Net Asset Value 30 September 2015

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 30th September 2015 the unaudited Net Asset Value per Share of the Company was 50.6p (at 30th June 2015: 60.6p)

As previously announced, the reduction in the value of the Company's interests in Tamar Energy Limited, a developer and operator of anaerobic digestion waste and power plants in the United Kingdom, was equivalent to 7p per share of NAV; Tamar commenced changes to its business model following publication of HM Government's 'Consultation: Reforming the business energy efficiency tax landscape' incorporating a Treasury review.

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