Interim Dividend Declaration

Ludgate Environmental Fund Limited

(the "Company")

Declaration of Dividend

The Board of the Company has declared an interim dividend (in lieu of a final dividend) of 1.9p per share (2011: 1.75p) which will be paid on 10 August 2012 to those shareholders on the Company's register on 27 July 2012. The ex-dividend date will be 25 July 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

Matrix Corporate Capital LLP (Broker) +44 (0) 20 3206 7175

Paul Fincham