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Exhibit 99.5

Unaudited supplemental condensed consolidating financial
information of

TEMBEC INC.

Years ended September 28, 2013 and September 29, 2012

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|TEMBEC INC.                                                     
|----------------------------------------------------------------
|SUPPLEMENTAL INFORMATION                                        
|                                                                
|September 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
September 28, 2013 and September 29, 2012, the statements of comprehensive
earnings (loss) and the statements of cash flows for the years 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.

|TEMBEC Supplemental Information for fiscal 2013 | 1
|----------------------------------------------- | -

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|TEMBEC INC.                                                     
|----------------------------------------------------------------
|SUPPLEMENTAL INFORMATION                                        
|                                                                
|September 28, 2013                                              
|                                                                
|Supplemental condensed consolidating financial
      information
|                                                                

Condensed Consolidated Balance Sheets

(unaudited)(in millions of Canadian dollars)

|                                                      |   | September 28, 2013 |  
|----------------------------------------------------- | - | ------------------ | -
|                                                      |   | Parent             |  
|                                                      |   | Company            |  
|ASSETS                                                |   |                    |  
|Current assets:                                       |   |                    |  
|Cash and cash
      equivalents                       | $ | -                  |  
|Restricted cash                                       |   | -                  |  
|Trade and other
      receivables                     |   | 36                 |  
|Inventories                                           |   | -                  |  
|Prepaid expenses                                      |   | -                  |  
|Assets classified as held for sale                    |   | -                  |  
|                                                      |   | 36                 |  
|                                                      |   |                    |  
|Investments                                           |   | 257                |  
|Property, plant and equipment                         |   | -                  |  
|Biological assets                                     |   | -                  |  
|Employee future benefits                              |   | -                  |  
|Other long-term receivables                           |   | -                  |  
|Deferred tax assets                                   |   | -                  |  
|                                                      | $ | 293                |  
|                                                      |   |                    |  
|LIABILITIES AND
      SHAREHOLDERS' EQUITY            |   |                    |  
|Current liabilities:                                  |   |                    |  
|Operating bank
      loans                            | $ | -                  |  
|Trade, other payables and
      accrued charges       |   | 71                 |  
|Interest payable                                      |   | -                  |  
|Income tax payable                                    |   | -                  |  
|Provisions                                            |   | -                  |  
|Current portion of long-term debt                     |   | 1                  |  
|                                                      |   | 72                 |  
|                                                      |   |                    |  
|Long-term debt                                        |   | 1                  |  
|Provisions                                            |   | -                  |  
|Employee future benefits                              |   | -                  |  
|Other long-term liabilities                           |   | -                  |  
|                                                      |   | 73                 |  
|                                                      |   |                    |  
|Shareholders' equity:                                 |   |                    |  
|Share capital                                         |   | 567                |  
|Retained
      earnings (deficit)                     |   | (353               | )
|Accumulated other comprehensive earnings
      (loss) |   | 6                  |  
|                                                      |   | 220                |  
|                                                      | $ | 293                |  

|TEMBEC Supplemental Information for fiscal 2013 | 2
|----------------------------------------------- | -

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|TEMBEC INC.                                                     
|----------------------------------------------------------------
|SUPPLEMENTAL INFORMATION                                        
|                                                                
|September 28, 2013                                              
|                                                                
|Supplemental condensed consolidating financial
      information
|                                                                

Condensed Consolidated Balance Sheets (continued)

(unaudited)(in millions of Canadian dollars)

