Result of EGM

AQUA RESOURCES FUND LIMITED

RESULT OF EGM

12th October 2012: The Board of Directors of Aqua Resources Fund Limited ("Aqua"), the authorised closed-ended investment scheme managed by FourWinds Capital Management and established to invest in global water opportunities, is pleased to announce that all Ordinary and Special Resolutions, as set out below, were duly passed at its extraordinary general meeting held earlier today.

1. To cancel the admission of the Shares to the Official List and to cancel the admission of the Shares to trading on the Main Market;

2. To approve and adopt the New Articles as the articles of incorporation of

the Company in substitution for and to the exclusion of the existing Articles;

3. To modify the Company's Investment Objective and Policy; and

4. To conduct a Tender Offer to purchase up to a maximum of 4,864,911 Shares.

The cancellation of the admission of the Shares to trading on the London Stock Exchange's Main Market for listed securities will be effective from close of business on 9 November 2012. The cancellation of the admission of the shares to the Official List will be effective from 8.00 a.m. on 12 November 2012.

The latest time and date for receipt of Tender Forms for Tender Offer applications is 1.00 pm on 31 October 2012.

Further enquiries:

FourWinds Capital Management, Investment Manager [email protected]

Kimberly Tara, Chief Executive Officer

Cenkos Securities plc, Corporate Broker

Will Rogers +44 (0)20 7397 1920

Sapna Shah +44 (0)20 7397 1922

Important Information

The information related to the Company included in this statement is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Company. This material is not intended to provide a sufficient basis on which to make an investment decision. All investments are subject to risk. An investment in the Company should be regarded as long term in nature and is suitable only for sophisticated investors, investment professionals, high net worth individuals, unincorporated associations and partnerships and trustees of high value trusts, in each case, who can bear the economic risk of a substantial or entire loss of their investment. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

The company ticker is H2O.