Director/PDMR Shareholding

1.

Name of the issuer

AQUA RESOURCES FUND LIMITED

2.

State whether the notification relates to (i) a

transaction notified in accordance with DTR 3.1.2 R,

(ii) a disclosure made in accordance

LR 9.8.6R(1) or

(iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

(i) ABOVE

3.

Name of person discharging managerial

responsibilities/director

KIMBERLY TARA

4.

State whether notification relates to a person

connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

CONNECTED PERSON: FOURWINDS CAPITAL MANAGEMENT

5.

Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a nonbeneficial

interest 1

NOTIFICATION IN RESPECT OF FOURWINDS CAPITAL MANAGEMENT

6.

Description of shares (including class), debentures or derivatives or financial instruments relating to shares

ORDINARY SHARES

7.

Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

FOURWINDS CAPITAL MANAGEMENT

3,985,000 SHARES

8.

State the nature of the transaction

DISPOSAL

9.

Number of shares, debentures or financial

instruments relating to shares acquired

N/A

10.

Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

N/A

11.

Number of shares, debentures or financial

instruments relating to shares disposed

300,000

12.

Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

0.41%

13.

Price per share or value of transaction

TRANSFER OF SHARES FOR NIL CASH CONSIDERATION TO AN EMPLOYEE OF FOURWINDS CAPITAL MANAGEMENT'S GROUP AS PART OF COMPENSATION FOR EMPLOYMENT SERVICES. LATEST PUBLISHED UNAUDITED ESTIMATED NET ASSET VALUE OF SHARES TRANSFERRED IS €0.9724 PER SHARE. FOURWINDS CAPITAL MANAGEMENT BOOK VALUE OF SHARES TRANSFERRED IS €0.58 PER SHARE.

14.

Date and place of transaction

30 JUNE 2010, UK

15.

Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

3,685,000

5.09%

16.

Date issuer informed of transaction

30 JUNE 2010

17.

Date of grant

N/A

18.

Period during which or date on which exercisable

N/A

19.

Total amount paid (if any) for grant of the option

N/A

20.

Description of shares or debentures involved (class and number)

N/A

21.

Exercise price (if fixed at time of grant) or

indication that price is to be fixed at the time of exercise

N/A

22.

Total number of shares or debentures over which options held following notification

N/A

23.

Any additional information

N/A

24.

Name of contact and telephone number for queries

GENERAL COUNSEL

020 7518 7988

Name of authorised official of issuer responsible for making notification

KIMBERLY TARA

Date of notification 30 JUNE 2010

(1)

An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2)

An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3)

An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4)

An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.