Annual Report and Accounts - year ended 30/6/2012

Ludgate Environmental Fund Limited (the "Company")

Annual Report and Accounts

The Company announces that its annual report and accounts for the year ended 30 June 2012 have today been posted to shareholders. An electronic copy of this document is available on the Company's website at www.ludgateenvironmental.com.

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