Net Asset Value(s)

ECOFIN WATER & POWER OPPORTUNITIES PLC

It is announced that at the close of business on 19 February 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

173.51

175.96

1.72

2.98

Ordinary Shares (dilutive)*

173.15

175.15

1.41

2.44

ZDP Shares

135.53

135.53

0.13

0.18

\* 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)

561,507

Cash at Bank

342

Total Assets

561,849

Borrowings:

Prime Brokerage

31,938

6% CULS 2016

79,410

ZDP Shares

81,318

192,666

Net Assets (Ordinary Shareholders Funds)

369,183

Gearing (net debt/net assets) *

52.1%

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 £14.02m in bonds. Adjusted for this, the total equity exposure of the Company is 148.3% of net assets.

Phoenix Administration Services Limited

Corporate Secretary