Commenting on the results, Mr. Marc-Andre Depin, President and Chief Executive Officer, stated: "Compared to last quarter and despite a stronger Canadian dollar, we improved our profitability due to higher selling prices for both the containerboard and corrugated products segments combined with lower fibre and energy costs. We intend to carry out our cost reduction initiatives, continue to improve our operations and we are encouraged by the recently announced price increases for our products".

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Quarterly Highlights

- Compared to last year's corresponding quarter, profitability was

impacted by lower selling prices for the containerboard segment mainly

due to a stronger Canadian dollar, which was partially offset by lower

fibre, energy, labour and maintenance costs. Moreover, last year's

corresponding quarter included a non-recurrent gain on disposal of a

fixed asset;

- Compared to the fourth quarter of 2005, profitability improved mainly

due to higher selling prices for both the containerboard and corrugated

products segments, combined with lower fibre and energy costs;

- The Company's North American primary mill capacity utilization rate was

99% up from 95% in 2005;

- On March 15, 2006, the Company refinanced, prior to maturity, its

revolving credit facility for a five-year term; and

- On April 18, 2006, the company acquired approximately 9,000 hectares of

wood lots in the Kamouraska region thereby securing a portion of the

wood fibre for the Cabano paper mill.

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Sales amounted to $305 million in the first quarter of 2006, compared to $320 million for the corresponding quarter in 2005. Shipments of containerboard in the first quarter of 2006 were approximately at the same level as the first quarter of 2005, despite the permanent closure of our paper machine no. 1 at Red Rock in September 2005. Shipments of corrugated products for the first quarter of 2006 were up by 1%, compared to the same quarter in 2005. Selling prices for the containerboard segment decreased due to the change in the product mix mainly related to the permanent closure of our paper machine no. 1 at Red Rock.

Operating income excluding specific items amounted to $9.1 million in the first quarter of 2006, compared to $19.0 million for the corresponding quarter in 2005. The decrease in operating income excluding specific items is mainly attributable to lower selling prices in the containerboard segment, resulting principally from a stronger Canadian dollar and the aforementioned change in the product mix, which was partially offset by lower fibre, energy, labour and maintenance costs. In addition, the decrease in operating income excluding specific items for the corrugated products segment is mainly attributable to higher board, freight and labour costs.

Supplemental information on non-GAAP measures

Operating income, operating income excluding specific items and net income excluding specific items are non-GAAP measures. The Company believes that it is useful for investors to be aware of specific items that adversely or positively affect its GAAP measures. The above-mentioned non-GAAP measures provide investors with a measure of performance to compare the Company's results between periods without regard to these specific items. The Company's measures excluding specific items should not be considered in isolation as they have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.

Specific items are defined as items such as debt restructuring charges, unrealized gain or loss on derivative financial instruments that do not qualify for hedge accounting, foreign exchange gain or loss on long-term debt and other significant items of an unusual or non-recurring nature.

Net income, which is a performance measure defined by Canadian GAAP, is reconciled to operating income in the following table. This table also reconciles the specific items to their nearest measure as computed in the statement of earnings:

(In millions of Canadian dollars)

-----------------------------------

First quarter Fourth quarter

-----------------------------------

2006 2005 2005

-----------------------------------

Net income (loss) 5.3 12.4 (18.4)

Share of income of equity,

accounted investments - (0.5) -

Income tax expense 2.1 4.9 0.2

Interests 7.1 5.4 6.2

Amortization of financing costs 0.3 0.4 0.4

Foreign exchange loss on long term debt 0.1 1.0 0.5

-----------------------------------

Operating income (loss) 14.9 23.6 (11.1)

Specific items:

Unrealized loss (gain) on derivative

financial instruments (6.9) 1.4 1.7

Closure and restructuring costs 1.1 0.9 5.5

Net loss (gain) on disposal of

property, plant and equipment - (6.9) 0.3

Write-down on property, plant

and equipment - - 6.7

-----------------------------------

Operating income excluding specific

items 9.1 19.0 3.1

-----------------------------------

Net income (loss) 5.3 12.4 (18.4)

Specific items:

Unrealized loss (gain) on derivative

financial instruments net of

related income taxes (4.6) 0.9 1.2

Closure and restructuring costs net

of related income taxes 0.7 0.6 3.6

Net loss (gain) on disposal of

property, plant and equipment

net of related income taxes - (5.7) 0.2

Write-down on property, plant and

equipment net of related

income taxes - - 4.5

Foreign exchange loss on long-term

debt net of related income taxes 0.1 0.8 0.4

-----------------------------------

Net income (loss) excluding specific

items 1.5 9.0 (8.5)

-----------------------------------

Norampac owns eight containerboard mills and twenty-six corrugated products plants in the United States, Canada and France. With annual production capacity of more than 1.45 million short tons, Norampac is the largest containerboard producer in Canada and the seventh largest in North America. Norampac, which is also a major Canadian manufacturer of corrugated products, is a joint venture company owned by Domtar Inc. (symbol : DTC-TSX, NYSE) and Cascades Inc. (symbol : CAS-TSX).

