#1Investor Presentation September 2022 Cascades MEGA 199 cascades Tuff ENVIRO MECA cascades Tuff ENVIRO Towels out/Toollas de papel m 12-24 1009 cascades Fluff Fou ENVIRO 12-24 ascades Fluff ENVIRO 1#2DISCLAIMER FORWARD-LOOKING STATEMENT 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 Cascades Inc.'s ("Cascades," "CAS," the "Company," the "Corporation," "us" or "we") 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. SUPPLEMENTAL INFORMATION ON NON-IFRS MEASURES - SPECIFIC ITEMS The Corporation incurs some specific items that adversely or positively affected its operating results. We believe it is useful for readers to be aware of these items, as they provide additional information to measure the performance, compare the Corporation's results between periods and to assess operating results and liquidity, notwithstanding these specific items. Management believes these specific items are not necessarily reflective of the Corporation underlying business operations in measuring and comparing its performance and analyzing future trends. Our definition of specific items may differ from those of other corporations and some of them may arise ins the future and may reduce the cash available to us. They include, but are not limited to, charges for (reversals of) impairment of assets, restructuring gains or costs, loss on refinancing and repurchase of long-term debt, some deferred tax assets provisions or reversals, premiums paid on long-term debt refinancing, gains or losses on the acquisition or sale of a business unit, gains or losses on the share of results of associates and joint ventures, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, unrealized gains or losses on interest rate swaps, foreign exchange gains or losses on long-term debt, specific items of discontinued operations and other significant items of an unusual, non-cash or non-recurring nature. RECONCILIATION OF NON-IFRS MEASURES To provide more information for evaluating the Corporation's performance, the financial information included in this analysis contains certain data that are not performance measures under IFRS ("non-IFRS measures") which are also calculated on an adjusted basis to exclude specific items. We believe that providing certain key performance measures and non-IFRS measures is useful to both management and investors as they provide additional information to measure the performance and financial position of the Corporation. It also increases the transparency and clarity of the financial information. The following non-IFRS measures are used in our financial disclosures: Operating income before depreciation and amortization (OIBD): Used to assess operating performance and contribution of each segment when excluding depreciation & amortization. OIBD is widely used by investors as a measure of a corporation ability to incur and service debt and as an evaluation metric. Adjusted OIBD: Used to assess operating performance and contribution of each segment on a comparable basis. Adjusted operating income: Used to assess operating performance of each segment on a comparable basis. Adjusted net earnings: Used to assess the Corporation's consolidated financial performance on a comparable basis. Adjusted free cash flow: Used to assess the Corporation's capacity to generate cash flows to meet financial obligation and/or discretionary items such as share repurchase, dividend increase and strategic investments. Net debt to adjusted OIBD ratio: Used to measure the Corporation's credit performance and evaluate the financial leverage. Net debt to adjusted OIBD ratio on a pro forma basis: Used to measure the Corporation's credit performance and evaluate the financial leverage on a comparable basis including significant business acquisitions and excluding significant business disposals, if any. Non-IFRS measures are mainly derived from the consolidated financial statements but do not have meanings prescribed by IFRS. These measures have limitations as an analytical tool and should not be considered on their own or as a substitute for an analysis of our results as reported under IFRS. In addition, our definitions of non-IFRS measures may differ from those of other corporations. Any such modification or reformulation may be significant. All amounts in this presentation are in Canadian dollars unless otherwise indicated. Please click here for supplemental information on non-IFRS measures and other financial measures. 2#3~9,950 employees, 78 facilities WHO WE ARE Eco-Friendly Packaging, Hygiene & Recovery Solutions SOURCE OF POSSIBILELES OUR MISSION To improve the well-being of people, communities and the planet by providing sustainable and innovative solutions that create value. OUR VISION To be a key contributor to our customers' success by leading the way for sustainable packaging, hygiene and recovery solutions. 