Exhibit 14  Letter
from the CEO  Dear
Fellow Employees  Since
its inception Cascade Corporation has been committed to conducting business in
accordance with the highest ethical and legal standards.  All of us can take pride in our Company and
each of us bears a personal responsibility to insure these standards are
continually upheld and unethical business practices are not tolerated under any
circumstances or for any reason.  Failing
to do so puts Cascades name, reputation, integrity and business at risk.  While Cascade strives to achieve market
leadership and business success, Cascade cannot and will not tolerate the use
of unethical business practices to achieve these objectives.  I
am pleased to provide you this Code of Ethics and Business Responsibilities to
help us all better understand our commitment. 
This Code applies to all of us: 
officers, Directors and employees of Cascade.  It also applies to consultants, agents and
other Cascade representatives.  The Code
provides employees and Directors, as well as Cascades suppliers, contractors
and other business partners, with guidance and perspective in understanding
Cascades emphasis on business ethics.  No
code of conduct can spell out the appropriate moral conduct and ethical
behavior for every situation we face. In the final analysis, you must apply
your own good business judgment  and you should not hesitate to seek guidance
from others within Cascade or external resources available to you as outlined
in the Code.  Employees seeking ethical
guidance will be protected from retaliation. 
This protects employees from harm for reporting concerns where they have
done nothing wrong.  Please
take the time to become familiar with Cascades Code and be sure to let any
management team member know if you have questions or comments or need
clarification as to any of the issues discussed.  Where Cascade has adopted specific policies
on matters also covered by the Code, those policies supplement the Code and
remain in effect.  As
President and CEO, I am personally committed to abiding by and carrying out
this Code.  The Board of Directors is
equally committed.  We ask that you share
that commitment.  We are confident that
with guidance from this Code and sound judgment on the part of all of us,
Cascade will continue to enjoy an excellent business reputation.  Sincerely,  Robert C. Warren President and Chief Executive Officer


Table of Contents INTRODUCTION
  3ETHICAL DECISION MAKING
  3POINTS OF CONTACT FOR QUESTIONS, CONCERNS OR
  POSSIBLE VIOLATIONS
  4REPORTING VIOLATIONS
  4VIOLATIONS OF THE CODE
  5WAIVERS
  5RESPONSIBILITIES TO SHAREHOLDERS
  5FINANCIAL INTEGRITY
  5INSIDER TRADING
  6EMPLOYEE CONDUCT
  7E-MAIL AND INTERNET
  7ANTITRUST ACTIVITIES
  8CONFLICTS OF INTEREST
  9RESPONSIBILITIES TO CASCADE BUSINESS OPPORTUNITIES
  10COMPANY RESOURCES
  10CONFIDENTIAL INFORMATION AND INTELLECTUAL
  PROPERTY
  11RESPONSIBILITIES TO EACH OTHER
  12RESPECT FOR EMPLOYEES
  12HEALTH & SAFETY
  12ALCOHOL & DRUGS
  12PRIVACY OF INFORMATION
  12RESPONSIBILITIES FOR PRODUCT QUALITY
  13SALES, MARKETING & ADVERTISING
  13INTERNATIONAL OPERATIONS
  13TRADE CONTROLS (IMPORT AND EXPORT)
  14BOYCOTTS
  14THE FOREIGN CORRUPT PRACTICES ACT (FCPA)
  15RESPONSIBILITIES TO BUSINESS PARTNERS,
  CONTRACTORS & SUPPLIERS
  15GIFTS & ENTERTAINMENT
  15RESPONSIBILITIES TO OUR COMMUNITIES:
  ENVIRONMENTAL PROTECTION
  17NEWS MEDIA INQUIRIES
  17GOVERNMENT INQUIRIES
  18PUBLIC ACTIVITIES
  18EthicsPoint Compliance Website
  18CODE OF ETHICS CONTACTS
  19ACKNOWLEGDMENT
  19


Cascade Corporation Code of Ethics & Business Responsibilities For
Directors, Officers and Employees March 1, 2004  INTRODUCTION  Cascade Corporation has adopted this Code of Ethics &
Business Responsibilities (the Code) to give employees, officers and
Directors guidance in their efforts to meet and protect high standards of
conduct during the course of business and other activities.  This Code will be available in many
languages on the Cascade intranet and internet. 
Updates to the Code will be made to the electronic version.  You should always check the electronic
version for the latest updates. Manual copies of the Code will be available at
each locations Human Resources Department.  This Code is intended to provide general guidance to all
Cascade employees and representatives. Where there are differences between this
Code and any local policy, regulation, Cascade employee handbook provision, or
posted Cascade policy the requirement containing the higher standard of ethical
conduct shall apply.  Cascade reserves the right to update or otherwise change
this Code of Ethics and Business Responsibilities at any time by action of its
Board of Directors.  ETHICAL DECISION MAKING  Cascade recognizes that all employees encounter ethical
challenges in their work.  This Code is
intended to help you to both recognize and resolve those challenges.  When faced with a business decision that seems to have
ethical overtones, here are several questions you should ask yourself to
determine if your actions are proper:  1.      Am I
adhering to the spirit and overall values, as well as the letter, of any applicable
law or Cascade policy? 2.      Would I
want my actions reported on the front page of a newspaper? 3.      What would
my family, friends or neighbors think of my actions? 4.      What would
I tell my child to do? 5.      Would I be
comfortable testifying about my decision under oath? 6.      Will there
be any direct or indirect negative consequences for Cascade? 7.      Would I be
comfortable describing my decision at an all-employee meeting?  If you remain uncertain about what to do, stop and ask
for help.  Speak with your supervisor or,
if you prefer, communicate with any of the other points of contact listed in
this Code.  3


