On November 23, 2020, BW SLC Holdings, LLC ('BW SLC') and one of its joint actors, pursuant to their respective operating agreements, distributed an aggregate of 1,215,847 common shares of Conifex Timber Inc. ('Conifex') to certain of their members (the 'Distribution') with the balance of the common shares of Conifex held by BW SLC being distributed to its sponsor, BW SLC AIV III, L.P. ('BW AIV' and together with BW SLC and their joint actors, 'Blue Wolf').

Prior to the Distribution, Blue Wolf beneficially owned, or had control and direction over, 9,687,373 common shares of Conifex (assuming the maximum exercise of the 2,304,878 warrants to purchase common shares of Conifex beneficially owned or controlled by BW SLC or its joint actors (the 'Warrants')) or approximately 19.99% of the issued and outstanding common shares of Conifex. Immediately following the Distribution, Blue Wolf beneficially owns or has control and direction over 9,341,404 common shares of Conifex (assuming the exercise of all of the Warrants) or approximately 18.94% of the issued and outstanding common shares of Conifex. Subject to the terms and conditions of the nomination and standstill agreement dated July 9, 2018 between Conifex, BW SLC and Blue Wolf Capital Advisors III, LLC, the terms of the Warrants and applicable law, Blue Wolf may, in the future, acquire or dispose of common shares or other securities of Conifex depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities. This news release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of an early warning report, a copy of which is available on SEDAR under Conifex's profile at www.sedar.com or by contacting Joshua Cherry-Seto at 212.488.1347. BW SLC is a limited liability company organized under the laws of the State of Delaware and a forest products holding company. The address of BW SLC is One Liberty Plaza, 165 Broadway, 52nd Floor, New York, New York, 10006. BW AIV is a limited partnership organized under the laws of Delaware and is the sponsor of BW SLC. The address of BW AIV is One Liberty Plaza 165 Broadway, 52nd Floor, New York, New York, 10006. The address of the head office of Conifex is 980 - 700 West Georgia Street, Vancouver, British Columbia, V7Y 1B6.

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