Net Asset Value(s)

22 March 2012

Cambium Global Timberland Limited (the "Company")

Net Asset Value ("NAV")

The Directors of the Company wish to announce that the unaudited NAV as at 31 January 2012 (calculated under IFRS and including current year revenue) is as follows:

31 January 2012 31 October 2011

£ £

Net asset value per ordinary share 0.70 0.71

For more information:

Investment Manager

CP Cogent Asset Management

Richard Standeven

+1 214 871 5400

Broker

Matrix Corporate Capital LLP

Paul Fincham / Jonathan Becher

+ 44 (0) 20 3206 7000

Nominated Adviser

PwC

Melville Trimble / Chris Clarke

+ 44 (0) 20 7213 8898 / + 44 (0) 20 7212 1798