Annual Report and Accounts

Ludgate Environmental Fund Limited (the "Company")

Annual Report and Accounts

The Company announces that its annual report and accounts for the year ended 30 June 2013 have been sent to shareholders. An electronic copy of this document is available on the Company's website at www.ludgateenvironmental.com.

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609034

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 3478 1000

Bill Weil

PricewaterhouseCoopers LLP (Nomad) +44 (0) 20 7212 1798

Chris Clarke

Panmure Gordon (Broker) +44 (0) 20 7886 2713

Paul Fincham