). 2. Containerboard: Sale of the Avot-Vallée (FR) white-top linerboard mill. Consolidation of operations in New England. 3. Tissue papers: Investment in new technology to develop high-end product offering 4. Balance sheet: Refinancing of revolving credit facility Sale of Dopaco 27
28 APPOINTMENT OF MARIO PLOURDE Appointed as COO of Cascades, effective February 23, Part of the transition process. Mr. Plourde to have the operating responsibility for Cascades North American boxboard, containerboard, specialty products and tissue paper segments. Mr. Plourde to remain President and COO of the Specialty Products Group until the appointment of his successor. Joined Cascades in 1985 as a controller. Was appointed President and COO of the Specialty Products Group in
29 DOPACO TRANSACTION HIGHLIGHTS 1. Cash consideration of US$400 million Purchase price of 7.0 times 2010 adjusted EBITDA (in US$) and 7.7 times EBITDA (in US$) average Estimated proceeds of US$337 million net of cash tax payment and transaction fees Net proceeds to be used to pay down debt Subject to customary working capital and net debt adjustments 2. Cascades to continue to provide boxboard to Dopaco through a five year supply agreement 3. Transaction subject to regulatory approvals and customary conditions Not conditional on RGHL obtaining financing 4. Transaction expected to close in the second quarter of 2011 EBITDA excluding specific items.
30 DOPACO TRANSACTION RATIONALE 1. Strengthened financial position and improved financial flexibility Net debt reduction of US$337 million to CAN$1.1 billion Net debt down around CAN$700 million in the last 24 months Net debt/ebitda ratio down 10% from 3.6x to 3.3x Debt/capitalization ratio down from 53.7% to 45.2% Future Capex needs significantly reduced 2. Unlocked value for shareholders Attractive EBITDA multiples Improving Cascades financial risk profile 3. Strategic decision Focus going forward on core tissue, packaging, and recycling activities 4. Limited integration with our boxboard manufacturing operations 46,000 tons shipped to Dopaco in 2010 on total shipments of 365,000 tons Stand-alone management team, very limited synergies with Cascades (1) Assumes US$337 million and CAN$ 335 million of net proceeds used to pay down debt (exchange rate of CAN$/US$ for balance sheet and CAN$/US$ for income statement). EBITDA excluding specific items.
31 DOPACO TRANSACTION FINANCIAL IMPACT Pre-Transaction Pro Forma (in millions CAN$) As of Dec 31, 2010 For Transaction (1) Balance Sheet Net Debt $1,449 $1,114 Income Statement Revenue $3,959 $3,525 EBITDA $398 $338 Credit Statistics Net Debt / LTM EBITDA 3.6x 3.3x Debt / Capitalization 53.7% 45.2% (1) Assumes US$337 million and CAN$ 335 million of net proceeds used to pay down debt (exchange rate of CAN$/US$ for balance sheet and CAN$/US$ for income statement). EBITDA excluding specific items.
32 DOPACO TRANSACTION FINANCIAL IMPACT 2,000 1,800 1,600 1,400 1,805 Net Debt (CAN$ in mm) 1,658 1,570 1,5331,508 1,553 1,516 1,449 1,200 1,000 Q Q Q Q Q Q Q Q ,114 PF Q (1) Net debt down almost 40% in 2 years (CAN$700 M) (1) Assumes US$337 million and CAN$ 335 million of net proceeds used to pay down debt (exchange rate of CAN$/US$ for balance sheet and CAN$/US$ for income statement). EBITDA excluding specific items.