POINTS OF CONTACT FOR QUESTIONS, CONCERNS OR
POSSIBLE VIOLATIONS  Your supervisor is normally the first person you should
contact if you have questions about anything in this Code or if you have any
issue related to the Code or possible violations. If you feel more comfortable
discussing the matter with someone other than your supervisor, you may utilize
the following points of contact:  ·       Your
locations Human Resource Department ·       Your
locations General Manager ·       Internal
Audit ·       Cascades
Officers ·       Cascades
Corporate Legal Counsel  Cascade promotes an open-access or open-door policy and
encourages employees to contact any Cascade officer or member of senior
management with potential concerns.  If you are not comfortable with any
of the above points of contact, the Cascade Corporation Compliance Website is
available to you.  The Website is a
simple, risk-free way for you to anonymously report activities that may involve
unethical or criminal conduct.  In
addition, a Compliance Hotline is also available for employees without internet
access.  A report received on the Website
or Telephone Hotline is totally confidential and administered by third parties
independent of the Companys officers and employees.  Contact information for the above resources is located
in the Company Code of Ethics Contacts section at the back of this Code.  REPORTING VIOLATIONS  As previously noted, Cascade employees have many options
for seeking compliance advice or fulfilling their obligation to report possible
misconduct.  Employees can contact their
supervisor, Human Resources Department, General Manager, a Cascade officer,
Cascades Corporate Legal Counsel or the Compliance Website/Hotline. Compliance
advice will be provided as promptly as practical following a request.  Reports of possible misconduct will be
investigated and appropriate action taken as warranted.  Anyone who seeks advice, raises a concern, or reports
misconduct is following the requirements of this Code.  Employees seeking ethical guidance or
reporting ethical concerns or violations of the Code will be protected from
retaliation.  The use of the Compliance
Website or Hotline allows you to report suspected violations related to Cascades
Code on a totally anonymous basis.  4


VIOLATIONS OF THE CODE  Persons found to have violated this
Code will be subject to disciplinary action, up to and including termination of
employment. Where conduct involves possible violations of law, those involved
may also be referred to appropriate authorities for potential criminal prosecution.  In addition, retaliation against
anyone who makes a good faith report of misconduct will not be tolerated.
Cascade will take appropriate disciplinary action, including termination of
employment and referral for potential criminal prosecution, against individuals
engaging in any retaliatory conduct. If you suspect that you or someone you
know has been retaliated against for reporting possible misconduct, you should
contact your supervisor, Human Resources Department, General Manager, a Cascade
Corporation Officer, Cascades Corporate Legal Counsel or the Compliance
Website/Hotline immediately.  WAIVERS  Only Cascades Board of Directors may waive any
provision of Cascades Code for officers or Directors.  Any waivers will be promptly disclosed as required
by law or by the Securities and Exchange Commission or the New York Stock
Exchange.  No waiver shall be effective
unless recorded in the minutes of the Board of Directors or, in the case of
employees or business partners other than officers and Directors, put in
writing and signed by the Chief Executive Officer or Chief Financial Officer.  RESPONSIBILITIES TO SHAREHOLDERS  Cascade is committed to advancing the long-term
interests of its shareholders and to protecting and improving the value of their
investment by applying the highest standards of ethical and legal conduct to
all business dealings.  Cascade conducts
its operations in accordance with accepted principles of good corporate
governance.  FINANCIAL INTEGRITY  Cascade adheres to the highest standards of
honesty.  It is essential that the
internal and external reports and documents we create, make public, or provide
to the government, constitute full, fair, accurate, timely and understandable
disclosures. In addition, accurate recording
and reporting of financial information is necessary in order to make
responsible business decisions.  All
financial books, records and accounts must accurately reflect transactions and
events and conform to generally accepted accounting principles and to Cascades
system of internal controls.  If you are
unsure about how to represent information or transactions in a Cascade report
or document, contact one of the listed points of contact for guidance.  Part of our commitment to honesty is the assurance
that all of Cascades financial transactions  5


are lawful and are made for the purposes stated and as
authorized by Cascade.  Examples of
unethical financial or accounting practices include:  ·       Making
false entries that intentionally hide or disguise the true nature of any
transaction. ·       Improperly
accelerating or deferring the recording of revenues or expenses to achieve
financial results or goals. ·       Maintaining
any undisclosed or unrecorded funds or off the book assets. ·       Establishing
or maintaining improper, misleading, incomplete or fraudulent account
documentation or financial reporting. ·       Processing
a sale or shipping product prior to receipt of a valid, customer supplied
purchase order or other documentation. ·       Making
any payment for purposes other than those described in documents supporting the
payment. ·       Signing
any documents believed to be inaccurate or untruthful.  The above items only represent a partial list of
potentially unethical financial or accounting practices.  If you have a concern about a particular
transaction or practice contact one of the listed points of contact for
guidance.  Any questions or concerns regarding Cascades financial
accounting, record keeping or auditing policies can be addressed to the Chief
Financial Officer or Vice President  Finance. 
Questions or concerns can also be submitted on a confidential basis
through Cascades Compliance Website/Hotline.  INSIDER TRADING  It is illegal to buy or sell securities (either
personally or on behalf of others) on the basis of material, nonpublic
information.  It is also illegal to
communicate (i.e., to tip) material, nonpublic information to others so that
they may buy or sell securities on the basis of that information.  If you know material, nonpublic information
about Cascade or any other company, including contractors, suppliers or
business partners, you are prohibited from trading (directly or indirectly) or
tipping others to trade in the securities of that company.  Material, nonpublic information is factual information
that a reasonable investor would want to know before making an investment
decision. Examples of material, nonpublic information include:  ·       Quarterly
or annual financial results ·       Financial
forecasts ·       Significant
financial or business developments ·       Possible
mergers, acquisitions, joint ventures or divestitures ·       Significant
product developments  6


