Aqua Resources Fund

Board of Directors

The Directors are responsible for the determination of the Company's investment policy and strategy and have overall responsibility for the Company's activities including the review of investment activity and performance and the control and supervision of the Manager. In addition the Directors are responsible for approving any follow-on investments by the Company as well as any disposals of existing investments. All of the Directors are non-executive and are independent of the Manager.

The Directors are as follows:

Mr. Charles Parkinson (Chairman). Mr. Parkinson is the former Minister of Treasury and Resources for the States of Guernsey. Prior to this he held the Deputy Minister of Treasury and Resources position from 2004-2007. He is also a Director of Burford Capital Limited and Sirius Real Estate Limited, both AIM traded companies, a Director of Mapeley Limited, part of Fortress Investment Group, Dexion Equity Alternative Limited, a UK listed Guernsey company with K2 Advisers LLC as its investment adviser and a Director of Bailiwick Investments Limited, a company listed on the Channel Islands Stock Exchange. He is a past Partner/Director of PKF Guernsey, accountants and fiduciaries, and retired from this position after being there from 1983-2004. Mr. Parkinson is also a barrister and an accountant.

Hasan Askari. Mr Askari has been an investment banker since 1975, initially with SG Warburg & Co. Ltd. (now UBS Ltd.) and subsequently, with JP Morgan Chase Investment Bank in Hong Kong and Barclays Capital in Tokyo and London. He was most recently at Old Mutual plc., London as a member of the Executive Committee responsible for the United Kingdom and Europe and later, for Asia-Pacific. He is an adviser to the Kotak Mahindra Group, one of India's leading banking groups and on the Board of Sun Life of Canada (UK) Limited. He has an M.A. (Oxon).