PROVINCE

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taken to the relevant
provincial security site.

MINIMUM INVESTMENT WHEN RELYING ON ACCREDITED INVESTOR EXEMPTION (1)

MINIMUM INVESTMENT REQUIRED WHEN RELYING ON OFFERING MEMORANDUM EXEMPTION (2)

MINIMUM INVESTMENT EXEMPTION (3)

Alberta

$25,000

N/A

$150,000

British Columbia

$25,000

$25,000

$150,000

Manitoba

$25,000

N/A

$150,000

New Brunswick

$25,000

$25,000

$150,000

Newfoundland & Labrador

$25,000

$25,000

$150,000

Northwest Territories

$25,000

N/A

$150,000

Nova Scotia

$25,000

$25,000

$150,000

Nunavut

$25,000

N/A

$150,000

Ontario

$25,000

N/A

$150,000

P.E.I.

$25,000

N/A

$150,000

Quebec

$25,000

N/A

$150,000

Saskatchewan

$25,000

N/A

$150,000

Yukon

$25,000

N/A

$150,000

1. Accredited Investor Exemption:

There is no regulatory minimum purchase amount requirement for investments in a Fund made by investors who qualify under the Accredited Investor Exemption. However, the minimum initial purchase amount established by the Manager for "accredited investors" is $25,000 (or such lesser amount that the Manager may accept from time to time).
The criteria for qualification as an "accredited investor" is defined in National Instrument 45-106 of the Canadian Securities Administrators and is set out in the Subscription Instructions of the Investment Application.

2. Offering Memorandum Exemption:

(Only for residents of British Columbia, Nova Scotia, New Brunswick and Newfoundland and Labrador)

There is no regulatory minimum investment required for investments in a Fund made pursuant to the Offering Memorandum Exemption. However the Manager has established a minimum initial investment of $25,000. Please note that this is effective September 3, 2010.

Download the Risk Acknowledgement Form.

3. Minimum Amount Exemption

The minimum amount for an initial investment in a Fund made by an investor purchasing under the Minimum Amount Exemption is $150,000 in each province and territory.

Disclaimer: Information about the Arrow Capital Management Funds is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of the Arrow Capital Management Funds is made pursuant to their respective offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about the Arrow Capital Management Funds, including a statement of each fund's fundamental investment objective, is contained in their respective offering memorandum, a copy of which may be obtained from your dealer. Read the applicable offering memorandum carefully before investing. Unit values and investment returns will fluctuate.