Notice of EGM

Aqua Resources Fund Limited

Publication of Circular

2 March 2011

Aqua Resources Fund Limited (the "Company") has today published a circular (the "Circular") to Shareholders setting out details of proposals relating to the adoption of new Articles of Incorporation and the disapplication of pre-emption rights.

A copy of the Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do.

Enquiries:

FourWinds Capital Management (Investment Manager)

Kimberly Tara [email protected]

Cenkos Securities plc (Corporate Broker)

Will Rogers +44 (0)20 7397 1920

HSBC Securities Services (Guernsey) Limited (Administrator)

Secretary +44 (0)1481 707 000

Citigate Dewe Rogerson (PR Advisor)

Sarah Gestetner /Lindsay Noton +44 (0)207 638 9571

Notes to Editors

The Company 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.

The Company'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.

The Company's investment objective is to provide long-term capital appreciation through exposure to a diversified portfolio of water-related investments. The Company 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.