ARC FUNDS LIMITED — M&A Activity 2008

Jan 28, 2008

==> picture [149 x 96] intentionally omitted <==

29 January 2008

The Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Takeover bid by Tidewater Investments Limited ABN 52 001 746 710 to acquire all or any lesser number of ordinary shares in Goldlink GrowthPlus Limited ABN 48 111 695 537

Extension of offer period

In relation to the off-market takeover bid by Tidewater Investments Limited (“Tidewater”) for Goldlink GrowthPlus Limited (“GrowthPlus”), please find attached:

• Notice extending the offer period and notifying new date for giving the notice of the status of defeating conditions in accordance with Section 624(2)(b) of the Corporations Act 2001; and

• Letter to GrowthPlus shareholders from Tidewater.

Yours faithfully Tidewater Investments Limited

==> picture [152 x 65] intentionally omitted <==

Andrew Brown Managing Director

Tidewater Investments Limited

ABN 52 001 746 710

phone: (02) 8258 0000 fax: (02) 9230 0922 admin@tidewater.com.au

Level 4, 34 Hunter Street SYDNEY NSW 2000 GPO Box 4870 SYDNEY NSW 2001

==> picture [149 x 96] intentionally omitted <==

NOTICE OF EXTENSION OF OFFER UNDER AN OFF-MARKET TAKEOVER BID FOR GOLDLINK GROWTHPLUS LIMITED (”GROWTHPLUS”) UNDER SECTION 624(2)(b) OF THE CORPORATIONS ACT 2001

Tidewater Investments Limited ABN 52 001 746 710 (“ Tidewater ”) hereby gives notice under section 624(2)(b) of the Corporations Act 2001 (Cth) (“ the Act ”) in relation to the Tidewater takeover offer dated 4 December 2007 for all of the issued shares in GrowthPlus (“ Offer ”), set out in its bidder’s statement dated 4 December 2007, as supplemented by the first and second supplementary bidder’s statements dated 17 December 2007 and 16 January 2008 respectively, that:

2. Tidewater has 52.66% voting power in GrowthPlus; and

3. By operation of section 624 (2)(b) of the Act, Tidewater’s Offer is now scheduled to close at 5.00pm on Thursday 8 February 2008.

4. The date for giving a notice on the status of conditions of the Offer as required by section 630(1) of the Act is 31 January 2008, subject to further variation in accordance with section 630(2) of the Act in the event the Offer is extended again;

5. so far as Tidewater knows, none of the conditions set out in section 8.11 of the bidder’s statement have been fulfilled as at the date of this notice; and

6. the offer is not free of the conditions set out in section 8.11 of the bidder’s statement.

This notice is dated 29 January 2008.

Signed for and on behalf of Tidewater.

Yours faithfully Tidewater Investments Limited

==> picture [152 x 65] intentionally omitted <==

Andrew Brown Managing Director

Tidewater Investments Limited

ABN 52 001 746 710

phone: (02) 8258 0000 fax: (02) 9230 0922 admin@tidewater.com.au

Level 4, 34 Hunter Street SYDNEY NSW 2000 GPO Box 4870 SYDNEY NSW 2001

==> picture [166 x 107] intentionally omitted <==

MANDATORY EXTENSION OF TAKEOVER OFFER FOR GOLDLINK GROWTHPLUS LIMITED

As a result of recent acceptances and Tidewater Investments Limited’s (“ Tidewater ”) existing shareholding in Goldlink GrowthPlus Limited (“ GrowthPlus ”), Tidewater now has a relevant interest in 15,796,753 shares of GrowthPlus or 52.66% of GrowthPlus’ issued capital.

Under section 624(2)(b) of the Corporations Act 2001, acquiring 50% or more of the voting power in GrowthPlus within the last 7 days of the offer period requires Tidewater to extend its takeover offer period for GrowthPlus for a further 14 days after the date that the abovementioned level of voting power was first reached. The takeover offer will now close at 5pm (Australian Eastern Standard time) on Friday 8[th] February 2008. If there are no further extensions of the takeover offer period, and the defeating conditions of the takeover offer are satisfied or freed, accepting GrowthPlus shareholders will receive their allotment of Tidewater shares (or the alternate cash election) by no later than 29 February 2008.

Under this scenario, Tidewater will be the majority owner of GrowthPlus, and will consolidate GrowthPlus into its accounts. Providing Tidewater does not gain over 90% of GrowthPlus, Tidewater intends to maintain the ASX listing of GrowthPlus.

For further information:

Andrew Brown Managing Director

(02) 8258 0011 / 0418 215 255

Tidewater Investments Limited ABN 52 001 746 710

phone: (02) 8258 0000 fax: (02) 9230 0922 admin@tidewater.com.au

Level 4, 34 Hunter Street SYDNEY NSW 2000 GPO Box 4870 SYDNEY NSW 2001