31st March 2011 NAV

Ludgate Environmental Fund: NAV Update

Ludgate Environmental Fund announces that on 31st March 2011 the unaudited Net Asset Value per Share of the Company was 103.6p (at 31st December 2010: 98.6p).

About Ludgate Environmental Fund:

LEF invests in a diverse portfolio of late stage emerging companies in the European cleantech sector. Actively managing its holdings, LEF invests growth capital. We focus on alternative energy; waste management and resource recovery; energy efficiency; water management; industrial process advances and emission reduction technologies.

LEF was launched in August 2007 and has assets under management of approximately GBP58 million. LEF is a Jersey domiciled closed-ended investment company, quoted on AIM under the symbols LEF.L for the shares and LEFW.L for the warrants.

www.ludgateenvironmental.com

For further information contact:

Ludgate Environmental Fund:

Chairman, John Shakeshaft +44 (0)1534 609 329

Ludgate Investments Limited:

Nick Pople +44 (0)20 7621 5770

NOMAD - PricewaterhouseCoopers LLP:

Melville Trimble +44 (0)20 7213 8898

Broker - Matrix Corporate Capital LLP:

Paul Fincham +44 (0)20 3206 7175