Two freshwater macrophytes, Ottelia alismoides and Ottelia acuminata, were grown at low (mean 5 µmol L -1 ) and high (mean 400 µmol L -1 ) CO 2 concentrations under natural conditions. The ratio of PEPC to RuBisCO activity was 1.8 in O. acuminata in both treatments. In O. alismoides, this ratio was 2.8 and 5.9 when grown at high and low CO 2 , respectively, as a result of a 2-fold increase in PEPC activity. The activity of PPDK was similar to, and changed with, PEPC (1.9-fold change). The activity of the decarboxylating NADP-malic enzyme (ME) was very low in both species while NAD-ME activity was high and increased with PEPC activity in O. alismoides. These results suggest that O.alismoides might perform a type of C 4 metabolism with NAD-ME decarboxylation, despite lacking Kranz anatomy. The C 4 -activity was still present at high CO 2 suggesting that it could be constitutive.O. alismoides at low CO 2 showed diel acidity variation of up to 34 μequiv g -1 FW indicating that it may also operate a form of Crassulacean Acid Metabolism (CAM). pH-drift experiments showed that both species were able to use bicarbonate. In O. acuminata, the kinetics of carbon uptake were altered by CO 2 growth conditions, unlike in O. alismoides. Thus the two species appear to regulate their carbon concentrating mechanisms differently in response to changing CO 2 . O. alismoides is potentially using three different concentrating mechanisms. The Hydrocharitaceae have many species with evidence for C 4 , CAM, or some other metabolism involving organic acids, and are worthy of further study.3