Directorate Change

Aqua Resources Fund Limited

Directorate change

17th January 2012

The Board of Aqua Resources Fund Limited ("Aqua" or the "Company") announces the resignation of Mr Andrea Rossi as non-executive director of the Company with immediate effect.

Mr Rossi was appointed as non-executive director to the Board in July 2008 and sat on both the Audit Committee and Management Engagement Committee. He leaves the Board to pursue his other professional commitments.

The Board expresses its deepest appreciation to Mr Rossi for his contribution to the Company, and wishes him well in his future endeavours.

The appointment of a successor will be announced in due course.

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

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 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.