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Source of Possibilities 3 Alain Lemaire Executive Chairman of the Board of Directors

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Source of Possibilities 3 Alain Lemaire Executive Chairman of the Board of Directors 2019 ANNUAL REPORT 2019 CASCADES Source of Possibilities 2019 Annual Report 2019 at a Glance Containerboard Packaging 49th A Canadian leader Global 100 Most Sustainable 6th largest producer in North America Corporations in the World (Corporate Knights) Specialty Products A North American leader in industrial and food packaging 6th A leading North American producer of honeycomb paperboard Canada’s top 50 corporate citizens (Corporate Knights) Tissue Papers A leader in tissue papers production in Canada 4th largest producer in North America 9th consecutive year Recovery most responsible company A Canadian leader in the recovery of recycled fibres and brand according to Quebecers, as measured by the Barometer of Responsible Consumption Boxboard Europe1 2nd largest producer of coated recycled boxboard in Europe $578 M $4,996 M $547 M $604 M invested in property, plant & 2 2 equipment, business acquisitions Sales OIBD Adjusted OIBD and in our management systems, excluding right-of-use assets 3.4 M 84% 77% short tons of recycled fibre saved of the fibre used to make of our manufacturing from landfills in North America and our products is recycled waste is reused Europe, for all the Corporation 1.7 3 14% 50% 26% OSHA rate reduction in our energy reduction in our greenhouse reduction in our consumption since 2010 gas emissions intensity water consumption since 1990* since 2010 1 Via our 57.95% equity ownership in Reno de Medici S.p.A. (at Dec. 31, 2019), a public Italian company. 2 Please refer to the “Forward-looking Statements” and “Supplemental Information on Non-IFRS Measures’’ sections for more details. 3 OSHA frequency rate: Number of accidents with lost time or temporary assignments or medical treatments X 200,000 hours/hours worked. * Direct emissions, preliminary data. Financial Snapshot (In millions of Canadian dollars, unless otherwise noted) 2019 20187 2017 AS REPORTED Sales 4,996 4,649 4,321 Operating income 258 228 175 % of sales 5.2% 4.9% 4.0% Operating income before depreciation and amortization (OIBD)1 547 472 390 % of sales 10.9% 10.2% 9.0% Net earnings 69 57 507 per share (in dollars) $0.74 $0.60 $5.35 Dividend per share (in dollars) $0.24 $0.16 $0.16 ADJUSTED1 Operating income 315 245 178 % of sales 6.3% 5.3% 4.1% Operating income before depreciation and amortization (OIBD)1 604 489 393 % of sales 12.1% 10.5% 9.1% Net earnings 96 79 68 per share (in dollars) $1.02 $0.83 $0.72 Return on assets1, 2 12.0% 10.6% 9.2% Return on capital employed1, 3 5.4% 4.6% 3.7% FINANCIAL POSITION (AS AT DECEMBER 31) Total assets 5,180 4,948 4,427 Capital employed3 4,206 3,881 3,638 Net debt1 1,963 1,769 1,522 Net debt /adjusted OIBD1, 8 3.25x 3.5x 3.6x Equity attributable to shareholders 1,489 1,506 1,455 per share (in dollars) $15.81 $15.99 $15.32 Working capital as a % of sales6 10.1% 10.6% 10.1% KEY INDICATORS Total shipments (in thousands of short tons (s.t.))4 3,366 3,225 3,114 Manufacturing capacity utilization rate5 92% 93% 93% US$/CAN$ - Average rate $0.75 $0.77 $0.77 1 See “Forward-looking Statements” and “Supplemental Information on Non-IFRS Measures” sections for more details. 2 Return on assets is a non-IFRS measure defined as the last twelve months’ (“LTM”) adjusted OIBD/LTM quarterly average of total assets less cash and cash equivalents. Not adjusted for discontinued operations. Starting in Q2 2017, including Greenpac on a consolidated basis. 3 Return on capital employed is a non-IFRS measure and is defined as the after-tax amount of the LTM adjusted operating income, as well as our share of core associates and joint ventures, divided by the LTM quarterly average of capital employed. Capital employed is defined as the quarterly average of total assets less trade and other payables and cash and cash equivalents. Not adjusted for discontinued operations. Including Greenpac as an associate up to Q1 2017 and on a consolidated basis starting in Q2 2017. 4 Shipments do not take into account the elimination of business sector inter-segment shipments. Starting in Q2 2017, including Greenpac. Shipments from our Specialty Products segment are not presented as they use different units of measure. 5 Definedas: Manufacturing internal and external shipments/practical capacity. Excluding Specialty Products segment manufacturing activities. Starting in Q2 2017, including Greenpac. 6 Working capital includes accounts receivable (excluding the short-term portion of other assets) plus inventories less trade and other payables. Percentage of sales = Average LTM working capital/LTM sales. It includes or excludes significant business acquisitions and disposals. Starting in Q2 2017, including Greenpac. 7 2018 results have been adjusted to reflect retrospective adjustments of purchase price allocation. See Note 5 of the 2019 Audited Consolidated Financial Statements for more details. 