Annual Information Update

4 May 2010

Aqua Resources Fund Limited ("the Company")

ANNUAL INFORMATION UPDATE 

The Company is pleased to provide an annual information update in accordance with the requirements of Prospectus Rule 5.2. This update refers to information about the Company that has been published or made available to the public during the period from 27 May 2009 to 30 April 2010. To avoid an unnecessarily lengthy document, information published during the period is referred to in this update rather than included in full.

The information referred to in this update was up to date at the time the relevant information was published but some of that information may now be out of date.

The documents listed below were announced on the Regulatory News Service on or around the dates indicated below.

The documents listed below were filed with Guernsey Registry on or around the dates indicated:

5 June 2009 Amended Articles of Incorporation & Resolution filing 

7 January 2010 Resident Agent Exemption

28 January 2010 Annual Validation

The documents listed below were filed with the UK Listing Authority's Document Viewing Facility on or around the dates indicated:

5 June 2009 Resolution filing in relation to the amended Articles of Incorporation

27 August 2009 Half-Yearly Unaudited Financial Report for the six months ended 30 June 2009

26 April 2010 Annual Report and Audited Consolidated Financial Statements for the year ended 31 December 2009, AGM Notice and Form of Proxy

27 April 2010 Revised Annual Report and Audited Consolidated Financial Statements for the year ended 31 December 2009, AGM Notice and Form of Proxy

The documents listed below were filed with the Guernsey Financial Services Commission on or around the dates indicated.

5 June 2009 Amended Articles of Incorporation & Resolution filing 

20 August 2009 Letter: Delegation of certain administrative duties to HSBC Securities Services (Ireland) Limited

27 August 2009 Half-Yearly Unaudited Financial Report for the six months ended 30 June 2009

11 September 2009 Letter: Confirmation of Delegation Agreement and copy of Administration Agreement between HSBC Securities Services (Guernsey) Limited and the Company

26 April 2010 Annual Report and Audited Consolidated Financial Statements for the year ended 31 December 2009, AGM Notice and Form of Proxy

27 April 2010 Revised Annual Report and Audited Consolidated Financial Statements for the year ended 31 December 2009, AGM Notice and Form of Proxy

The documents listed below were filed with the States of Guernsey Income Tax on or around the dates indicated.

22 March 2010 Renewal of Tax Exemption Status 2010

Copies of the documents referred to as having been filed with the Guernsey Registry, UK Listing Authority's Document Viewing Facility, Guernsey Financial Services Commission and/or the States of Guernsey Income Tax can be obtained from the Company's registered office at c/o HSBC Securities Services (Guernsey) Limited, Arnold House, St. Julian's Avenue, St. Peter Port, Guernsey, GY1 3NF, Channel Islands.

Details of regulatory announcements can be downloaded from the Company's price page of the London Stock Exchange website at www.londonstockexchange.com (entering code H2O).

Further enquiries:

FourWinds Capital Management, Investment Manager [email protected]

Kimberly Tara, Chief Executive Officer

Jui Kian Lim, Head of Asia Environment Group

Valerie Daoud Henderson, Head of Europe Environment Group

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

+44 (0) 1481 707 000

Citigate Dewe Rogerson, PR Advisor

Kevin Smith /Lindsay Noton +44 (0) 207 638 9571

Notes to Editors

Aqua is a Guernsey-domiciled Authorised Closed-ended investment scheme pursuant to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended and rule 6.02 of the Authorised closed-ended Investment Schemes Rules 2008.

Aqua's ordinary shares were admitted to listing on the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange plc on 24 July 2008.

Aqua investment objective is to provide long term capital appreciation through exposure to a diversified portfolio of water-related investments. Aqua will invest principally in businesses that are involved in i) water treatment and recycling (i.e. wastewater and recycling, water treatment and purification), ii) water infrastructure (i.e. water distribution) or iii) water application and conversion (water-to-energy and desalination) with the objective of capturing the growth opportunities emerging from the attractive long-term dynamics driving the water industry.