Jan 24, 2008. /Lesprom Network/. Tembec confirmed today it had received an unsolicited non-binding proposal from Jolina on a confidential basis concerning a potential alternative recapitalization transaction - the Jolina Proposal, announced Tembec. At the request of Jolina, Jolina and its advisors made a presentation to Tembec’s Board of Directors and its legal and financial advisors describing the principal terms of the Jolina Proposal. After due consideration of the Jolina Proposal and after consultation with its legal and financial advisors, the Board of Tembec unanimously concluded that the Jolina Proposal could not reasonably be expected to result in a transaction more favourable to Tembec and its stakeholders (including the noteholders of Tembec Industries Inc.) than the proposed recapitalization transaction announced by Tembec on December 19, 2007. After making this determination, Tembec invited Jolina and its advisors on a number of occasions to meet with representatives of Tembec and the legal and financial advisors of noteholders who support the Recapitalization and whose support would be required for the Jolina Proposal to proceed. Jolina and its advisors declined to participate in such a meeting. Tembec invites Jolina to make the details of its proposal available to Tembec’s stakeholders through a public announcement. Tembec is a large, diversified and integrated forest products company.