Cambium Global Timberland Limited launches on London AIM

New Forests Advises on Timber & Environmental Options for £104 million fund

March 9, 2007

SYDNEY – Cambium Global Timberland Limited, a fund established to invest in a global portfolio of forestry based properties, announces its flotation and the first day of dealings on the AIM market of the London Stock Exchange and on the Channel Islands Stock Exchange (CISX). Cambium, which raised £104 million before expenses through the issue of ordinary shares at 100p, will seek to invest primarily in forestry assets that can be managed on an environmentally and socially sustainable basis and seeks to exploit environmental option values, such as the sale of carbon credits.

New Forests Pty Limited is acting as global advisor on timber and environmental option values for Cambium. New Forests will advise on establishing a portfolio that comprises geographically diverse assets located in mature and developing markets. Investments in North and South America and the Asia-Pacific region will be initial targets with other regions pursued on an opportunistic basis. The strategy is to achieve superior total returns to investors by establishing an optimised portfolio of timberland properties and timberland related investments diversified by location, age class and species.

Cambium is managed by CP Cogent Asset Management LP. CP Cogent Asset Management LP, which is part of the Cogent Partners, LP group, is an independent investment bank specialising in alternative assets and based in Dallas, New York, London and Tokyo. Cogent has been appointed to act as the global asset manager for Cambium’s portfolio of assets.

Teather & Greenwood acted as placing agent and nominated adviser for the placing. Major shareholders in Cambium include British Steel Pension Fund, Baillie Gifford and AXA-Framlington, Midas Capital Partners, Speirs & Jeffry, Tilney & Co, Teather & Greenwood, Artemis, Rensberg Sheppard and SVM Asset Management.

New Forests Pty Limited

New Forests Pty Limited is a forestry investment management and advisory services firm based in Sydney, Australia. The company’s investment thesis is unique in seeking assets that deliver traditional timber returns, as well as returns from emerging environmental markets and preferences, such as certified timber, carbon, biodiversity and water quality. In addition to world-leading forestry investment expertise in the areas of acquisitions, modeling, operations, silviculture and ecosystem services, New Forests is at the forefront of developing and commercializing environmental products and evaluating opportunities from emerging environmental markets. The company holds an Australian Financial Services License. For more information see www.newforests.com.au.