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Arrow Multi-Strategy Note

Investment strategies combined
with a principal repayment guarantee.

Fund Overview
Fund Performance
Investment Details

Fund Overview

A unique investment opportunity targeting consistent risk-adjusted returns on an annual basis with lower volatility than traditional equity markets. The Notes provide an efficient way to participate in the upside potential of the Arrow Multi-Strategy Hedge Fund, combined with the security of a principal repayment guarantee at maturity from BNP Paribas, SA. The investment objective of the Note is to generate a return of 7-9% (net of all fees) on an annual basis, with low volatility and low correlation to major stock and bond market indices. At maturity, each holder of the Notes will receive an amount equal to the principal guarantee of $10.00 plus the positive value, if any, of the Fund per Note.

Through a single vehicle, this innovative structure offers investors the opportunity to profit by accessing top global investment talent in a wide range of proven investment strategies. The Fund expects to be invested with approximately 25 managers in the following strategies, including long/short equity, convertible arbitrage, risk arbitrage, fixed income arbitrage, market neutral, high yield bonds, distressed securities, global macro and managed futures. The Arrow Multi-Strategy Notes provide investors with active management and the opportunity to significantly enhance the growth of their portfolios.

Fund Performance

Historical Performance as of April 30, 2013

Arrow Multi-Strategy Notes, Series 4*
Offering Period - May 3, 2004 to June 29, 2004
Inception Date - June 30, 2004
Maturity Date - December 31, 2013
													YTD	ITD	NAV
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	ITD	NAV
2013	0.5%	0.2%	-0.3%	0.6%									0.9%	-1.6%	9.838
2012	0.5%	0.9%	-0.3%	-1.2%	0.0%	0.8%	0.2%	0.9%	0.7%	-0.4%	0.2%	0.3%	2.5%		9.746
2011	2.0%	1.2%	-0.9%	-0.1%	-1.0%	-1.5%	1.5%	-1.8%	-1.5%	-3.0%	-1.7%	-1.1%	-7.5%		9.505
2010	1.1%	-0.9%	-0.7%	0.1%	-2.0%	-0.6%	-1.2%	2.3%	0.8%	2.2%	0.7%	1.4%	3.2%		10.280
2009	1.8%	-2.1%	3.3%	-1.6%	1.2%	-1.0%	-1.5%	2.1%	0.7%	-1.1%	2.2%	0.4%	4.2%		9.958
2008	-2.8%	2.4%	-0.6%	1.3%	1.7%	0.9%	-2.6%	-1.4%	-4.9%	-2.9%	-6.6%	0.0%	-14.9%		9.560
2007	0.9%	0.7%	-0.4%	1.6%	0.9%	0.3%	-0.9%	-4.4%	-0.8%	2.2%	-3.5%	0.2%	-3.4%		11.228
2006	3.3%	0.9%	2.5%	1.7%	-0.7%	-2.8%	0.6%	0.1%	-1.2%	0.6%	2.0%	1.9%	9.2%		11.619
2005	0.8%	2.1%	-0.1%	-2.0%	-0.1%	0.4%	1.7%	1.3%	-0.4%	-2.3%	0.7%	0.7%	2.6%		10.642
