Result of General Meeting

Ludgate Environmental Fund Limited (the "Company")

Results of the Extraordinary General Meeting

Ludgate Environmental Fund Limited is pleased to announce that at the Extraordinary General Meeting of the Company held at 10.00am today (the "Meeting"), all special resolutions put to shareholders were duly passed. All special resolutions were voted on by means of a poll.

In respect of each special resolution, the votes cast were as follows, with percentages having been calculated by reference to total votes cast:

48,711,798 votes cast in favour (92.39%)

4,015,000 votes cast against (7.61%)

Consequently, as contemplated in the Company's circular despatched on 26 June 2017 (Circular) and its announcement of the same date, among other things, the last day of dealings in Ludgate Shares will be 24 July 2017, and at 7:00am on 25 July 2017 the Ludgate Shares will be cancelled from trading on AIM.

Further details of the Cancellation and Deregulation are set out in both the Circular and announcement referred to above. Capitalised terms used but not defined in this announcement have the meaning given to them in the Circular.

14 July 2017

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609034

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 3478 1000

Gijs Voskamp, Chief Investment Officer

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

Paul Fincham