LEF.L Regulatory News (LEF)

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

LUDGATE ENVIRONMENTAL FUND LTD

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

X

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

X

An event changing the breakdown of voting rights

p

Other (please specify):

X

3. Full name of person(s) subject to thenotification obligation: iii

Royal London Asset Management (CIS) Ltd

4. Full name of shareholder(s)  (if different from 3.):iv

Co-operative Insurance Society Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

9th December 2013

6. Date on which issuer notified:

11th December 2013

7. Threshold(s) that is/are crossed orreached: vi, vii

14%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

JE00B1YW3102

7,568,308

7,568,308

7,568,308

7,568,308

14.125%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

N/A

N/A

N/A

N/A

N/A

Nominal

Delta

N/A

N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,568,308

14.125%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Mazin Nasralla

15. Contact telephone number:

0161 903 6837

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Royal London Asset Management (CIS) Ltd

Contact address

(registered office for legal entities)

CIS Building

Miller St

Manchester

M60 0AL

Phone number & email

See Information Below

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Mazin Nasralla

Contact address

CIS Building

22nd Floor

Miller St

Manchester

M60 0AL

Phone number & email

0161 903 6837

mazin.nasralla@royallondonmanchester.co.uk

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

Following the Company's Purchase of 570,000 of its ordinary shares on Monday the 9th December 2013, our holding has increased to 14.125% of the shares in issue.

For notes on how to complete form TR-1 please see the FSA website.