NO OFFER.  This the content on this site, together with the verbal or written comments of any person presenting it (collectively, the “presentation”), is for illustration and discussion purposes only and is not intended to be, nor should it be construed or used as investment, tax, or legal advice, any recommendation, or an offer to sell, or a solicitation of

Any offer to buy, an interest in any security, including an interest in, or shares of, any private fund sponsored by a newly formed, wholly owned subsidiary organized at the initiative of arrow global group plc (the “manager”) or any affiliate thereof, including the vehicles referenced herein (the “fund”) or any securities that may be issued upon the consummation of the transactions contemplated herein. This presentation is provided for information purposes and reference only and is not intended to be, and must not be, taken as the basis for an investment decision.  Any offer or solicitation of an investment in the fund or any securities issuable upon the consummation of the transactions contemplated herein shall be entirely separate from the delivery hereof and may be made only by delivery of the fund’s confidential offering documents (the “memorandum”) to qualified investors which contain important information (including investment objective, policies. Risk factors, fees, tax implications and relevant qualifications) and only in those jurisdictions where permitted by law.

Prospective investors should rely solely on the memorandum in making any investment decision.  In the case of any inconsistency between the descriptions or terms in this presentation and the memorandum, the memorandum shall control. By acceptance of this presentation, you acknowledge that you are knowledgeable and experienced with respect to the financial and business aspects of the presentation and that you will conduct your own independent investigations with respect to the accuracy, completeness and suitability of the presentation should you choose to use or rely on the presentation, at your own risk, for any purpose.

An investment in the fund or the consummation of the transactions contemplated herein is not suitable for all investors. Should the fund be formed and the transactions contemplated herein consummated, an investment in the fund is only suitable for certain financially sophisticated investors who meet certain eligibility requirements, have no need for immediate, short term or medium term liquidity in their investment and can bear the risk of an investment in the fund for an extended period of time.

Interests in the fund shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied.

FUND NOT YET COMMENCED.  The fund has not commenced operations; it has no operating and performance history. No representation is made that the fund will or is likely to offer interests and/or commence operations, and if it does commence operations, to achieve its objectives.

FORWARD-LOOKING STATEMENTS. Any assumptions, assessments, beliefs, intended targets, statements or the like regarding future events, future market conditions or expectations, investment opportunities, market conditions or commentary or which are forward-looking contained herein (collectively, “statements”) constitute only subjective views, outlooks, estimations or intentions, are based upon the manager’s expectations, intentions or beliefs should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties,  both general and specific, many of which cannot be predicted or quantified and are beyond the manager’s or the fund’s control. Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or ,“believe” or the negatives thereof or other variations thereon or comparable terminology.  Future evidence and actual results (including actual composition and investment characteristics of the fund’s portfolio) could differ materially from those set forth in, contemplated by or underlying these statements. Considering these risks and uncertainties, there can be no assurance and no representation is given that these statements are now or will prove to be accurate or complete in any way. The information contained herein has been compiled as of december 2019 and there is no obligation to update any of the information presented herein and no such updates are planned. The delivery of this presentation will under no circumstances create any implication that the information herein has been updated or corrected as of any time subsequent to december 2019 or, as the case may be, the date as of which such information is stated.

PAST PERFORMANCE In all cases where historical performance is presented, please note that past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. Actual results may vary, may be materially lower and may involve a complete loss of investment.

Certain information set forth herein is notional in nature and reflects the expected impact of fees and other charges resulting from the fees, carried interest arrangements and related amounts borne ultimately by investors in connection with an investment in the fund.  Accordingly the performance information set forth herein, including information based on projections which is notional and / or net of fees, differs from ordinary course disclosure on performance otherwise made from time to time by arrow.

RISKS.   This information, as of the date(s) indicated, is not complete, is subject to change and does not contain material information regarding the fund or the transactions contemplated by this presentation, including specific information relating to an investment in the fund, the structure of the proposed transactions set forth herein and related important risk disclosures.

Before making any investment, an investor should thoroughly review the memorandum with its professional advisor(s) to determine whether an investment is suitable for such investor.  The fund is expected to be an unregistered private fund and is not expected to be subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. An investment in the fund is speculative and may involve a high degree of risk and volatility including, without limitation, risk of adverse or unanticipated market developments, risk of foreign currency, foreign entity regime change, broker or bank failure or counterparty or issuer default and risk of illiquidity. Opportunities for withdrawal and transferability of interests are restricted, so investors may not have access to capital when it is needed.

An investor should not make an investment or consent to the transactions contemplated herein unless it is prepared to lose all or a substantial portion of its investment.

TARGET RETURNS. Return targets or objectives, if any, are used for measurement or comparison purposes and only as a guideline for prospective investors to evaluate the fund’s investment strategies and accompanying information. Targeted returns reflect subjective determinations by the manager based on a variety of factors, including, among others, investment strategy, prior performance of similar products and strategies (if any), volatility measures, risk tolerance and market conditions.  Performance may fluctuate, especially over short periods. Targeted returns should be evaluated over the time indicated and not over shorter periods. Targeted returns are not intended to be actual performance and should not be relied upon as an indication of actual or future performance. The manager’s beliefs and assumptions may or may not prove to be correct and there can be no assurance that any estimates, targets or projections are attainable or will be realized, and actual results may vary materially, and include the possibility that, should the fund commence operations, an investor therein may lose some or all of its invested capital.

GROSS VS. NET PERFORMANCE FIGURES. Unless otherwise indicated, performance figures are presented on a gross basis. Actual returns to investors will be lower due to the deduction of management fees, carried interest or incentive compensation expenses, taxes and other fund expenses. Investors will be subject to such expenses, fees and carried interest as specified in the governing agreements of the fund.

MODEL RESULTS. Many figures included in the presentation are based on financial model results. Financial models are based on a range of assumptions and on information available at the time of preparation. Financial model results do not represent actual outcomes and they may not reflect the impact that material economic and market factors might have on the manager’s investment-related decision-making. Actual results may or may not correspond, and may differ materially from the results of financial models. No reliance for investment decision purposes should be placed on the results of financial models.

FOR PROSPECTIVE INVESTORS IN THE UNITED KINGDOM (“UK”). This presentation is for distribution only to persons who (i) have professional experience in matters relating to investments and who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) Of the Financial Promotion Order, (iii) are outside the UK, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This presentation  is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this presentation relates is available only to relevant persons and will be engaged in only with relevant persons.

CONFIDENTIALITY; PROPRIETARY MATERIALS. By acceptance of this presentation, you agree that (i) the information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose, except as expressly provided herein, without the prior written consent of the manager; (ii) you will keep confidential all information contained herein not already in the public domain; (iii) the information contains highly confidential and proprietary ‘trade secrets’; and (iv) you will only use the information contained in this presentation for informational purposes.  This presentation and its contents are proprietary to the manager. By acceptance hereof you agree to return this presentation to the manager promptly upon request and to destroy any other materials containing information transmitted hereby.