|                                                      |   | September 29, 2012 |  
|----------------------------------------------------- | - | ------------------ | -
|                                                      |   | Parent             |  
|                                                      |   | Company            |  
|ASSETS                                                |   |                    |  
|Current assets:                                       |   |                    |  
|Cash and cash
      equivalents                       | $ | -                  |  
|Restricted cash                                       |   | -                  |  
|Trade and other
      receivables                     |   | 36                 |  
|Inventories                                           |   | -                  |  
|Prepaid expenses                                      |   | -                  |  
|Assets classified as held for sale                    |   | -                  |  
|                                                      |   | 36                 |  
|                                                      |   |                    |  
|Investments                                           |   | 102                |  
|Property, plant and equipment                         |   | -                  |  
|Biological assets                                     |   | -                  |  
|Employee future benefits                              |   | -                  |  
|Other long-term receivables                           |   | -                  |  
|Deferred tax assets                                   |   | -                  |  
|                                                      | $ | 138                |  
|                                                      |   |                    |  
|LIABILITIES AND SHAREHOLDERS'
      EQUITY            |   |                    |  
|Current liabilities:                                  |   |                    |  
|Operating bank
      loans                            | $ | -                  |  
|Trade, other payables and
      accrued charges       |   | 34                 |  
|Interest payable                                      |   | -                  |  
|Income tax payable                                    |   | -                  |  
|Provisions                                            |   | -                  |  
|Current portion of long-term debt                     |   | 1                  |  
|                                                      |   | 35                 |  
|                                                      |   |                    |  
|Long-term debt                                        |   | 1                  |  
|Provisions                                            |   | -                  |  
|Employee future benefits                              |   | -                  |  
|Other long-term liabilities                           |   | -                  |  
|                                                      |   | 36                 |  
|                                                      |   |                    |  
|Shareholders' equity:                                 |   |                    |  
|Share capital                                         |   | 564                |  
|Retained
      earnings (deficit)                     |   | (453               | )
|Accumulated other comprehensive earnings
      (loss) |   | (9                 | )
|                                                      |   | 102                |  
|                                                      | $ | 138                |  

|TEMBEC Supplemental Information for fiscal 2013 | 3
|----------------------------------------------- | -

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|TEMBEC INC.                                                     
|----------------------------------------------------------------
|SUPPLEMENTAL INFORMATION                                        
|                                                                
|September 28, 2013                                              
|                                                                
|Supplemental condensed consolidating financial
      information
|                                                                

Condensed Consolidated Statements of Comprehensive Earnings
(Loss)

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

|                                                                                     |   | Year ended
      September 28, 2013 |  
|------------------------------------------------------------------------------------ | - | ----------------------------------- | -
|                                                                                     |   | Parent                              |  
|                                                                                     |   | Company                             |  
|Sales                                                                                | $ | -                                   |  
|Freight and other deductions                                                         |   | -                                   |  
|Lumber export taxes                                                                  |   | -                                   |  
|Cost of sales (excluding depreciation and
      amortization)                        |   | -                                   |  
|Selling, general and
      administrative                                            |   | -                                   |  
|Share-based compensation                                                             |   | -                                   |  
|Depreciation and amortization                                                        |   | -                                   |  
|Other items                                                                          |   | -                                   |  
|Operating earnings (loss)                                                            |   | -                                   |  
|                                                                                     |   |                                     |  
|Interest, foreign exchange and other                                                 |   | 5                                   |  
|Exchange loss (gain) on long-term debt                                               |   | -                                   |  
|Net
      finance costs (income)                                                     |   | 5                                   |  
|Earnings (loss) before income
      taxes and share of results for equity accounting |   | (5                                  | )
|Income tax expense (recovery)                                                        |   | -                                   |  
|Share of results for equity accounting                                               |   | (29                                 | )
|Net
      earnings (loss)                                                            |   | (34                                 | )
|                                                                                     |   |                                     |  
|Other comprehensive earnings
      (loss), net of income taxes:                      |   |                                     |  
|Defined
      benefit pension plans and other benefit plans                          |   | 132                                 |  
|Income tax                                                                           |   | 2                                   |  
|Foreign currency translation differences
      for foreign operations                |   | 15                                  |  
|Total comprehensive earnings (loss)                                                  | $ | 115                                 |  
|Basic and diluted net loss in dollars per share                                      |   |                                     |  

|TEMBEC Supplemental Information for fiscal 2013 | 4
|----------------------------------------------- | -

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|TEMBEC INC.                                                     
|----------------------------------------------------------------
|SUPPLEMENTAL INFORMATION                                        
|                                                                
|September 28, 2013                                              
|                                                                
|Supplemental condensed consolidating financial
      information
|                                                                

