Net Asset Valuation 31 December 2013

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 31st December 2013 the unaudited Net Asset Value per Share of the Company was 70.8p (at 30th September: 85.0p).

The board of the Company notes that the difference between the NAV expressed in equivalent pence per share of 85p on 30th September and 70.8p on 31st December is principally attributable to the payment of a dividend of 5p and a reduction in the fair value of ECO Plastics of 9.1p due to a change in valuation methodology of approximately 6p and the company's internal accounting treatment of a debt instrument of 3p.

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

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

Chris Clarke

Panmure Gordon (Broker) +44 (0) 20 7886 2713

Paul Fincham