Resignation of Donald Adamson

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

The board of Ludgate Environmental announces that Donald Adamson, non-executive director of the Company, has given notice of resignation as a director with effect from 31 March 2012.

The Board wishes to thank Mr Adamson for his significant contributions to the establishment, governance and shareholder strategies of the Company.

30 March 2012

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:

Chris Clarke +44 (0)20 7213 8898

Broker - Matrix Corporate Capital LLP:

Paul Fincham +44 (0)20 3206 7175