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

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

|                                                                                     |   | Year ended
      September 29, 2012 |  
|------------------------------------------------------------------------------------ | - | ----------------------------------- | -
|                                                                                     |   | Parent                              |  
|                                                                                     |   | Company                             |  
|Sales                                                                                | $ | -                                   |  
|Freight and other deductions                                                         |   | -                                   |  
|Lumber export taxes                                                                  |   | -                                   |  
|Cost of sales (excluding depreciation and
      amortization)                        |   | -                                   |  
|Selling, general and
      administrative                                            |   | -                                   |  
|Share-based compensation                                                             |   | -                                   |  
|Depreciation and amortization                                                        |   | -                                   |  
|Other items                                                                          |   | (1                                  | )
|Operating earnings (loss)                                                            |   | 1                                   |  
|                                                                                     |   |                                     |  
|Interest, foreign exchange and other                                                 |   | -                                   |  
|Exchange loss (gain) on long-term debt                                               |   | -                                   |  
|Net
      finance costs (income)                                                     |   | -                                   |  
|Earnings (loss) before income
      taxes and share of results for equity accounting |   | 1                                   |  
|Income tax expense (recovery)                                                        |   | 1                                   |  
|Share of results for equity accounting                                               |   | (82                                 | )
|Net
      earnings (loss)                                                            |   | (82                                 | )
|                                                                                     |   |                                     |  
|Other comprehensive
      earnings (loss), net of income taxes:                      |   |                                     |  
|Defined benefit pension
      plans and other benefit plans                          |   | (38                                 | )
|Income tax                                                                           |   | -                                   |  
|Foreign currency translation differences for
      foreign operations                |   | (11                                 | )
|Total comprehensive earnings (loss)                                                  | $ | (131                                | )
|Basic and diluted net loss in dollars per share                                      |   |                                     |  

|TEMBEC Supplemental Information for fiscal 2013 | 5
|----------------------------------------------- | -

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|TEMBEC INC.                                                     
|----------------------------------------------------------------
|SUPPLEMENTAL INFORMATION                                        
|                                                                
|September 28, 2013                                              
|                                                                
|Supplemental condensed consolidating financial
      information
|                                                                

Condensed Consolidated Statements of Cash Flows

(unaudited)(in millions of Canadian dollars)

|                                                                                           |   | Year ended
      September 28, 2013 |  
|------------------------------------------------------------------------------------------ | - | ----------------------------------- | -
|                                                                                           |   | Parent                              |  
|                                                                                           |   | Company                             |  
|Cash flows from operating
      activities:                                                |   |                                     |  
|Net earnings (loss)                                                                        | $ | (34                                 | )
|Adjustments for:                                                                           |   |                                     |  
|Depreciation and amortization                                                              |   | -                                   |  
|Net finance costs                                                                          |   | 5                                   |  
|Income tax
      expense (recovery)                                                        |   | -                                   |  
|Income tax paid                                                                            |   | -                                   |  
|Excess
      cash contributions over employee future benefits expense                      |   | -                                   |  
|Provisions                                                                                 |   | -                                   |  
|Share of
      results for equity accounting                                               |   | 29                                  |  
|Impairment loss                                                                            |   | -                                   |  
|Gain on
      sale of assets                                                               |   | -                                   |  
|Other                                                                                      |   | -                                   |  
|                                                                                           |   | -                                   |  
|Change in non-cash working
      capital:                                                  |   |                                     |  
|Trade and other receivables                                                                |   | -                                   |  
|Inventories                                                                                |   | -                                   |  
|Prepaid expenses                                                                           |   | -                                   |  
|Trade, other payables and accrued charges                                                  |   | 34                                  |  
|                                                                                           |   | 34                                  |  
|                                                                                           |   | 34                                  |  
|Cash flows from investing activities:                                                      |   |                                     |  
|Disbursements
      for property, plant and equipment                                      |   | -                                   |  
|Proceeds from sale of net assets                                                           |   | -                                   |  
|Change in
      restricted cash                                                            |   | -                                   |  
|Investments in a subsidiary                                                                |   | (31                                 | )
|Interest
      received                                                                    |   | -                                   |  
|Other                                                                                      |   | -                                   |  
|                                                                                           |   | (31                                 | )
|Cash flow from financing activities:                                                       |   |                                     |  
|Change in
      operating bank loans                                                       |   | -                                   |  
|Increase in long-term debt                                                                 |   | -                                   |  
|Repayments of
      long-term debt                                                         |   | -                                   |  
|Proceeds from issue of share
      capital                                                 |   | -                                   |  
|Interest paid                                                                              |   | (3                                  | )
|Other                                                                                      |   | -                                   |  
|                                                                                           |   | (3                                  | )
|                                                                                           |   | -                                   |  
|Foreign exchange gain (loss) on cash and cash equivalents
      held in foreign currencies |   | -                                   |  
|Net increase (decrease) in cash and cash
      equivalents                                 |   | -                                   |  
|                                                                                           |   |                                     |  
|Cash and cash equivalents, beginning of year                                               |   | -                                   |  
|Cash
      and cash equivalents, end of year                                               | $ | -                                   |  

