Net Asset Value 30 September 2013

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 30th September 2013 the unaudited Net Asset Value per Share of the Company was 85.0p (at 30th June 2013: 84.2p).

During the quarter, one of the investee companies, Terra Nova was placed into administration and the prior carrying value of £0.25m was written off.

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