Exhibit 99.5

Unaudited supplemental condensed consolidating financial information of

TEMBEC INC.

Quarters ended December 28, 2013 and December 29, 2012

TEMBEC INC.
SUPPLEMENTAL INFORMATION
December 28, 2013

Supplemental condensed consolidating financial information

The following condensed consolidating financial information is prepared in compliance with National Instrument 51-102 – Continuous Disclosure Obligations, under Canadian securities laws.

The senior secured notes (the “Notes”) of Tembec Industries Inc. (the "Subsidiary Issuer") are fully and unconditionally guaranteed on a joint and several basis by Tembec Inc. (the "Parent Company") and most of the Subsidiary Issuer’s subsidiaries located in Canada (the “Guarantor Subsidiaries”). The Subsidiary Issuer and each of the Guarantor Subsidiaries are 100% owned by the Parent Company. The Notes are not guaranteed by the Company’s other subsidiaries (the “Other Subsidiaries”).

The following supplemental condensed consolidating financial information sets forth, on an unconsolidated basis, the balance sheets as at December 28, 2013 and December 29, 2012, the statements of comprehensive earnings (loss) and the statements of cash flows for the quarters then ended, for the Parent Company and for the Subsidiary Issuer. It also provides the same information on a combined basis for the Guarantor Subsidiaries and the Other Subsidiaries.

The supplemental condensed consolidating financial information, which has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), reflects the investments of the Parent Company in the Subsidiary Issuer using the equity method. Investments of the Subsidiary Issuer in the Guarantor Subsidiaries and Other Subsidiaries are also accounted for using this method.

More information on the Company and its significant accounting policies are included in the audited consolidated financial statements for the year ended September 28, 2013. The Company adopted the amended IAS 19, Employee Benefits, and has restated its comparative period results accordingly. Details on the effect of adopting amended IAS 19 are included in note 2 of the unaudited interim consolidated financial statements for the quarter ended December 28, 2013.

TEMBEC Supplemental Information for first quarter 2014

TEMBEC INC.

SUPPLEMENTAL INFORMATION

December 28, 2013

Supplemental condensed consolidating financial information

Condensed Consolidated Balance Sheets

(unaudited)(in millions of Canadian dollars)

December 28, 2013
		Parent			Subsidiary			Guarantor			Other		Consolidation
		Company			Issuer			Subsidiaries			Subsidiaries		Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	-		$	7		$	37	$	-		$	44
Restricted cash		-			-			5			3		-			8
Trade and other receivables		36			321			301			103		(587	)		174
Inventories		-			-			218			29		-			247
Prepaid expenses		-			1			2			2		-			5
Assets classified as held for sale		-			-			7			-		-			7
		36			322			540			174		(587	)		485

Investments		308			510			-			-		(818	)		-
Property, plant and equipment		-			6			392			134		-			532
Biological assets		-			-			2			-		-			2
Employee future benefits		-			7			33			-		-			40
Other long-term receivables		-			8			-			2		-			10
Deferred tax assets		-			-			-			6		-			6
	$	344		$	853		$	967		$	316	$	(1,405	)	$	1,075

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Operating bank loans	$	-		$	-		$	56		$	5	$	-		$	61
Trade, other payables and accrued charges		88			218			414			58		(587	)		191
Interest payable		-			1			1			-		-			2
Income tax payable		-			-			-			9		-			9
Provisions		-			6			-			-		-			6
Current portion of long-term debt		1			-			1			14		-			16
		89			225			472			86		(587	)		285

Long-term debt		1			316			86			15		(4	)		414
Provisions		-			-			12			-		-			12
Employee future benefits		-			76			15			17		-			108
Other long-term liabilities		-			-			2			-		-			2
		90			617			587			118		(591	)		821

Shareholders' equity:
Share capital		567			555			744			34		(1,333	)		567
Retained earnings (deficit)		(330	)		(336	)		(364	)		147		553			(330	)
Accumulated other comprehensive earnings (loss)		17			17			-			17		(34	)		17
		254			236			380			198		(814	)		254
	$	344		$	853		$	967		$	316	$	(1,405	)	$	1,075

TEMBEC Supplemental Information for first quarter 2014

TEMBEC INC.

