Mr. Greg Lemaich of Polar Asset reports

POLAR ACQUIRES COMMON SHARES OF CONIFEX TIMBER INC.

On June 17, 2016, Polar Asset Management Partners Inc., on behalf of client accounts over which it has discretionary trading authority, acquired 107,200 common shares of Conifex Timber Inc. 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 13.3 per cent 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 per cent of all outstanding shares. As at Aug. 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 per cent of the outstanding shares. For the shares acquired between April 30, 2016, and Aug. 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.

About Polar Asset Management Partners

Polar acts as investment manager of certain investment funds and investment adviser to other managed accounts, and manages and/or advises over $2.7-billion of client funds.