Director/PDMR Shareholding

Ludgate Environmental Fund Limited (the "Company)Director / PDMR Shareholding

Ludgate Environmental Fund Limited was informed on 2 May 2013 that, on that day, Matt Christensen, a non-executive director of the Company, purchased 5,000 ordinary shares in the Company at a price of 55p per ordinary share. Following this transaction, Mr Christensen is interested in 15,000 ordinary shares, representing 0.03 per cent. of the Company's current issued share capital.

3 May 2013

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609034

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 3478 1000

Bill Weil, Chief Investment Officer

PricewaterhouseCoopers LLP (Nomad) +44 (0) 20 7212 1798

Chris Clarke

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

Paul Fincham