ARC FUNDS LIMITED — Director's Dealing 2009

Apr 5, 2009

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	16 AUGUST 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	Direct or indirect interest	Direct or indirect interest	INDIRECT	INDIRECT	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
				S&MJ ROBSUPERANN	ERTS ATF DOVER DOUATION FUND – STEP
				ROBERTS IS	A BENEFICIARY OF D
				DOWNS SU	PERANNUATION FUND
	Date	of change		31 MARCH	2009
	No of securities held rior to cha		e	(A)10	2272 ORDINARY SHA
	. p g

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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----- Start of picture text ----- ClassNumber acquired (A) 668,179(B) nilNumber disposed nilValue/Consideration $133,636Note: If consideration is non-cash, provide details and estimatedvaluationNo. of securities held after change (A) 1,670,451(B) 74,969Nature of changeExample: on-market trade, off-market trade, exercise of options, issue of SUBSCRIPTION TO 2-3 RIGHTSsecurities under dividend reinvestment plan, participation in buy-backENTITLEMENT ISSUE AT $0.20----- End of picture text -----

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.

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----- 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