Change to the Sub-Administrator

16 June 2011

Cambium Global Timberland Limited

Change to the Sub-Administrator

Cambium Global Timberland Limited (the "Company") announces that with effect from 1 May 2011, the Company's Sub-Administrator Praxis Property Fund Services Limited has changed from Praxis Property Fund Services Limited to Praxis Fund Services Limited.

Bedell Fund Services Limited (the "Administrator"), who are authorised to carry out fund services business by the Jersey Financial Services Commission has confirmed that there is no objection to the change.

The Outsourcing Administration Agreement dated 3 February 2011, between the Company, Administrator and Sub-Administrator has been novated and the correspondence details remain the same.

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 / Krysia Sturgeon

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