ARC FUNDS LIMITED — Major Shareholding Notification 2011

Mar 30, 2011

603 page 1/3

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To: Company VAN EYK THREE PILLARS LIMITED name/Scheme

ACN/ARSN 94 106 854 175

1. Details of substantial holder (1)

Name TIDEWATER INVESTMENTS LIMITED

ACN (if applicable) 52 001 746 710

The holder became a 30 MARCH 2011 substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Persons’ votes (5)	Voting power (6)
ORDINARY	318,807	318,807	5.81%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest(7)	Class and number of securities
TIDEWATER INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES	BENEFICIAL OWNERS	318,807

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
TIDEWATER INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES	LOFTUS LANE INVESTMENTS PTY. LIMITED (ACN 074 088 636)	LOFTUS LANE INVESTMENTS PTY. LIMITED (ACN 074 088 636)	318,807 SHARES

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash
REFER ANNEXURE “A”		$248,421		318,807 SHARES

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN(if applicable)	Nature of association
TIDEWATER INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES	RELATED BODIES CORPORATE AND ASSOCIATES UNDER SECTION 9 OF THE CORPORATIONS ACT

tidewater investments limited

603 page 2/3

7. Addresses

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

Name	Address
TIDEWATER INVESTMENTS LIMITED LOFTUS LANE INVESTMENTS PTY. LIMITED	} GPO BOX 4870, }SYDNEY NSW 2001

Signature

print name ANDREW BROWN

capacity DIRECTOR

sign here

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

date 31 / 3 /2011

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangements, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write “unknown”.

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

Small Business (less than 20 employees), please provide an estimate of the time taken to complete this form

Include

• The time actually spent reading the instructions, working on the question and obtaining the information

• The time spent by all employees in collecting and providing this information

• hrs mins

tidewater investments limited

603 page 3/3

ANNEXURE “A”

This is Annexure “A” of one page referred to in Form 603 signed by me and dated 31[st] March 2011

Andrew J. Brown

Director

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash
TIDEWATER INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES	25 MARCH 2011	$11,475		14,679 SHARES
“	28 MARCH 2011	$27,488		35,321 SHARES
“	28 MARCH 2011	$54,589		70,052 SHARES
“	29 MARCH 2011	$18,130		23,266 SHARES
“	29 MARCH 2011	$132,475		170,000 SHARES
“	29 MARCH 2011	$1,319		1,691 SHARES
“	30 MARCH 2011	$2,944		3,798 SHARES

tidewater investments limited