Dividend Declaration

Ludgate Environmental Fund Limited

(the "Company")

Declaration of Dividend

The Board of the Company has declared a special dividend of 5 pence per share, which will be paid gross on 6 December 2013. The record date will be 29 November 2013 and the ex-dividend date will be 27 November 2013. In accordance with established investment policy the amount of the special dividend represents a distribution of proceeds received from the disposal of interests in loan stock of Hydrodec Group plc.

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