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.

Following completion of the transaction in early 2001, all public shareholders of Paperboard, Perkins and Rolland held Cascades common shares and Cascades was the sole shareholder of Paperboard (excluding holders of preferred shares), Perkins and Rolland.

For legal advice, Cascades relied 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 and Louis Seguin (securities) and Alain Ranger (tax) and associates Marie-Josée Neveu, Martin Cossette and Nathalie Y. Provost of Fasken Martineau.