ARC FUNDS LIMITED — Major Shareholding Notification 2011

Oct 26, 2011

605 page 1/2

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To: Company MERRICKS CAPITAL SPECIAL OPPORTUNITY FUND LIMITED name/Scheme

ACN/ARSN 62 111 772 359 1. Details of substantial holder (1)

Name TIDEWATER INVESTMENTS LIMITED

ACN (if applicable) 001 746 710

The holder ceased to be a 21 OCTOBER 2011 substantial holder on

The previous notice was given 21 OCTOBER 2010 to the company on

The previous notice was dated 21 OCTOBER 2010

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in the voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest	Nature of change (4)	Consideration	Class (6) and	Person’s votes
	changed		given in relation	number of	affected
			to change (5)	securities
				affected
		DISTRIBUTION VIA
21 OCTOBER2010	ROWE STREET	RETURN OF CAPITALBY TIDEWATERINVESTMENTS	$1,440,530(IMPUTED)	1,927,130	1,927,130
	INVESTMENTS P/L	LIMITED (TDI) OF ITS
		SHARES IN MEF ON
		THE BASIS OF 1 MEF
		SHARES FOR EVERY
		13 TDI SHARES

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN(if applicable)	Nature of association
N/A	N/A

4. Addresses

The addresses of the person named in this form are as follows:

4.AddressesThe addresses of theperson named in this form are as follows:
Name	Address
TIDEWATER INVESTMENTS LIMITED	} GPO BOX 4870
ROWE STREET INVESTMENTS PTY. LIMITED	} SYDNEY
	}NSW 2001

Signature

print name ANDREW BROWN

capacity DIRECTOR

==> picture [206 x 47] intentionally omitted <==

sign here

date 27/ 10 /2011

TIDEWATER INVESTMENTS LIMITED