Net Asset Value 31 March 2016

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

The board of the Company announces the net asset value ("NAV") per share of the company on 31st March was 33.2p. The material reduction from 45.9p on 31st December 2015 was accounted for by weaker than expected operating performance at RAP combined with lowered trading multiples in its comparator group, a similar reduction in multiples for STX and significant corporate and financial reorganisation at Tamar further reducing its deemed value.

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