Net Asset Value - Adjustment

Ludgate Environmental Fund Limited

NAV Adjustment

The Board of Ludgate Environmental Fund Ltd ("LEF") announces that it has adjusted the previously published NAV for 31 December 2011 of 82.6 pence per share to 80.6 pence per share. The Board has discovered that certain constituent values in the external benchmark comparable data used to ascribe the fair value to two unquoted investee companies was incorrect. There has been no change in the two investee companies' actual operational or financial performance. The values of all other securities contributing to the NAV remain unchanged.  

About Ludgate Environmental Fund:

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

LEF was launched in August 2007 and has assets under management of approximately GBP47 million. LEF 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.

www.ludgateenvironmental.com

For further information contact:

Ludgate Environmental Fund:

Chairman, John Shakeshaft +44 (0)1534 609 233

Ludgate Investments Limited:

Bill Weil +44 (0)20 7621 5770

NOMAD - PricewaterhouseCoopers LLP:

Melville Trimble +44 (0)20 7213 8898

Broker - Matrix Corporate Capital LLP:

Paul Fincham +44 (0)20 3206 7175