These prohibitions continue for as long as the information
you know remains material and nonpublic. They apply as well to shares you may
hold in 401(k) Plan accounts.  If
you have questions or need guidance regarding any specific transactions,
contact Cascades Corporate Legal Counsel in advance of the transaction.  Cascade imposes a periodic blackout
period during which officers, managers and Directors cannot purchase or sell
Cascade shares to assure compliance with U.S. securities laws.  Cascades officers and Board members may only
purchase or sell shares during the 30 day period after the third working day
following the quarterly earnings release. 
All other managers may buy or sell shares up to 60 days after the third
working day following the earnings release, but not beyond the following
quarterly close.  EMPLOYEE CONDUCT  The strength and character of the
relationship with our employees is of paramount importance.  Cascade strives to treat every employee
ethically, to provide a safe working environment and to compensate employees
fairly for their contributions.  In
return, Cascade expects every employee to contribute their best efforts and to
focus their full energy and attention to their individual job responsibilities.  E-MAIL AND INTERNET  Cascades e-mail systems and internet connection are primarily
intended to be used for Cascade business purposes only.  Employees should not abuse Cascades e-mail
systems or internet connection for personal purposes.  E-mail systems are not entirely
secure and may be susceptible to interception. 
Unlike a spoken conversation, e-mail creates a permanent record.  Any e-mail you send may be printed by the
recipient or forwarded by the recipient to others, and will probably be
retained on company computers for a substantial period of time.  Exercise the same care, caution and etiquette
in sending an e-mail message as you would in any other written business
communication.  Employees must exercise common sense and good judgment
about what is appropriate vs. inappropriate e-mail message content. Make sure
your Cascade e-mail is professional and appropriate to the circumstances. All
forms of electronic communication should reflect favorably upon not only the
individual employee, but upon Cascade as a whole.  Cascade will not tolerate abusive,
obscene, offensive or profane e-mail or the use of internet access to download
any data that is unprofessional, inflammatory, or inappropriate for business
use. Keep in mind that what you personally may consider inoffensive may in fact
be quite offensive to someone else.  7


E-mail and internet records are
subject to disclosure to law enforcement and government officials, or other
third parties through subpoena or other legal processes.  Consequently, you should take care to always
ensure the business information included in e-mail and internet messages
complies with this Code.  All e-mail and internet records or communications that
originate from, or reside on, Cascades electronic communications systems are
considered company records. Cascade may, in certain circumstances, have a need
to examine and, therefore, reserves the right to read, view and copy any e-mail
communications and monitor internet activity.  Cascade internal computer sign-ons
and passwords may not be shared with any third party.  These guidelines apply to all Cascade employees,
contract employees, persons doing business with Cascade in a consultant
capacity, officers of the corporation and Directors in their electronic
communications and electronic business dealings.  ANTITRUST ACTIVITIES  The free enterprise system rests on the proposition that
free and open competition is the best way to ensure an adequate supply of goods
and services at reasonable prices.  The
antitrust laws of the United States of America (U.S.) as well as those of the
European Union (E.U.) and other areas in which Cascade does business are
intended to protect and promote vigorous and fair competition.  No matter what position you hold, you must adhere
strictly to U.S. and E.U. antitrust laws and to all laws governing competition
in any country in which Cascade does business. 
Violation of antitrust laws can result in severe civil and criminal
penalties, including imprisonment for individuals, and Cascade can be subjected
to substantial fines and damage awards.  The following agreements, arrangements or understandings
with competitors, whether oral or in writing, must not occur:  ·       Agreements
to fix prices or boycott specified suppliers or customers ·       Agreements
to allocate products, territories or markets ·       Agreements
to exchange competitively sensitive information, especially prices ·       Agreements
that limit the production or sale of products ·       Tying
arrangements, reciprocal dealing, unfair trade practices and other matters which
have competitive significance  Contacts with competitors are sensitive and risky, since
courts can infer an agreement or collusion from such contacts when they are
followed by common action or behavior. 
In contacts  8


with competitors, you must not discuss:  ·       Prices ·       Trade
allowances or rebates ·       Costs ·       Competition ·       Marketing
plans or studies ·       Production
plans and capabilities ·       Any
other confidential information  In the U.S., E.U. countries and
many other jurisdictions, conspiracies between competitors to fix prices or
otherwise violate antitrust laws can give rise to large damage awards against
companies and possible criminal charges against individuals.  To play it safe, do not discuss  pricing practices with a competitor.  If a competitor tries to bring up pricing or
other competitive practices, change the subject or excuse yourself from the
conversation.  If you have any questions
about communications with a competitor, get in touch with the Chief Executive
Officer, Chief Financial Officer, Vice President  Finance, or the Corporate
Legal Counsel.  In addition, you should not imply
that Cascades sales or purchases would be based on anything other than
quality, technical excellence, price, delivery, adherence to schedules, product
or service suitability, maintenance of adequate sources of supply or similar
considerations.  Cascades customers are free to establish their own
resale prices for Cascade products. While you may suggest or recommend resale
prices, you must not take coercive action to require customers to comply with
such suggestions or recommendations. You should obtain advice from appropriate points of
contact concerning any conduct or practice that you suspect could possibly
involve antitrust laws.  CONFLICTS OF INTEREST  Integrity in a business
relationship means that all participants are working together for the common
good and are not making decisions based on self-interest.  You have a responsibility to conduct your
personal and business affairs so as to avoid situations and relationships that
involve actual or potential conflicts of interest, or even the appearance of a
conflict of interest unless the situation or relationship has been presented
to, and approved in writing by, Cascades Chief Executive Officer or Chief
Financial Officer as being fair to, and actually or potentially to the benefit
of, Cascade (situations or relationships involving Cascade officers or
directors must have the prior approval of Cascades Board of Directors).  If you act, or appear to be acting
in your own self-interest, or in the interest of a Cascade competitor, you lose
the trust of customers, consumers and business partners, and Cascades
reputation is damaged.  9


