ARC FUNDS LIMITED — Director's Dealing 2009

Apr 2, 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	ANDREW JOHN BROWN
Date of last notice	26 JUNE 2008

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/INDIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	EXERCISE OF THE RIGHT TO VOTE ATTACHED TO SHARES HELD BY L,T & M. BROWN INVESTMENTS P/L, DONNA ANN BROWN, ABRON MANAGEMENT SERVICES P/L A/C>
Date of change	31 MARCH 2009
No. of securities held prior to change	(A) 4,152,810 ORDINARY SHARES (B) 490,834 PRIMARY OPTIONS
Class
Number acquired	(A) 2,768,537 (B) NIL
Number disposed	(A) NIL (B) NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$ 553,707
No. of securities held after change	(A) 6,921,347 ORDINARY SHARES (B) 490,834 PRIMARY OPTIONS

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Nature of change 2,768,537 SUBSCRIPTION TO 2-3 Example: on-market trade, off-market trade, exercise of options, issue of RIGHTS ENTITLEMENT ISSUE securities under dividend reinvestment plan, participation in buy-back

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.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002