3#4Sustainability Track Record: Driving Positive Change Where We Are 50% greenhouse gas (GHG) intensity emissions reduction (scope 1) since 1990 45% fewer GHG emissions (scopes 1 and 2) than the industry1 4.3x less water than the industry1 100% 2.4x less energy than the industry1 Where We're Going ESG strategy aligned with UN's Sustainable Development Goals Aggressive GHG reduction targets reviewed and approved by the Science Based Targets initiative All our packaging will be recyclable, compostable or reusable by 2030 All our employees trained in unconscious biases by 2025 Recognitions of our sustainable business practices and focus on employees GLOBAL100 CDP THE WORLD'S MOST SUSTAINABLE CORPORATIONS Ⓒ DISCLOSURE INSIGHT ACTION Giga-Gurus MSCI AA Walmart > ESG RATINGS CCC B BB BBB A AA AAA SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 1 Based on the North American pulp and paper industry average for 2021, Source: FisherSolve TM Next, ©2022 Fisher International Canada's Top 100 Employers 2021 4#5INVESTMENT THESIS 2022-2024 Strategic Plan Focused on margin expansion, cash flow generation and leverage improvement while limiting CAPEX to 4% of revenue in 2023 and 20241 ✓ Modernized, well-financed asset base Positioned to capitalize on growth trends in key markets ✓ Strong sustainability track-record Eco-friendly, innovative product offering aligned with customer demand trends ✓ Bear Island project (Virginia, US) Strategic facility will produce lightweight, 100% recycled liner & medium; 100% of 2023 production secured, and 75% of 2024 and 2025 production also secured (1) Excluding strategic projects. 5#6Q2 2022 Results (in millions of CAD$, except per share amounts) Q2 2022 Q1 2022 Q2 2021 Sales Operating Income 1,119 1,038 956 32 (4) 23 Adjusted OIBD¹ 91 58 98 Net earnings (loss) 10 (15) 3 Adjusted net earnings (loss) 10 (15) 8 Net earnings (loss) per common share $0.10 ($0.15) $0.02 Adjusted net earnings (loss) per $0.10 ($0.15) $0.07 common share (1) Please click here for supplemental information on Non-IFRS measures and other financial measures. 6#7Q2 2022 - Consolidated Profitability Drivers (in millions of CAD$) Consolidated Adjusted OIBD¹ Variation Drivers Quarter-over-Quarter Q2 2022 vs Q1 2022 Year-over-Year Q2 2022 vs Q2 2021 Year-to-Date 2022 vs 2021 Pricing & Mix $51 million $147 million $233 million Freight & Production Costs ($25) million ($84) million ($143) million Volume, FX & Others $8 million ($2) million ($6) million Raw Material & Energy ($1) million ($68) million ($155) million (1) Please click here for supplemental information on Non-IFRS measures and other financial measures. 7#8Source: RISI (US$/s.t.) 1,000 900 800 700 600 Selling Prices - Index Reference Prices Containerboard - Selected Products Aug 18 Nov 18 Feb 19 May 19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Linerboard Nov-20 Feb-21 May-21 Aug-21 Corrugating medium (US$/s.t.) 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 Nov-21 Fev-22 May-22 Current (Aug-22) Specialty Products - Selected Products (US$/s.t.) 935 1,100 1,000 865 900 800 700 600 Aug 18 Nov 18 Feb 19 May 19 Aug-19 Nov-19 Feb-20 Tissue Papers - Selected Products Current (July-22) 1,640 Aug-18 Nov 18 Feb 19 May 19 Aug-19 Nov-19 Feb-20 May-20 Virgin parent rolls Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Fev-22 Recycled parent rolls May-22 1,285 May-20 Aug-20 Nov-20 Feb-21 Uncoated recycled folding May-21 Aug-21 Nov-21 Fev-22 80 May-22 Current (Aug-22) 1,100#9Recycled Fibre Costs - Index Prices ($ US/s.t.) 300 250 200 150 100 50 0 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Current (Sep-22) 2552 78 OCC (Outlook September 2022): • • • Favourable market, with good generation of material and lower domestic and export demand Solid inventories at our mills Higher pricing YoY, but lower sequentially with favourable pricing trend in Q3 Logistics challenges (trucking) are showing signs of beginning to normalize SOP (Outlook September 2022): • . Higher prices YoY and expect relatively stable QoQ reflecting limited market supply, stronger demand related to normalized AfH tissue levels and pulp pricing Mills adequately supplied Brown grades (OCC) White grades (Basket of products) Recovered Paper Prices White grades - Basket of products (Northeast average)1 Brown grades - OCC No. 11 (Northeast average) Q2 2022 243 Q1 2022 213 Q2 2021 125 Q2/Q2 Q2/Q1 94% 14% 137 140 102 34% (2)% Source: RISI Northeast average. (1) Basket of white recycled paper, including grades such as SOP, Hard White Envelope and Coated Book Stock; Northeast average. Weighted average based on Cascades' consumption of each grade. (2) Current price for White Grades is the RISI index price for SOP and is not a basket of products. 9#10Virgin Fibre Costs - Index List Prices ($ US/s.t.) 2,000 1,600 1,200 800 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Current (Aug-22) 1,805 VIRGIN PULP (Outlook September 2022): • 1,620 • • • Recent improvements in pulp mill uptime has not yet resulted in a significant improvement in market dynamics Transportation constraints persist, with rail car availability and port congestion continuing to pose challenges but showing signs of recovery Mills adequately supplied Improving logistics and return of production capacity expected to ease some pressure, but potential for continued overall dynamics in the market to remain challenging Source: RISI -NBSK -NBHK Virgin Pulp Prices NBSK (Canadian sources delivered to Eastern US) NBHK (Canada/US sources delivered to Eastern US) Q2 2022 Q1 2022 Q2 2021 Q2/Q2 Q2/Q1 1,743 1,527 1,598 9% 14% 1,517 1,312 1,297 17% 16% 10#11Capital Investments (in property, plant & equipment, in millions of Canadian dollars, excluding new leases, disposal of assets and accounts payable variation) 2022F CAPEX: $450 M - $470 M1 Includes CAD$310 M - $330 M for Bear Island conversion 330 312 26 27 50 81 227 213 37 169 20 20 39 22 180 24 85 104 61 217 184 22 22 18 145 84 62 66 2017 2018 2019 2020 2021 Q2 2022 YTD 2022F Containerboard Specialty Products Tissue