Result of AGM 2010

25 October 2010

Ludgate Environmental Fund Limited

("Ludgate Environmental" or the "Company")

Results of the Annual General Meeting ("AGM")

At the AGM of the Company, held on Wednesday, 20 October 2010, the proposed ordinary and special resolutions were all duly passed. The special resolution authorises the Company, subject to various conditions outlined in the Notice, to make market purchases of its own ordinary shares and investor warrants up to 14.99% of those shares and warrants in issue, respectively.

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