Expected change in value of portfolio holding

Ludgate Environmental Fund Limited

(the "Company")

Expected change in value of portfolio holding

The board of the Company notes that following HM Government's publication of a 'Consultation: Reforming the business energy efficiency tax landscape' incorporating a Treasury review, Tamar Energy Limited, a developer and operator of anaerobic digestion waste and power plants in the United Kingdom, has commenced changes to its business model. The consequential reduction in the value of the Company's interests in Tamar Energy Limited is expected to be between 4 and 7 pence per share of the current NAV.

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

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

Paul Fincham