<B>Cascades Completes Restructuring</B>

Cascades Inc. announces that the restructuring of the Cascades Group was completed effective as of December 31.

The restructuring consists of exchanging all of the common shares held by the minority shareholders of Paperboard, Perkins and Rolland for new common shares of Cascades Inc. As a result of the restructuring, Cascades now owns all of the common shares of Paperboard, Perkins and Rolland.

The operation will entail a dilution of the majority shareholder of Cascades, the Lemaire family, from 46 percent to approximately 38 percent. As per the terms of the restructuring, the public will own approximately 50.8 million common shares of Cascades, compared with approximately 36.1 million at this time.