Polar Acquires Common Shares of Conifex Timber Inc.

TORONTO, ONTARIO--(Marketwired - Aug. 24, 2016) - On June 17, 2016, Polar Asset Management Partners Inc. ("Polar"), on behalf of client accounts over which it has discretionary trading authority, acquired (the "Acquisition") 107,200 common shares ("Shares") of Conifex Timber Inc. (the "Issuer"). Since filing an AMR in respect of the Issuer as at April 30, 2016, when Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or direction over 2,813,833 Shares (representing approximately 13.30% of the outstanding Shares), there has been a net increase of 413,182 Shares over which Polar, has control or direction of, representing a net increase of 1.95% of all outstanding Shares. As at August 24, 2016, Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or direction over an aggregate of 3,227,015 Shares, representing approximately 15.25% of the outstanding Shares. For the Shares acquired between April 30, 2016 and August 24, 2016, Polar paid an average price of $3.15 per Share, for total consideration of $1,299,598.73 being paid for the Shares acquired in such period.

The Shares were acquired on the facilities of the Toronto Stock Exchange, in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over the Issuer. Polar may from time to time, on its own behalf or on behalf of client accounts, acquire additional securities of the Issuer, dispose of some or all of the currently held or additional securities of the Issuer or may continue to hold the securities of the Issuer.

Address of the Issuer

980 - 700 West Georgia Street

Vancouver, British Columbia

V7Y 1B6

About Polar Asset Management Partners Inc.

Established in 1991, Polar Asset Management Partners Inc. is registered as an Investment Fund Manager with the Ontario Securities Commission and is a member of the Investment Industry Regulatory Organization of Canada. Polar acts as investment manager of certain investment funds and investment advisor to other managed accounts and manages and/or advises over $2.7 billion of client funds.

Additional Information

Neither the issuance of this news release nor the filing by Polar of an "early warning" report required to be filed in accordance with applicable Canadian securities laws is an admission that any individual or entity named or referred to in this news release or in an "early warning" report of Polar owns or controls any described securities or is a joint actor with another individual or entity named or referred to in this news release.

The address of Polar and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the "early warning" report required to be filed in accordance with applicable Canadian securities laws, contact Polar at the address specified below:

Polar Asset Management Partners Inc.

401 Bay Street

Suite 1900, P.O. Box 19

Toronto, Ontario

M5H 2Y4