Generally, a conflict of interest arises whenever an
employees personal or financial interests differ or could potentially differ
from his or her responsibilities to Cascade or from Cascades best
interests.  In some cases, the activities
of a spouse, domestic partner or an immediate family member can also create a
conflict of interest.  Put another way, a
conflict of interest is created whenever an activity, association or
relationship might impair your independent exercise of judgment in Cascades
best interest.  Examples of situations that could be perceived as
conflicts of interest and which therefore are not permitted without prior
approval as above, are:  ·Conducting Cascade
business with a firm owned, partially owned or controlled by an employee or an
employees relatives. ·Owning a financial
interest in Cascades vendors, customers or competitors (ownership of less than
1% of the stock of a publicly traded company that competes or does business
with Cascade is permissible). ·Performing work, with
or without compensation, for a competitor, governmental or regulatory entity,
customer or supplier of Cascade, or doing any work for a third party that may
adversely affect your performance or judgment on the job or diminish your
ability to devote the necessary time and attention to your duties. ·Using Cascade property,
materials, supplies, funds or other resources for personal purposes.  These situations, and others like them, where loyalties
to Cascade could be compromised, must be avoided absent approval.  Similarly, Cascade cannot make loans to, or
guarantee loans to, any officer, Director or employee.  If you believe you or others are involved in
a potential conflict of interest, you must discuss it with one of the points of
contact noted in this code.  RESPONSIBILITIES TO CASCADE BUSINESS OPPORTUNITIES  You are responsible for advancing Cascades business
interests when the opportunity to do so arises. You must not:  ·       Use
corporate property, information or your position at Cascade for personal gain. ·       Turn
to your own advantage or divert to others any business opportunity or idea in
which Cascade is or might potentially be interested, or that is discovered
through the use of your Cascade position or Cascade property or information. ·       Compete
with Cascade in any way.  COMPANY RESOURCES  Protect Cascades assets as you would your own.  Effective use of corporate resources is  10


critical to Cascades financial well being.  These resources include company travel
expenses, computers, telephones, internet access, reproduction equipment and
facsimile systems.  Cascade maintains these resources and technologies for
legitimate business activities and to support a positive, professional business
climate.  You are personally responsible
for corporate assets placed in your control and are expected to use such
resources and technology responsibly and professionally at all times.  ·       Exercise
good business judgment with respect to expenses while traveling. ·       Use
of Cascade-provided technologies and property for calls, emails or other
communications of a personal nature should be on an infrequent basis. ·       You
must not use Cascade assets to display, transmit or store inappropriate
materials at any time. ·       You
are responsible for protecting these resources from damage, destruction,
viruses, alteration, theft, fraudulent manipulation and unauthorized access,
disclosure or use.  CONFIDENTIAL INFORMATION AND INTELLECTUAL
PROPERTY  Cascades success depends upon protecting Cascades
confidential information and intellectual property.  Confidential information and intellectual
property include any information that gives Cascade a competitive edge in the
marketplace or that could harm Cascades business or personnel if disclosed
publicly, such as inventions, research and technical data, formulas,
discoveries, designs, improvements, ideas, manufacturing directives, computer
programs, trademarks, patents, copyrights, unpublished financial or pricing
information, other confidential information and all related documentation.  Confidential information also includes customer, sales,
marketing and other corporate databases, marketing plans, employee personnel
records and business proposals and strategies. You should consider all
information gained through your work at Cascade as confidential Cascade
information.  If you have access to Cascade confidential information
or intellectual property, you are obligated to protect and maintain it and act
responsibly with the sensitive information of competitors, customers,
suppliers, contractors and other business partners, as well as former employers
and competitors.  Cascade employees, suppliers and contractors may be
required to sign agreements regarding the use of Cascade confidential
information and intellectual property. 
Upon leaving Cascade, you are prohibited from copying or retaining any
documents or other materials that contain confidential information.  Former employees are still bound to maintain
the confidentiality of information learned during their employment at
Cascade.  Products, improvements and
ideas for products or improvements developed during your Cascade employment and
relating in any way to products Cascade has designed, manufactured or marketed,
or to products considered  11


