Exhibit 99.1

GRAPHIC

ANNUAL INFORMATION FORM

For the year ended December 31, 2003        May 7, 2004

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Table of contents

Annual
Information Form for the year ended December 31, 2003

|                                    |  |                                                                                  |  |                                                  |  | Page
|----------------------------------- |  | -------------------------------------------------------------------------------- |  | ------------------------------------------------ |  | ----
|Documents incorporated by reference |  |                                                                                 
|Forward Looking Statements          |  |                                                                                 
|Item 1.                             |  | Cover Page                                                                       |  |                                                 
|Item 2.                             |  | Corporate Structure                                                              |  | 1                                               
|                                    |  | 2.1                                                                              |  | Name and Incorporation of the Company            |  | 1   
|                                    |  | 2.2                                                                              |  | Intercorporate relationships                     |  | 1   
|Item 3.                             |  | General Development of the Business                                              |  | 2                                               
|                                    |  | 3.1                                                                              |  | Company profile                                  |  | 2   
|                                    |  | 3.2                                                                              |  | Three year history                               |  | 2   
|                                    |  | 3.3                                                                              |  | Significant acquisitions and dispositions        |  | 4   
|Item 4.                             |  | Description of the Business                                                      |  | 4                                               
|                                    |  | 4.1                                                                              |  | General                                          |  | 4   
|                                    |  | 4.2                                                                              |  | Industry sectors and geographic area information |  | 6   
|                                    |  |                                                                                  |  | 4.2.1 Packaging                                  |  | 6   
|                                    |  |                                                                                  |  | 4.2.2 Fine Papers                                |  | 14  
|                                    |  |                                                                                  |  | 4.2.3 Tissue Papers                              |  | 15  
|                                    |  | 4.3                                                                              |  | Environment                                      |  | 17  
|                                    |  | 4.4                                                                              |  | Business Risks                                   |  | 18  
|                                    |  | 4.5                                                                              |  | Corporate reorganization                         |  | 18  
|Item 5.                             |  | Selected Consolidated Financial Information                                      |  | 18                                              
|                                    |  | 5.1                                                                              |  | Annual Consolidated Information                  |  | 18  
|                                    |  | 5.2                                                                              |  | Dividends                                        |  | 19  
|Item 6.                             |  | Management's Discussion and Analysis of Financial Position and Operating Results |  | 20                                              
|Item 7.                             |  | Market for Securities                                                            |  | 20                                              
|Item 8.                             |  | Directors, Officers and Committees                                               |  | 21                                              
|Item 9.                             |  | Additional Information                                                           |  | 23                                              

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Documents Incorporated by reference

The documents in the table below contain information that is incorporated by reference into this annual information form. (AIF)

|Documents                                                               |  | Where they are incorporated in this
Annual Information Form
|----------------------------------------------------------------------- |  | -----------------------------------------------------------
|2003 Annual Reportmanagement's discussion and analysis, pages 15 to 29 |  | Item 6                                                     
|Consolidated Financial Statements, pages 31 to 69                       |  | Item 6                                                     

In this Annual Information Form, the terms "We", "Us", "Our", and "Cascades" refer to Cascades Inc., its subsidiaries and joint ventures. All dollar
amounts are expressed in Canadian dollars, unless stated otherwise. The information in this AIF is as of May 7 2004, unless stated otherwise, and except for information in documents
incorporated by reference that have a different date.

Forward-Looking Statements

Securities laws encourage companies to disclose forward-looking information so that investors can better understand the company's future prospects and make
informed investment decisions.

Certain
statements in this notice or in documents incorporated by reference are forward-looking statements (as such term is defined under the United States Private Securities Litigation
Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially
from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Company's products, increases in raw material costs, changes in the relative
values of certain currencies, fluctuations in selling prices, adverse changes in general market and industry conditions. (See Business risks).

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Annual Information Form
For the year ended
December 31, 2003

Item 2Corporate Structure

2.1   Name and Incorporation of the Company

Cascades Inc. (hereinafter referred to as "Cascades" or the "Company") was incorporated under the name Paper Cascades Inc./Cascades
Paper Inc. under the laws of the Province of Quebec by letters patent issued on March 26, 1964. Supplementary letters patent were issued on March 11, 1968, July 4, 1979 and
October 19, 1979 to amend the authorized capital stock and the restrictions and privileges attached to certain classes of shares of the Company.

Cascades
was continued under the name Cascades Inc. under Part 1A of theCompanies Act(Quebec) by Certificate of
Continuance dated October 26, 1982. Certificates of Amendment were issued on July 5, 1984, September 16, 1985 and May 13, 1986 to permit the subdivision of the Company's
Common Shares, as well as on July 15, 1992, July 24, 1992, December 17, 1992 and July 20, 1993 in order to modify the authorized share-capital and the restrictions and
privileges of certain classes of shares of the Company.

On
December 30, 2003, in accordance with Article 123.129 of theCompanies Act(Québec), Cascades, by
simplified amalgamation, merged with 9135-2591 Québec Inc., a wholly owned subsidiary of the Company. The articles of amalgamation and schedules as well as the
composition of the Board of Directors of the new company following the amalgamation are exactly the same as those of Cascades Inc. prior to the amalgamation.