33 DOPACO TRANSACTION FINANCIAL IMPACT Debt / Debt + Equity Net debt / LTM EBITDA 60.0% 58.5% 6.0x 55.0% 56.1% 54.4% 54.3% 54.6% 55.2% 54.0% 53.7% 5.5x 5.0x 5.1x 50.0% 45.0% 45.2% (1) 4.5x 4.0x 3.5x 4.0x 3.5x 3.3x 3.5x 3.7x 3.7x 3.6x (1) 3.3x 40.0% Q Q Q Q Q Q Q Q PF Q x Q Q Q Q Q Q Q Q PF Q Net debt/ebitda ratio getting closer to our 3.0x target; debt to cap ratio at its lowest level in more than 10 years (1) Assumes US$337 million and CAN$ 335 million of net proceeds used to pay down debt (exchange rate of CAN$/US$ for balance sheet and CAN$/US$ for income statement). EBITDA excluding specific items.
34 CONCLUDING REMARKS 34
35 NEAR TERM OUTLOOK Boxboard North America Containerboard Specialty products Tissue papers Boxboard Europe Volume Slight Increase Slight Increase Slight Increase Slight Increase Slight Increase Selling prices Slight Increase Stable Stable Slight Increase Increase Raw material costs Slight Increase Slight Increase Stable Slight Increase Slight Increase CAN$ Slight Increase N/A Energy Costs Slight Increase Slight Increase Demand and inventory levels continue to be healthy in all sectors but elevated raw material costs and the strong CAN$ will negatively ely impact results in Q1. 35
36 CONCLUDING REMARKS 1. Proactively addressing issues 2. Cascades to maintain strong focus on financial ratios, profitability and free cash flow 3. Future development of Cascades to come through strategic investments (Capex and acquisitions) in core operations To position our asset base amongst the best in the industry in terms of productivity and profitability To improve product offering and customer service To reduce financial and operational risk
37 APPENDICES 37
38 LESS CYCLICAL U.S. Corrugated Box Shipments Industry Breakdown U.S. Folding Carton Industry Breakdown Durable goods & freight; 14% Other non durable; 42% Food products; 44% Others; 14% Durable goods; 4% Health, beauty & other non durable; 19% U.S. Tissue Paper Products Shipments Industry Breakdown Food & beverages; 63% Away-fromhome 31% Retail (at home) 69% Similar to industry, Cascades sales are mostly exposed to relatively stable and less cyclical end-use markets
39 LEADERSHIP POSITIONS RECOVERY #1 Canadian recycled paper collector PACKAGING #1 Canadian containerboard producer (Norampac) #1 North American Quick-service-restaurant carton and cup producer (Dopaco) #2 European in coated recycled boxboard #3 North American coated recycled boxboard TISSUE #1 green tissue papers retail brand in Canada #2 Canadian producer and #4 in North America One of two North American public companies in packaging & tissue with leading market positions
40 APPOINTMENT OF MARIO PLOURDE 1. Cascades has agreed to sell Dopaco to Reynolds Group Holdings Limited ( RGHL ). 2. Dopaco, a wholly owned subsidiary of Cascades, is a leading producer of cups and folding cartons for the quick service restaurants and food distribution service industries in North America Headquartered in Exton, PA, Dopaco operates six plants that convert approximately 165,000 tonnes of boxboard annually. London, Ontario Brampton, Ontario Stockton, CA Downingtown, PA St. Charles, IL Kinston, NC 3. RGHL is a global manufacturer and supplier of consumer food and beverage packaging and storage products.
