Declaration of dividend and update

Ludgate Environmental Fund Limited

Declaration of dividend and update

The Board of the Company has declared an interim dividend (in lieu of a final dividend) of 1.75p per share (2010: 1.65p) which will be paid on 12 August 2011 to those shareholders on the Company's register on 29 July 2011. The ex-dividend date will be 27 July 2011.

Following recent changes at Ludgate Investments Limited, and mindful of the opportunity for shareholders to consider the future of the Company in June 2015, the Board is undertaking a strategic review in consultation with its advisers and with the Company's shareholders. A further announcement on this will be made in due course.

In the meantime, following the Company's recent successful realization of its investment In agri.capital the Board has determined to make up to £4 million available to repurchase shares in the market pursuant to the existing shareholder authority. Shares may be purchased only when the Company is outside a close period and will only be purchased at prices such as to enhance value for the Company.

For further information contact:

Ludgate Environmental Fund:

Chairman, John Shakeshaft +44 (0)1534 609 233

Ludgate Investments Limited:

Bill Weil +44 (0)20 7621 5770

NOMAD - PricewaterhouseCoopers LLP:

Melville Trimble +44 (0)20 7213 8898

Broker - Matrix Corporate Capital LLP:

Paul Fincham +44 (0)20 3206 7175