Net Asset Value 30 June 2014

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 30 June 2014 the unaudited Net Asset Value per Share of the Company was 66.5p (at 31st March 2014: 69.1p)

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