Net Asset Value 31 May 2014

This announcement replaces that released on 23 June 2014 under RNS Number 1915K. Reference should have been made to unaudited rather than audited Net Asset Value per Share of the Company. All other details remain unchanged. The full corrected announcement is as follows:

Ludgate Environmental Fund Limited

(the "Company")

NAV Update

Ludgate Environmental Fund Limited announces that on 31st May 2014 the unaudited Net Asset Value per Share of the Company was 68.0p (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