Full exit of agri.capital

London, 24 March 2011

Ludgate Environmental Fund announces full exit from agri.capital

Ludgate Environmental Fund Limited (LEF.L) is pleased to announce it has signed an agreement which will deliver redemption of its full investment in agri.capital.

This is the first significant exit for the Ludgate Environmental Fund since its launch in August 2007. LEF invested a total of EUR11.3 million (GBP9.7 million) in three tranches since October 2008, helping agri.capital become one of the leading biogas and biomethane producers in Europe. The realisation of the investment in agri.capital to LEF will provide a cash return at exit (excluding dividends paid to date), of EUR16.3 million (GBP14.1 million).

The effect of this exit from agri.capital is an increase of 5.8p per Share from the 98.6p per Share Net Asset Value at 31st December 2010.

agri.capital is one of the leading biogas and biomethane producers in Europe with headquarters in Luxembourg and operations throughout Germany. It controls over 400 GWh of renewable power each year in operation or construction at more than 60 project sites. The company has identified significant expansion opportunities in Germany and Italy, in addition to its longer-term expansion plans in other parts of Europe.

Nick Pople, Director of Ludgate Investments Limited, Investment Adviser to LEF said: "LEF is delighted to have supported agri.capital with expansion capital over the last three years. The company is now in an excellent position to continue its growth. Whilst this transaction results in a full exit from agri.capital, LEF continues to support the investment thesis that anaerobic digestion is a growing and important technology for both clean energy and agricultural waste management."

'We believe biogas and biomethane will be critical to Europe reaching its renewable energy and greenhouse gas reduction targets for 2020 and beyond,' added agri.capital CEO Dr. Anton Daubner.

Independent infrastructure firm Alinda Capital Partners LLC announced on 21 March 2011 that it will acquire a majority interest in agri.capital and will invest over EUR300 million (GBP260 million) in the company over the next three years to fund its anticipated growth. Alinda Capital Partners is the largest manager of pension assets for investment in infrastructure in the US and the third largest in the world, with over USD7 billion in assets under management.

About Ludgate Environmental Fund:

Ludgate Environmental Fund Limited invests in a diverse portfolio of late stage opportunities in the European cleantech sector. Applying an active management approach, LEF invests growth capital into cleantech companies. Focus areas of the Fund include alternative energy; waste management and resource recovery; energy efficiency; water management; industrial process advances and emission reduction technologies.

Ludgate Environmental Fund Limited was launched in August 2007 and further fundraisings have seen assets under management increase to approximately GBP55 million (as at 31 December 2010). LEF is a Jersey domiciled closed-ended investment company, quoted on AIM under the symbols LEF.L for the shares and LEFW.L for the warrants.

www.ludgateenvironmental.com

For further information contact:

Ludgate Environmental Fund:

Chairman, John Shakeshaft +44 (0)1534 609 000

Ludgate Investments Limited:

Nick Pople +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