Papers (1) Amount is subject to change depending on business and/or economic conditions. Corporate 11#12Financial Ratios & Debt Maturities Net Debt / Adjusted OIBD 1,3 5.0x 4.6x 4.7x 4.0x 3.8x 3.6x 3.5x 4.0x 3.5x 2.5x 5.4x Interest Coverage Ratio 2,3 5.8x 6.0x 4.7x 4.6x 4.3x 3.4x 3.4x 3.0x 6.7x 4.6x 4.3x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net Debt / Net Debt + Total Equity¹ 58% 57% 62% 64% 59% 49% 51% 54% 46% 47% 41% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q2 2022 Long-Term Debt Maturities (at June 30, 2022) Q2 I 2022 636 580 239 265 71 1 year > 1 year 2025 2026 2028 Senior notes Revolver Term loan Debts without recourse Subsidiaries debts Without recourse - Bank debt financial covenant ratios: Net funded debt to capitalization < 65% (currently at 44.07 %), interest coverage ratio > 2.25x (currently at 3.47 x). (1) Please click here for supplemental information on non-IFRS measures and other financial measures. (2) Adjusted OIBD to financing expense. (3) Pro-forma up to 2018 to include business acquisitions on a LTM basis, if applicable. Greenpac Leases - Subsidiaries Leases - Non-recourse 12#13PACKAGING BUSINESSES Cascades fresh™ PERFORMA Cascades northbox. XTEND Cascades fresh™ FIBRES box Cascades Cascades EnviroWhite™ e.com → packaging solutions™ Cascades e.com → packaging solutions™ Cascades fresh™ 13#14Containerboard Annual capacity: 1,575 k s.t. Manufacturing 6th largest containerboard producer in N.A. (CAN $M) 2,112 14% 2,009 2,000 1,918 44% 1,840 1,827 54% 1,652 24.1% 22.3% 21.0% 441 86% 1,500 410 403 20.5% 372 16.3% Recycled Virgin Linerboard Medium 381 343 328 321 15.0% 1,000 247 Converting 164 500 230 214 11% 54% Canada of 2021 sales of 2021 sales 0 17% of 2021 sales 17% USA 2017 2018 2019 2020 2021 of 2021 sales LTM Q2 2022 Sales Operating Income -Adj. OIBD & Margin 2021 INTEGRATION RATE²: 73% 2017 - LTM Q2 2022 adjusted OIBD1 CAGR: 6.8% (1) Please click here and here for supplemental information on non-IFRS measures. (2) Including associates, JVs. 14#15Containerboard - Quarterly Performance Quarterly Operating Income & Adjusted OIBD¹ (M CAN$) 20% *100 19% 14% 15% 17% 99 94 80 70 69 64 58 43 44 Q2 2021 Q3 2021 Operating Income Q4 2021 Adjusted OIBD Q1 2022 Q2 2022 Adjusted OIBD / Sales% ➤ Stronger second quarter 2022 shipments reflect usual upward seasonal trends, partially offset by some softness in demand levels as a result of inventory rebalancing at certain customers. ➤ Impact of sequential cost inflation on production costs offset by benefits from favourable pricing and mix and higher volume in the second quarter. ➤ Logistics constraints in trucking continued to ease in Q2 but remained challenging in rail, with cost levels remaining elevated in both cases. Quarterly Sales and Average Selling Price Quarterly Shipments ('000 s.t. and % capacity utilization²) $1,286 $1,346 $1,366 $1,434 $1,503 385 377 379 368 372 497 507 502 534 569 96% 96% 94% 93% 89% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Sales (M CAN$) Average selling price (CAN$) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 (1) Please click here for supplemental information on non-IFRS measures and other financial measures. (2) Utilization rate defined as total manufacturing shipments divided by practical capacity. 15#16Containerboard - Well-Positioned for Growth ✓ Consumer demand driving shift to responsible packaging ✓ Brand owners seeking solutions with greater recycled content ✓ Greater usage of Lightweight containerboard Distribution/E-com Produce Food Processing Consumer (CPG) Others 2% Produce 4% CPG 7% Cascades Distribution/ E-com 20% Food processing* 48% Industrial 19% Source: Cascades full year 2021 - sales segmentation in MSF * Includes beverage market (In MSF) Others 6% Produce 7% Industrial Food processing 37% Industry CPG 16% Industrial 8% Distribution 26% Sources: Economic Trends and Outlook for Corrugated Products, Richard Storat and FBA August 2021 FBA, NA corrugated Industry Bulletin - Dec. 2020 16#17Containerboard - Market The North American market offers good returns and attractive growth potential North American Containerboard Expected Production¹ North American Capacity and Operating Rate¹ 5-Yr CAGR : +1.6% 5.0 5.6 6.0 6.3 6.5 6.5 5.7 5-Yr CAGR: +1.9% 49.1 49.4 48.3 46.9 44.9 45.7 43.2 2021-26 42.9 93.7% average: 34.7 37.3 37.3 37.5 38.4 39.3 39.8 94.0% 93.8% 93% 93.4% 92.9% 92.5% 93.2% 91.3% 2020 2021 2022 2023E 2024E 2025E 2026E 2019 2020 2021 2022 2023E 2024E 2025E 2026E Capacity (M Tons) -Operating Rate ■Containerboard consumption (M Tons) ■Net Exports (M Tons) 0.3% 2019 Box Shipment Growth¹ 3.5% 2.6% 2020 2021 Avg Annual Shipment Growth = 1.9% 2.2% 2.1% 1.8% 1.1% 0.8% 2022 2023E 2024E 2025E 2026E North American Containerboard Market Share² 32% Top 4 players = 75% 22% 11% 10% 10% International Paper GP ■Cascades WestRock Others New Indy PCA Pratt GB 1 Source: RISI North American Paper Packaging Forecast 5-year (July 2022) 2 Source: FisherSolve N/A Containerboard, accessed May 18, 2021. Other category includes all players with 2% or less market share. Does not include Bear Island. 