ARC FUNDS LIMITED — Director's Dealing 2012

Nov 6, 2012

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	Paul Anthony Young
Date of last notice	13 August 2012

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.	Clapsy Pty. Limited<Baron Super Fund A/C>
Date of change	1 November 2012
No. of securities held prior to change	1,189,714 shares
Class	Ordinary
Number acquired	245.868
Number disposed	-
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$16,317
No. of securities held after change	1,435,582
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

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

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 contract NILNature 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 -----

Part 3 –[+] Closed Period

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----- Start of picture text ----- Were the interests in the security Noor contracts details above tradedduring a [+] closed period whereprior written clearance wasrequired?If so, was prior written clearance N/Aprovided to allow the trade toproceed during this period?If prior written clearance was N/Aprovided, on what date was thisprovided?----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002