Net Asset Value 31 December 2016

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 31st December 2016 the unaudited Net Asset Value per Share of the Company was 21.7p (at 30th September 2016: 20.7p).

The formal offer document in relation to the offer for Ludgate by Headway Investment Partners III LP announced on 21 December 2021 is expected to be published tomorrow, 18 January 2017, in accordance with the requirements of the Takeover Code.

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609034

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 3478 1000

Gijs Voskamp

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

Paul Fincham