Kingsey Falls, Québec (News release) - Cascades Inc., a leader in sustainable recycling, hygiene and packaging solutions, unveiled its 2022-2024 strategic update that commits to leveraging the Company's strong asset base and product portfolio to accelerate value creation and improve profitability. The strategy also introduces new financial targets focusing on free cash flow generation and a plan to improve profitability of its Tissue Group.

"Our plan aims to generate value for shareholders, accelerate profitability improvement and strengthen our tissue business, all while continuing to prioritize sustainability, which has been at the core of our strategy since we started business" said President and CEO, Mario Plourde. "Cascades is an integrated company with strong assets to fuel future profitable growth, and I am confident we have the right team and the right experience to execute on our plan that aims to generate $5 billion of revenue in 2024."

Packaging: Grow Share in Target Markets

In packaging, as the sixth largest containerboard producer in North America, and a leading innovator supplying sustainable packaging solutions, Cascades' strategic plan aligns with market growth areas.

Key pillars of this action plan for the packaging segments include:

• Completing the start-up of Bear Island in Q4 2022
• Increasing integration with new converting capacity in the United States
• Accelerating the pace of new sustainable product development and commercial launches
• Growing the combined revenue of its packaging businesses to over $3.5 billion in 2024
• Targeting OIBD1 margins for 2024 of 19% to 21% in containerboard packaging and of 17% to 19% in specialty packaging products.

Tissue: Accelerate Profitability

The tissue business has been particularly impacted by the COVID-19 pandemic. The tissue market will provide opportunities for growth as the effects of the pandemic subside, and Cascades' tissue assets are well positioned to benefit from this recovery. Between 2017 and 2020 the Company completed significant investments to modernize and consolidate its assets and focus on volume and profitability improvements. Moving forward, the Company's immediate priority is to execute a comprehensive action plan that will accelerate profitability and strengthen the fundamentals of the tissue business.

Key pillars of this action plan for the Tissue segment include:

• Leveraging the well-capitalized tissue asset base and limiting investments to $35 million annually through 2024
• Focusing on production execution and efficiency particularly in our US operations
• Strengthening commercial strategies to drive value
• Achieving revenue of $1.7 billion and an OIBD1 margin of 9% -10% in 2024

The Path Forward: A Vision for 2024

"Over the last 10 years we have taken a number of important strategic steps to reposition our business and adapt to evolving market dynamics and customer needs. I'm proud of the work we have accomplished, and I think that with this renewed vision, we are better equipped than ever to deliver for customers and shareholders" concluded Mario Plourde.

Details of the Plan and the webcast of the call can be accessed at: www.cascades.com/investors