Result of AGM

Ludgate Environmental Fund Limited ("the "Company")

Results of the Annual General Meeting

Ludgate Environmental Fund Limited is pleased to announce that at the Annual General Meeting of the Company held today, all resolutions put to shareholders were duly passed. The special resolution authorises the Company, subject to various conditions outlined in the Notice, to renew its buy back authority.

8 November 2013

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