|TEMBEC Supplemental Information for fiscal 2013 | 6
|----------------------------------------------- | -

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|TEMBEC INC.                                                     
|----------------------------------------------------------------
|SUPPLEMENTAL INFORMATION                                        
|                                                                
|September 28, 2013                                              
|                                                                
|Supplemental condensed consolidating financial
      information
|                                                                

Condensed Consolidated Statements of Cash Flows (continued)

(unaudited)(in millions of Canadian dollars)

|                                                                                    |   | Year ended September 29,
      2012 |  
|----------------------------------------------------------------------------------- | - | ----------------------------------- | -
|                                                                                    |   | Parent                              |  
|                                                                                    |   | Company                             |  
|Cash flows from operating
      activities:                                         |   |                                     |  
|Net earnings (loss)                                                                 | $ | (82                                 | )
|Adjustments for:                                                                    |   |                                     |  
|Depreciation and amortization                                                       |   | -                                   |  
|Net finance costs                                                                   |   | -                                   |  
|Income tax
      expense (recovery)                                                 |   | 1                                   |  
|Income tax paid                                                                     |   | -                                   |  
|Excess cash
      contributions over employee future benefits expense               |   | -                                   |  
|Provisions                                                                          |   | -                                   |  
|Share of
      results for equity accounting                                        |   | 82                                  |  
|Impairment loss                                                                     |   | -                                   |  
|Gain on
      sale of assets                                                        |   | (1                                  | )
|Other                                                                               |   | (1                                  | )
|                                                                                    |   | (1                                  | )
|Change in non-cash working
      capital:                                           |   |                                     |  
|Trade and other receivables                                                         |   | -                                   |  
|Inventories                                                                         |   | -                                   |  
|Prepaid expenses                                                                    |   | -                                   |  
|Trade, other payables and accrued charges                                           |   | 33                                  |  
|                                                                                    |   | 33                                  |  
|                                                                                    |   | 32                                  |  
|Cash flows from investing activities:                                               |   |                                     |  
|Disbursements
      for property, plant and equipment                               |   | -                                   |  
|Proceeds from sale of net assets                                                    |   | 1                                   |  
|Change in
      restricted cash                                                     |   | -                                   |  
|Investments in a subsidiary                                                         |   | (28                                 | )
|Interest
      received                                                             |   | -                                   |  
|Other                                                                               |   | -                                   |  
|                                                                                    |   | (27                                 | )
|Cash flow from financing activities:                                                |   |                                     |  
|Change in
      operating bank loans                                                |   | -                                   |  
|Increase in long-term debt                                                          |   | -                                   |  
|Repayments of
      long-term debt                                                  |   | (5                                  | )
|Proceeds from issue of share
      capital                                          |   | -                                   |  
|Interest paid                                                                       |   | -                                   |  
|Other                                                                               |   | -                                   |  
|                                                                                    |   | (5                                  | )
|                                                                                    |   | -                                   |  
|Foreign exchange loss on cash and cash equivalents held in
      foreign currencies |   | -                                   |  
|Net increase (decrease) in cash and cash
      equivalents                          |   | -                                   |  
|                                                                                    |   |                                     |  
|Cash
      and cash equivalents, beginning of year                                  |   | -                                   |  
|Cash and cash equivalents, end of year                                              | $ | -                                   |  

|TEMBEC Supplemental Information for fiscal 2013 | 7
|----------------------------------------------- | -

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