2011 - Cascades

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APPENDIX 28
Source: Bloomberg. ENERGY PRICES Natural gas (US$) 7.00 600 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Energy prices Apr 09 July 09 Oct 09 Jan 10 Apr 10 July 10 Oct 10 Jan 11 Apr 11 July 11 Oct 11 Jan 12 Natural gas (US$/mmBtu) Crude oil (US$/barrel) Crude oil (US$) 110 90 70 50 30 Hedging Program - Natural gas • Canada: • 2012: 65% at 5.97 CAN$/GJ • 2013: 70% at 5.48 CAN$/GJ • US: U.S.: • 2012: 58% at 6.30 US$/mmBtu • 2013: 52% at 5.84 US$/mmBtu 2010 2011 2012 Change Q1 2012 Q1 2012 Averages Energy prices Year Year Q1 Q1 2011 Q4 2011 Natural gas Henry Hub (US$/mmBtu) 4.39 4.04 2.74 -33% -23% Crude oil WTI (US$/barrel) 77.32 94.01 100.51 11% 12% 29
Page 1 and 2: CASCADES NBF Québec Conférence Ju
Page 3 and 4: OVERVIEW - PACKAGING AND TISSUE PRO
Page 5 and 6: OVERVIEW - CLOSED-LOOP BUSINESS MOD
Page 7 and 8: MARKET DYNAMICS - DEMAND Packaging
Page 9 and 10: MARKET DYNAMICS - MARKET BALANCE 10
Page 11 and 12: Sources: RISI, Bloomberg. MARKET DY
Page 13 and 14: STRATEGIC ACTION PLAN - PRIORITY #1
Page 19 and 20: (M CAN$) 4,500 4,000 3,500 3000 3,0
Page 21 and 22: See notes page 34. FINANCIAL REVIEW
Page 23 and 24: (M CAN$) 2,000 1,800 1,600 1,400 1,
Page 25 and 26: FINANCIAL REVIEW - CAPEX PROGRAM
Page 27: NEAR TERM OUTLOOK: Cautious optimis
Page 31 and 32: NORTH AMERICAN MANUFACTURING SPREAD
Page 33 and 34: SENSITIVITY TABLE 2011 SELLING PRIC
Page 35: For more information: www.cascades.

2011 - Cascades

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