for manufacture or marketing by Cascade are the property
of Cascade.  RESPONSIBILITIES TO EACH OTHER  We each have a responsibility to one another to report
any actions or activity that could be viewed as illegal or unethical or which
could violate any provision of this Code. 
Even if you are not directly involved, you are responsible for reporting
any conduct which might be a violation of the Code.  RESPECT FOR EMPLOYEES  Cascade is committed to upholding the legal workplace
rights of our employees at all times. 
Cascade respects the individual dignity of each of its employees, and
believes that every employee should be free from disruptive, offensive or
abusive behavior while at work.  Every
employee should conduct himself or herself with this belief in mind. Cascade
handbooks describe specific equal opportunity and non-harassment policies at
many locations.  You should consult your
manager, the Senior Vice President  Human Resources, or any other contact
point if you have questions concerning Cascades policy or are aware of
disrespectful conduct at work by fellow employees or third parties at any
location.  HEALTH & SAFETY  Cascade is committed to providing a safe and healthy
work environment.  Each of us must be
attentive to hazard prevention and the avoidance of accidents and
injuries.  You are responsible for
observing the safety and health rules and practices that apply to your
job.  You are also responsible for taking
precautions necessary to protect yourself and your co-workers, including
wearing appropriate clothing and protective equipment and immediately reporting
accidents, injuries and unsafe practices or conditions to your locations
Safety Manager, Plant Manager or other appropriate management personnel.  ALCOHOL & DRUGS  Cascade has a responsibility to provide a safe work
environment.  Cascade reinforces its
commitment by prohibiting employees from using, possessing, distributing or
being under the influence of illegal drugs or alcohol while working for Cascade
during business hours.  In addition,
alcohol is not permitted on Cascade premises. 
Cascade is obligated to deal with drug and alcohol problems in compliance
with all applicable laws on this subject. 
Make sure you are familiar with the specific Cascade drug and alcohol
policy in effect at your work location.  PRIVACY OF INFORMATION  Cascades intent is to create an environment of
confidence and trust.  It is Cascades
policy to  12


acquire and retain only accurate, factual, job-related
employee information required for the effective operation of Cascades business
or required by law in the jurisdictions in which Cascade operates.  Cascade intends to keep employee information
confidential and release it only to authorized personnel with a clear need for
such information or if compelled by law.  Customer and consumer information enables Cascade to
better understand and meet customer and consumer needs.  Cascade informs customers and consumers about
the use and handling of the information they provide, including informing
customers and consumers about the information collected, how such information
is used and the choices they have concerning further uses of the information.  RESPONSIBILITIES FOR PRODUCT QUALITY  Cascades success depends upon consumer trust and
satisfaction.  Cascades commitment to
quality, value and safety is essential to its continued growth and success.
Cascade is committed to provide products that offer value to consumers and to
maintain consumer trust in its products based on product quality, performance
and safety.  Cascade is committed to the
following principles related to product safety:  ·       Products
will be safe when used as intended. ·       Safety
testing will conform to industry and regulatory standards and promote and help
assure safe products. ·       Products
will comply with all legislative and regulatory requirements with respect to
product development and labeling.  SALES, MARKETING & ADVERTISING  Cascades success in the marketplace is based on the
value that its products provide to consumers, as well as the truthfulness and
accuracy of product and sales presentations and advertising.  Cascade will not use false or deceptive
advertising to promote its products, and will not give untrue assurances about
product performance.  Advertising, packaging, promotional materials, and any
verbal or written claims and descriptions of Cascade products must be accurate
and factual.  Claims that favorably
compare Cascade products with those of competitors must be factual and based
upon prior adequate substantiation. 
Deliberately misleading messages, omissions of important facts or false
claims about competitors products are not acceptable.  INTERNATIONAL OPERATIONS  As a global company, Cascade must know and comply with
the letter and spirit of the laws of all  13


countries where we do business and that affect our
international operations.  We must also
be sensitive to the cultures and customs of the countries where we operate.  Most governments have laws and regulations that restrict
trade and business transactions.  This is
particularly true for trade in goods and services that cross borders.  You should be aware of situations that may be
regulated by relevant governments and comply with those laws and
regulations.  Contact Cascades Chief
Financial Officer, Vice President  Finance, or Corporate Legal Counsel if you
have any questions.  TRADE CONTROLS (IMPORT AND EXPORT)  All governments regulate trade through restrictions on
exports (e.g., license requirements) and imports (e.g., payments of duties) of
goods, technology, and services.  Some
are more restrictive than others.  For
example, the U.S. government has significant restrictions on trade in military
and related goods, technology, and services, and trade with certain countries
(Special Trade Controls).  Under these
regulations exports include transfers to citizens of countries other than the
U.S. even if they occur entirely within the U.S. or between countries outside
of the U.S. if the export contains certain goods or technology that originated
in the U.S. Cascade will fully comply with all applicable laws and regulations
governing exports and imports of goods and services including Special Trade
Controls.  Each Cascade location should
evaluate its customers and suppliers to ensure that they are not included in
any government lists of parties restricted from trade.  For advice about any issues covered in this
section, contact Cascades Chief Financial Officer, Vice President  Finance,
or Corporate Legal Counsel.  You should immediately report any investigation or
inquiry by any government organization regarding alleged trade control
violations or irregularities to the Chief Financial Officer or Vice President 
Finance prior to taking any action.  BOYCOTTS  To boycott a country is to refrain from buying from or
dealing with that country as a means of protest.  U.S. government regulations prohibit all
company operations, including those outside of the U.S., from participating in
trade and related boycotts of specified countries goods and services.  Participation by any Cascade location in a
specified boycott is a violation of law and would subject us to fines and other
penalties.  Cascade cannot agree to a contract, document or oral
request containing language that could be interpreted as an attempt by any
country to enforce a boycott.  This
requirement includes not only specific agreements, but also declining, for
boycott reasons, to consider a financial or commercial opportunity in a
boycotted country.  Even providing
information on business relationships with the country being boycotted may
constitute a violation of U.S. law.  14


