Ludgate - NAV as at 31st December 2011

Ludgate Environmental Fund Limited

NAV Update

Ludgate Environmental Fund Ltd ("LEF") announces that on 31st December 2011 the unaudited Net Asset Value per Share of the company was 82.6 pence per share (30th September 2011: 100.1 pence). This NAV is calculated after the payment of a special dividend of 12 pence per share, paid on 31st October 2011 to those shareholders on the register at the close of business on 21st October 2011.

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 waste management and recycling; renewable energy; energy efficiency; and water.

LEF was launched in August 2007 and has assets under management of approximately GBP47 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 609 233

Ludgate Investments Limited:

Bill Weil +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