Appointment of Ronald Green

Ludgate Environmental Fund Limited("Ludgate Environmental" or the "Company")Directorate Change

The board of Ludgate Environmental is pleased to announce the appointment of Ronald Green as an independent non-executive director of the Company with immediate effect.

Ronald William Green, aged 63, has for over 40 years held various financial, company secretarial and board positions. From 1985 to 2004, he worked at Berkeley Technology Limited, a listed Jersey financial services group, most recently in the role of Company Secretary and Treasurer. During his time with Berkeley Technology Limited, he had a variety of duties and responsibilities including executive and non-executive directorships of development capital, leverage buy-out and other listed and unlisted funds and as Chairman of a series of US mutual funds. Prior to Berkeley Technology Limited, he was at Citibank Jersey and was Finance Director of RCA Jersey Limited. He is currently non-executive director of various investment funds and of an investment holding company of a multinational telecommunications group. Mr Green is a Fellow of the Institute of Chartered Management Accountants and attended Harvard Business School (Program for Management Development).

John Shakeshaft, Chairman of the Company, commented: "We are very pleased to welcome Ron Green to the board of LEF. He brings significant and successful experience of managing operational change in investee companies; we believe that these skills will add value to LEF's shareholders as we develop our interests in the investment portfolio".

In accordance with Paragraph (g) of Schedule 2 of the AIM Rules, further information in relation to Mr Green appointment is set out below.

Mr Green is currently a director of the following companies:

Argan Capital Management (Jersey) Limited

Cyrus Capital Partners (Jersey) Limited

LVD Investment Advisors Limited

MezzVest Investments I Limited

MezzVest Investments II Limited

MezzVest Manager II Limited

MezzVest Manager III Limited

MezzVest Partners II Limited

MezzVest Partners III Limited

MV Manager Limited

MV Leveraged Finance Limited

Remezzo ManagerI Limited

SIG Master Limited

The 181Fund Limited

Vilaw Consultants Limited

Vodafone Holdings (Jersey) Limited

Worldwide Mezzanine lnvestors II Limited

Mr Green has, in the last 5 years, been a director of the following companies:

Guangdong Development Fund Limited

Gatesworthy Limited

Triangle Holdings Limited

For further information please contact: