Notification of Holdings

30 June 2011

Ludgate Environmental Fund Limited (the "Company")

Notification of Holdings

Ludgate Environmental Fund Limited received notification on 29 June 2011 from Witan Investment Trust plc that on 27 June 2011 they increased their holding to 5,220,999 ordinary shares representing 9.28% of the issued share capital of the Company.

For further enquires please contact:

Investment Adviser

Bill Weil / Nick Pople

Ludgate Investments Limited

Tel: +44 (0)20 7621 5770

Nominated Adviser

PricewaterhouseCoopers LLP

Melville Trimble / Krysia Sturgeon

+ 44 (0) 20 7213 8898 / + 44 (0) 20 7212 8898

Broker

Matrix Corporate Capital LLP

Paul Fincham / Jonathan Becher

+ 44 (0) 20 3206 7000