EPT Disclosure

RNS Number:9555Z
Arbuthnot
10 July 2007

                 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS

                      WITH RECOGNISED INTERMEDIARY STATUS

                      DEALING IN A CLIENT-SERVING CAPACITY

                      (Rule 38.5(a) of the Takeover Code)



1.         KEY INFORMATION


Name of exempt principal trader               Arbuthnot
Company dealt in                              Highland Timber
Class of relevant security to which the       Ordinary
dealings being disclosed relate (Note 1)

Date of dealing                               09-07-07






2.         DEALINGS (Note 2)



(a)        Purchases and sales


Total number of securities purchased   Highest price paid (Note 3)           Lowest price paid (Note 3)


2,300                                  92                                    92




Total number of securities sold        Highest price received (Note 3)       Lowest price received (Note 3)






(b)        Derivatives transactions (other than options)


Product name,         Long/short (Note 4)       Number of securities (Note 5)       Price per unit (Note 3)

e.g. CFD








(c)        Options transactions in respect of existing securities

(i)         Writing, selling, purchasing or varying


Product name,         Writing, selling, Number of securities  Exercise   Type, e.g.      Expiry     Option money
                        purchasing,     to which the option              American,
e.g. call option      varying etc.      relates (Note 5)      price      European etc.   date       paid/received per
                                                                                                    unit (Note 3)





(ii)        Exercising


Product name, e.g. call option         Number of securities                 Exercise price per unit (Note 3)






3.         OTHER INFORMATION



Agreements, arrangements or understandings relating to options or derivatives




Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating
to the voting rights of any relevant securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.











Date of disclosure                                                10-07-07


Contact name                                                      Majid Haq

Telephone number                                                  020 7012 2060

Name of offeree/offeror with which connected                      Highland Timber
Nature of connection (Note 6)                                     Broker






Notes



The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

EMMSFISASSWSEDW