Net Asset Value(s)

ECOFIN WATER & POWER OPPORTUNITIES PLC

It is announced that at the close of business on 29 January 2014, the un-audited Net Asset Values per Ordinary Share and ZDP Shares of the above investment trust company were:-

Share Class

NAV (p)

NAV (p)

Increase / (Decrease)

Absolute movement

(exc. undistributed revenue)

(inc. undistributed revenue)

 (inc. undistributed revenue) %

(inc. undistributed revenue) pence

Ordinary Shares

163.49

166.93

(3.83)

(6.65)

Ordinary Shares (dilutive)*

163.49

166.93

(3.62)

(6.26)

ZDP Shares

135.00

135.00

0.13

0.17

\* The Company's 6% Convertible Unsecured Loan Stock 2016 in issue will not necessarily dilute the Ordinary Shares' Net Asset Value but may do so. Where no dilution of NAV takes place the value boxes on this line will show "not applicable". A diluted NAV assumes that the 6% Convertible Unsecured Loan Stock has been converted at the conversion price of 172.6445p.

Fund Values (rounded)

£ '000

£ '000

Total Assets (less cash at bank)

541,031

Cash at Bank

(1,557)

Total Assets

539,474

Borrowings:

Prime Brokerage

28,820

6% CULS 2016

79,410

ZDP Shares

81,001

189,231

Net Assets (Ordinary Shareholders Funds)

350,244

Gearing (net debt/net assets) *

54.5%

Net debt is bank debt, the Convertible Unsecured Loan Stock and the Zero Dividend Preference Shares, less cash at bank

Notes:

The total assets of the Company include approximately £14.5m in bonds. Adjusted for this, the total equity exposure of the Company is 150.3% of net assets.

Phoenix Administration Services Limited

Corporate Secretary