Tembec completes recapitalization

    MONTREAL, Feb. 29 /CNW Telbec/ - Tembec Inc. ("Tembec") announces the
completion of the recapitalization transaction presented on December 19, 2007
and outlined in the Management Proxy Circular dated January 25, 2008 (the
    Commencing on Monday, March 3, 2008, new common shares of Tembec will be
listed on the Toronto Stock Exchange (TSX) under the stock symbol "TMB".
Warrants will also be listed and will trade under the symbol "TMB.WT".
    Further information concerning the Recapitalization is available on SEDAR
(www.sedar.com), EDGAR (www.sec.gov/edgar.shtml) and Tembec's website

    Tembec is a large, diversified and integrated forest products company
which stands as the global leader in sustainable forest management practices.
With operations principally located in North America and in France, the
Company employs approximately 8,000 people. Tembec's new common shares will be
listed on the Toronto Stock Exchange under the symbol TMB and warrants under
TMB.WT. Additional information on Tembec is available on its website at

    This press release includes "forward-looking statements" within the
meaning of securities laws. Such statements relate to the Company's or
management's objectives, projections, estimates, expectations, or predictions
of the future and can be identified by words such as "will", "anticipate",
"estimate", "expect", and "project" or variations of such words. These
statements are based on certain assumptions and analyses by the Company that
reflect its experience and its understanding of future developments. Such
statements are subject to a number of uncertainties, including, but not
limited to, receipt of the approvals necessary to implement the
Recapitalization, changes in foreign exchange rates, product selling prices,
raw material and operating costs, and other factors identified in the
Company's periodic filings with securities regulatory authorities in Canada
and the United States. Many of these uncertainties are beyond the Company's
control and, therefore, may cause actual actions or results to differ from
those expressed or implied herein. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

    This press release is not an offer of securities for sale in the United
States and securities may not be offered or sold in the United States absent
registration or exemption from registration.

For further information:

For further information: Michel J. Dumas, Executive Vice President,
Finance and Chief Financial Officer, (819) 627-4268, michel.dumas@tembec.com;
Richard Fahey, Vice President, Communications and Public Affairs, (514)
871-2304, richard.fahey@tembec.com

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