Certain statements in this release, including statements regarding future results and performance, 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 relative values of certain currencies, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in Norampac's Securities and Exchange Commission filings including, but not limited to, its annual report in Form 20-F for the year ended December 31, 2004.

The financial statements included in this release also contain certain non-GAAP financial measures. Such information is reconciled to the most directly comparable financial measures, as set forth in the "additional information - supplemental non-GAAP measures" section, which is part to the company's financial statements.

Consolidated Balance Sheets

(in thousands of Canadian dollars)

As at As at

March 31, December 31,

2006 2005

----------------------------

(unaudited)

Assets

Current assets

Cash and cash equivalents 5,854 27,156

Accounts receivable and prepaid expenses 214,497 202,476

Income and other taxes receivable 3,875 2,384

Inventories 137,044 138,537

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361,270 370,553

Property, plant and equipment 852,439 860,574

Goodwill 229,076 229,537

Other assets 36,943 33,285

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1,479,728 1,493,949

----------------------------

Liabilities and shareholders' equity

Current liabilities

Excess of outstanding cheques over bank balances 11,084 14,509

Trade accounts payable and accrued liabilities 172,363 169,152

Current portion of long-term debt 459 455

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183,906 184,116

Long-term debt 414,780 412,268

Future income taxes 156,034 154,075

Other liabilities 54,866 59,180

Shareholders' equity

Capital stock 560,000 560,000

Contributed Surplus 924 863

Retained earnings 117,243 131,984

Cumulative translation adjustments (8,025) (8,537)

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670,142 684,310

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1,479,728 1,493,949

----------------------------

The accompanying notes are an integral part of the financial statements.

Consolidated Statements of Earnings

(in thousands of Canadian dollars)

(unaudited)

For the three month period

ended March 31,

2006 2005

----------------------------

Sales 304,930 320,494

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Cost of goods sold and expenses

Cost of goods sold (excluding depreciation

and amortization shown below) 236,342 245,965

Loss (gain) on derivative financial

instruments (Note 2) (4,069) 2,176

Selling and administrative expenses 37,835 35,231

Depreciation and amortization 18,917 19,510

Closure and restructuring costs (Note 4) 1,079 926

Net gain on disposal of property, plant

and equipment (34) (6,904)

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291,070 296,904

-------------------------------------------------------------------------

Operating income 14,860 23,590

Financial expenses

Interests 7,066 5,428

Amortization of financing costs 347 372

Foreign exchange loss on long-term debt 85 951

-------------------------------------------------------------------------

7,498 6,751

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7,362 16,839

Income tax expense 2,103 4,935

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5,259 11,904

Share of income of equity-accounted investments - 464

-------------------------------------------------------------------------

Net income for the period 5,259 12,368

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The accompanying notes are an integral part of the financial statements.

Consolidated Statements of Retained Earnings

(in thousands of Canadian dollars)

(unaudited)

For the three month period

ended March 31,

2006 2005

----------------------------

Balance, at beginning of period 131,984 202,204

Net income for the period 5,259 12,368

Dividend paid during the period (20,000) (30,000)

-------------------------------------------------------------------------

Balance, at end of period 117,243 184,572

-------------------------------------------------------------------------

The accompanying notes are an integral part of the financial statements.

Consolidated Statements of Cash Flow

(in thousands of Canadian dollars)

(unaudited)

For the three month period

ended March 31,

2006 2005

----------------------------

Cash flows from:

Operating activities

Net income for the period 5,259 12,368

Adjustments for:

Depreciation and amortization 18,917 19,510

Future income taxes 1,808 (1,120)

Gain on disposal of property, plant

and equipment (34) (6,904)

Closure and restructuring costs (Note 4) 1,079 926

Foreign exchange loss on long term debt 85 951

Share of income of equity-accounted investments - (464)

Unrealized loss (gain) on derivative

financial instruments (6,922) 1,372

Other (423) 1,260

-------------------------------------------------------------------------

Cash flow from operations 19,769 27,899

Changes in non-cash working capital components (6,872) 862

Payments of closure and restructuring costs (2,528) (875)

-------------------------------------------------------------------------

10,369 27,886

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Financing activities

Net change in revolving bank credit facility 1,902 21,983

Repayments of long-term debt (188) (222)

Costs related to the renewal of a revolving

bank credit facility (535) -

Net change in excess of outstanding cheques over

bank balances (3,426) (20,390)

Dividend paid (20,000) (30,000)

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(22,247) (28,629)

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Investing activities

Additions to property, plant and equipment (9,619) (8,445)

Proceeds from disposals of property, plant

and equipment 31 8,758

Other assets, net 538 4

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(9,050) 317

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Change in cash and cash equivalents

during the period (20,928) (426)

Translation adjustment with respect to cash

and cash equivalents (374) 70

Cash and cash equivalents at beginning of period 27,156 13,519

-------------------------------------------------------------------------

Cash and cash equivalents at end of period 5,854 13,163

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Supplemental information

Cash and cash equivalents paid for:

Interest 1,506 368

Income taxes 1,244 6,951

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The accompanying notes are an integral part of the financial statements.

