HTB Highland Timber

RNS Number:0739E
European Forest Resources Acq Ltd
18 September 2007


                 EUROPEAN FOREST RESOURCES ACQUISITION LIMITED


 (Incorporated and registered in England and Wales under the Companies Act 1985
                        with registered number 6276109)


Directors:                                   Registered Office:

R. Lawrence Caperton                         Queensberry House
Bernard Laferriere                           3 Old Burlington Street
Christopher Caperton                         London W1S 3LD


                                                               18 September 2007

Dear Shareholder,


I hope that by now you have received the letter sent to you by the Chairman of
Highland Timber P.L.C. ("Highland Timber") explaining why the Board of Highland
Timber has unanimously recommended that you accept the cash offer of 120p per
share made by European Forest Resources Acquisition ("EFRAL") and urging all
shareholders who are free to do so to vote against the resolution to sell the
Company's forest assets to FIM.

You will see that in order to allow shareholders time to consider the EFRAL
offer, your Directors have stated that at the EGM scheduled for 20th September
2007 they will seek the approval of shareholders to adjourn the EGM to 12 noon
on 26th September 2007, in which case the latest time for receipt of valid forms
of proxy will be 12 noon on September 24th 2007.

I write to remind you that the EFRAL offer is conditional, inter alia, on
shareholders voting AGAINST the resolution to sell the forest assets to FIM at
the EGM on 20th September 2007, or on the date to which such meeting is
adjourned.  If you wish to accept the EFRAL offer, as unanimously recommended by
your Board, and have not voted AGAINST the resolution to sell the forest assets
to FIM, there is still time for your vote to count if the EGM is adjourned to
26th September 2007.

If you have not already done so, you should therefore immediately return the
enclosed form of proxy voting AGAINST the resolution in the blue envelope
provided. At the adjourned EGM, this proxy will override any previous proxy you
may have sent.


Yours faithfully,


R. L. Caperton


The directors of EFRAL accept Rule 19.2 of the City Code of Takeovers and
Mergers ("Code") responsibility for the information contained in this document,
except that the only responsibility for the information contained in this
document relating to Highland Timber, which has been compiled from published
sources, has been to ensure that such information has been correctly and fairly
reproduced or presented. To the best of the knowledge and belief of the
directors of the EFRAL (who have taken all reasonable care to ensure that such
is the case), the information contained in this document for which they take
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

The directors of European Forest Resources Limited, being R. Lawrence Caperton,
Robert Louis-Dreyfus, Bernard Laferriere and Gavin Farrell, accept
responsibility for the information contained in this document, except that the
only responsibility for the information contained in this document relating to
Highland Timber, which has been compiled from published sources, has been to
ensure that such information has been correctly and fairly reproduced or
presented and, in the case of Mr Gavin Farrell, other than information relating
to Louis Dreyfus SAS. To the best of the knowledge and belief of the directors
of European Forest Resources Limited (who have taken all reasonable care to
ensure that such is the case), the information contained in this document for
which they take responsibility is in accordance with the facts and does not omit
anything likely to affect the import of such information.

For the purposes of Rule 27 of the Code, EFRAL confirms that, save as set out in
Highland Timber's circular to shareholders dated 14 September 2007 and, in
particular, the recommendation of the Board of Highland Timber contained
therein, there have been no material changes to the information published by
ERFAL in its offer document dated 12 September 2007.  In particular, there have
been no:
     
(a)  changes or additions to material contracts, irrevocable commitments or 
     letters of intent of or held by ERFAL required to be published by
     Rule 24 of the Code;

(b)  changes to the interests and dealings required to be published by Rule 
     24.3 of the Code;

(c)  changes to directors' emoluments required to be published by
     Rule 24.4 of the Code;

(d)  changes to the position relating to special arrangements required to be 
     published by Rule 24.5 of the Code;

(e)  changes to the position relating to the ultimate owner of securities 
     acquired under the offer required to be published by Rule 24.8 of the Code;

(f)  changes to the position relating to arrangements in relation to dealings 
     required to be published by Rule 24.12 of the Code; or

(g)  insofar as EFRAL is aware, changes to directors' service contracts required 
     to be published by Rule 25.4 of the Code.


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