As
at December 31, 2003, the Company had outstanding 81,731,387 Common Shares.

The
head office and corporate offices of Cascades are located at 404 Marie-Victorin Blvd., Kingsey Falls, Québec, J0A 1B0. Cascades also has administrative offices
located at 772 Sherbrooke West, Suite 100, Montréal, Québec, H3A 1G1.

2.2   Intercorporate Relationships

The following list sets out the corporate structure of Cascades Inc. and its principal subsidiaries and joint ventures, their respective jurisdiction of
incorporation and the percentage of voting rights held as of January 1, 2004:

|Corporate Name                  |  | Jurisdiction of
Incorporation |  | % of the Voting Common Shares held
by the Company
|------------------------------- |  | ----------------------------- |  | -------------------------------------------------
|Cascades Canada Inc.            |  | Canada                        |  | 100%                                             
|Cascades Fine Papers Group Inc. |  | Canada                        |  | 100%                                             
|Cascades GPS S.A.S.             |  | France                        |  | 100%                                             
|Cascades S.A.                   |  | France                        |  | 100%                                             
|Cascades Transport Inc.         |  | Canada                        |  | 100%                                             
|Cascades USA Inc.               |  | Delaware                      |  | 100%                                             
|Norampac Inc.                   |  | Canada                        |  | 50%                                              
|Dopaco, Inc.                    |  | Pennsylvania                  |  | 50%                                              

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Item 3General Development of the Business

3.1   Company profile

Established in 1964, Cascades is the parent company of a North American and European group of companies involved in the production, conversion and marketing of
packaging products, fine specialty papers and tissue papers principally composed of recycled fibers. Cascades conducts its business principally through three operating sectors: Packaging, Fine Papers
and Tissue Papers.

ThePackagingsector includes:



TheFine Paperssector manufactures and markets high-end uncoated fine papers, the content of which is in large part recycled.

The Tissue Papersector is a major producer of tissue paper for the retail, commercial and institutional markets.

The
following paragraphs describe significant events and important transactions in the development of the Company's business over the last three years.

3.2   Three year history



On
February 5, 2003, the Company completed a series of transactions to substantially refinance all of its credit facilities, excluding those of its joint ventures. The Company
secured a new four-year revolving credit facility for $500 million. The obligations under this facility are secured by all inventory and receivables of the Company and its North
American subsidiaries, excluding its joint ventures, and by the property, plant and equipment of three of its mills.

In
addition, the Company issued new unsecured 7.25% Senior Notes, maturing in 2013, for an aggregate amount of US$450 million.

As
well, the Company also redeemed US$125 million 8.375% Senior Notes, due in 2007, issued by a subsidiary for a total consideration of $192 million. Finally, in
October 2003, the Company completed an additional financing of US$100 million 7.25% Senior Notes, maturing in 2013, at a price of 104.50%, for an effective interest rate of 6.61%.

On
February 27, 2003, Cascades announced the appointments of Messrs Robert Chevrier and David McAusland to the Board of Directors of the Company replacing long time contributors
Messrs Simon L'Heureux and Paul Pelletier.

On
March 24, 2003, Cascades announced the opening of a new tissue paper converting facility in Calgary, Alberta, that will produce bathroom tissue and paper towels. The new plant
consolidated the presence and expansion of the Tissue Group in Western Canada.

On
April 15, 2003, Norampac announced the purchase of Georgia Pacific's converting plant in Schenectady, New York. This acquisition was part of an asset exchange agreement whereby
Norampac

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acquired
the Schenectady plant in exchange for its Dallas/Fort Worth, Texas plant acquired in June 2001. Through this acquisition, Norampac increased its presence in the corrugated packaging
market in the Northeastern United States.

On
October 1, 2003, Cascades through its subsidiary Cascades Boxboard Group Inc., increased its participation from 40% to 50% in Dopaco, Inc., a North American
leader in packaging for the quick-service restaurant industry at an investment cost of $17 million.

On
October 22, 2003, Cascades announced the opening of a new 206,000 square foot tissue paper converting plant in Kingman, Arizona in the United States. The US$13 million
investment allowed Cascades to increase its level of integration and ability to serve its retail, commercial and institutional customers in the Western United States.

On
March 11, 2004, the Company acquired a tissue mill in Memphis, Tennessee, extending its presence in the Southern United States.

On
April 5, 2004, Norampac announced the acquisition of a corrugated products plant in Thompson, Connecticut in the United States, from Johnson Products Corrugated Corp. This
investment will allow Norampac to increase its integration level and its North American presence.



On
January 2, 2002, Norampac transferred the assets of its paper recovery divisions to Metro Waste Paper Recovery Inc., in exchange for an additional 18.5% interest in the
common shares of Metro Waste Paper Recovery Inc., representing a total amount of $13.5 million.

