Major Restructuring at Cascades

On July 10, 2000, Cascades Inc. and its publicly traded subsidiaries (Paperboard Industries International Inc., Perkins Papers Ltd. and Rolland Inc.) announced that Cascades was proposing to restructure the Cascades Group so that common shares of its subsidiaries held by the public be exchanged for common shares of Cascades.

Immediately following the transaction, all public shareholders of Paperboard, Perkins and Rolland will hold Cascades common shares and Cascades will be the sole shareholder of Paperboard (excluding holders of preferred shares), Perkins and Rolland. The objectives of the proposed transaction are to achieve a better valuation of the Group as a whole and to create a vehicle for growth better adapted to today’s financial in each of the principal business sectors of the Cascades Group.

For legal advice, Cascades is relying on Vice President, Legal Affairs and Corporate Secretary, Robert F. Hall as well as a team of outside counsel composed of Robert Paré (corporate and securities), Gilles Leclerc (securities) and Alain Ranger (tax) and associates Marie-Josée Neveu, Martin Cossette and Nathalie Y. Provost of the Montreal office of Fasken Martineau DuMoulin LLP.

Maryse Bertrand, Sébastien Savage of Goodman Phillips & Vineberg in Montreal and Jonathan Lampe of Goodman Phillips & Vineberg in Toronto have been retained by the independent committee of Perkins Paper Inc. Rolland Inc. is being represented by Michel Marchand of Marchand, Magnan, Melançon, Forget, in Montreal. Paperboard Industries Inc. is being represented by Sidney Horn of Stikeman Elliott. The independent committee of the board of directors of each of Paperboard, Perkins and Rolland has retained respectively Sydney Horn of Stikeman, Elliott and Maryse Bertrand of Goodman Phillips & Vineberg.