LEGAL NOTICE

Important Legal Information – Terms and Conditions of Use

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which the Arrow Voyageur Fund and Arrow Compass Fund authorized for sale. It is your responsibility to inform yourself of and to observe all applicable laws and regulations of any relevant jurisdiction.

The Funds described in the following pages are managed or represented by Arrow and the distribution of the Offering Memoranda or Prospectuses in certain jurisdictions may be restricted and accordingly it is the responsibility of any person or persons wishing to make applications for Shares, to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction including their tax position.

The Funds have been registered as regulated mutual funds with the Cayman Islands Monetary Authority under Section 3(3) of the Mutual Funds law (1996 Revision) of the Cayman Islands. This does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation.

There may be restrictions on the distribution of information on these funds in certain jurisdictions; browsers are required to inform themselves about and to observe any such restrictions. The information contained within this site should not be reproduced and distributed to any other person.

The below information is for general guidance only and further information is available in the Offering Memorandums or Prospectus for each Fund.

United Kingdom

The Funds are not recognized collective investment schemes for the purpose of the Act. The Funds' Offering Memoranda or Prospectuses may only be issued or passed on in the United Kingdom to persons falling within Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996, as amended, and the Shares and/or Limited Partnership Interests in the Funds may only be promoted in the United Kingdom by an authorized person under the Act in accordance with the Financial Services (Promotion of Unregulated Schemes) Regulations 1991 as from time to time amended.

United States

The Shares in the Funds have not been and will not be registered under the Securities Act of the United States (as amended) ("the 1933 Act") or the securities laws of any of the States of the United States. The Shares may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any "US Person" as defined in Regulation 5 under the 1933 Act except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and any applicable State laws.

Cayman Islands

No invitation may be made to the public in the Cayman Islands to subscribe for the Shares and/or Limited Partnership Interests.

Ireland

The Shares will not be marketed in Ireland without the approval in writing of the Central Bank of Ireland.

The information contained on this site is not an invitation to subscribe. Subscriptions will only be received and shares issued on the basis of the current prospectus or offering memorandum of a fund. Copies of the Prospectus or offering memorandum, and the latest reports and accounts can be obtained from the office of the relevant manager. Copies of the constitutional documents of the companies can also be inspected at this address.

Past performance is not necessarily a guide to future performance. The source of data used for performance measurements is Arrow Hedge Partners International Inc. The portfolio of the fund is subject to normal market fluctuations and there can be no assurance that appreciation will occur or that losses will not be realized.

Applications to invest in any fund referred to on this web site must only be made on the basis of the offer document relating to the specific investment (e.g. prospectus or offering memorandum or other applicable terms and conditions).

The contents of this site are protected by applicable copyright laws. No permission is granted to copy, distribute, modify, post or frame any text, graphics, software code, or user interface design or logos.

Arrow is committed to protecting your personal and financial information. Privacy and security are basic elements of our web site. You normally visit us on the Web without telling us who you are or revealing anything about yourself. We may ask for personal information (e.g., name and address) when you request or download investment literature or when you request access to our Advisory site. This is only used to service your request and provide you with information on our products and services. Your information is not shared, distributed, or sold to any outside party other than our affiliates. If you have any questions or comments about our privacy practices, you can contact us at abayouk@arrowhedge.com.

ALL INFORMATION AND CONTENT ON THIS WEB SITE ARE SUBJECT TO APPLICABLE STATUTES AND REGULATIONS, FURNISHED "AS IS" WITHOUT WARRANTY OF ANY KIND, IMPLIED OR EXPRESSED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

Arrow is not responsible for content that appears on the site provided by an independent third party.

This site utilizes information prepared by Arrow from internal and external sources, which Arrow reasonably believes to be reliable information. However, Arrow does not represent that this information is accurate or complete or remains up-to-date since its initial posting. It is your responsibility to evaluate the accuracy, completeness or usefulness of any information available through this Site. We do not guarantee that the site will available twenty-four hours a day, seven days a week.

Access to and use of password-protected and secure areas of this Site is restricted to authorized users only. By entering the password-protected area of the Site you represent you are an appropriately authorized user. You agree to be responsible for any use of your password and for maintaining the confidentiality of your password.

To receive a prospectus or offering memorandum or request any further information, click here to contact us.