SUPPLEMENTAL INFORMATION

December 28, 2013

Supplemental condensed consolidating financial information

Condensed Consolidated Balance Sheets (continued)

(unaudited)(in millions of Canadian dollars)

September 28, 2013 (restated⁽¹⁾)
		Parent			Subsidiary			Guarantor			Other		Consolidation
		Company			Issuer			Subsidiaries			Subsidiaries		Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	-		$	19		$	54	$	-		$	73
Restricted cash		-			-			-			1		-			1
Trade and other receivables		36			311			273			76		(539	)		157
Inventories		-			-			200			37		-			237
Prepaid expenses		-			1			4			1		-			6
Assets classified as held for sale		-			-			7			-		-			7
		36			312			503			169		(539	)		481

Investments		256			462			-			-		(718	)		-
Property, plant and equipment		-			7			366			123		-			496
Biological assets		-			-			5			-		-			5
Employee future benefits		-			6			18			-		-			24
Other long-term receivables		-			8			-			2		-			10
Deferred tax assets		-			-			-			5		-			5
	$	292		$	795		$	892		$	299	$	(1,257	)	$	1,021

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Operating bank loans	$	-		$	-		$	53		$	4	$	-		$	57
Trade, other payables and accrued charges		71			187			416			60		(539	)		195
Interest payable		-			10			-			-		-			10
Income tax payable		-			(1	)		-			9		-			8
Provisions		-			6			-			-		-			6
Current portion of long-term debt		1			-			1			14		-			16
		72			202			470			87		(539	)		292

Long-term debt		1			303			53			15		(3	)		369
Provisions		-			-			12			-		-			12
Employee future benefits		-			91			16			20		-			127
Other long-term liabilities		-			-			2			-		-			2
		73			596			553			122		(542	)		802

Shareholders' equity:
Share capital		567			555			731			34		(1,320	)		567
Retained earnings (deficit)		(354	)		(362	)		(392	)		137		617			(354	)
Accumulated other comprehensive earnings (loss)		6			6			-			6		(12	)		6
		219			199			339			177		(715	)		219
	$	292		$	795		$	892		$	299	$	(1,257	)	$	1,021

⁽¹⁾ See note 2 of the unaudited interim consolidated financial statements for the quarter ended December 28, 2013

TEMBEC Supplemental Information for first quarter 2014

TEMBEC INC.

SUPPLEMENTAL INFORMATION

December 28, 2013

Supplemental condensed consolidating financial information

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)(in millions of Canadian dollars, unless otherwise noted)

Quarter ended December 28, 2013
		Parent			Subsidiary			Guarantor			Other			Consolidation
		Company			Issuer			Subsidiaries			Subsidiaries			Adjustments			Consolidated
Sales	$	-		$	-		$	291		$	67		$	(4	)	$	354
Freight and other deductions		-			-			41			4			(1	)		44
Lumber export taxes		-			-			1			-			-			1
Cost of sales (excluding depreciation and amortization)		-			-			231			50			(3	)		278
Selling, general and administrative		-			2			12			3			-			17
Share-based compensation		-			1			-			-			-			1
Depreciation and amortization		-			-			6			2			-			8
Other items		-			3			(17	)		-			-			(14	)
Operating earnings (loss)		-			(6	)		17			8			-			19
Interest, foreign exchange and other		4			4			3			(2	)		-			9
Exchange loss on long-term debt		-			12			-			-			-			12
Net finance costs (income)		4			16			3			(2	)		-			21
Earnings (loss) before income taxes and share of results for equity accounting		(4	)		(22	)		14			10			-			(2	)
Income tax expense (recovery)		-			(3	)		(4	)		3			-			(4	)
Share of results for equity accounting		6			23			-			-			(29	)		-
Net earnings (loss)		2			4			18			7			(29	)		2
Other comprehensive earnings (loss), net of income taxes:
Defined benefit pension plans and other benefit plans		29			29			14			3			(46	)		29
Income tax recovery (expense)		(7	)		(7	)		(4	)		-			11			(7	)
Foreign currency translation differences for foreign operations		11			11			-			11			(22	)		11
		33			33			10			14			(57	)		33
Total comprehensive earnings (loss)	$	35		$	37		$	28		$	21		$	(86	)	$	35
Basic and diluted net earnings in dollars per share																$	0.02

TEMBEC Supplemental Information for first quarter 2014

TEMBEC INC.

