Net Asset Value - 30 September 2012

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 30th September 2012 the unaudited Net Asset Value per Share of the Company was 78.7 p (at 30th June 2012: 81.0p).

This NAV is calculated after the payment, on 10 August 2012, of an interim dividend of 1.9p per share.

About Ludgate Environmental Fund Limited

Ludgate Environmental Fund invests in a diverse portfolio of late stage emerging companies in the European cleantech sector. Actively managing its holdings, Ludgate Environmental Fund invests growth capital. We focus on waste management and recycling; renewable energy; energy efficiency; and water.

Ludgate Environmental Fund was launched in August 2007 and has assets under management of approximately £46 million. Ludgate Environmental Fund 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.

For more information www.ludgateenvironmental.com

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609034

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 7621 5770

Bill Weil

PricewaterhouseCoopers LLP (Nomad) +44 (0) 20 7212 1798

Chris Clarke

Matrix Corporate Capital LLP (Broker) +44 (0) 20 3206 7175

Paul Fincham