Selected Segmented Information

(in thousands of Canadian dollars)

(unaudited)

For the three month period

ended March 31,

2006 2005

----------------------------

Sales

Containerboard 163,159 174,654

Corrugated products 240,508 238,367

-------------------------------------------------------------------------

Total for reportable segments 403,667 413,021

Other activities and unallocated amounts 18,010 18,717

Intersegment sales (116,747) (111,244)

-------------------------------------------------------------------------

Consolidated sales 304,930 320,494

-------------------------------------------------------------------------

Operating income before depreciation

and amortization

Containerboard 12,960 11,174

Corrugated products 21,616 28,560

-------------------------------------------------------------------------

Total for reportable segments 34,576 39,734

Other activities and unallocated amounts (799) 3,366

-------------------------------------------------------------------------

Consolidated operating income before

depreciation and amortization 33,777 43,100

Depreciation and amortization 18,917 19,510

-------------------------------------------------------------------------

Consolidated operating income 14,860 23,590

-------------------------------------------------------------------------

Additions to property, plant and equipment

Containerboard 3,380 949

Corrugated products 5,964 6,848

-------------------------------------------------------------------------

Total for reportable segments 9,344 7,797

Other activities and unallocated amounts 275 648

-------------------------------------------------------------------------

Consolidated additions to property,

plant and equipment 9,619 8,445

-------------------------------------------------------------------------

Notes to interim consolidated financial statements

(in thousands of Canadian dollars)

(unaudited)

Note 1 Basis of presentation

-----------------------------

The accompanying unaudited interim consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles and contains all adjustments necessary to present fairly Norampac Inc.'s (the Company) financial position as at March 31, 2006 and December 31, 2005 as well as its results of operations and its cash flow for the three-month periods ended March 31, 2006 and 2005.

The interim consolidated financial statements and notes do not contain all disclosures in annual financial statements. Accordingly, they should be read in conjunction with the Company's most recent annual consolidated financial statements.

These interim consolidated financial statements follow the same accounting policies as the most recent annual consolidated financial statements.

Note 2 Loss (gain) on derivative financial instruments

-------------------------------------------------------

For the three month period

ended March 31,

2006 2005

----------------------------

Unrealized loss (gain) on derivative

financial instruments (6,610) 1,901

Realized loss on derivative financial instruments 2,853 804

Amortization of transitional deferred

unrealized gain (312) (529)

----------------------------

(4,069) 2,176

----------------------------

Note 3 Employee future benefits

--------------------------------

For the three month period

ended March 31,

2006 2005

----------------------------

Net periodic expense for defined benefit

pension plans 1,089 1,114

Net periodic expense for other employee

future benefit plans 1,072 904

Net periodic expense for defined

contribution pension plans 1,242 1,317

Note 4 Closure and restructuring costs

---------------------------------------

The following table provides a reconciliation of all closure and restructuring cost provisions related to the closure of the Montreal corrugated products plant and the restructuring activities of the Red Rock containerboard plant.

For the three month period

ended March 31,

2006 2005

----------------------------

Balance at beginning of period 3,356 -

Additional provision 1,079 926

Severance payments (2,498) (715)

Other closure and restructuring costs payments (30) (160)

----------------------------

Balance at end of period 1,907 51

----------------------------

Note 5 Reclassified items

--------------------------

Certain reclassifications have been made to the prior quarterly's consolidated financial statements to conform to the presentation adopted in the current quarterly financial statements.

Note 6 Subsequent event

------------------------

On April 13, 2006, the company acquired approximately 9 000 hectares of wood lots in the Kamouraska region, located in Bas-Saint-Laurent for an approximate cash consideration of $6.0 million.

Supplemental non-GAAP measures

Operating income and operating income before depreciation and amortization are not measures of performance under Canadian or U.S. GAAP. The Company believes that, in addition to cash flow from operations, and net income, operating income and operating income before depreciation and amortization are useful financial performance measurements for assessing operating performance as they provide an additional basis to evaluate the Company's operating performance and ability to incur and service debt and to fund capital expenditures. Operating income and operating income before depreciation and amortization should not be construed as an alternative to net income (as determined in accordance with Canadian or U.S. GAAP) or as an indicator of the Company's operating performance or as an alternative to cash flows from operating, investing and financing activities (as determined in accordance with Canadian or U.S. GAAP) as a measure of liquidity or ability to meet all company's cash needs. The Company's method of calculating operating income and operating income before depreciation and amortization may differ from the methods used by other companies and as a result may not be comparable to other similarly titled measures disclosed by other companies. Set forth below is a reconciliation of operating income and operating income before depreciation and amortization to net income and net cash provided by operating activities, which the Company believes to be the closest GAAP performance and liquidity measures to operating income and operating income before depreciation and amortization.

For the three month period

ended March 31,

2006 2005

----------------------------

(unaudited)

Net income 5,259 12,368

Share of income of equity-accounted investments - (464)

Income tax expense 2,103 4,935

Financial costs

Interests 7,066 5,428

Amortization of financing costs 347 372

Foreign exchange gain on long-term debt 85 951