DIRECTORS

The Board of Directors of EW&PO consists of five non-executive directors and one alternate director. Three of the directors, including the Chairman, are independent of Ecofin Limited, the Investment Manager.

Ian Barby*

Ian Barby, the Chairman of the Company, was a Vice-Chairman of Mercury Asset Management plc from 1990 to 1998 and subsequently a Managing Director of Merrill Lynch Investment Managers. He is non-executive chairman of INVESCO Perpetual UK Smaller Companies Investment Trust plc and a non-executive director of BlackRock World Mining Trust plc, Pantheon International Participations PLC, Schroder Income Growth Fund plc and SR Europe Investment Trust plc.

*Independent and Audit Committee member.

Iain McLaren*

Iain McLaren is a Chartered Accountant and was a partner at KPMG for 27 years, including Senior Partner in Scotland from 1999 to 2004, retiring from the firm in 2008. He is the Senior Independent Director and Audit Committee Chairman of Cairn Energy plc. He is also a non-executive Director of Baillie Gifford Shin Nippon Plc, Edinburgh Dragon Trust Plc, Investors Capital Trust Plc and a director of a number of other companies. He is President of the Institute of Chartered Accountants of Scotland.

* Independent and Audit Committee member

Bernard Lambilliotte (Alternate Director to John Murray)

Bernard Lambilliotte (Alternate Director to John Murray), is the Senior Managing Director, Chief Investment Officer, and one of the founders of Ecofin Limited (Ecofin), the Company’s Investment Manager. Prior to founding Ecofin in 1992, he was an investment manager for Pictet & Cie in Geneva and in London. From 1985 to 1990, he was an investment banker with Swiss Bank Corporation in London and Paris. From 1993 to 1998, he was a director of The Environmental Investment Company Limited, a London listed investment company managed by an affiliate of Ecofin. He is also a non-executive director of Hamon & Cie (International) S.A., an international power engineering group based in Brussels.

Federico Marescotti*

Federico Marescotti, has, since 1999, been the Executive Chairman of Vela Capital, a private equity group. He is also Executive Chairman and Managing Director of Friulia, one of Italy’s leading financial holding companies. From 1986 to 1992, he was Managing Director of Saceccav Depurazioni Sacede s.p.a., an Italian company which built and operated water and refuse facilities for local governments which was subsequently acquired by the German multi-utility company, RWE A.G., in 1991. At RWE, he was Managing Director of RWE Ambiente Italia s.p.a. He is a director of JP Morgan European Fledgeling Investment Trust plc and Dunedin Enterprises Investment Trust plc. He is also a director of other unquoted companies.

*Independent.

John Murray

John Murray, is the Chairman and one of the founders of Ecofin Limited (Ecofin), the Company’s Investment Manager. Prior to founding Ecofin in 1992, he was head of the corporate finance department and a member of the management committee of Swiss Bank Corporation’s London-based investment banking business. Before joining Swiss Bank Corporation in 1987, he was an investment banker with Morgan Stanley Group, Inc. from 1975 to 1986. He is a non-executive director of Ecofin Global Utilities Hedge Fund Limited, Ecofin North American Utilities Hedge Fund Limited, Ecofin Special Situations Utilities Fund Limited, Ecofin China Power & Infrastructure Fund Limited, Ecofin Oil & Gas Fund Limited and BlackRock Frontiers Investment Trust plc. He is chairman of EFMI Funds plc, a fund managed by an affiliate of Ecofin.

Martin Nègre

Martin Nègre, was the Chairman of the Company until 31 March, 2005. He is Chairman of Ecofin Global Utilities Hedge Fund Limited, Ecofin North American Utilities Hedge Fund Limited and Ecofin Special Situations Utilities Fund Limited, Ecofin China Power & Infrastructure Fund Limited, Ecofin Oil & Gas Fund Limited and a director of EFMI Funds plc. He was, until June 2001, the chief executive officer of Ondeo Services UK (then known as Northumbrian Water Group plc), a subsidiary of Suez Lyonnaise des Eaux, and Suez Lyonnaise’s chief corporate representative in the UK. Prior to that, he was with Suez Lyonnaise for five years, as an international director in Paris and then Asia-Pacific president in Hong Kong and Singapore. Before that, he spent 21 years with Alsthom and then GEC Alsthom, the Anglo/French engineering company, where he was a senior executive and the chief executive officer of the power generation division. He is a non-executive director of Northumbrian Water Group plc, Promethean plc and Bolux SICAV Luxembourg.