SUPPLEMENTAL INFORMATION

December 28, 2013

Supplemental condensed consolidating financial information

Condensed Consolidated Statements of Comprehensive Earnings (Loss) (continued)

(unaudited)(in millions of Canadian dollars, unless otherwise noted)

Quarter ended December 29, 2012 (restated⁽¹⁾)
		Parent			Subsidiary			Guarantor			Other		Consolidation
		Company			Issuer			Subsidiaries			Subsidiaries		Adjustments			Consolidated
Sales	$	-		$	1		$	321		$	61	$	(7	)	$	376
Freight and other deductions		-			-			47			4		(1	)		50
Lumber export taxes		-			-			1			-		-			1
Cost of sales (excluding depreciation and amortization)		-			-			258			34		(6	)		286
Selling, general and administrative		-			3			13			3		-			19
Share-based compensation		-			1			-			-		-			1
Depreciation and amortization		-			-			9			2		-			11
Other items		-			-			1			-		-			1
Operating earnings (loss)		-			(3	)		(8	)		18		-			7
Interest, foreign exchange and other		1			2			9			-		-			12
Exchange loss on long-term debt		-			4			-			-		-			4
Net finance costs		1			6			9			-		-			16
Earnings (loss) before income taxes and share of results for equity accounting		(1	)		(9	)		(17	)		18		-			(9	)
Income tax expense (recovery)		-			-			-			6		-			6
Share of results for equity accounting		(14	)		(5	)		-			-		19			-
Net earnings (loss)		(15	)		(14	)		(17	)		12		19			(15	)
Other comprehensive earnings (loss), net of income taxes:
Defined benefit pension plans and other benefit plans		5			5			2			1		(8	)		5
Income tax recovery (expense)		-			-			-			-		-			-
Foreign currency translation differences for foreign operations		6			6			-			6		(12	)		6
		11			11			2			7		(20	)		11
Total comprehensive earnings (loss)	$	(4	)	$	(3	)	$	(15	)	$	19	$	(1	)	$	(4	)
Basic and diluted net loss in dollars per share															$	(0.15	)

⁽¹⁾ See note 2 of the unaudited interim consolidated financial statements for the quarter ended December 28, 2013

TEMBEC Supplemental Information for first quarter 2014

TEMBEC INC.

SUPPLEMENTAL INFORMATION

December 28, 2013

Supplemental condensed consolidating financial information

Condensed Consolidated Statements of Cash Flows

(unaudited)(in millions of Canadian dollars)

Quarter ended December 28, 2013
		Parent			Subsidiary			Guarantor			Other			Consolidation
		Company			Issuer			Subsidiaries			Subsidiaries			Adjustments			Consolidated
Cash flows from operating activities:
Net earnings (loss)	$	2		$	4		$	18		$	7		$	(29	)	$	2
Adjustments for:
Depreciation and amortization		-			-			6			2			-			8
Net finance costs		4			16			3			(2	)		-			21
Income tax expense (recovery)		-			(3	)		(4	)		3			-			(4	)
Income tax paid		-			-			-			(3	)		-			(3	)
Excess cash contributions over employee future benefits expense		-			(5	)		(2	)		(1	)		-			(8	)
Share of results for equity accounting		(6	)		(23	)		-			-			29			-
Gain on sale of assets		-			-			(20	)		-			-			(20	)
Other		-			1			4			-			-			5
		-			(10	)		5			6			-			1
Change in non-cash working capital:
Trade and other receivables		-			(9	)		(31	)		(25	)		48			(17	)
Inventories		-			-			(18	)		9			-			(9	)
Prepaid expenses		-			-			2			(1	)		-			1
Trade, other payables and accrued charges		15			31			2			2			(48	)		2
		15			22			(45	)		(15	)		-			(23	)
		15			12			(40	)		(9	)		-			(22	)
Cash flows from investing activities:
Disbursements for property, plant and equipment		-			-			(33	)		(9	)		-			(42	)
Proceeds from sale of assets		-			-			23			-			-			23
Change in restricted cash		-			-			(5	)		(2	)		-			(7	)
Investments in a subsidiary		(13	)		-			-			-			13			-
Interest received		-			6			3			-			(9	)		-
		(13	)		6			(12	)		(11	)		4			(26	)
Cash flow from financing activities:
Change in operating bank loans		-			-			3			1			-			4
Increase in long-term debt		-			-			33			-			-			33
Repayments of long-term debt		-			-			-			(1	)		-			(1	)
Proceeds from issue of share capital		-			-			13			-			(13	)		-
Interest paid		(2	)		(18	)		(9	)		-			9			(20	)
		(2	)		(18	)		40			-			(4	)		16
		-			-			(12	)		(20	)		-			(32	)
Foreign exchange gain on cash and cash equivalents held in foreign currencies		-			-			-			3			-			3
Net decrease in cash and cash equivalents		-			-			(12	)		(17	)		-			(29	)

