Net Asset Value(s) Replacement

This announcement replaces announcement 6979G released at 15:21 on 2 July 2012 which showed an incorrect date and incorrect values throughout because of an error in a multiple in the computation.

ECOFIN WATER & POWER OPPORTUNITIES PLC

It is announced that at the close of business on 27 June 2012, 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

152.08

154.04

(0.03)

(0.04)

Ordinary Shares (dilutive)*

n/a

n/a

n/a

n/a

ZDP Shares

120.80

120.80

0.13

0.16

\* The Company's 6% Convertible Unsecured Loan Stock 2016 in issue may, but not necessarily will, dilute the Ordinary Shares' Net Asset Value.

Where no dilution of Net Asset Value takes place the value box on this line will indicate "not applicable".

The 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)

491,159

Cash at Bank

31,970

Total Assets

523,129

Borrowings:

Prime Brokerage

48,341

6% CULS 2016

79,122

ZDP Shares

72,480

199,943

Net Assets (Ordinary Shareholders Funds)

323,186

Gearing (net debt/net assets) *

52.0%

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 an equity investment of £3.4 m in EIH Cyprus Group which is a joint venture between the Company and other funds managed by the Investment Manager, Ecofin Limited. 88.2% of the assets of EIH Cyprus are in cash representing the proceeds of the sale of one of the Company's investments, Solel Limited. If the above Cash at Bank figure was adjusted for this, the Company's gearing would decline from 52.0% to 51.0%.

The total assets of the Company also include approximately £90.5m in bonds. Adjusted for this, the total equity exposure of the Company is 123.9% of net assets. Adjusted for the bonds and the cash held by EIH Cyprus Group, the equity exposure of the Company is 122.9%.

Phoenix Administration Services Limited

Corporate Secretary