Net Asset Value(s)

ECOFIN WATER & POWER OPPORTUNITIES PLC

It is announced that at the close of business on 31 December 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

156.99

158.59

(0.51)

(0.82)

Ordinary Shares (dilutive)*

n/a

n/a

n/a

n/a

ZDP Shares

125.21

125.21

0.07

0.09

\* 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)

518,806

Cash at Bank

2,608

Total Assets

521,414

Borrowings:

Prime Brokerage

34,322

6% CULS 2016

79,218

ZDP Shares

75,128

188,668

Net Assets (Ordinary Shareholders Funds)

332,746

Gearing (net debt/net assets) *

55.9%

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 £63.3m in bonds. Adjusted for this, the total equity exposure of

the Company is 136.9 % of net assets.

Phoenix Administration Services Limited

Corporate Secretary