Directorate Change

Aqua Resources Fund Limited

Directorate change

2nd February 2012,

The Board of Aqua Resources Fund Limited ("Aqua" or the "Company") announces the appointment of Fergus Dunlop as an independent non-executive director, effective immediately.

Resident in Guernsey, Mr. Dunlop is the chairman of Avoca Senior Loans Europe Limited and also holds a number of non-executive directorships, including Resolution Limited, Princess Private Equity Holdings Limited and the Schroder Oriental Income Fund Limited.

Most recently, Mr. Dunlop was Managing Director and Partner at Südprojekt Gesellschaft für Finanzanalysen mbH, an award winning fund of funds and hedge fund advisory business based in Munich. He began his investment career with Mercury Asset Management ("MAM") in London, managing the firm's joint venture with Munich Re and establishing the German office, where he subsequently worked to develop its institutional business.

Mr. Dunlop will replace Mr. Andrea Rossi, who resigned as a non-executive director of the Company with effect from 17th January 2012.

Commenting on the appointment, Hasan Askari, Chairman of Aqua, said: "I am delighted that Fergus has chosen to join the Company. He has a wealth of experience advising listed private equity funds and I look forward to the invaluable contribution he will bring to the Board".

For further enquiries:

Aqua Resources Fund Limited

Hasan Askari, Chairman

FourWinds Capital Management, Investment Manager [email protected]

Kimberly Tara, Chief Executive Officer

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

CitigateDeweRogerson, 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 24th 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.