Completion of investment in Convertible Bonds

Aqua Resources Fund Limited

7 April 2010

AQUA RESOURCES ANNOUNCES COMPLETION OF INVESTMENT IN CONVERTIBLE BONDS OF WATERLEAU GROUP N.V.

7 April 2010: Aqua Resources Fund Limited ("Aqua"), the Authorised Closed-ended investment scheme managed by FourWinds Capital Management ("FWCM") and established to invest in global water opportunities, announces today that it completed its previously announced €20 million subscription for five-year convertible bonds of Waterleau Group N.V. on 1 April 2010. The subscription was made by Aqua's wholly owned indirect Netherlands subsidiary, Aqua Netherlands Holdings B.V.

Full details of the transaction are contained in the announcement dated 25 February 2010.

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

Citigate Dewe Rogerson, PR Advisor

Kevin Smith /Lindsay Noton +44 207 638 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's 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.

www.aquaresourcesfund.com