2011 - Cascades

65%
60%
55%
50%
45%
40%
FINANCIAL REVIEW – LEVERAGE RATIOS
58%
Debt / Debt + Equity q y
Net debt / LTM EBITDA
54%
56%
59%
60%
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
4.2 x 4.2 x
3.0
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
4.9 x
Slight increase in debt during the execution of our strategic plan
¹Starting in Q2 2011, LTM EBITDA / Interest includes 100% of Reno De Medici. Starting in Q4 2011, also includes 100% of Papersource. Cascades’ financial covenant ratios: Net funded debt to
capitalization of not more than 65%,interest coverage ratio not less than 2.25x. EBITDA excluding specific items. Q2 and Q3 2011 numbers have been slightly restated following the finalization of
the purchase price allocation on the Reno De Medici acquisition
24
5.8 x
56 5.6 x