On
January 23, 2002, Norampac acquired a corrugated products plant in Leominster, Massachusetts from Star Container Corporation, for a total consideration of $50.5 million.
This plant with an annual production capacity of over one billion square feet allowed Norampac to pursue its acquisition strategy of increasing its converting capacity.

On
April 26, 2002, Cascades announced the acquisition of 33 converting lines located in Waterford, New York, and in Calexico, California. These assets with a total capacity of
eight million cases were acquired for a global amount of US$20 million.

On
June 6, 2002, the American Bankruptcy Court approved the purchase by Cascades of a tissue paper mill, two conversion sites located in Mechanicville, New York and in
St-Helens, Oregon and a paper machine. These sites with a total combined annual production capacity of 100,000 short tons with the other assets described were bought for
US$33 million.

On
June 11, 2002, Cascades announced a $14 million investment by Cascades Conversion Inc., a joint venture with Sonoco Products Company to extend the conversion
plant in Kingsey Falls, Québec and for the installation of a new co-extrusion coating machine.

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On
July 8, 2002, Cascades announced the sale of all its retail egg carton activities in Canada and in the United States to the Danish Company, Brodrene Harmtann A/S. All of the
equipment, working capital
and goodwill of its Brantford, Ontario plant as well as the goodwill of its unit located in Thorndike, Massachusetts were sold.

On
July 15, 2002, the Boxboard Group's European subsidiary, Cascades S.A., was privatized.



In
March, 2001, Cascades acting through its subsidiary Cascades Boxboard Group Inc. entered into an agreement to acquire a folding carton plant in the packaging products sector
from Crown Packaging Ltd. for a cash consideration of $11 million. This plant located in Winnipeg, Manitoba has an annual converting capacity of approximately 15,000 metric tons.

On
April 2, 2001, Norampac acquired all of the assets of a containerboard mill and nine paper recovery plants located in British Columbia, Alberta and Manitoba from Crown
Packaging Ltd. for a cash consideration of $50 million. The containerboard mill produces 100% recycled corrugating medium and gypsum paper. This acquisition has allowed Norampac to
improve its ability to supply its own corrugated container plants in Western Canada.

On
April 23, 2001, Norampac announced the start-up of a new green field corrugated products converting plant in Monterrey, Mexico. This plant was sold on
February 13, 2004.

On
June 1, 2001, Norampac started up a new green field converting plant located in Dallas/Fort Worth, Texas for a total investment of $7.3 million. The assets of this plant
were exchanged for other assets owned by Georgia-Pacific, in Schenectady, New York, in April 2003.

In
August, 2001, Norampac completed the relocation of its corrugated products plant of Leaside, Ontario, to a newly constructed 400,000 square foot facility in Vaughan, Ontario. This
mega plant which operates with high-tech equipment required a total investment of $54.4 million.

On
September 18, 2001, Cascades Inc., acting through its subsidiary Cascades Tissue Group Inc. acquired two mills in the tissue paper group from
Plainwell Inc., for a cash consideration of US$57 million. These plants with a combined annual production capacity of 110,000 short tons are located in Eau-Claire, Wisconsin
and Ransom, Pennsylvania.

On
November 12, 2001, Norampac announced the acquisition of the corrugated products converting plant of Star Corrugated Box Co., Inc. located in Maspeth, New York, for a
cash consideration of $45.6 million. The acquisition of this plant with an annual production capacity of one billion square feet, has allowed Norampac to increase its presence in the American
corrugated products market.

3.3   Significant Acquisitions and Dispositions

Other than what is indicated above under item 3.2 "Three Year History", Cascades did not enter into any other significant acquisition or disposition of assets as
of the date of the present notice.

Item 4Description of the Business

4.1   General

Cascades operates businesses in Canada, the United States, France, England, Germany and Sweden. Cascades' three operating sectors, packaging, fine papers and
tissue papers products are managed as a federation of small and medium sized businesses, where each benefits from a large measure of autonomy in its operations within the global business plan
determined by Cascades. This

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structure
allows each sector to minimize its management and administrative costs and to retain a high level of flexibility.

Each
of the operating sectors includes industrial groups and segments that may include subsidiaries or divisions, the whole as described below:

1) PACKAGING



2) FINE PAPERS



3) TISSUE PAPERS



These
three sectors include 150 operating units located in North America and Europe and employ approximately 15,000 people. This structure decentralizes authority while allowing
continuous exchanges between sectors and a better coordination of all of the operations. Cascades sets strategic guidelines and ensures that corporate policies concerning acquisition and financing
strategies, legal affairs, human resources management and environmental protection are applied by the subsidiaries, divisions and affiliated companies.

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Cascades
has its own research and development centre («the Centre») in Kingsey Falls, Québec, with a staff of some 30 research specialists. The
Centre provides the Cascades Group with product design and development services in addition to technical support for solving
production problems and improving quality. In addition to these services, the Centre also supplies environmental consultation and expertise. The Centre is ISO 9001 certified.