3% 3% 4% 5% 17#18Containerboard - Bear Island Project START DATE: 12/2022 ≤ 2021 2022 2023 2024 2025 Full potential PROJECT COST: US $470 M - $485 M $175 ~$250 $45 - $60 PRODUCTION RAMP UP ~ 70% ~ 94% ~ 97% ANNUAL PRODUCTION ('000 s.t.) 2 ~ 330,000 ~ 435,000 ~ 450,000 100% ~ 465,000 OIBD1 (US$M) ~$40-$55 ~$70-$85 ~$80-$90 ~$90-$100 CONSTRUCTION PROGRESS SUNBELT RENTALS SITE WHEN ACQUIRED BUILDING EXTENSION - JUNE 2022 PAPER MACHINE - SEPTEMBER 2022 (1) Based on February 2022 market conditions - Spread (Linerboard-OCC) including forecasted Liner/Medium mix, current inbound and outbound freight cost. Please click here for supplemental information on non-IFRS measures and other financial measures. 18#19Containerboard - Bear Island Project PROJECT COST INVESTMENT (2018 - Q2 2022) START-UP US $470 - $485 M US $252 M ($322 M) December 14, 2022 Q2 2022: CAN ($2 M) LTM Q2 2022: CAN ($8 M) CONTAINERBOARD ADJ. OIBD1 IMPACT Production Volume Secured² ✓ 100% 2023 production ✓ 75% 2024 production ✓ 75% 2025 production (1) Please click here for supplemental information on non-IFRS measures and other financial measures. (2) Includes tonnage that will be integrated internally. • Persistent inflationary pressure on costs has increased total project costs. Delivery delays of certain construction material due to continued constraints in transportation have put at risk timeline of certain construction milestones. Team is working with contractors to mitigate any potential delay to December start-up. Aligned with key market trends Lightweight Recyclability Sustainability AVAVAWAY JAVAVAVAW Microflute Demand то E-commerce 19#20Specialty Products³ 2021 sales of $548 M increased 16% from 2020 Comprehensive Packaging Solutions Provider Focused on Strategic Scalable Markets (CAN $M) 700 620 13.7% 600 13.5% 85 548 492 500 473 12.7% 74 74 34% 11.2% 37% 2021 sales 60 400 59 358 2021 339 55 sales 63% 66% 300 10.0% 9.2% 42 36 34 33 200 24 24 USA Consumer packaging 100 Canada Industrial & flexible packaging 1 Please click here and here for supplemental information on non-IFRS measures and other financial measures. 0 2017 2018 2019 2020 2021 LTM Q2 2022 Sales Operating Income Adj. OIBD & Margin 2017 - LTM Q2 2022 Adjusted OIBD¹ margin CAGR: 20% Sales CAGR: 16% 20#21Specialty Products - Quarterly Performance Quarterly Operating Income & Adjusted OIBD¹ (M CAN$) 14% 12% 14 18 Q2 2021 14% 14% 24 15% 25 21 22 20 17 17 13 Q3 2021 Q4 2021 Q1 2022 Adjusted OIBD Operating Income Quarterly Sales (M CAN$) Q2 2022 Adjusted OIBD / Sales % 131 144 151 157 168 Q2 2022 adjusted OIBD1 of $25 M was the third consecutive record quarterly level and increased 14% sequentially and 39% versus prior year. Industrial packaging: stronger sequential results reflect higher volume and selling price and more favourable sales mix, the benefits of which offset the impact of higher costs of raw materials, production supplies and transportation. Moulded pulp: slightly stronger results compared to Q1 driven by higher volumes and implementation of price increases neutralizing higher raw material, energy and transportation costs. Rigid and flexible plastics: lower sequential results reflect higher costs for raw material, production supplies and logistics, ahead of contractual price change mechanisms coming into effect to offset the impact of these factors on results. Continuing labour constraints also affected efficiency levels in the quarter. Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 (1) Please click here for supplemental information on non-IFRS measures and other financial measures. 21#22Specialty Products With 50% of our 2021 sales coming from the fresh produce, egg packaging, food services & isothermal distribution markets, our eco-friendly packaging solutions are well positioned to capitalize on market trends. (CAN$ billions) North American Fresh Produce and Foodservice Packaging Demand¹ Foodservice ■Fresh Produce $34.9 $35.9 $37.1 $38.4 $39.7 $41.0 • $8.1 $7.6 $7.8 $7.3 $6.9 $7.0 $28.0 $28.9 $29.8 $30.8 $31.8 $32.9 Key Market Growth Drivers Consumer Trends Consumer focus on health and wellness driving demand for fresh foods New business models driving demand (e.g., meal kits and isothermal packaging) Sustainability is key • Demand for sustainable packaging driving single use plastic-to-fibre shift Regulatory actions prohibiting single plastic use or mandating recycled content Demand for sustainable packaging solutions outpacing general market projected growth 2018 2019 2020 2021E 2022E 2023E 1 Note: Figures converted to CAD using exchange rate of $0.79; figures may not tie due to rounding. Source: Freedonia, bank estimates 22#23TISSUE PAPERS BUSINESS Cascades Perform 12-24 100 cascades Fluff foux ENVIRO soft 원 12-2 cascades Fluff ENVIRO MEGA 100 cascades Tuff ENVIRO MEGA cascades Tuff ENVIRO D en Roll Towels Toallas de papel 23#24Tissue Papers USA ■Canada 32% 2021 cascad Fluff Fluff ULTRA iscades cascades Fluff ENVIRO Annual Sales 68% 25% 2021 Annual Sales (CAN $M) 2,000 4th largest tissue producer in N.A. Recycled Virgin 1,615 1,600 1,509 10.8% 75% 1,352 175 1,339 1,268 7.4% 5.7% 1,272 1,200 94 86 1.3% 72 2.1% 28 27 17 800 16 -1.4% -19 -37 Retail Tissue 54% of 2021 sales Branded: 7% Private label: 47% 36% of 2021 sales Branded: 19% Private label: 17% Away-from- Home Parent Rolls 400 -122 -144 10% of 2021 sales 0 2017 2018 2019 2020 2021 LTM Q2 2022 Sales -Operating Income (Loss) —Adj. OIBD¹ & Margin 2021 INTEGRATION RATE: 74% 1 Please click here and here for supplemental information on non-IFRS measures and other financial measures. 