Interim Management Statement

ECOFIN WATER & POWER OPPORTUNITIES PLC

Interim Management Statement for the 4 months from 30 September 2013

This Interim Management Statement has been produced to provide additional information to Shareholders in order to meet the requirements of the UK Listing Authority's Disclosure Rules and Transparency Rules. It should not be relied on by any other party for any other reason.

This Interim Management Statement relates to the period from 30 September, 2013 and contains information up to the date of publication. More detailed information about the Company and its performance is available on the Investment Manager's website at www.ecofin.co.uk.

The Company's assets are primarily invested in the equity and equity-related securities of utility and utility-related companies, although the Company may invest up to 15% of its gross assets as at the date of the investment in the debt instruments of such companies and may also hold significant cash or cash-equivalent positions from time to time. For purposes of investment, utility companies are those involved in the generation, transmission, distribution and supply of electric power; the abstraction, treatment and distribution of water; the treatment of waste water and waste; the distribution of natural gas; and the transmission of energy. Utility-related companies are those that supply equipment, technology, fuel or services to utility companies or which enjoy natural monopolies in the provision of essential infrastructure services.

At 31 January, 2014, the Company's investment portfolio was invested as follows: 18.7% in the United Kingdom, 26.1% in Continental Europe, 41.1% in North America (including 3.6% in Canada and the Company's largest investment, Lonestar Resources Limited, which is listed on the Australian Stock Exchange but whose assets and operations are entirely US based), 3.6% in other developed countries and 10.5% in emerging markets. The Company's investment portfolio was also diversified by asset class and, apart from listed equities, 2.8% of the portfolio was invested in bonds, primarily in the United States, and 5.8% was invested in unquoted companies (14.4% if Lonestar Resources Limited is treated as an unquoted investment due to the thin trading volumes in its shares).

Over the four months to 31 January, the Company's Ordinary Shares traded at an average discount to their net asset value per share of 26.2%. The discount, based on the closing mid-price of the Company's Ordinary Shares on 7 February and the most recently announced net asset value per Ordinary Share at 5 February, was 24.4%.

Material Events and Transactions

On 31 January, 2014, the Annual Report and Accounts for the Company for the financial year to 30 September, 2013 was published. At the same time, the Directors announced an increase in the annual dividend payable to Ordinary Shareholders from 6.50p to 6.75p per annum, or 1.6875p per quarter, effective from the first interim dividend payable on 28 February, 2014 to holders on the Register at the close of business on 14 February, 2014.

The Board is not aware of any other events or transactions undertaken by the Company between 30 September, 2013 and the date of this announcement which had a material impact on the financial position of the Company.

The Company has 210,377,892 Ordinary Shares in issue, 568,409 of which are held in Treasury, and 60 million Zero Dividend Preference Shares outstanding (issued through EW&PO Finance plc) which will mature on 31 July, 2016. It also has £79,949,563 nominal amount of Convertible Unsecured Subordinated Loan Stock outstanding, before the amortisation of expenses associated with the issue, which is convertible into Ordinary Shares of the Company. Any Convertible Unsecured Subordinated Loan Stock not converted into Ordinary Shares of the Company by 31 July, 2016 will be repaid by the Company at its nominal amount.

Contact details:

Elspeth Dick

Ecofin Limited

020 7451 2929

11 February 2014