Inaugurated
on March 26, 2004 in Kingsey Falls, Québec, Cascades has a new Information Technologies Centre (the "IT Centre"). Cascades will develop its own software
in many spheres of activity such as accounting, finance, human resources, warehouse logistics, transport management and production management. The IT Centre presently employs 65 people and has been in
operation since February 10, 2004.

4.2   Industry sectors and geographic area information

4.2.1 Packaging

This
sector includes three industrial groups: the Boxboard Group, the Containerboard and Corrugated Products Group and the Specialty Products Group.



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|Facilities                                       |  | Products / Services                                                         |  | Annual capacity in metric tons
|------------------------------------------------ |  | --------------------------------------------------------------------------- |  | ------------------------------
|Manufacturing                                    |  |                                                                             |  |                               
|Toronto (Ontario)                                |  | 100% recycled coated boxboard                                               |  | 150,000                       
|Jonquière (Québec)                               |  | Coated (from 100% virgin to 100% recycled) boxboard
Thermomechanical pulp   |  | 130,000
 
60,000              
|East Angus (Québec)                              |  | 100% recycled coated boxboard
De-inked pulp                                 |  | 65,000
10,000                 
|Cascades LaRochette Division (France)            |  | Coated grease resistant boxboard, virgin fibre Thermomechanical pulp        |  | 130,000
80,000                
|Cascades Blendecques Division (France)           |  | Coated, non coated grease resistant boxboard, recycled fibre
De-inked pulp  |  | 145,000
60,000                
|Cascades Djupafors A.B. (Sweden)                 |  | Light-weight coated boxboard, virgin fibre Thermomechanical pulp            |  | 60,000
50,000                 
|Cascades Arnsberg GmbH (Germany)                 |  | Coated boxboard, recycled fibre                                             |  | 185,000                       
|Cascades FjordCell (Québec)                      |  | Bleached softwood kraft pulp                                                |  | 82,000                        
|Scierie P.H. Lemay & Fils ltée (Québec)          |  | Sawmill                                                                     |  | N/A                           
|Converting / Distribution                        |  |                                                                             |  |                               
|Montréal (Québec)                               |  | Printing, embossing, debossing, thermobossing, ultra-violet drying services |  | 40,000                        
|Mississauga (Ontario)                           |  | Printing and infrared drying services                                       |  | 40,000                        
|Cobourg (Ontario)                               |  | Processing and printing of boxboard for folding cartons                     |  | 10,000                        
|Winnipeg (Manitoba)                             |  | Processing and printing of boxboard for folding cartons                     |  | 20,000                        
|Lachute (Québec)                                |  | Processing and printing of boxboard for folding cartons                     |  | 15,000                        
|Hebron (Kentucky)                               |  | Processing and printing of boxboard for folding cartons                     |  | 40,000                        
|Dopaco, Inc. (Pennsylvania)                      |  | Packaging products for quick-service restaurant industry                    |  | 190,000                       
|Cascades Paperboard U.K. Limited (Great Britain) |  | Sheeting, distribution and resale services                                  |  | N/A                           



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Facilities

Products / Services

Annual capacity or ShipmentsContainerboard



Capacity in
short tonsNiagara Falls Division (New York)

100% recycled corrugating medium

225,000Norampac Avot Vallée S.A.S. (France)

100% recycled corrugating medium and linerboard

140,000Division Kingsey Falls (Québec)

100% recycled linerboard

94,000Division Cabano (Québec)

Corrugating medium

233,000Trenton Division (Ontario)

Corrugating medium in various basis weights

199,000Mississauga Division (Ontario)

100% recycled linerboard

156,000Red Rock Division (Ontario)

Unbleached kraft linerboard

450,000Burnaby Division (British Columbia)

100% recycled corrugating medium and gypsum paper

127,000Corrugated Products



Shipments in
Square feetEtobicoke Division (Ontario)

Variety of corrugated packaging containers

537,000,000Jellco Division (Ontario)

Variety of corrugated packaging containers

134,000,000Division Montréal (Québec)

Variety of corrugated packaging containers

684,000,000


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Moncton Division (Nouveau Brunswick)

Corrugated packaging

458,000,000Calgary Division (Alberta)

Die cut boxes

562,000,000Concord Division (Ontario)

Variety of corrugated packaging containers

490,000,000Division Québec (Québec)

Variety of corrugated packaging containers

482,000,000Peterborough Division (Ontario)

Corrugated sheets, packaging and pallets

99,000,000Richmond Division (British Columbia)

Corrugated packaging

433,000,000St-Mary's Division (Ontario)

Corrugated packaging

872,000,000Winnipeg Division (Manitoba)

Waxed corrugated containers

558,000,000Division Drummondville (Québec)

Corrugated packaging containers for medium or heavy volume

815,000,000Division Victoriaville (Québec)

Corrugated packaging of all sizes

377,000,000Division Vaudreuil (Québec)

Variety of corrugated packaging containers

734,000,000OCD Division (Ontario)

Corrugated packaging

1,109,000,000Vaughan Division (Ontario)

Corrugated sheets

1,685,000,000Saskatoon Division (Saskatchewan)

Corrugated product packaging

38,000,000Norampac Monterrey Division S.A. de C.V. (Mexico)

