HTB Highland Timber

    20 September 2007

For immediate release

                            Highland Timber P.L.C.                             

                Result of EGM and Disposal of the Forest Assets                

The Company announces that at the EGM held earlier today, the resolution put to
the meeting to adjourn the EGM was defeated on a poll. In addition, the
Resolution to approve the Disposal of the Forest Assets to FIM TGF IV, as
detailed in the circular sent to Shareholders dated 31 August 2007, was passed
on a poll. It is expected that the Disposal of the Forest Assets will complete
shortly.

At the conclusion of the EGM, Mr Ron Williams announced his intention to retire
and step down as Chairman of the Company with effect from the end of this
month. Mr Robert Rickman, Non-Executive Director, will assume the position of
Chairman following Mr Ron Williams' retirement.

The Directors will now immediately progress to a voluntary liquidation of the
Company and to convene as soon as reasonably practicable an extraordinary
general meeting of the Company to resolve on the matter.

Terms used in this announcement have the same meanings as in the circular sent
to Shareholders dated 31 August 2007.

Enquiries:

Highland Timber P.L.C. 020 7937 0755

Oliver Waring, Chief Executive Officer

Arbuthnot Securities Limited 020 7012 2000

Tom Griffiths/Richard Johnson

The Directors of the Company, accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

Rule 8 Notice

Under the provisions of Rule 8.3 of the Code, if any person is, or becomes,
"interested" (directly or indirectly) in 1 per cent. or more of any class of
"relevant securities" of Highland Timber, all "dealings" in any "relevant
securities" of Highland Timber P.L.C. (including by means of an option in
respect of, or a derivative referenced to, any such "relevant securities") must
be publicly disclosed by no later than 3.30 p.m. (London time) on the London
business day following the date of the relevant transaction. This requirement
will continue until the date on which the offer becomes, or is declared,
unconditional as to acceptances, lapses or is otherwise withdrawn or on which
the "offer period" otherwise ends. If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire an
"interest" in "relevant securities" of Highland Timber P.L.C., they will be
deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Highland Timber by European Forest Resources Acquisition Limited
or Highland Timber P.L.C., or by any of their respective "associates", must be
disclosed by no later than 12.00 noon (London time) on the London business day
following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities
in issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on
the Panel's website. If you are in any doubt as to whether or not you are
required to disclose a "dealing" under Rule 8, you should consult the Panel.



END

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