Result of Annual General Meeting

Ludgate Environmental Fund Limited (the "Company")Result of 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.

Pursuant to the approval of resolution 8 by independent shareholders in connection with certain amendments to the investment advisory agreement with Ludgate Investments Limited, the Company announces that new agreement has today been executed.

21 December 2012

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609034

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 7621 5770

Bill Weil

PricewaterhouseCoopers LLP (Nomad) +44 (0) 20 7212 1798

Chris Clarke

Panmure Gordon (Broker) +44 (0) 20 7866 2713

Paul Fincham