ARC FUNDS LIMITED — Major Shareholding Notification 2011

Mar 21, 2011

605 page 1/2

Form 605 Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To: Company EQUITIES AND FREEHOLDS LIMITED name/Scheme

ACN/ARSN 111 695 357 1. Details of substantial holder (1)

Name TIDEWATER INVESTMENTS LIMITED

ACN (if applicable) 52 001 746 710

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

The previous notice was given 31 DECEMBER 2010 to the company on

The previous notice was dated 31 DECEMBER 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	Person whose relevant interest	Nature of change (4)	Consideration	Class (6) and	Person’s votes
change	changed		given in relation	number of	affected
			to change (5)	securities
				affected
17 -21	LOFTUS LANE	ON MARKET SALES	$264,135	1,264,743	1,264,743
MARCH	INVESTMENTS PTY.LIMITED
2011

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

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
LOFTUS LANE INVESTMENTS PTY. LIMITED	GPO BOX 4870
TIDEWATER INVESTMENTS LIMITED	SYDNEY NSW 2001

Signature

print name ANDREW BROWN capacity DIRECTOR sign here date 22/ 3 /2011

tidewater investments limited

605 page 2/2

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 4 of the form.

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

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

• (4) 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.

• (5) 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.

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

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

tidewater investments limited