Warrant Expiry Date

Ludgate Environmental Fund Limited (the 'Company')

Warrant Expiry Date

Ludgate Environmental Fund Limited announces that the warrants issued at the time of admission to AIM, entitling investors and the Company's investment manger to subscribe for one share in the Company for every warrant held at a subscription price of 150p (the "Investor Warrants") and 175p, respectively, will expire on 31 October 2012.

As the Investor Warrants are admitted to trading on AIM, the Company has applied for the Investor Warrants, which trade under the ticker symbol LEFW, to have their admission to trading on AIM cancelled on 1 November 2012.

Warrant holders wishing to exercise their warrants will be able to do so from 28 September to 31 October 2012 and should contact Mr James Hayward, Computershare Investor Services (Channel Islands) Limited, Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES or telephone +44 (0)1534 281886.

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

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

Paul Fincham