ARC FUNDS LIMITED — Director's Dealing 2007

Aug 15, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity TIDEWATER INVESTMENTS LIMITED ABN 52 001 746 710

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	STEPHEN MURRAY ROBERTS
Date of last notice	3 JULY 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	INDIRECT
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	ROBERTS FAMILY TRUST – STEPHENROBERTSISABENEFICIARYOFROBERTS FAMILY TRUSTROLIN HOLDINGS PTY LIMITED –STEPHEN ROBERTS IS A DIRECTOR OFROLIN HOLDINGS PTY LIMITEDS&MJ ROBERTS ATF ROBERTS PENSIONFUND – STEPHEN ROBERTS IS ABENEFICIARY OF ROBERTS PENSIONFUNDS&MJ ROBERTS ATF DOVER DOWNSSUPERANNUATION FUND – STEPHENROBERTS IS A BENEFICIARY OF DOVERDOWNS SUPERANNUATION FUND
Date of change	9 AUGUST 2007
No. of securities held prior to change	(A) 877,272 ORDINARY SHARES(B) 74,969 PRIMARY OPTIONS

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Class
Number acquired	(A) 125,000(B) nil
Number disposed	nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$102,500
No. of securities held after change	(A) 1,002,272(B) 74,969
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	ON MARKET PURCHASE

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

==> picture [408 x 308] intentionally omitted <==

----- Start of picture text ----- Detail of contractNature of interestName of registered holder(if issued securities)Date of changeNo. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changedInterest acquiredInterest disposedValue/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuationInterest after change----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002