24#25Tissue Papers - Quarterly Performance Quarterly Operating Income & Adjusted OIBD1 (M CAN$) -% 3% 29 (2)% (5)% (2)% 12 1 (6) (8) (22) (17) (115) (23) (35) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Operating Income (loss) Adjusted OIBD Adjusted OIBD / Sales % Quarterly Sales and Average Selling Price ➤ Positive demand level momentum for Away-from- Home products (shipments +14% YoY, +14% QoQ), and Retail products (shipments +9% YoY, +3% QoQ). ➤ Significant increases in input/logistics costs continued to impact results prior to benefits being realized from pricing initiatives that are largely weighted to second half of the year. Focused on continuing to capture top line benefits through pricing/mix initiatives, portfolio optimization, improving production efficiency. ➤ Labour constraints being address with intense on- boarding and training activities. Quarterly Shipments ('000 s.t. and % capacity utilization²) $2,568 $2.310 $2,356 $2,398 138 148 145 131 133 $2,160 297 344 339 314 342 84% 85% 84% 81% 78% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Sales (M CAN$) Average selling price (CAN$) (1) Please click here for supplemental information on non-IFRS measures and other financial measures. (2) Utilization rate defined as total manufacturing shipments divided by practical capacity. 25#26Tissue Papers - Covid Impact on Market Avg US Monthly Parent Roll Capacity & Production¹ ('000 s.t.) US Tissue Converted Products Shipments¹ (000 s.t.) 900 +34% -26% 700 +48% 500 -34% 880 860 840 820 800 780 -11% +11% 760 300 740 720 100 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 -Capacity 2Q21 Production 3Q21 4Q21 1Q22 2Q22 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 Dec-20 Mar-21 Jun-21 1 Source: RISI - US Tissue Monthly Data Report, July 31, 2022. Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22 -Total -Away-from-Home -At-home US Parent Roll Prices¹ (US$/ton, monthly mean) Virgin pulp, high-quality Virgin pulp, low-quality RCF-based, high-quality PRICE INCREASES TAKING HOLD RCF-based, low-quality + 10.1% YTD July 2022 + 11.8% YTD July 2022 + 4.0% YTD July 2022 + 13.6% YTD July 2022 Sep-21 Dec-21 Mar-22 Jun-22 26#27Tissue Papers - Covid Impact on Performance Covid led to important swings in demand levels for Cascades' converted tissue products Annual Capacity: 80 M CASES 2021 Volume Shipped: 57 M CASES PANDEMIC BUYING INVENTORY REBALANCING LOGISTICS & LABOUR CONSTRAINTS 86% 25% 26% 85% 79% 75% 73% 75% 73% 17.3 69% 10% 17.0 67% 66% 23% 15.8 14.9 14.7 14.9 14.7 13.8 13.4 13.2 37% 37% 15% 27% US AfH ■US Retail Canada AfH Canada Retail Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Cases Shipped ('000) -% of Conversion Capacity Used 27#28Tissue Papers - Modernized Asset Base More than $700 M invested between 2017 - 2021 to strengthen and modernize our platform. 2022 2019 ACTION EQUIPMENT CAPACITY 9% 17% 4 paper machines 9% 26% 104 K s.t. 48% Closed 22% 10% 7 facilities 28 converting lines 16 M cases 18% 82% 64% 62% Added 13 converting lines (6 sites) 15 M cases 33% Moved 5 converting lines (3 sites) 3 M cases Converting Cases Capacity Lines Converting Cases Capacity Lines Tier 1 ■Tier 2 Tier 3 + Acquisition of Orchids Paper Products assets in 2019 (US$235 M) ✓ Improved quality of assets 28#29Tissue Papers - Strategically Positioned The majority of our RETAIL TISSUE business is in growing segments. (5-year CAGR) Total Paper Private Label Cascades' Retail Tissue Others 5% 3% 4% 4% Drug: (0.5%) 4% 1% 1% 5% 5% 11% Online: 22.6% 4% 5% Dollar: 3.7% 16% 12% 23% Grocery: (2.2%) 20% 42% Mass merch: 1.4% 26% 49% 33% Club: 5.8% 29% Retailer landscape (2021 YTD Sales, CAN$) ~60% of Private Label volume is sold in Club and Mass Merchandiser customer segments Majority of Cascades' Retail tissue share is in the Private Label segments Club and Mass merchandiser Cascades has more exposure to Mass merchandiser and Dollar segments compared to the market Cascades has lower exposure to grocery segment than the market Consumers increasingly brand agnostic, willing to purchase Private Label Source: Cascades; Neilson data market reports 29#30Tissue Papers - Strategic Plan Update 175 27 60-80 ~(100) 2020 Adj. OIBD¹ 2021 Adj. OIBD¹ 2022 Adj. OIBD¹ Target - Strategic plan (Feb. 2022) Additionnal cost inflation & lower production volume 10 Profitability initiatives in progress ~50 25-40 ~60 ~100 Profitability initiatives to be implemented 2022 Adj. OIBD¹ Target Annualization of 2022 profitability initiatives net of cost inflation Annualized Adj. OIBD¹ Our plan is tracking well, but benefits realized to date are being offset by persistent cost headwinds since its launch in February 20222. ➤ Timing of some industry announced price increases for Retail and Away-from-Home (AfH) products have been adjusted, with the realization of meaningful benefits from their implementation now expected later in Q3 and throughout Q4. Significant cost headwinds and slight delay in price increase implementation timeline results in revised 2022 adjusted OIBD1 target range of $25 - $40 M, from $60 - $80 M previously. 2022 objective of 65 M to 70 M cases has been revised to ~60 M cases. ➤ 2024 adjusted OIBD¹ target and plan objectives outlined in February 2022 remain unchanged. Evaluation of additional revenue, cost, productivity & efficiency improvement initiatives ongoing, expected to offset evolving cost headwinds and market dynamics. (1) Please click here for supplemental information on non-IFRS measures and other financial measures. (2) Please refer to the Second Quarter 2022 Management's Discussion and Analysis for supplemental information. 