31 March 2012 Net Asset Value

18th May 2012

Aqua Resources Fund Limited Net Asset Value(s)

Valuation Date: 31st March 2012

Final NAV Per Share: EUR 1.02086

Further enquiries

FourWinds Capital Management, Investment Manager

Kimberly Tara, Chief Executive Officer

Valerie Daoud Henderson, Head of Europe Environment Group

Jui Kian Lim, Head of Asia Environment Group

[email protected]

Cenkos Securities plc, Corporate Broker

Will Rogers +44 (0)20 7397 1920

Dion Di Miceli +44 (0)20 7397 1921

HSBC Securities Services (Guernsey) Limited, Administrator

Tel: +44 (0) 1481 707 000

CitigateDeweRogerson, PR Advisor

Kevin Smith / Lindsay Noton +44 207 638 9571