Cascade must immediately report boycott requests even
when we do not respond.  You must
immediately report any request for boycott-related information or receipt of
boycott-related documents to the Chief Financial Officer or Vice President 
Finance.  THE FOREIGN CORRUPT PRACTICES ACT (FCPA)  The Foreign Corrupt Practices Act (FCPA) applies to
business transactions both inside the U.S. and in other countries.  Its requirements relate to accurate and
complete financial books and records, transactions with foreign government
officials and prohibitions from directly or indirectly offering to pay, or
authorizing payment to, foreign government officials for the purpose of
influencing the acts or decisions of foreign officials. Violation of the FCPA
can bring severe penalties and it is mandatory that all employees living or
working in foreign countries or dealing with foreign entities become familiar
with the FCPA and its requirements.  You
should immediately report any questions relating to these matters to Cascades
Chief Financial Officer, Vice President  Finance or Corporate Legal Counsel.  RESPONSIBILITIES TO BUSINESS PARTNERS,
CONTRACTORS & SUPPLIERS  Contractor and supplier relationships must be maintained
in a manner consistent with all applicable laws, as well as with good business
practices.  Cascade is committed to
seeking strong, mutually rewarding business relationships with companies and
individuals who can enhance the quality of its products.  Cascade encourages fair competition among
potential suppliers, contractors and other vendors, and treats each company or
individual with fairness, integrity and without discrimination. The selection
of subcontractors, suppliers and vendors must be made on the basis of objective
criteria, including quality, technical excellence, price, delivery, adherence
to schedules, product or service suitability, maintenance of adequate sources
of supply and Cascades purchasing policies and procedures.  Individuals who are involved in proposals, bid
preparations or contract negotiations must be certain that all statements,
communications and representations are accurate and truthful.  You must always employ the highest ethical
standards in business practices regarding source selection, negotiation,
determination of contract awards, the administration of all purchasing
activities and performance in compliance with specifications, requirements and
clauses of contracts.  GIFTS & ENTERTAINMENT  To maintain trust in Cascades business relationships,
you must always act with integrity. The giving or acceptance of inappropriate
gifts can undermine business relationships, hurt Cascades reputation and put
Cascade in legal jeopardy.  15


You have a responsibility to make sure that all
decisions regarding the purchasing of materials, supplies and services are made
on the basis of competitive price, quality and performance, and in a way that
preserves Cascades integrity. Giving or accepting anything of value is
inappropriate if it could be reasonably interpreted as an effort to influence a
business relationship or decision. The difference between a gift and a bribe is
a question of intent. It is impermissible to accept or request any form of
kickback or bribe.  A bribe or a kickback
includes any item or favor provided for the purpose of improperly obtaining
favorable treatment or seeking a competitive advantage.  In certain situations or on certain occasions, small gifts
of nominal value may be presented by Cascade employees to suppliers, customers
or potential customers, such as specialty advertising items bearing the
corporate logo, tickets to local sports, civic or cultural events, restaurant
meals or refreshments.  Standards governing the acceptance of gifts from
suppliers or their agents mirror those relating to the giving of gifts to
Cascade customers and potential customers, in that acceptance of a significant
gift could be construed as improperly influencing the selection of a vendor or
the awarding of a contract.  It is not
necessary to give gifts in order to do business with Cascade.  Gifts of nominal value may be accepted on an
infrequent basis, such as during the holiday season, as a reasonable business
courtesy.  Routine entertainment by
suppliers that is business related - such as business meals, entertainment,
recreation, sports outings or cultural events - is acceptable; however, you
must obtain your supervisors approval. 
It is not acceptable to solicit gifts, gratuities or business courtesies
for personal benefit or the benefit of a Cascade employee, family member or
friend.  Gifts should not be accepted
from a supplier or potential supplier during, or in connection with, contract
negotiations.  Accepting cash or cash
equivalents - including checks, money orders, vouchers, gift certificates,
loans, stock or stock options - is not acceptable.  If you receive gifts or favors, you must immediately
notify your supervisor or other points of contact.  In some circumstances, you may be required to
return the gift with a letter explaining Cascade policy or, if a gift is
perishable or impractical to return, you may be required to distribute it to
employees or donate it to charity, with a letter of explanation to the donor.  Employees who do business in certain countries often
become aware of customs involving the exchange of gifts or the payment of
certain fees.  It is Cascades policy to
comply with all applicable laws on these matters, particularly the Foreign Corrupt
Practices Act.  This law restricts
payments to officials of foreign governments, political parties and candidates
for office.  Ultimately, you must exercise prudent business judgment
in deciding which situations are unacceptable. 
If there is ever any doubt as to the acceptability of any gift or
entertainment activity, consult your supervisor or other points of contact.  16


Further guidance regarding gifts and entertainment can
be found in the Companys Travel and Expense Policy.  RESPONSIBILITIES TO OUR COMMUNITIES:
ENVIRONMENTAL PROTECTION  Cascade is an environmentally responsible company and
operates its facilities in compliance with applicable environmental, health and
safety regulations and in a manner that has the highest regard for the safety
and well being of its employees and the general public.  Necessary permits, approvals and controls are maintained
at all Cascade facilities and Cascade strives to improve products, packaging
and manufacturing operations to minimize their environmental impact.  You are responsible for complying with all applicable
environmental laws, regulations and Cascade policies and to diligently follow
the proper procedures with respect to the handling and disposal of hazardous
materials.  Cascade insists that its
suppliers and contractors also follow appropriate environmental laws and
guidelines.  If you have questions or
concerns relating to Cascades environmental compliance requirements or
activities, you should contact your local Safety/Environmental Manager,  Plant Manager, or any point of contact listed
at the back of this Code.  NEWS MEDIA INQUIRIES  Providing clear and accurate information to the media
and general public maintains Cascades integrity in its relationships with the
public.  Requests for financial or
business information about Cascade from the media, press, financial community
or the public must be submitted in writing for review and approval to the Chief
Financial Officer or Vice President - Finance. 
Requests for information or other contacts from the Securities &
Exchange Commission, the New York Stock Exchange or other regulators must all
be referred to Cascades Corporate Legal Counsel, Chief Financial Officer and
Vice President - Finance.  It is critical
that you not respond to any such inquiry or contact yourself because any
inappropriate or inaccurate response, even a denial or disclaimer of information,
may result in adverse publicity and could otherwise seriously affect Cascades
legal position.  Requests for interviews relating to Cascade or its
affairs, or the issuance of any press releases, must be reviewed and approved
in advance by the Chief Financial Officer.  17


