Arrow Multi-Strategy Note

Investment strategies combined
with a principal repayment guarantee.

Investment Solutions

Offering Documents

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, 2012

Arrow Multi-Strategy Notes, Series 3*
Offering Period - January 12, 2004 - March 30, 2004
Inception Date - March 31, 2004
Maturity Date - December 31, 2012
YTD
ITD
NAV
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2012
0.7%
0.5%
0.4%
0.0%
1.6%
-1.5%
9.853
2011
2.3%
1.2%
-1.3%
0.2%
-1.2%
-1.8%
1.3%
-2.3%
-2.1%
-0.9%
-1.5%
0.2%
-5.7%
9.701
2010
1.1%
-0.2%
-0.5%
0.5%
-1.8%
-0.4%
-0.7%
1.2%
1.0%
2.1%
0.8%
1.4%
4.4%
10.292
2009
0.1%
-0.6%
1.6%
-1.2%
0.7%
0.3%
-0.1%
2.6%
0.2%
-0.7%
2.4%
0.1%
5.5%
9.860
2008
-2.5%
1.3%
-0.2%
1.2%
1.3%
0.8%
-2.8%
-1.4%
-4.4%
-3.3%
-5.6%
-0.1%
-14.8%
9.345
2007
0.7%
0.8%
-0.4%
1.4%
-0.7%
0.4%
-0.7%
-3.4%
-0.5%
2.2%
-3.9%
0.4%
-3.8%
10.972
2006
3.6%
0.8%
2.6%
2.1%
-0.8%
-2.5%
0.6%
0.2%
-1.3%
0.6%
2.1%
2.0%
10.2%
11.410
2005
0.9%
1.9%
-0.8%
-1.7%
-0.2%
0.5%
1.2%
1.2%
-0.5%
-2.1%
0.5%
0.8%
1.8%
10.350
2004
-0.8%
-1.7%
-0.5%
0.5%
-0.5%
0.9%
0.7%
3.2%
0.0%
1.7%
10.169
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
2010
0.5%
0.9%
-0.3%
-1.2%
-0.2%
-5.1%
9.487
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
2012
0.4%
0.9%
0.5%
-0.7%
1.1%
-5.2%
9.480
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
2012
0.8%
1.0%
0.8%
-0.8%
1.8%
-5.3%
9.471
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
2012
-0.1%
0.8%
1.0%
0.8%
2.5%
-4.9%
9.511
2011
1.9%
1.1%
-0.8%
0.5%
-0.9%
-1.4%
1.3%
-1.5%
-1.5%
-1.4%
-2.1%
-1.6%
-4.8%
9.288
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
2012
1.2%
0.6%
1.0%
1.0%
2.6%
-5.7%
9.427
2011
1.4%
0.7%
0.7%
-0.5%
0.7%
-0.1%
-0.9%
1.5%
-0.2%
-0.6%
-3.2%
-0.3%
-1.5%
9.079
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

Investment Details

Arrow Multi- Strategy Notes, Series 1

Fund Code DSC AHP001
For more information on fees, please see the fund's information sheet.
Purchases Closed
Redemptions 4 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

Arrow Multi- Strategy Notes, Series 2

Fund Code DSC AHP002
For more information on fees, please see the fund's information sheet.
Purchases Closed
Redemptions 4 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

Arrow Multi- Strategy Notes, Series 3

Fund Code DSC AHP002
Fund Code FE AHP203
For more information on fees, please see the fund's information sheet.
Purchases 4 business days prior to month end
Redemptions 4 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

Arrow Multi- Strategy Notes, Series 4

Fund Code DSC AHP004
Fund Code FE AHP204
For more information on fees, please see the fund's information sheet.
Purchases 4 business days prior to month end
Redemptions 4 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

Arrow Multi- Strategy Notes, Series 5

Fund Code DSC AHP005
Fund Code FE AHP205
For more information on fees, please see the fund's information sheet.
Purchases 4 business days prior to month end
Redemptions 4 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

Arrow Multi- Strategy Notes, Series 6

Fund Code DSC AHP006
Fund Code FE AHP206
For more information on fees, please see the fund's information sheet.
Purchases 4 business days prior to month end
Redemptions 10 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

Arrow Multi- Strategy Notes, Series 7

Fund Code DSC AHP007
Fund Code FE AHP207
For more information on fees, please see the fund's information sheet.
Purchases 4 business days prior to month end
Redemptions 10 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

Arrow Multi- Strategy Notes, Series 8

Fund Code DSC AHP008
Fund Code FE AHP208
For more information on fees, please see the fund's information sheet.
Purchases 4 business days prior to month end
Redemptions 10 business days prior to month end
Issuer BNP Paribas (Canada) Ltd.
Auditor PriceWaterhouseCoopers
Administrator RBC Dexia Investors Services
Please consult your investment advisor for information regarding buying notes on the secondary market.
^ Minimum Investment for accredited investors $25,000
^ Minimum Investment with a Risk Acknowledgement Form (For residents of BC, Newfoundland and Labrador, New Brunswick, and Nova Scotia), $25,000

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