30#31Tissue Papers - Market Effective Tissue Capacity - North America¹ ('000 tonnes) 10,500 10,000 9,500 9,000 + 0.7% +1.6% + 1.1% 8,500 2017 2018 2019 2020 2021 2022F 2023F 2024F US GDP Growth1 Canada GDP Growth1 Forecasted N.A. Population Growth² 2021 2022 2023 2024 5.7% 2.4% 1.0% 2.2% 4.6% 3.6% 0.9% 2.0% 0.8% 0.8% 0.8% 0.8% Top 10 N.A. Tissue Producers (2021)³ Sofidel America All others 12% 3% Irving Tissue 4% Clearwater Paper 4% Kruger Tissue 4% First Quality 5% Essity 6% Cascades 7% Kimberly Clark 13% Georgia Pacific 27% P&G 15% TOP 5 PRODUCERS = 68% OF TOTAL EFFECTIVE CAPACITY 1 Source: RISI, NA Packaging Outlook July 2022. Tissue capacity data, World Tissue Capacity Report, Sep 2021. Note: effective capacity considers learning curves of new expansions and acquisitions/divestments. Total production capacity is total reported capacity. 2 Source: Organization for Economic Cooperation and Development (OECD), Feb 2022. Reflects FY2020 Breakdown. Source: AF&PA, Paper Packaging Canada, RISI, Equity Research. 3 Source: RISI 2021 Global Tissue Capacity Report, based on effective capacity (effective capacity considers learning curves of new expansions and acquisitions/divestments). 31#32WHERE WE ARE GOING 2022-2024 Strategic Plan Detailed actionable objectives - Our Path Forward ...BUILDING ON OUR MODERNIZED ASSET BASE Same Roots. Different Company. 22 32#33NEAR-TERM FACTORS Q3 2022 OIBD1 Trend vs Q2 2022 vs Q3 2021 CONSOLIDATED Containerboard Specialty Products Tissue Papers • • Logistics and production costs: expect continued pressure on costs YoY and QoQ in Q3 for all business segments. Containerboard: QoQ performance to reflect stable demand, lower average raw material prices and incremental benefits from price increases, offset by elevated operational costs; Expect slightly higher YoY results with selling price increases offsetting higher input costs. Specialty Products: stable volumes and positive selling price trends support YoY and QoQ results, offsetting cost inflation. • Tissue: Q3 results expected to improve QoQ as realized benefits from implementation of price increases offset higher raw material, logistics and operational costs; Performance YoY forecasted to be slightly lower, with benefits from profitability initiatives and announced price increases continuing to lag impact of higher raw material, production and logistics costs and slightly lower volume. • Corporate Activities: Stable negative OIBD1 contribution quarter-over-quarter. (1) Please click here for supplemental information on non-IFRS measures and other financial measures. 33#342022 OUTLOOK Good demand dynamics for Packaging products Announced selling price increases in all business segments + easing OCC prices Price of natural gas Availability and cost of logistics Return to normalized demand levels in the tissue as the reopening of the economy accelerates Raw material costs, particularly white recycled fibre grades Benefits from 2022-2024 Strategic Plan, Including key Tissue profitability initiatives. Bear Island start-up December 2022 Inflationary pressure on operational costs including labour, production supplies, energy and logistics. 34#352022 - 2024 Strategic Plan: Top Priorities An integrated company with strong assets to drive value for shareholders 1 Deliver on the profitability plan in Tissue 2 Complete the Bear Island start up Our Top Priorities 2022-2024 3 Continue to grow our sustainable packaging business with U.S. capacity expansion 4 Deliver on our Sustainability Action Plan 5 Win the talent war through recruitment, training and development 35#362022 - 2024 Strategic Plan: Business Objectives CONTAINERBOARD Be the go-to solution for businesses Complete Bear Island start-up Increase integration with new converting capacity in the U.S. Achieve 2024 revenue of ~ $2.9 B Generate 2024 OIBD¹ margin of ~19% -21% Invest $325 M in CAPEX in 2022 (including $275 M for Bear Island) SPECIALTY PRODUCTS Be the leader in sustainable packaging Increase pace of new sustainable product development and commercial launches Continue to develop and grow our share of targeted markets Achieve 2024 revenue of ~ $700 M Generate 2024 OIBD1 margin of ~ 17% -19% Invest ~$40 M in 2022 in state-of- the-art technology & automation to support sales growth TISSUE PAPERS The path forward to improved profitability Leverage well invested asset base and limit CAPEX to $35 M annually through 2024 Focus on production execution and efficiency, particularly in our U.S. operations Strengthen commercial strategies to drive value Achieve 2024 revenue of ~ $1.7 B and OIBD1 margin of ~9% - 10% Enhance business expertise and market intelligence to drive performance (1) Please click here for supplemental information on non-IFRS measures and other financial measures. 36#372022 - 2024 Strategic Plan: Financial Targets Focused on free cash flow generation + maintaining financial flexibility 1 Revenue: ~$5.0 B+ in 2024 OIBD4 ~11% -13% in 2022 2 Margin: ~13% -15% in 2024 Financial Targets CAPEX5: 3 4 Free cash flow2,3. (1) Does not include any new converting facility investments in Containerboard (2) Defined as EBITDA - Capex (3) Interests, cash tax, working capital, leases payments, dividends paid to non-controlling interests and other cash flow items requirements are estimated at ±$200M/year. (4) Please click here and here for supplemental information on non-IFRS measures and other financial measures. (5) 2022 CAPEX revised to $450M - $470M including $310 M - $330 M for Bear Island project. 