GOVERNMENT INQUIRIES  Cascade occasionally receives requests for information
from government agencies.  It is Cascades
policy to answer all proper inquiries promptly and truthfully.  Any information request from someone
representing a government agency must be referred to your Plant or General
Manager and to the Chief Financial Officer or Vice President  Finance.  PUBLIC ACTIVITIES  Cascade is committed to understanding the particular
needs of the communities in which it operates and is proud of its contribution
to the economic and social development of those locations.  Cascade encourages its employees to become
actively involved in the life of the communities in which Cascade operates.  Cascade employees are free to:  ·       Support
community, charitable, religious or political organizations ·       Support
causes of their choice ·       Endorse
an event, product or service ·       Provide
testimonials  You must not use your job title or affiliation in
connection with such support, endorsement or testimonial without approval from
the Chief Operating Officer or Chief Financial Officer.  You also must make it clear that your views
and actions do not necessarily represent those of Cascade.  If you author an article or other publication
and plan to be identified as a Cascade employee, you must submit a written copy
of the article or publication for review and approval from the Chief Operating
Officer or Chief Financial Officer.  No
Cascade employee may pressure another employee to express a view that is
contrary to a personal belief or to contribute to or support a political,
religious or charitable cause.  EthicsPoint Compliance Website  Cascade has selected a third party
compliance website, EthicsPoint® to provide you with a simple, risk-free way to
anonymously and confidentially report actual or suspected activities that may
involve financial or criminal misconduct or violations of the Code.  This webpage is hosted on EthicsPoints
secure servers and is not part of the Cascade Corporation website or intranet.  You may file a report on this site, www.ethicspoint.com  Or Telephone EthicsPoint® by dialing toll free, 24 hours
a day, 7 day a week:  Australia
  1-800-339276
  Japan/JP
  00531-121520Canada
  866-293-2422
  Korea/K2
  00308-110-480China (Northern)
  10-800-712-1239
  Korea/KO
  00798-1-1-009-8084China (Southern)
  10-800-120-1239
  Netherlands
  0800-022-6174  18


Finland
  0800-1-14945
  New Zealand
  0800-447737France
  0800-902500
  South Africa
  080-09-92604Germany
  0800-1016582
  Spain
  900-991498Hong Kong
  800-964214
  Sweden
  ###-##-####Ireland
  1-800615403
  United Kingdom
  080-000328483Italy
  800-786907
  United States
  866-293-2422Japan/J5
  0044-22-11-2505  CODE OF ETHICS CONTACTS  Cascade Corporation Corporate
Address: 2201
N.E. 201st Avenue Fairview,
Oregon 97024 800
227-2233 www.cascorp.com  Internal Audit Telephone:  (503) 669-6782 Email:
internal.audit@cascorp.com  Cascades Corporate Legal Counsel Newcomb,
Sabin, Schwartz & Landsverk 111
S.W. Fifth Avenue, Suite 4040 Portland,
Oregon 97204 Telephone:  (503) 228-8446 Email:  cascade@nsslaw.com  Acknowledgement of Cascades Code of Ethics
and Business Responsibilities  ·      I have
received and read the Companys Code of Ethics and Business Responsibilities (Code).  ·      I
understand the guidelines, standards and policies contained in the Code.  ·      I agree to comply with the guidelines, standards
and policies outlined in the Code.  ·      I
understand that I have a responsibility to report any actions or activities
that could be viewed as illegal or unethical or which are actual or possible
violations of the Code.  ·      I am
aware if I have questions about the Code or do not understand any of the
content  19


contained within the Code, I will contact my supervisor.
If I am not comfortable discussing these issues with my supervisor I will use
one of the following resources:  (1) My
location human resources department; (2) My general manager; (3) Internal
Audit; (4) Cascades officers; (6) Cascades Corporate Legal Counsel;
or (6) Cascades corporate compliance hotline www.EthicsPoint.com.  ·      I understand
that Ethicspoint.com is an anonymous compliance hotline that is available to me
to report actions or activities which could be or are in violation of the Code.   Name
  (please print)SignatureLocationDate  20


