ARC FUNDS LIMITED — Share Issue/Capital Change 2007

Dec 23, 2007

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The Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

24 December 2007

Dear Sir/Madam

Notice under section 708A of the Corporations Act

On 30 November 2007, Tidewater Investments Limited (ASX: TDI) (“ Tidewater ”) issued 645,161 ordinary shares (“ Shares ”) to Cheviot Bridge Limited as part consideration for the acquisition of Cheviot Asset Management Pty Limited and Cheviot Kirribilly Limited by Tidewater.

Tidewater gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (“ Corporations Act ”) that:

• (a) the Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

• (b) as at the date of this notice, Tidewater has complied with:

  • (i) the financial and audit provisions of Chapter 2M of the Corporations Act as they apply to it; and

  • (ii) the continuous disclosure provisions of the ASX Listing Rules pursuant to Section 674 of the Corporations Act; and

• (c) as at the date of this notice, all information of the kind that would be required to be disclosed as “excluded information” for the purposes of Section 708A(7) and (8) of the Corporations Act has been disclosed to the ASX.

Clare Porta Company Secretary

Tidewater Investments Limited ABN 52 001 746 710

phone: (02) 8258 0000

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