Net Asset Value

22 March 2010

Cambium Global Timberland Limited (the "Company")

Net Asset Value ("NAV")

The Directors of the Company wish to announce that the estimated, unaudited NAV as at

31 January 2010 (calculated under IFRS and including current year revenue) is as follows:

31 October 2009 31 January 2010

£ £

Net asset value per ordinary share 0.91 0.89

For more information:

Investment Manager

CP Cogent Asset Management

Rich Standeven / Matt Haertzen

+1 214 871 5400

Broker

Matrix Corporate Capital LLP

Paul Fincham / Jonathan Becher

+ 44 (0) 20 3206 7000

Nominated Adviser

PricewaterhouseCoopers LLP

Melville Trimble

+ 44 (0) 20 7 213 8898