CODE OF ETHICS FAQ  CONFIDENTIALITY
OF ETHICSPOINT REPORTING SYSTEM  QUESTION:  It is my understanding
that all Cascade computers generate a server log that shows every website that
my PC connects with.  If I file a
complaint on EthicsPoint from my work computer wont this log identify me as a
report originator?  ANSWER:  You are correct.  Cascade computers do keep server logs showing
every web site your computer connects with.  
As a matter of strict policy we would never search these logs to try to
identify the report originator.  However,
if you have any concern whatsoever, you may want to file the complaint on a
non-Cascade computer.  Note that fewer than 12% of reports are generated during business
hours. Most people prefer to report from their home or at a publicly available
computer, such as at a library, after hours and on weekends. (Source
EthicsPoint)  QUESTION:  If I file a report
from home how can I be assured that I will remain anonymous?  ANSWER:   EthicsPoint does not
generate or maintain any internal connection logs with IP addresses.   Therefore, no information linking your PC to
EthicsPoint is available.  A report from home, a neighbors computer, or any internet portal will
protect your anonymity. An internet portal never identifies a visitor by screen
name and the EthicsPoint system strips away IP addresses. The EthicsPoint
service does not identify the report generator.   That security level was one of the reasons
we chose EthicsPoint as our service provider.  INSIDER
TRADING  QUESTION:     I dont work in the
accounting department and I am not an executive. Can I ever be considered an
insider?  ANSWER:  Yes.  Inside information is nonpublic information
that might influence a knowledgeable investor to make a different decision to
buy or sell Cascade shares than they would have made based on information
available to the public at large.  An
example of this type of nonpublic information would be knowledge of a very
large pending product liability lawsuit, knowledge of a potential large
pollution issue, or knowledge of a large acquisition that is being
negotiated.  This kind of information
might influence a knowledgeable investor and consequently, meets the definition
of insider information.  If you are aware
of this kind of  21


information you are considered an insider.    If you have any question as to whether
particular information meets this definition, contact Andy Anderson or Joe
Pointer for clarification.  CONFLICT OF INTEREST & RELATED PARTY TRANSACTIONS  QUESTION: As an employee of Cascade, is it
possible for a member of my family or a close personal friend to be a vendor or
customer?  ANSWER: Yes, as long as a number
of stringent conditions are met.  Cascades
Board of Directors has recognized that there are situations where it may be in
the best interests of a company to do business with someone who may be related
in some way to a Cascade employee. In order to provide a practical approach to
this ethical issue, and to insure that all potential vendors and customers are
treated and evaluated fairly, the Board adopted an amendment to the Code in
September, 2007.  The amendment permits
the CEO, the CFO, or the Board of Directors to approve situations which may be
conflicts of interest.  It is important to remember that, unless approved by the CEO the CFO or
the Board, situations involving actual or potential conflicts of interest are
strictly prohibited.  Briefly summarized, the amendment allows vendors or customers who are
related in some way to a Cascade employee to transact business with the company
as long as:  (1)  there is complete
disclosure of the relationship; (2) the relationship has been reviewed and
formally approved to insure that Cascades interests are protected; (3) the
vendor or customer is treated in exactly the same manner as all other similar
vendors or customers and; (4)  the employee has no influence or authority
over the business transactions or relationship.  There are two classes of review and approval.  1. A relationship between a vendor or customer and an employee who is
not an officer or director of the company must be disclosed and approved by
either the CEO or the CFO. 
2. A relationship between a vendor and an officer (such as the CEO, CFO, a vice
president or the treasurer) or director of the company must be disclosed and
approved by the Board of Directors.  Of course it is always a prohibited conflict of interest for an
employee to compete with Cascade or to assist or share any Cascade information
with, or assist, a Cascade competitor or anyone working for a Cascade
competitor.  INTERNET USAGE  QUESTION:  Can I use the Cascade internet system for
personal e-mails and internet access?  ANSWER:   You may, to a limited extent.  Cascades e-mail systems and internet
connection are extremely important business tools and are intended to be used
for Cascade business purposes.  However,
we do recognize that a nominal amount of personal e-mail communication and
internet usage may be necessary during the day, much like telephone
communication.  It is the  22


employees
responsibility to insure that they do not abuse the privilege of using Cascades
systems for personal purposes and that it does not interfere with their
job.   We must stress that there are
certain usages that are always strictly prohibited under any circumstance.  Under no
circumstances will we tolerate abusive, obscene, offensive, or profane e-mail
or the use of internet access to view or download any content that is
unprofessional, inflammatory, or inappropriate for business use.  What an individual employee may consider
inoffensive may, in fact, be quite offensive to others.   Cascade retains the exclusive right to make
judgments about the appropriateness of internet and e-mail content.  There are
absolutely no circumstances in which sexually oriented or explicit material or
references are appropriate in internet sessions or e-mail communications,
whether personal or business in nature. 
This is a zero tolerance policy.  Inappropriate
e-mail communications between company employees, including mutually exchanged
communications, may constitute conduct that meets the legal definition of
sexual harassment in the workplace.  
Under no circumstance will e-mail communications that could, in any way,
be construed as sexual harassment be tolerated, even in cases where both
parties are willing participants.  There are
serious disciplinary consequences associated with violating these policies, up
to and including termination of employment.  QUESTION:  Can the company access my e-mails and
internet usage records?  ANSWER:   Yes. 
E-mails and internet connections that originate on, or are received on
Cascades systems are considered company records.  Although we do not routinely monitor e-mail
communications, you should always be aware that Cascade has the right to review
current and past e-mail correspondence and internet records at any time and
will do so if we suspect that a serious violation of policy may have
occurred.   While this policy may have
some restrictions in certain countries, it is almost always upheld when the
policy has been previously made known to the employees.  OWNERSHIP
OF INTELLECTUAL PROPERTY  QUESTION:  If I invent something
while employed at Cascade that has nothing to do with Cascades business, does
the Company own the rights to it?  ANSWER:  No.  Our original Code of Ethics policy on intellectual property
ownership could have been misinterpreted to apply to everything a person
conceived, developed or invented during their employment, whether or not it had
anything to do with Cascades business. That was never our intent.  In September, 2007, the Board amended the
policy to read as follows:  23


Products,
improvements and ideas for products or improvements developed during your
Cascade employment and relating in any way to products Cascade has designed,
manufactured or marketed, or to products considered for manufacture or
marketing by Cascade are the property of Cascade.  We believe this language makes the policy much
clearer.  24