ECWO.L Regulatory News (ECWO)

ECOFIN WATER & POWER OPPORTUNITIES PLC

NET ASSETS VALUE ANNOUNCEMENT - REPLACEMENT

This announcement replaces announcement 7649P released at 12:06 on 4 October 2013 which showed incorrect values throughout because the total assets figure used in the calculation was incorrect.

It is announced that at the close of business on 30 September 2013, 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

169.51

172.36

(1.56)

(2.72)

Ordinary Shares (dilutive)*

n/a

n/a

n/a

n/a

ZDP Shares

131.99

131.99

0.18

0.24

\* 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)

509,995

Cash at Bank

36,640

Total Assets

546,635

Borrowings:

Prime Brokerage

26,412

6% CULS 2016

79,410

ZDP Shares

79,195

185,017

Net Assets (Ordinary Shareholders Funds)

361,618

Gearing (net debt/net assets) *

41.0%

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 approximately £29.6m in bonds. Adjusted for this, the total equity exposure of the Company is 132.8% of net assets.

Phoenix Administration Services Limited

Corporate Secretary