Corrugated packaging

41,000,000Norampac New York City Inc. (New York)

Graphic packaging and industrial box mix

1,045,000,000Norampac Leominster Inc. (Massachusetts)

Industrial box mix

819,000,000Norampac Schenectady Inc. (New York)

Variety of corrugated packaging containers

566,000,000Newfoundland Containers Limited (Newfoundland)

Corrugated sheets and products

174,000,000


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Montcorr Packaging Ltd. (Québec)

Corrugated sheets

296,000,000(*)North York Division (Ontario)

Single face sheets, co-packaging and display operations

N/ABuffalo Division (New York)

Custom boxes, specialized packaging

407,000,000Lithothech Division (Ontario)

Single face laminate

197,000,000ServicesArt & Die Division (Ontario)

Graphic art and printing plates

5,030,000
square inchesMetro Waste Paper Recovery Inc. (Ontario)

Recovery of recycled fibres

265,000


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Facilities

Products

Annual capacity in unitsCascades Forma-Pak Inc. (Québec)

Disposable products for medical sector and filler flats

220,000,000Cascades Moulded Pulp, Inc. (North Carolina)

Trays and specialty packaging products

70,000




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Facilities

Products

Annual capacity in kilogramsPlastiques Cascades (Québec)

Polystyrene foam containers

8,500,000Cascades Re-Plast (Québec)

Door sills, urban furniture, patio and balcony planks

3,750,000Cascades Inopak (Québec)

Coin wrappers, multi-use packaging

5,000,000Cascades Plastics Inc. (Missouri)

Polystyrene foam containers

4,500,000




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Facilities

Products

Annual capacity in
metric tons or square
feetCascades Conversion Inc. (Québec)

Roll headers

55,000Cascades Multi-Pro (Québec)

Dividers and laminated board

60,000Converdis inc. (Québec)

Packaging products

55,000Cascades Sonoco Inc.Birmingham (Alabama)

Roll headers and packaging products

44,000Tacoma (Washington)

Roll headers and packaging products

40,000Cascades Enviropac Berthierville (Québec)

Honeycomb packaging products

60,000,000 (square feet
)Cascades Enviropac Toronto (Ontario)

Honeycomb packaging products

59,400,000 (square feet
)Cascades Rollpack S.A. (France)

Roll headers and reams

20,000




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Cascades
Fine Papers Group Thunder Bay Inc., a wholly-owned subsidiary of Cascades Fine Papers Group Inc. operates a coated fine paper mill, with an annual production
capacity of 166,000 short tons.
The paper mill provides for 100% of its hardwood mechanical pulp needs, manufacturing some 40,000 metric tons annually on its own premises. About 49% of its sales are in the United States and the
remainder in Canada. The products manufactured are marketed under the trademarks Jenson, Beta, Gamma, North 49 Matte, Dividend Gloss,
Lakecard, Route 88, Eco Return Card, Provincial C1S, Provincial SWS and Provincial MWS.

In
2003, the consolidated sales of the Fine Papers Group were 78% in Canada and 22% in the United States. On December 31, 2003, this group employed more than 1,700 people.

The
following table lists the major plants of the Fine Papers Group and the approximate annual production capacity of each facility as well as the products manufactured or, where
applicable, their activities in 2003:

Facilities

Products / Services

Annual capacity in short tonsManufacturingRolland Division (Québec)

Uncoated fine paper

152,000Breakey Fibres Division (Québec)

De-inked kraft pulp

51,000 (metric tons)Cascades Fine Papers Group Thunder Bay Inc. (Ontario)

Coated fine papers

166,000Distribution / ConvertingConverting Center Division (Québec)

Converting of fine papers, warehousing services

100,000Cascades Resources (Canada)

Distribution of fine papers and graphic arts products

N/ACascades Fine Papers Group (Sales) Inc., (USA)

Sales

N/A




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The Lachute Plant in Québec specializes in the manufacturing and converting of industrial use paper hand towels. These products are mainly destined to the Canadian and
American commercial and industrial markets.

The
Laval Plant in Québec specializes in the converting of tissue paper into paper napkins for the Canadian and American fast food and food industries. This plant
primarily serves the commercial and industrial markets.

The
Kingsey Falls plant in Québec focuses on the manufacturing and converting of paper tissue made from recycled fibre. This production is either sold to converters in the
form of parent rolls, almost equally to the markets in Canada and the United States, or converted on site into bathroom tissue, paper towels, facial tissue, hand towels and specialty papers. These
converted products are sold to the Canadian retail market.

The
Calgary plant in Alberta, which started operations at the end of 2003, converts tissue papers into paper hand towels for the Canadian retail, commercial and industrial markets.

Cascades
Tissue GroupNorth Carolina Inc., is involved in the manufacturing and converting of tissue paper made from recycled fibre which is converted into paper
towels, facial tissue and bathroom tissue. This production is sold to converters in the form of parent rolls or is converted into finished products and sold to the commercial and industrial markets of
the Eastern United States.