5 Shareholder Return: 6 Net debt/ OIBD4: ~ $415 M in 2022 (incl. $275M for Bear Island) ~ 4% of revenue in 2023 2024 ~9%-11% of revenue, following completion of Bear Island project Maintain current dividend and NCIB; review both after 2022 2.5x-3.0x by the end of 2022; maintain at 2.0x - 2.5x by the end of 2024 37#38APPENDICES 38#39Recovery Operations A natural extension of our operations, delivering financial and strategic value. Largest source of recovered fiber contributing about 25% of total requirements annually Among Cascades' lowest landed cost sources with ability to raise value through quality Excellent source of market intelligence, active in all fiber streams including residential, industrial, commercial and institutional Prince George, BC R R Edmonton, AB Nanaimo, BC R Victoria, BC R R Vancouver, BC R Surrey, BC R Calgary, AB R Kelowna, BC R Winnipeg, MB Brantford R Putnam R Ottawa R R R Lachine R Scarborough Etobicoke R Rochester, NY 18 recovery facilities with national reach & capability 3 transfer stations providing full recovery services Over 1 million tons processed annually R Depew, NY 39#40Recovery Operations Cascades recovery and recycling services & solutions provide our operations with the raw material they need, but also help our partners and customers to divert close to 40% of their waste from landfills. 6% 24% ~ 3.0 M s.t. of fibre consumed, purchased or brokered in 2021 70% Recycled fibre used by Cascades Pulp used by Cascades ■Fibre sold externally 4% 8% 13% ~ 2.3 M s.t. of fibre used by our operations in 2021 75% Brown recycled fibre White recycled fibre ■ Pulp Groundwood recycled fibre 40#41Sustainability Action Plan 2021-2025 Ambitious targets, a robust action plan, GHG reduction targets have been approved by the Science Based Targets initiative (SBTi). Respectful of the Planet Solutions Driven Community Minded People Focused Climate Change -38.7% -27.5% IN 2030 VS 2019 IN 2030 VS 2019 scopes 1+2, other (kg of CO2 eq.) scopes 1+2, mills (kg of CO2 eq./MT) 100% IN 2030 VS 2019 6% IN 2025 VS 2019 renewable electricity Eco-designed products 100% IN 2030 of the packaging we manufacture, and sell is recyclable, compostable or reusable Sustainable cities and communities 50% IN 2025 of our annual donation and sponsorship budget to causes that support the UN's Sustainable Development Goals Health, safety and well-being 27.5% IN 2025 VS 2019 the number of days lost due to workplace accidents (GJ/TM) Responsible Procurement 100% IN 2025 of the fibre and paper we use is recycled or certified Community involvement 15,000 hours of community involvement completed by employees 100% IN 2025 of employees are committed to a positive health and wellness approach PER YEAR 22% IN 2030 VS 2019 scope 3 (kg of CO2 eq./MT) Water Consumption 15% (M3/TM) x2 IN 2025 VS 2019 IN 2025 VS 2019 our FSC Mix supply 70% IN 2025 of our purchases are sourced from responsible suppliers Equity, diversity and inclusion 100% IN 2025 of employees are trained on unconscious biases related to equity, diversity and inclusion 41#42Strong Foundation: A Modernized Asset Base Investments and modernization initiatives have improved the competitiveness* of our assets. CONTAINERBOARD Manufacturing (with Bear Island) CONTAINERBOARD Converting 16% CONTAINERBOARD Sheeting 20% 31% 36% Total 15% Capacity Total Capacity # of Machines 63% 6% 69% 44% Tier 1 Tier 2 SPECIALTY PACKAGING TISSUE PAPERS Manufacturing TISSUE PAPERS Converting Tier 3 43% 12% Total Capacity 9% 29% 9% 45% Total 43% Capacity Total Capacity 28% 82% * Competitiveness (Tier 1, 2 or 3) of manufacturing and converting assets based on extensive internal analysis: equipment age, width, speed, capacity and technological positioning. 42#43Annual Historical Performance Our modernization initiatives, investments and strategy delivered results. SALES (in 000's CAN$) 1,052 1,048 933 838 4,105 3,948 3,956 796 3,716 825 3,483 841 786 3,205 738 3,036 2,720 2,584 2,403 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Boxboard Europe segment (divested October 2021) CAGR Sales growth of 5.7% ADJUSTED OIBD¹ & OIBD MARGIN (M CAN$, % of sales) 13.3% 12.6% 12.0% 11.0% 10.9% 10.1% 10.5% 9.9% 9.3% 9.8% 129 108 97 63 53 68 57 72 43 546 496 242 285 268 363 350 325 392 389 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Improved profitability profile in a volatile cost environment 5.8x 5.0x 4.6x 4.7x LEVERAGE RATIO 4.0x 3.8x 3.6x 3.5x 3.5x 3.3x 2.5x 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Disciplined capital management and strategic actions resulted in a stronger financial profile 1 OIBD = Operating income before depreciation and is commonly referred to as EBITDA. Please click here for supplemental information on non-IFRS measures and other financial measures. 