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Institutional Investors INVESTOR PRESENTATION, MONTREAL September 11, 2017 DISCLAIMER 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 in 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 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. 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 the 2016 supplemental information on non-IFRS measures. Please click here for the Q2 2017 supplemental information on non-IFRS measures. 2 INVESTMENT THESIS • Founded in 1964 by the Lemaire brothers in Kingsey Falls, Quebec, Canada 50+ Years of • 89 facilities1, 11,000 employees, operations in Canada, US and Production & Europe2 Focus on • 80% of Cascades’ products are made with recycled fibres Sustainable • Long-term circular economy advocates, practitioners & pioneers: Development ✓ “Closed-Loop” business model: Recovery & Recycling & Innovation → Manufacturing → Converting → Customers • 94.7 M common shares (~ 30% held by founders & directors) • Market cap3: CAN$1.34 B Publicly • TSX avg. daily trading volume3: 250,700 shares Traded for • Member of: S&P/TSX Composite Index and S&P/TSX Dividend over 30 Years Index (added June 19/17), S&P/TSX Clean Technology Index, S&P/TSX Small Cap Index, BMO Small Cap Index • Corporate credit ratings: Moody’s: Ba2 (Stable), S&P: BB- (Stable) 1 2 3 Including joint ventures. Via our 57.7% equity ownership in Reno de Medici S.p.A. (RdM) As of September 7, 2017 3 INVESTMENT THESIS Leading market positions in growing North American packaging and Diversified tissue business segments, well-positioned in Europe Player, Strong # 6 containerboard producer in North America Competitive # 5 tissue producer in North America Positioning # 2 coated recycled boxboard producer in Europe1 # 1 paper collector in Canada, top 10 worldwide Repositioned, invested & restructured over 2011 – 2016: • Invested more than $500M in modern equipment Focused on • $125M in annual working capital savings Value • Refocused NA platform on growing packaging & tissue segments Creation and 2017 – 2022 focus: Strategic • Organic growth, increasing integration, optimizing our geographic Growth footprint, investing in state of the art equipment • Monetize benefits from significant IT & internal processes optimizations • Differentiate via innovation, customer focus, our sustainable product offerings 1 Via our 57.7% equity ownership in Reno de Medici S.p.A. (RdM) 4 INVESTMENT THESIS Financial Metrics 2016 Sales by Geography ✓ Revenues: $4.0 B (+6.2% 5-yr CAGR) 2016 SALES FROM 2016 SALES TO (SOURCE) (DESTINATION) ✓ Adj. EBITDA: $403 M (+9.0% 5-yr CAGR) 21% Europe1 22% ✓ Adj. CF Ops.: $324 M (+20.2% 5-yr CAGR) 28% U.S. 39% ✓ Net debt reduced by 11% to $1.5 B 51% Canada 39% ✓ Net debt/Adjusted EBITDA1: 3.8x Export: ~ 25% of our Canadian sales Financial Metrics LTM Q2-17 Sales by Segment ✓ Shipments: 3,124 (‘000 s.t.) Containerboard 2 31% ✓ Adjusted EBITDA margin: 8.9% 34% 1 LTM Q2-2017 Boxboard Europe ✓ ROCE: 3.8% sales Specialty Products $4,136M ✓ Working capital (% of sales): 10.5% Tissue Papers 16% 19% % before inter-segment sales ✓ Net debt/Adjusted EBITDA2: 4.2x 1 Via 57.7% equity ownership in Reno de Medici S.p.A. (RdM) 2 Pro-forma for the consolidation of Greenpac on a LTM basis. Supplemental information on non-IFRS measures for 2016 and Q2-2017. 5 INVESTMENT THESIS Tailwinds ✓ Full implementation of linerboard and medium price increases in containerboard ✓ Benefits from business process modernization and implementation of ERP platform ✓ Ramp-up of new state of the art tissue converting facility in Oregon ✓ New containerboard facility in NJ with expected start-up in Q2/18 ✓ Announced price increases in European Boxboard division Headwinds ✓ Fluctuations in raw material pricing – OCC, SOP, pulp ✓ Increased competitiveness and capacity additions in tissue segment ✓ Over-supply in hand towel jumbo roll segment ✓ Rumored and announced plant conversions in containerboard ✓ Canadian dollar exchange rate – USD and euro 6 OPERATING PERFORMANCE AND FINANCIAL SITUATION Strong Financial Profile Sales (CAN$ M) Operating Income & Margin (CAN$ M and %) CAGR: + 6.3% CAGR: + 19.7% 250 8.0% 4500 221 4,136 4,001 200 176 4000 3,861 153 162 6.0% 3,561 137 150 5.5% 3500 3,370 5.2% 4.0% 3,141 100 72 3.8% 4.0% 3.9% 3000 2.0% 50 2.3% 2500 0 0.0% 2012 2013 2014 2015 2016 LTM 2012 2013 2014 2015 2016 LTM Q2-17 Q2-17 1 1 Adjusted OIBD & Margin (CAN$ M and %) Adjusted Free Cash Flow per Share (CAN$) CAGR: + 6.5% $1.58 460 426 403 16.0% $1.20 420440 367 380400 342 340 14.0% $0.78 $0.86 $0.85 340360 285 300320 12.0% 260280 240 10.0% 200220 11.0% 160180 10.1% 10.1% 8.0% 120140 9.1% 9.5% 8.9% 10080 6.0% 4060 ($0.28) 200 4.0% 2012 2013 2014 2015 2016 LTM 2012 2013 2014 2015 2016 LTM Q2-17 Q2-17 1 Supplemental information on non-IFRS measures for 2016 and Q2-2017. 7 OPERATING PERFORMANCE AND FINANCIAL SITUATION Consolidated Financial Ratios & Debt Maturities Net Debt / LTM Adjusted OIBD1 Interest Coverage Ratio2 5.0x 3 4.6x 4.7x 3 4.7x 4.6x 4.7x 4.0x 3.8x 4.2x 3.0x 3.4x 3.4x 2012 2013 2014 2015 2016 Q2 2012 2013 2014 2015 2016 Q2 2017 2017 Net Debt1 / Net Debt + Total Equity Long-Term Debt Maturities (as at June 30, 2017) 64% Weighted Average 713 62% 561 59% Interest Rate of 58% 57% 5.32% in 2016 54% 324 169 52 2012 2013 2014 2015 2016 Q2 1 year >1 year 2021 2022 2023 2017 Senior notes Revolver Debts without recourse Subsidiaries debts Revolving credit facility pushed from 2019 to 2021 Bank debt financial covenant ratios: Net funded debt to capitalization < 65% (currently at 47.60%), interest coverage ratio > 2.25x (currently at 3.98x).
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