Cascades
Tissue GroupIFC Diposables Inc., specializes in the manufacturing of commercial and institutional wiping products as well as the distribution of paper towels
and incontinence products. These products are sold in the commercial and industrial markets in the United States.

Cascades
Tissue GroupWisconsin Inc., and Cascades Tissue GroupPennsylvania Inc., specialize in the manufacturing of tissue paper in the form of
parent rolls which are sold or converted into bathroom tissue, facial tissue, paper towels and paper napkins. These products are sold principally in the United States retail market.

Cascades
Tissue GroupOregon Inc., produces parent rolls made of 100% virgin fibres. The production is mainly sold to converters.

Cascades
Tissue GroupNew York Inc., Waterford Division, is specialized in the converting of tissue paper into bathroom tissue, paper towels, paper napkins and paper
hand towels. The production is destined to the consumer market and the commercial and industrial markets in the United States.

Cascades
Tissue GroupNew York Inc., Mechanicville Division, produces parent rolls made from recycled fibers. The production is transferred to the Waterford Division
and Wood Wyant Inc. or is sold in parent rolls to converters.

Cascades
Tissue GroupArizona Inc., scheduled to begin operating in 2004, specializes in the converting of tissue paper into bathroom tissue, paper towels, paper hand
towels and paper napkins.

Wood
Wyant Inc. specializes in the manufacturing of chemical products, in the distribution of sanitation and facility maintenance supplies, and in the converting of tissue paper
into paper towels, paper hand towels and bathroom tissue. These products are sold in the commercial and industrial markets throughout Canada.

As
of December 31, 2003, the Tissue Group employed approximately 2,000 people. In 2003, Tissue Group's production was sold as follows: in the United States, 63% and in Canada,
37%. The Canadian mills generated 73% of the total revenue in Canada and 27% in the United States. The American mills generated 99.6% of the total revenue in the United States.

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The
following table lists the major plants of the Tissue Group and the approximate annual production capacity of each facility as well as the products manufactured or, where applicable,
their activities in 2003:

|Facilities                                             |  | Products                                                                               |  | Annual capacity In short tons
|------------------------------------------------------ |  | -------------------------------------------------------------------------------------- |  | -----------------------------
|Manufacturing / Converting                             |  |                                                                                        |  |                              
|Candiac (Québec)                                       |  | Paper towels, bathroom tissue and specialty papers                                     |  | 77,000                       
|Lachute (Québec)                                       |  | Paper hand towels                                                                      |  | 33,000                       
|Kingsey Falls (Québec)                                 |  | Paper towels, facial tissue, bathroom tissue, paper hand towels and specialty products |  | 97,000                       
|Cascades Tissue GroupNorth Carolina Inc.              |  | Paper towels, facial tissue, bathroom tissue                                           |  | 55,000                       
|Cascades Tissue GroupIFC Disposables Inc. (Tennessee) |  | Industrial wipes and incontinence products                                             |  | N/A                          
|Cascades Tissue GroupWisconsin Inc.                   |  | Paper towels, bathroom tissue, facial tissue and paper napkins                         |  | 55,000                       
|Cascades Tissue GroupPennsylvania Inc.                |  | Paper towels, bathroom tissue, facial tissue and paper napkins                         |  | 55,000                       
|Manufacturing                                          |  |                                                                                        |  |                              
|Cascades Tissue GroupOregon Inc.                      |  | Parent rolls                                                                           |  | 75,000                       
|Cascades Tissue GroupNew York Inc. (Mechanicville)    |  | Parent rolls                                                                           |  | 50,000                       
|Converting                                             |  |                                                                                        |  |                              
|Calgary (Alberta)                                      |  | Paper towels                                                                           |  | N/A                          
|Laval (Québec)                                         |  | Paper napkins                                                                          |  | N/A                          
|Cascades Tissue GroupNew York Inc. (Waterford)        |  | Paper towels, bathroom tissue, paper hand towels, paper napkins                        |  | N/A                          
|Converting / Distribution                              |  |                                                                                        |  |                              
|Wood Wyant Inc. (Québec)                               |  | Sanitary products, chemical products paper towels, paper hand towels, bathroom tissue  |  | N/A                          

4.3   Environment

The Company is subject to environmental laws and regulations imposed by various governmental and regulatory authorities in all the countries where it operates.
The Company complies with all applicable environmental legislation and regulations. However, ongoing capital and operating expenses are expected to be incurred to achieve and maintain compliance with
applicable environmental requirements.

In
2003, environmental protection requirements and the application of the business' environmental mission required investments in capital expenditures in the order of $18,734,115 and led
to operating costs in the amount of $81,174,472.

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4.4   Business Risks

We refer the reader to Management's Discussion and Analysis of Financial Position and Operating Results in the 2003 Annual Report, specifically under the heading
"Quantitative and Qualitative disclosures regarding market risk on pages 26 and 27 incorporated by reference herein.