43#44Quarterly Financial Results & KPIs 4,105 942 292 44 20202 2021 2022 (In millions of CAN$, except per common share amounts, where noted) Year Q12 Q2 Q3 Q4 Year Q1 Q2 YTD5 LTM6 Financial Results Sales Operating income (loss) 23 32 956 1,030 1,028 3,956 1,038 1,119 2,157 4,215 23 73 (90) 50 (4) 32 28 11 Adjusted OIBD¹ Net earnings (loss) 546 122 98 107 62 389 58 58 91 149 318 198 22 22 3 32 32 105 162 (15) 10 (5) 132 Adjusted net earnings (loss)1 187 29 8 (1) (9) 27 (15) 10 10 (5) (15) Net earnings (loss) per common share $2.04 $0.22 $0.02 $0.32 $1.04 $1.60 ($0.15) $0.10 ($0.05) $1.31 Adjusted net earnings (loss) per common share¹ $1.95 $0.29 $0.07 ($0.01) ($0.09) $0.26 ($0.15) $0.10 ($0.05) ($0.15) Key Performance Indicators Total Shipments 2,3 ('000 s.t.) Capacity Utilization 2,3,4 LTM Working Capital (% LTM sales)¹ 2,189 514 523 525 513 2,075 503 512 1,015 2,053 92% 92% 90% 91% 88% 90% 90% 92% 91% 90% 8.8% 8.4% 8.4% 8.5% 8.6% 8.6% 9.3% 9.6% 9.6% (1) Please click here for supplemental information on non-IFRS measures and other financial measures. (2) Q1 2021 and 2020 consolidated results have been adjusted to reflect retrospective adjustments of discontinued operations. Please refer to the "Discontinued Operations" section and Note 5 of the 2021 Audited Consolidated Financial Statements for more details. (3) Not including the Specialty Products segment. (4) Utilization rate defined as total manufacturing shipments divided by practical capacity. Please refer to the 2021 Annual Report for definitions of the KPIs. (5) YTD Year-to-date. (6) LTM Last twelve months. 44#45Cash Flow Overview 20204 2021 2022 (In millions of CAN$, except per common share amounts) Year Q14 Q2 Q3 Q4 Year Q1 Q2 YTD5 LTM6 Cash flow from operations Specific items Adjusted cash flow from operations² 98 Including: Net financing expense paid 458 82 87 58 20 247 19 81 100 178 15 4 2 12 31 49 7 7 50 473 86 89 70 51 296 26 81 107 228 (76) (40) (4) (41) (11) (96) (30) (4) (34) (86) Capital expenditures & other assets, lease obligations payments, net of disposals (216) (87) (83) (19) (106) (295) (110) (131) (241) (366) Dividends³ (45) (12) (11) (16) (16) (55) (16) (14) (30) (62) Adjusted free cash flow generated (used)² 212 (13) (5) 35 (71) (54) (100) (64) (164) (200) Adjusted free cash flow generated (used) per common share² $2.21 ($0.13) ($0.05) $0.34 ($0.70) ($0.53) ($0.99) ($0.64) ($0.64) ($1.63) ($1.99) (1) Specific items: premiums paid on the repurchase of long-term debt and restructuring costs. (2) Please click here for supplemental information on non-IFRS measures and other financial measures. (3) Paid to our shareholders and to non-controlling interests. (4) Q1 2021 and 2020 consolidated cash flows have been adjusted to reflect retrospective adjustments of discontinued operations. Please refer to the "Discontinued Operations" section and Note 5 of the 2021 Audited Consolidated Financial Statements for more details. (5) YTD: Year-to-date. (6) LTM: Last twelve months. 45#46Historical Reference Prices and Fibre Costs These indexes should only be used as an indicator of trends and they may be different than our actual selling prices or purchasing costs. Selling Prices (average) PACKAGING PRODUCTS Containerboard (US$/short ton) Linerboard 42-lb. unbleached kraft, Eastern US (open market) Corrugating medium 26-lb. semichemical, Eastern US (open market) Specialty Products (US$/shortton) TISSUE PAPERS (US$/short ton) Q1 2020 22 2 Q2 Q4 Year Q1 Q2 8 Q2 2022 vs. 2021 2022 Q2 2021 Q2 2022 vs.Q1 2022 Q4 Year Q1 Q2 (units) (%) (units) (%) 715 615 615 615 648 223 715 715 748 723 772 825 858 875 833 895 935 623 675 735 775 795 745 818 865 1330 330 110 13% 40 4% 18% 47 6% Uncoated recycled boxboard - 20-pt. bending chip (series B) 710 700 700 720 708 740 793 867 980 845 1,027 1,067 274 35% 40 4% 1,111 1,138 1,123 1,110 1,416 1,450 1,427 1,418 1,120 1,115 1,159 1,170 1,178 1,156 1,428 1,453 1,550 1,544 1,511 1,515 1,213 1,271 1,504 1,597 112 10% 58 5% 47 3% 93 6% Parent rolls, recycled fibres (transaction) Parent rolls, virgin fibres (transaction) Raw Material Prices (average) RECYCLED PAPER North America (US$/short ton) Sorted residential papers, No. 56 (SRP - Northeast average) Old corrugated containers, No. 11 (OCC - Northeast average) Sorted office papers, No. 37 (SOP - Northeast average) VIRGIN PULP (US$/metric ton) Northern bleached softwood kraft, Canada Bleached hardwood kraft, mixed, Canada/US 8 18 33 39 24 44 59 36 93 58 59 61 79 89 160 109 80 109 108 108 102 162 167 94 117 153 173 ཨུཙུ 80 98 107 127 140 137 134 205 235 48 81% 9 9% 35 34% 118 101% (3) (2%) 30 15% 1,127 1,158 1,140 1,138 1,141 1,302 1,598 1,542 1,472 1,478 1,527 1,743 890 897 875 868 883 1,037 1,297 1,320 1,262 1,229 1,312 1,517 145 9% 220 17% 216 14% 205 16% Source: RISI 46#47SHIPMENTS / CONSUMPTION OIBD IMPACT INCREASE ('000 s.t, '000 mm Btu for Natural Gas) (Annually, CAN$ M) SENSITIVITIES1 SELLING PRICE² (Manufacturing & Converting) Linerboard, Eastern US 400 US$25/s.t. 13 Corrugated Medium, Eastern US 330 US$25/s.t. 10 Converted Products 840 US$25/s.t. 26 Tissue Papers 550 US$25/s.t. 17 RAW MATERIALS² (Recycled Papers, Pulp, Gas) Brown Grades (OCC & others) 1,660 US$15/s.t. (31) Groundwood Grades (SRP & others) 110 US$15/s.t. (2) White Grades (SOP & others) 330 US$15/s.t. (6) Virgin Pulp Natural Gas EXCHANGE RATE³ 180 US$30/s.t. (7) 8,200 US$1.00/mmBtu (10) Translation - U.S. Subsidiaries CAN$/US$ 0.01 change 1 1 Sensitivity calculated according to 2021 volumes or consumption with year-end closing exchange rate of CAN$/US$ 1.25, excluding hedging programs and the impact of related expenses such as discounts, commissions on sales and profit-sharing. 2 Based on 2021 external manufacturing & converting shipments, and fibre and pulp consumption. Including purchases sourced internally from our recovery and recycling operations. Adjusted to reflect acquisitions, disposals and closures, if needed. ³ As an example, based on CAN$/US$ 1.25 to CAN$/US$ 1.26. 47#48WA Cascades Source of possibilities www.cascades.com/investors Jennifer Aitken, MBA Director, Investor Relations 514-282-2697/[email protected]