Cascades Inc. — Capital/Financing Update 2021

Nov 5, 2021

CASCADES INC.

FORM 51-102F3 MATERIAL CHANGE REPORT

Item 1. – Name and Address of Company:

Cascades Inc. (“Cascades” or “Company”) 404, Marie-Victorin St. Kingsey Falls, Quebec J0A 1B0

Item 2. – Date of Material Change:

October 27, 2021

Item 3. – News Release:

Press release with respect to the material change referred to in this report was issued through newswire services of CNW Telbec on October 27, 2021.

Item 4. – Summary of Material Change:

On October 27, 2021, Cascades announced the modified Dutch Auction Tender Offers for up to US$200,000,000 for its 5.375% Senior Notes due 2028 and 5.125% Senior Notes due 2026.

Item 5. – Full Description of Material Change:

Cascades Inc. announced that it has commenced cash tender offers for up to $200,000,000 aggregate principal amount of its 5.375% Senior Notes due 2028 and its 5.125% Senior Notes due 2026 pursuant to the terms and subject to the conditions set forth in the Tender Offer documents.

Item 6. – Reliance on Section 7.1(2) of Regulation 51-102 :

N/A.

Item 7. – Omitted Information:

None.

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Item 8. – Executive Officer:

The following executive officer is knowledgeable about the material change and this report:

Robert F. Hall Chief of Strategy, Legal Affairs and Corporate Secretary Tel.: (819) 363-5116

Item 9. – Date of Report:

November 5, 2021.