4.5   Corporate Reorganization

During the year ended December 31, 2003, the Company reorganized its Canadian subsidiaries. At the end of December 2003, the Company proceeded by
way of asset and share transfers and amalgamation to regroup into one entity its subsidiaries and divisions related to its Canadian production activities, Cascades Canada Inc. Following the
reorganization, the Company's subsidiaries and divisions were given new names, reflecting their activities, namely: Cascades Boxboard Group, Cascades Tissue Group and Cascades Specialty Products
Group. Cascades Fine Papers Group Inc. was excluded from this reorganization. Cascades also transferred its transport activities to a new company, Cascades Transport Inc.

Item 5Selected Consolidated Financial Information

5.1   Annual Consolidated Information

The consolidated financial information for each of the last three years ended December 31 is summarized below.

Consolidated financial information for the last three years ended December 31
(in millions of dollars except per share amounts and ratios)

|                               |  | 2003 |        | 2002 |   | 2001  
|------------------------------ |  | ---- | ------ | ---- | - | ------
|Sales                          |  |      | 3,449  |      |   | 3,591 
|Operating Income               |  |      | 105    |      |   | 285   
|Net earning                    |  |      | 55     |      |   | 169   
|Per Common Share               |  | $    | 0.66   |      | $ | 2.07  
|Fully diluted per Common Share |  | $    | 0.66   |      | $ | 2.05  
|Cash flow from operations      |  |      | 166    |      |   | 313   
|Capital expenditures           |  |      | 122    |      |   | 129   
|Total assets                   |  |      | 2,927  |      |   | 2,959 
|Working capital                |  |      | 508    |      |   | 386   
|Ratio                          |  |      | 1.99:1 |      |   | 1.61:1
|Long-term debt                 |  |      | 1,110  |      |   | 1,095 
|Shareholders' equity           |  |      | 1,056  |      |   | 1,065 
|Per Common Share               |  | $    | 12.93  |      | $ | 13.02 
|Dividend per Common Share      |  | $    | 0.16   |      | $ | 0.12  
|Long-term debt ratio           |  |      | 1.05:1 |      |   | 1.03:1

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5.2   Dividends

The dividend policy is reviewed annually by the Board of Directors and is determined taking into account Cascades' financial situation, its results from
operations, its capital requirements and any other factor deemed pertinent by the Board.

On
April 28, 2003, Cascades announced an annual quarterly dividend of $0.04 per Common Share. The dividend was payable as follows:

|Record Date       |  | Payment Date      
|----------------- |  | ------------------
|May 30, 2003      |  | June 13, 2003     
|September 3, 2003 |  | September 17, 2003
|December 3, 2003  |  | December 17, 2003 
|March 3, 2004     |  | March 17, 2004    

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Item 6Management's Discussion and Analysis of Financial Position and Operating Results

6.1   Quarterly Consolidated Financial Results
(in millions of dollars except per share amounts)

|2003                           |  | 1er    |  | 2e     |  | 3e     |  | 4e     |  | TOTAL 
|------------------------------ |  | ------ |  | ------ |  | ------ |  | ------ |  | ------
|Sales                          |  | 899    |  | 873    |  | 840    |  | 837    |  | 3 449 
|Operating income               |  | 35     |  | 29     |  | 31     |  | 10     |  | 105   
|Net earnings                   |  | 16     |  | 29     |  | 4      |  | 6      |  | 55    
|Per Common Share               |  | 0,19 $ |  | 0,36 $ |  | 0,04 $ |  | 0,07 $ |  | 0,66 $
|Fully diluted per Common Share |  | 0,19 $ |  | 0,36 $ |  | 0,04 $ |  | 0,07 $ |  | 0,66 $
|Cash flow form operations      |  | 45     |  | 45     |  | 37     |  | 39     |  | 166   

|2002                           |  | 1er    |  | 2e     |  | 3e     |  | 4e     |  | TOTAL 
|------------------------------ |  | ------ |  | ------ |  | ------ |  | ------ |  | ------
|Sales                          |  | 851    |  | 912    |  | 933    |  | 895    |  | 3 591 
|Operating income               |  | 71     |  | 75     |  | 74     |  | 65     |  | 285   
|Net earnings                   |  | 55     |  | 40     |  | 34     |  | 40     |  | 169   
|Per Common Share               |  | 0,67 $ |  | 0,50 $ |  | 0,41 $ |  | 0,49 $ |  | 2,07 $
|Fully diluted per Common Share |  | 0,67 $ |  | 0,49 $ |  | 0,40 $ |  | 0,49 $ |  | 2,05 $
|Cash flow form operations      |  | 69     |  | 82     |  | 85     |  | 77     |  | 313   

Management's
discussion and analysis of financial position and operating results for the year ended December 31, 2003 is contained in Cascades'2003 Annual
Reportunder the heading "Management's Discussion and Analysis of Financial Position and Operating Results" on p.p. 15 to 29, which section is incorporated by reference herein.

To
complete the financial analysis, reference is made to the consolidated financial statements for the years ended December 31, 2003 and 2002, to the summary of accounting
policies and the notes to the consolidated financial statements contained in Cascades'2003 Annual Report, p.p. 31 to 69, which consolidated financial
statements, summary and notes are incorporated by reference herein.

