Jolina withdraws its proposal for the recapitalization of Tembec Inc.

    MONTREAL, Feb. 15 /CNW Telbec/ - Jolina Capital Inc. ("Jolina") announced
today that it is withdrawing its unsolicited non-binding proposal ("Jolina
Proposal") for the recapitalization of Tembec Inc. ("Tembec") in response to
Tembec's rejection of the Jolina Proposal in favor of the recapitalization
proposal announced by Tembec on December 19, 2007 ("December Proposal").
    The support agreements with the noteholders specifically allow Tembec to
negotiate any third party proposal which could reasonably be expected to
result in a transaction that is more favorable to Tembec and its stakeholders
than the December Proposal (an "Alternative Transaction"). Jolina's decision
to withdraw the Jolina Proposal results from Tembec's rejection of the Jolina
Proposal and Tembec's refusal to consider it an Alternative Transaction.

For further information:

For further information: Neil Augustine, Rothschild, (212) 403-5411

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Jolina Capital Inc.

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