2004							-0.5%	-0.9%	0.8%	1.0%	2.9%	0.4%	3.7%		10.371
Arrow Multi-Strategy Notes, Series 5*
Offering Period - July 19, 2004 to October 22, 2004
Inception Date - October 31, 2004
Maturity Date - December 31, 2013
													YTD	ITD	NAV
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	ITD	NAV
2013	0.4%	0.2%	-0.8%	1.1%									1.0%	-0.9%	9.913
2012	0.4%	0.9%	0.5%	-0.7%	0.5%	0.9%	0.1%	0.6%	0.6%	0.2%	0.2%	0.3%	4.7%		9.820
2011	2.0%	1.1%	-0.8%	0.0%	-0.9%	-1.4%	1.4%	-1.6%	-1.5%	-2.2%	-2.2%	-0.9%	-6.8%		9.376
2010	1.2%	-0.8%	-0.7%	0.1%	-1.8%	-0.4%	-1.1%	2.4%	0.7%	2.1%	0.5%	1.3%	3.4%		10.063
2009	0.9%	0.1%	1.1%	-1.5%	0.8%	-2.1%	-1.5%	2.1%	0.7%	-1.0%	2.3%	0.1%	1.8%		9.734
2008	-2.7%	2.3%	-0.5%	1.2%	1.9%	1.0%	-2.3%	-1.7%	-5.1%	-2.5%	-6.2%	1.7%	-12.4%		9.565
2007	0.8%	0.8%	-0.5%	1.3%	-0.5%	0.2%	-0.8%	-3.2%	-0.3%	2.1%	-3.3%	-0.3%	-3.9%		10.916
2006	3.1%	0.8%	2.2%	1.6%	-0.7%	-2.7%	0.6%	0.1%	-1.1%	0.5%	1.9%	1.8%	8.3%		11.358
2005	0.8%	1.9%	-0.1%	-1.8%	0.1%	0.5%	1.6%	1.3%	-0.5%	-2.3%	0.7%	0.5%	2.6%		10.484
2004											3.0%	-0.8%	2.2%		10.216
Arrow Multi-Strategy Notes, Series 6*
Offering Period - January 10, 2005 - March 24, 2005
Inception Date - March 31, 2005
Maturity Date - December 31, 2013
													YTD	ITD	NAV
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	ITD	NAV
2013	0.4%	0.2%	0.0%	0.2%									0.9%	-1.0%	9.896
2012	0.8%	1.0%	0.8%	-0.8%	0.5%	0.9%	0.1%	0.5%	0.7%	0.2%	0.2%	0.3%	5.4%		9.810
2011	2.0%	1.2%	-0.9%	0.5%	-1.1%	-1.6%	1.5%	-1.9%	-1.6%	-2.0%	-2.5%	-0.3%	-6.4%		9.307
2010	1.2%	-0.2%	-0.3%	1.1%	-2.3%	0.1%	-0.4%	1.7%	1.1%	2.1%	0.7%	0.9%	5.6%		9.943
2009	-1.7%	0.0%	1.6%	-2.3%	-0.3%	-0.1%	-1.3%	2.4%	1.2%	-0.9%	2.3%	-0.4%	0.2%		9.413
2008	-1.3%	1.8%	-0.7%	-0.2%	0.8%	0.9%	-2.4%	-2.5%	-2.9%	-2.9%	-2.8%	3.2%	-8.8%		9.392
2007	0.2%	2.1%	-0.6%	1.6%	0.5%	-0.2%	0.2%	-2.6%	-1.8%	2.4%	-1.8%	-0.4%	-0.6%		10.293
2006	2.9%	0.3%	0.8%	1.7%	-1.7%	-2.4%	0.6%	-0.1%	-1.0%	1.0%	1.7%	1.5%	5.2%		10.351
2005				-1.8%	-0.1%	1.0%	0.4%	1.1%	-0.6%	-2.3%	0.4%	0.4%	-1.6%		9.839
Arrow Multi-Strategy Notes, Series 7*
Offering Period - May 2, 2005 - August 24, 2005
Inception Date - September 1, 2005
Maturity Date - December 31, 2013
													YTD	ITD	NAV
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	ITD	NAV
2013	0.5%	0.2%	0.0%	0.0%									0.7%	-1.4%	9.864
2012	0.8%	1.0%	0.8%	-0.6%	0.5%	1.0%	0.1%	0.5%	0.7%	0.3%	0.3%	0.3%	5.6%		9.799
2011	1.9%	1.1%	-0.8%	0.5%	-0.9%	-1.4%	1.3%	-1.5%	-1.4%	-2.1%	-1.6%	-0.1%	-4.9%		9.278
2010	1.2%	-0.2%	-0.4%	0.9%	-2.0%	0.1%	-0.4%	1.8%	0.9%	1.9%	0.5%	0.7%	5.0%		9.752
2009	-1.7%	-1.1%	2.6%	-2.3%	-0.8%	-0.8%	-1.3%	2.3%	1.1%	-0.9%	2.3%	-0.6%	-1.3%		9.286
