Exhibit 10.4    January 22,
2004  TO:THE BANK OF NOVA SCOTIA, as Agent
and to each Lender under the Credit Agreement
referred to below:  RE:February 3, 2003 Credit Agreement between Cascades Inc. and the
other parties thereto - Interest Expense  Dear Sirs:  We are writing further to
our request for amendment dated December 17, 2003 regarding the definition
of Interest Expense.  Firstly, we thank
you for your consent to our request.  In addition, we would
like to confirm our interpretation of the calculation of Interest Expense
(under the new definition) for the purposes of the Credit Agreement.  In connection with the closing of our
$500,000,000 credit facility and the US $550,000,000 issuance of notes on February 5,
2003, we paid various upfront and other similar non-recurrent issuer fees which
have been capitalized.  These fees
represented an amount of $24,608,000.  We intend to continue to
exclude such fees from the calculation of Interest Expense.  In our view, the expressions financing
expenses or financing charges are intended to capture financing costs which,
in the strict sense, are not interest but are incurred on an ongoing
basis.  However, these expressions are
not meant in our view to include the non-recurrent upfront or issuer fees
referred to above.  Consequently, could you
kindly confirm that you agree with our interpretation that non-recurrent
upfront or issuer fees do not constitute Interest Expense for the purposes of
the Credit Agreement.  Please indicate your
agreement by signing a copy of this letter and returning same to the Agent by
5:00 p.m., Friday, February 6, 2004. Please send your response to the
attention of Kim Snyder by fax at (416) 866-3329.  Yours very truly,Cascades
  Inc.Cascades
  SPG Holding Inc.Cascades G.P.S. S.A.Cascades
  Arnsberg GmbHPer:
  (s) André BelzileAndré Belzile


WE
CONFIRM OUR AGREEMENT WITH THE INTERPRETATION OF INTEREST EXPENSE SET FORTH IN
CASCADES INC.S JANUARY 22, 2004 LETTER:  THE BANK OF NOVA SCOTIA, as
  Lender
  
  NATIONAL BANK OF CANADA,
  as LenderPer:
  (s) David Angel
  
  
  Per:
  (s)
  Jeffrey ForgachAssistant
  Vice PresidentPer:
  (s) John
  Santillo
  
  
  Per:
  (s)  Vincent LimaVice
  PresidentCANADIAN IMPERIAL BANK OF
  COMMERCE, as Lender
  
  CIBC INC., as
  designated LenderPer:
  (s)
  Mark Chandler, Executive Director
  
  
  Per:Per:
  (s)
  Geoff Bond, Managing Director
  
  
  
  ExecutiveDirectorCITIBANK, N.A. Canadian Branch,
  as Lender
  
  CITICORP NORTH AMERICA,
  INC., as designated
  LenderPer:
  (s)  Isabelle Côté
  
  
  Per:
  (s)  Daniel J. BrillManaging DirectorBNP PARIBAS (CANADA), as
  Lender
  
  BNP PARIBAS,
  as designated LenderPer:
  
  
  
  Per:COMERICA BANK,
  as Lender
  
  SOCIÉTÉ GÉNÉRALE (CANADA),
  as LenderPer:
  (s)  Monica Lewis
  
  
  Per:  2


SOCIÉTÉ GÉNÉRALE, as
  designated Lender
  
  BANK OF MONTREAL, as LenderPer:
  
  
  
  Per:
  (s)  Bruno JarryDirectorCAISSE CENTRALE
  DESJARDINS,
  as Lender
  
  THE TORONTO-DOMINION
  BANK, as LenderPer:
  (s)  Pierre Tremblay
  
  
  Per:
  (s) Yves
  BergeronPer:
  (s)  Francine Champoux
  
  
  Per:TORONTO-DOMINION (TEXAS)
  INC., as designated
  LenderPer:
  (s)  Jill HallPer:
  Vice President  3