Notification of Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Cambium Global Timberland Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Ironsides Partners LLC

4. Full name of shareholder(s)  (if different from 3.):iv

Ironsides Partners Opportunity Master Fund L.P.

Ironsides Partners Special Situations Master Fund L.P.

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

8 May 2013

6. Date on which issuer notified:

10 May 2013

7. Threshold(s) that is/are crossed orreached: vi, vii

11%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

5,265,500

5,265,000

0

0

7,996,465

0%

7.83%

JE00B1NNWQ21

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Contracts for Difference

Oct 18, 2013 - May 8, 2023

3,325,000

Nominal

Delta

3.26%

3.26%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

11,321,465

11.09%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Ironsides Partners LLC, a U.S. registered investment advisor, is an indirect holder of the shares and is entitled to exercise the above voting rights and the rights pursuant the contracts for difference because Ironsides Partners LLC is the discretionary investment manager of Ironsides Partners Opportunity Master Fund L.P. and the Ironsides Partners Special Situations Master Fund L.P. (the "Shareholders").

The Shareholders are the direct holders of the above shares and/or parties to the contracts for difference.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

Gustavo Resendiz

15. Contact telephone number:

617-449-3136