8 Pro-forma up to 2018 to include business acquisitions on a last twelve months basis. Financial Highlights Symbol: CAS 94.2 million 83.9 million Common shares Total number of common (ON THE TORONTO STOCK EXCHANGE) outstanding shares traded as at December 31, 2019 in 2019 S&P / TSX Indices - COMPOSITE $0.08 2.9% Quarterly dividend Annual - SMALL CAP per share1 dividend yield2 - DIVIDEND in 2019 as at December 31, 2019 - CLEAN TECHNOLOGY - COMPOSITE CANADA REVENUE $13.45 $ 7. 5 5 EXPOSURE Intraday high Intraday low in 2019 in 2019 BMO Indices - SMALL CAP $1.06 Moody’s: Ba2 (stable) Market capitalization - SMALL CAP QUÉBEC as at December 31, 2019 S&P: BB- (stable) (in billions) Corporate credit ratings as at December 31, 2019 1 Quarterly dividend increased from $0.04 to $0.08 per share in Q3 2019. 2 Yield assumes quarterly dividend of $0.08 per share in 2019. Cascades Share Price Performance in 2019 1400 $11.21 as at December 31, 2019 1300 1200 1100 1000 900 800 700 Jan eb Mar Aprl Ma June July Au ept t Nov e ASTSX losing price ($) Cascades Inc.’s 2019 Annual Information Form will be available, upon request, from the Corporation’s head Table of office as ofMarch 27, 2020. The document will also be accessible via the Corporation’s website (www.cascades.com) and will be filed on SEDAR Contents (www.sedar.com) as of this date. On peut se procurer la version française du présent rapport annuel en s’adressant au siège social de la Société à l’adresse suivante : Secrétaire corporatif 4 Message from Alain Lemaire Cascades inc. 404, boulevard Marie-Victorin Executive Chairman of the Board Kingsey Falls (Québec) The Value of our Commitments J0A 1B0 6 Message from Mario Plourde President and Chief Executive Officer Progress Through Innovation 10 Financial Information Management’s Discussion and Analysis, Management’s Report, Independent Auditor’s Report and Consolidated Transfer Agent and Registrar Financial Statements Computershare Shareholders Services 130 1500 Robert-Bourassa Boulevard Suite 700 Raw Materials and Overview Montréal, Québec H3A 3S8 Canada of our Results Telephone: 514-982-7555 Toll-free (Canada): 1-800-564-6253 Fax: 514-982-7635 132 Cascades Worldwide [email protected] Head Office Cascades Inc. 404 Marie-Victorin Blvd. Kingsey Falls, Québec J0A 1B0 Canada Telephone: 819-363-5100 Fax: 819-363-5155 Investor Relations Investor Relations Cascades Inc. 772 Sherbrooke Street West Suite 100 Montréal, Québec H3A 1G1 Canada Jennifer Aitken, MBA Director, Investor Relations [email protected] Telephone : 514-282-2697 www.cascades.com/investors Source of Possibilities 3 Alain Lemaire Executive Chairman of the Board of Directors 4 2019 Annual Report The Value of our Commitments Dear Shareholders, Recycling has been central to the Cascades business model since its inception. As a result of this foundation, most of Cascades’ products are made with recycled materials, a fact that distinguishes the Corporation from many other North American packaging and tissue companies. In recent years there has been growing concern about the overall environmental impact caused by products throughout their lifecycles. Cascades’ unique legacy of ecological expertise and its commitment to environmental stewardship firmly place it at the forefront of its peers to meet the rising demand for sustainable packaging and tissue solutions. Considering this evolving market framework, Cascades our two retiring directors, George Kobrynsky and is very proud to be gaining recognition for its longstan- Laurence Sellyn. In addition to the benefits that their ding commitment to the environment. The Corporation experience and expertise in management and finance was recently named amongst the Global 100 Most brought to the Board, Mr. Kobrynsky and Mr. Sellyn Sustainable Corporations in the World by Corporate played a key role in the recruitment and appointment of Knights in the organization’s 2020 annual analysis of the directors who will be replacing them. As part of the more than 7,000 companies world-wide with revenues succession plan implemented by the Board in 2019, of over $1 billion. Significantly, Cascades was the their departures were timed to ensure an orderly transi- ONLY company within the Containers and Packaging tion of responsibilities. Accordingly, the Company is category to be awarded this recognition. pleased to have recently added Mélanie Dunn, Elif Lévesque and Nelson Gentiletti to the Board of Environmental considerations have always been, and Directors. Their combined experience, expertise, values always will be, a part of Cascades’ culture by choice, and vision will play key roles as the Company and the Corporation’s ability to carry through on this implements its long-term strategic vision. commitment is a key area of oversight for the Board of Directors. Indeed, along with a focused and effective Cascades remains true to its roots in sustainable long-term growth strategy, Cascades’ ability to provide development, successfully combining environmental its customers with sustainable solutions will be an advocacy with value creation.
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