Directorate Change

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

The Company announces that Denis Quilty, non-executive director of the Company, has resigned from the board with immediate effect in order to focus on other business interests.

The board wishes to thank Denis for his contribution to the Company.

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, Chief Investment Officer

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

Chris Clarke

Panmure Gordon (Broker) +44 (0) 20 7866 2713

Paul Fincham