Results of the AGM

Ludgate Environmental Fund Limited

("the "Company")

Results of the Annual General Meeting ("AGM")

At the AGM of the Company held on Monday, 7 November 2011 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 609233

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 7621 5770

Bill Weil

NOMAD - PricewaterhouseCoopers LLP +44 (0) 20 7213 8898

Melville Trimble

Broker - Matrix Corporate Capital LLP +44 (0) 20 3206 7175

Paul Fincham