2008	-1.4%	1.6%	-0.8%	-0.4%	0.6%	0.5%	-3.1%	-1.3%	-3.7%	-2.3%	-1.8%	3.9%	-8.2%		9.410
2007	-0.1%	1.9%	-0.7%	1.3%	0.0%	-0.3%	0.1%	-2.8%	0.0%	2.2%	-2.0%	-0.6%	-1.0%		10.248
2006	2.7%	0.3%	0.7%	1.6%	-1.4%	-2.3%	0.8%	0.0%	-1.0%	0.8%	1.5%	1.3%	4.8%		10.347
2005									-0.5%	-1.8%	0.6%	0.5%	-1.3%		9.871
Arrow Multi-Strategy Notes, Series 8*
Offering Period - December 1, 2005 - March 24, 2006
Inception Date - May 1, 2006
Maturity Date - December 31, 2014
													YTD	ITD	NAV
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	ITD	NAV
2013	0.6%	0.4%	-0.9%	-0.7%									-0.7%	-3.4%	9.663
2012	0.6%	1.0%	1.0%	-1.0%	0.6%	0.1%	0.4%	1.1%	0.9%	0.6%	0.1%	0.3%	5.9%		9.726
2011	1.4%	0.7%	-0.5%	0.7%	-0.1%	-0.9%	1.5%	-0.2%	-0.6%	-3.2%	-0.3%	1.2%	-0.4%		9.185
2010	1.3%	-0.3%	-0.9%	0.6%	-1.5%	0.3%	-0.9%	3.4%	0.2%	1.7%	-0.3%	0.1%	3.8%		9.218
2009	-1.7%	-1.8%	2.9%	-3.3%	-1.2%	-1.1%	-1.1%	2.5%	1.5%	-1.1%	2.0%	-1.0%	-3.6%		8.884
2008	-1.2%	1.4%	-0.6%	-0.6%	0.4%	0.3%	-2.9%	-0.8%	-3.6%	-2.3%	-0.3%	3.9%	-6.4%		9.214
2007	-0.5%	1.8%	-0.8%	0.9%	-0.3%	-0.6%	-0.1%	-1.2%	-1.3%	1.9%	-1.8%	-0.5%	-2.5%		9.840
2006					-0.6%	-2.1%	1.2%	0.2%	-0.9%	0.7%	1.5%	0.9%	0.9%		10.092

Sources: Arrow Capital Management Inc., Pertrac database

1 From January 2002, the returns are for the Arrow Multi-Strategy Fund, net of all fees. This document is not to be construed as a public offering of securities in any jurisdiction in Canada. The offering of units of the Fund is made pursuant to the Offering Memorandum only to those investors in all jurisdictions of Canada who meet certain eligibility of minimum purchase requirements.

2 Notes are issued by BNP Paribas (Canada) and guaranteed by BNP Paribas, S.A. Note holders are guaranteed to receive the principal repayment of $10.00 per Note at maturity, plus the positive value, if any, of the Fund per Note.

*Note: The return of the Notes ("the Notes") are linked to the return of the Arrow Multi-Strategy Hedge Fund ("the Fund") less the costs of the guarantee. The Fund is managed similarly to the open-ended Arrow Multi-Strategy Fund. There will be monthly differences in the performance of the Notes compared to the Fund, which we expect will be reduced as the Note approaches maturity. The cumulative return of the Notes (if held to maturity) will mirror the return of the underlying fund, less the additional cost of the Note (eg. guarantee costs). The monthly returns of the notes are net of all fees. Please see the Information Statement of the Note for complete details.

Investment Details