Change of Broker

Ludgate Environmental Fund Limited (the "Company")

Change of Broker

Ludgate Environmental Fund Limited announces the appointment of Panmure Gordon as the Company's sole broker with immediate effect. PricewaterhouseCoopers LLP continues to act as the Company's nominated adviser.

13 November 2012

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

Panmure Gordon (Broker) +44 (0) 20 7866 2713

Paul Fincham