Cascades Inc. announced that it has commenced cash tender offers for up to $200,000,000 aggregate principal amount (the "Aggregate Maximum Tender Amount") of its (i) 5.375% Senior Notes due 2028 (the "2028 Notes") and (ii) 5.125% Senior Notes due 2026 (the "2026 Notes" and, together with the 2028 Notes, the "Notes"), pursuant to the terms and subject to the conditions set forth in the Offer to Purchase, dated October 27, 2021 (as it may be amended or supplemented, the "Offer to Purchase"), subject to (a) the aggregate principal amount for all 2028 Notes accepted for purchase not exceeding $125,000,000 (before giving effect to any 2028 Notes Sublimit Reallocation (as defined below), the "2028 Notes Sublimit"), (b) the aggregate principal amount for all 2026 Notes accepted for purchase not exceeding $75,000,000 (the "2026 Notes Sublimit") and (c) in the event that less than $75,000,000 aggregate principal amount of 2026 Notes are validly tendered and not validly withdrawn by the Early Tender Date or the Expiration Date, as applicable, Cascades may, in its discretion, increase the 2028 Notes Sublimit by an amount up to the difference between $75,000,000 and the aggregate principal amount of 2026 Notes validly tendered and not validly withdrawn and accepted for purchase at the applicable settlement date (the "2028 Notes Sublimit Reallocation"). The total consideration payable for each $1,000 principal amount of Notes will be determined based on a modified "Dutch Auction" procedure. Holders of Notes who validly tender (and do not validly withdraw) their Notes at or prior to 5:00 p.m., New York City time, on November 9, 2021, unless extended (the "Early Tender Date"), and whose Notes are accepted for purchase will receive the applicable "Total Consideration," including a "Early Tender Premium" of $30.00 per $1,000 principal amount of Notes. Holders who validly tender their Notes after the Early Tender Date will not be eligible to receive the Early Tender Premium. The Tender Offers will expire at 11:59 p.m., New York City time, on November 24, 2021, unless extended (the "Expiration Date").