Net Asset Value 31 March 2017

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 31st March 2017 the unaudited Net Asset Value per Share of the Company was 27.3p (at 31st December 2016: 21.7p).

The board notes that the announced NAV for 31st March 2017 is equivalent to 5.6p per share higher than at 31st December 2016. The December figure was confirmed by the board in recommending acceptance of the offer for shares made by Headway in January 2017. The increase in the NAV is principally attributable to substantial and recent improvement in operational performance at RAP and to the probability of completion of other transactions not foreseen at the time of the offer.

For further information contact:

Ludgate Environmental Fund Limited +44 (0) 1534 609034

John Shakeshaft, Chairman

Ludgate Investments Limited +44 (0) 20 3478 1000

Gijs Voskamp

Panmure Gordon (Broker, Nomad) +44 (0) 20 7886 2713

Paul Fincham