STX Services B.V. - Increased Percentage Ownership

Ludgate Environmental Fund Limited

STX Services B.V. - Increased Percentage Ownership

Ludgate Environmental Fund Limited ("LEF" or the "Fund") announces that its holding in STX Services B.V. ("STX" or the "Company"), the Dutch environmental trading and brokerage firm, has increased to 24.8% from 19.2% as a result of a capital reorganisation and a share buyback. LEF will reflect the impact of this increase in percentage ownership at the end of next quarter.

The Board of STX has decided to buy back shares from one of the principal investors of the Company, resulting in a percentage increase in the share ownership for all other shareholders. In a related transaction, STX's Managing Director, Tim van der Noordt, also acquired additional shares from the same investor.

LEF's increased percentage of ownership in STX and the decision of Tim van der Noordt to acquire additional shares in the Company supports not only the Fund's but management's continued strong belief in the business model. Tim van der Noordt has played a key role in the development of STX's business since its inception in 2005, and will be an important contributor as STX continues to develop its business across the carbon, biofuel and green certificate markets.

Nigel Meir, Director of Ludgate Investments Ltd, LEF's Investment Adviser said: "As a result of this capital reorganisation, the Company's shareholder base is more equally spread between investors and management. The increased percentage ownership that LEF achieves following the capital reorganisation comes at a time when STX, under the direction of Tim van der Noordt, is increasing its broking revenues to a broader range of environmental products. We are delighted that management's commitment to the business is further established through this transaction."

Tim van der Noordt, Managing Director of STX said: "The capital reorganisation of STX comes at a time when European ambitions for a greener and cleaner market are intensifying and management looks forward to improved broking conditions."

About Ludgate Environmental Fund:

Ludgate Environmental Fund Limited is a Jersey domiciled closed-ended investment company listed on AIM in August 2007 with approximately £48 million of assets under management (as at 31 March 2010).

Applying an active corporate management approach, Ludgate Environmental Fund invests growth capital into environmental/cleantech companies. The underlying drivers in this sector are strong: increasing strains on natural resources; rising concerns over waste and pollution; increasing public support; and maturing environmental technologies. Focus areas of the Fund include alternative energy; waste management and resource recovery; energy efficiency; water management; industrial process advances and emission reduction technologies.

Website: www.ludgateenvironmental.com

STX Services B.V.

STX Services B.V. (STX) is a leading sales and trading company in environmental products providing access to the environmental markets through specialized market exchanges and through over-the-counter transactions.

STX offers services in the following product groups (i) Biofuels - blending obligations, physical biofuels and compulsory stock obligations (CSOs), (ii) Green certificates - Guarantees of Origin (GOOs), Renewable Energy Certificates (RECs), various national certificate schemes and bio gas certificates, and (iii) Emission reduction allowances - CO2 European Union Allowances (EUAs), CO2 Certified Emission Reductions (CERs), NOx Dutch Emission Reductions (NOxs), and various national allowance schemes. Currently, STX serves approximately 400 clients globally through its office based in Amsterdam.

Website: www.stxservices.com

Ludgate Investments Limited

Nigel Meir

[email protected]

+44 20 7621 5770

Ludgate Environmental Fund

John Shakeshaft, Chairman

+44 777 197 6278

www.ludgateenvironmental.com

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