Item 7Market for Securities

Cascades' Common Shares are traded on the Toronto Stock Exchange under the "CAS" symbol.

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Item 8Directors, Officers and Committees

8.1   Directors and Officers

The following table sets forth the name, the municipality of residence, the position held with the Company and the principal occupation of each Director and
Senior Officer of Cascades, as well as the number of Common Shares directly owned or over which control or direction is exercised by each Director or Senior Officer as of March 10, 2004. The
Directors are elected at the Annual General Meeting of Shareholders for a one-year term. The last Annual General Meeting of Shareholders was held on May 4, 2004.

Name and municipality of
residence

Position and principal occupation

Director(1)
and/or
Senior Officer(2) since

Number of shares
held or
controlledBernard Lemaire
Kingsey Falls, Québec

Chairman of the Board of the Company and Chairman and Chief Executive Officer of Boralex Inc.

1964(1)(2)

13 914 152(3)Laurent Lemaire
Warwick, Québec

Executive Vice Chairman of the Board of the Company

1964(1)(2)

11 505 638(4)Alain Lemaire
Kingsey Falls, Québec

President and Chief Executive Officer of the Company

1967(1)(2)

4 429 424(5)Martin P. Pelletier
Sillery, Québec

Consultant in pulp and paper

1982(1)

68 054Paul R. Bannerman
Montréal, Québec

Chairman of the Board of Etcan International inc. (sales agency)

1982(1)

663 044André Desaulniers
Andorre, Europe

Director of companies

1982(1)

22 000(6)Jacques Aubert
Ham-Nord, Québec

Chairman of the Board and Chief Executive Officer of Junex inc. (oil and gas exploration company)

1990(1)

6 643Norman Boisvert
Kingsey Falls, Québec

Vice-President, Administration of the Company

1992(1)
1991(2)

6 875Louis Garneau
St-Augustin-de-Desmaures, Québec

President of Louis Garneau Sports Inc. (sports clothing manufacturer)

1996(1)

2 018Sylvie Lemaire
Otterburn Park, Québec

President of Fempro Inc. (manufacturer feminine hygiene products)

1999(1)

4 000Michel Desbiens
Beaconsfield, Québec

Consultant and Director of Companies

2001(1)

2 000Laurent Verreault
Pompano Beach, Floride

President and Chief Executive Officer of Groupe Laperrière & Verreault Inc. (manufacturer of engineered equipment)

2001(1)

8 570


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Robert Chevrier(8)
Île des Soeurs, Québec

President of Société de Gestion Roche Inc. (holding and investment company)

2003(1)

5 000(7)David McAusland(9)
Beaconsfield, Québec

Senior Vice-President, Mergers and Acquisitions and Chief Legal Officer, Alcan Inc. (aluminium and packaging company)

2003(1)

2 000André Belzile
Drummondville, Québec

Vice-President and Chief Financial Officer of the Company

1992(2)

15 347Alain Ducharme
Kingsey Falls, Québec

Vice-President, Management of the Company

1992(2)

11 405Robert F. Hall
Sherbrooke, Québec

Vice-President Legal Affairs and Corporate Secretary of the Company

1994(2)

3 799Claude Cossette
Kingsey Falls, Québec

Vice-President, Human Resources of the Company

1998(2)

1 523Jean-Luc Bellemare
Kingsey Falls, Québec

Vice-President, Information Technologies of the Company

1999(2)

1 000Thomas Roberts(10)
Saint-Lazare, Québec

Vice-President, Business development of the Company

2003(2)

1 000Allan Hogg(11)
Kingsey Falls, Québec

Corporate Controller and Treasurer of the Company

2003(2)

4 456François Chagnon(12)
Blainville, Québec

Vice-President, Purchasing of the Company

2004(2)

100


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8.2   Committees

The following chart represents the list of the Committees of the

Board
of Directors and their members:

|Committee                        |  | Members                                                      
|-------------------------------- |  | -------------------------------------------------------------
|Administrative                   |  | Bernard Lemaire
Laurent Lemaire
Alain Lemaire
Norman Boisvert
|Audit                            |  | André Desaulniers
Laurent Verreault
Robert Chevrier          
|Human Resources                  |  | Louis Garneau
Michel Desbiens
Norman Boisvert                
|Environmental, Health and Safety |  | Martin P. Pelletier
Jacques Aubert                           
|Corporate Governance             |  | André Desaulniers
Michel Desbiens
David McAusland            

Item 9Additional information

Additional information, including Directors' and Senior Officers' remuneration and indebtedness, principal holders of the securities of Cascades and options to
purchase securities, and interests of

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insiders
in material transactions, if any, is contained in the Management Proxy Circular dated March 10, 2004 for the annual shareholders meeting.

Also,
additional financial information pertaining to the fiscal year ended December 31, 2003 is contained in Cascades'2003 Annual
Report.

In
addition, the following documents may be obtained, upon written request, from the Company's Corporate Secretary:



The
documents mentioned above are available from the Corporate Secretary of the Company at the following address:



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