Cash and cash equivalents, beginning of period		-			-			19			54			-			73
Cash and cash equivalents, end of period	$	-		$	-		$	7		$	37		$	-		$	44

TEMBEC Supplemental Information for first quarter 2014

TEMBEC INC.

SUPPLEMENTAL INFORMATION

December 28, 2013

Supplemental condensed consolidating financial information

Condensed Consolidated Statements of Cash Flows (continued)

(unaudited)(in millions of Canadian dollars)

Quarter ended December 29, 2012 (restated⁽¹⁾)
		Parent			Subsidiary			Guarantor			Other			Consolidation
		Company			Issuer			Subsidiaries			Subsidiaries			Adjustments			Consolidated
Cash flows from operating activities:
Net earnings (loss)	$	(15	)	$	(14	)	$	(17	)	$	12		$	19		$	(15	)
Adjustments for:
Depreciation and amortization		-			-			9			2			-			11
Net finance costs		1			6			9			-			-			16
Income tax expense (recovery)		-			-			-			6			-			6
Income tax paid		-			-			-			(2	)		-			(2	)
Excess cash contributions over employee future benefits expense		-			(11	)		-			-			-			(11	)
Share of results for equity accounting		14			5			-			-			(19	)		-
Gain on sale of assets		-			-			(2	)		-			-			(2	)
Other		-			1			(2	)		(3	)		-			(4	)
		-			(13	)		(3	)		15			-			(1	)
Change in non-cash working capital:
Trade and other receivables		-			(19	)		(16	)		(20	)		79			24
Inventories		-			-			5			(3	)		-			2
Prepaid expenses		-			-			3			(1	)		-			2
Trade, other payables and accrued charges		18			40			4			(14	)		(79	)		(31	)
		18			21			(4	)		(38	)		-			(3	)
		18			8			(7	)		(23	)		-			(4	)
Cash flows from investing activities:
Disbursements for property, plant and equipment		-			-			(39	)		(1	)		-			(40	)
Proceeds from sale of assets		-			-			2			-			-			2
Change in restricted cash		-			-			4			-			-			4
Investments in a subsidiary		(17	)		-			-			-			17			-
Interest received		-			9			1			-			(10	)		-
		(17	)		9			(32	)		(1	)		7			(34	)
Cash flow from financing activities:
Change in operating bank loans		-			-			1			-			-			1
Increase in long-term debt		-			-			24			-			-			24
Repayments of long-term debt		-			-			-			(1	)		-			(1	)
Proceeds from issue of share capital		-			-			17			-			(17	)		-
Interest paid		(1	)		(17	)		(10	)		-			10			(18	)
		(1	)		(17	)		32			(1	)		(7	)		6
		-			-			(7	)		(25	)		-			(32	)
Foreign exchange gain on cash and cash equivalents held in foreign currencies		-			-			-			1			-			1
Net decrease in cash and cash equivalents		-			-			(7	)		(24	)		-			(31	)
Cash and cash equivalents, beginning of period		-			1			29			57			-			87
Cash and cash equivalents, end of period	$	-		$	1		$	22		$	33		$	-		$	56

⁽¹⁾ See note 2 of the unaudited interim consolidated financial statements for the quarter ended December 28, 2013

TEMBEC Supplemental Information for first quarter 2014

Tembec Inc. 6-K