Director Board Changes

10 August 2010

Ludgate Environmental Fund Limited (LEF.L)

("Ludgate Environmental" or the "Company")

Directorships

Further to the RNS announcement made on 2 August 2010, the Company is pleased to confirm that the Jersey Financial Services Commission has given its consent to the appointment of Donald Adamson and David Pirouet to, and the retirement of Helen Grant and Douglas Maccabe from, the board of the Company.

The effective date of the appointment of Messrs Adamson and Pirouet and the resignation of Mr Maccabe was 2 August. The effective date of the resignation of Ms Grant was 3 August.

The details required by AIM Rule 17 were set out in the announcement made on 2 August 2010.

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609329

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 7621 5770

Nick Pople / Nigel Meir

PricewaterhouseCoopers LLP (Nomad) +44 (0) 20 7213 8898

Melville Trimble

Matrix Corporate Capital LLP (Broker) +44 (0)20 3206 7175

Paul Fincham