Jolina withdraws its proposal for the recapitalization of Tembec Inc.

MONTREAL, Feb. 15 /PRNewswire/ - 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.
SOURCE Jolina Capital Inc.

Neil Augustine, Rothschild, (212) 403-5411