41 DOPACO TRANSACTION FINANCIAL IMPACT Revenue breakdown (2010) Revenue breakdown (2010 pro forma) Tissue Papers 21% Boxboard 32% Tissue Papers 23% Boxboard 23% Specialty Products 21% Containerboard 26% Specialty Products 24% Containerboard 30% Tissue Papers 21% EBITDA breakdown (2010) Boxboard 24% EBITDA breakdown (2010 pro forma) Tissue Papers 25% Boxboard 11% Specialty Products 18% Containerboard 37% Specialty Products 21% Containerboard 43%
42 MARKET PRICES AND COSTS SUMMARY These indexes should only be used as indicator of trends and they Average Average Average Average Average Average Average Average Average Average Average Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 be different than our actual selling prices or purchasing costs. (unit) (%) Selling prices Cascades North American US$ index (index 2005 = 1,000) 1,198 1,166 1,121 1,080 1,070 1,109 1,106 1,180 1,223 1,234 1, % PACKAGING Boxboard North America (US$/ton) Recycled boxboard - 20pt. Clay coated news (transaction) % Europe (Euro/tonne) Recycled white-lined chipboard (GD2) index % Virgin coated duplex boxboard (GC2) index 1,010 1, ,025 1,063 1,155 1, % Containerboard (US$/ton) Linerboard 42-lb. unbleached kraft, East US (transaction) % Corrugating medium 26-lb. Semichemical, East U.S. (transaction) % Specialty products (US$/ton, tonne for deinked pulp) Recycled boxboard - 20pt. Bending chip (transaction) % Deinked pulp (f.o.b; U.S. air-dried & wet-lap, post-consumer) % Unbleached kraft paper, Grocery bag 30-lb ,020 1,047 1,060 1, % Uncoated white 50-lb. offset, rolls % TISSUE PAPERS Cascades Tissue papers (index 1999 = 1,000) 1,581 1,615 1,628 1,605 1,628 1,617 1,617 1,623 1,615 1,620 1, % Raw materials Cascades North American US$ index (index 2005 = 300) % RECYCLED PAPER North America (US$/ton) Corrugated containers, no. 11 (New England) % Special news, no. 8 (ONP - Chicago & NY average) % Sorted office papers, no. 37 (SOP - Chicago & NY average) % Europe (Euro/tonne) Recovered paper index % VIRGIN PULP (US$/tonne) Bleached softwood kraft Northern, East U.S % Bleached hardwood kraft Northern mixed, East U.S % WOODCHIPS Conifer eastern Canada (US$/odmt) % Change Sources: RISI, Dow Jones, Random Lengths and Cascades. See notes p
43 HEDGING PORTFOLIO Cash flow USD, net exposure including interest ($170 M$): US$ 52.5 M at $1.14 (31% of exposure) 2. Natural gas: Canada: 2011: 75% at around 6.30 CAN$/GJ U.S.: 2011: 75% at around 6.50 US$/mmBtu 43
44 NOTES 1. The Cascades North American selling prices index represents an approximation of the Company s manufacturing selling prices in North America (excluding Converting products). It is weighted according to shipments and is based on the average selling price of our North American manufacturing operations of boxboard, containerboard, specialty products and tissue paper. It considers the change in the mix of products sold. This index should only be used as a trend indicator. 2. The Cascades North American raw materials index represents the average weighted cost paid for some of our manufacturing raw materials namely, recycled fiber, virgin pulp and woodchips in North America. It is weighted according to the volume of purchase. This index should only be used as an a trend indicator and it may differ from our actual manufacturing purchasing costs and our purchase mix. 3. The capacity utilization rate is defined as: Shipments/Practical capacity. Paper manufacturing only. 4. Return on assets is a non-gaap measure and is defined as: LTM EBITDA excluding specific items/ LTM Average of total quarterly assets. It includes discontinued operations. 5. Working capital includes accounts receivable plus inventories less accounts payable. It excludes an unpaid provision for closure and restructuring costs. It also excludes the current portion of derivatives financial instruments and the current portion of future taxes liability. 6. The Cascades recycled white-lined chipboard selling prices index represents an approximation of Cascades recycled grades selling prices in Europe. It is weighted by country. 7. The Cascades virgin coated duplex boxboard selling prices index represents an approximation of Cascades virgin grades selling prices in Europe. It is weighted by country. 8. The Cascades Tissue paper selling prices index represents a mix of primary and converted products, and is based on the product mix at the end of The Cascades recovered paper index represents an approximation of Cascades recovered paper purchase prices in Europe. It is weighted by country based on the recycled fibre supply mix of
45 For more information: Didier Filion Director, Investor Relations CREDIT: IMAGE ECOterre
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