Q1. How do I invest in the Arrow Primary Infrastructure Fund?

A. As the Fund is unlisted you can only acquire units via an off-market transfer from an existing investor or via a new capital raising.

Due to the significant interest in our Fund, we maintain a list of potential and existing investors who wish to acquire units in the Fund - this is called our Buyers' List. Arrow will be issuing a new Product Disclosure Statement early in 2026 and investors will be contacted then, including those on our Buyers' List.

From time to time we have investors who wish to sell units (see Q5), in which case we attempt to put the seller in contact with a buyer(s) in order to facilitate an off market transaction.

If you are interested in being placed on our Buyers' List you should email us with your details including investment amount to enquiries@arrowfunds.com.au

Q2. When and how does Arrow pay distributions for the Fund?

A. Distributions are declared for each quarter and paid at the end of the following month. For example, the distribution (in cents per unit) for the quarter ended 30 June will be declared prior to 30 June (and posted on this website under announcements) and will be paid on 31 July.

Q3. Does the Fund have a Distribution Reinvestment Plan?

A. Yes. Full details of the DRP Rules and the Application Form are available under Fund Forms. You can change your DRP election at any time during each quarter, as long as it is received by BoardRoom (by email ) prior to the end of the quarter.

Q4. How do I redeem my investment in the Arrow Primary Infrastructure Fund?

A. Arrow may offer a limited Withdrawal Offer under which your units can be redeemed. This is generally offered when there are limited buyers on our Buyers' List. The terms and conditions of the last Withdrawal Offer can be viewed under Fund Forms.

You can also sell your units via an off-market transfer - refer below. Q5. Selling units via an Off-Market Transfer

A. If you wish to sell units, then you need to complete a Standard Transfer Form (as Seller), have it signed by the registered signatories for your investment and then email it to Arrow.Enquiries@centuria.com.au for checking. Please ensure that the number of units are entered on the Transfer Form (to 4 decimal places). Arrow maintains a Buyers' List on which existing and potential investors who have registered their interest in buying units in our Fund are recorded. This is a free service which is provided by Arrow to assist in the liquidity of units in the Fund. Following receipt of a signed Transfer Form, we shall advise one or more parties on the Buyers' List of the number and price of units being offered for sale. If a buyer(s) complete the transaction, you will be contacted and proceeds then paid into the nominated bank account held by our Registry for your holding. A Confirmation Statement will be generated by our Registry and mailed to you within 7-10 business days following settement.

Q6. How do I access details relating to my investment or past statements?

A. You are able to access all information in relation to your holding, including online statements and transactions, by following the below steps:

- Go to https://boardroomlimited.com.au/

- Select the ‘InvestorServe Login” button in the bottom left corner

- Under ‘Individual Investor Access’ select/input the following:

o Issuer: Arrow Funds Management Limited,

o Reference Number will be your unit holder number preceded by the letter ‘U’ and any leading zeros,

o Name will be the name the investment is held in (enter surname or company name),

o Enter either your postcode or Country of residence if outside Australia, and

o Select ‘Validate’ and Accept the terms of the website if you are happy to proceed.

You will now be able to view your holding.

Under the menu on the right-hand side, you are able to view your details, such as contact, banking and DRP elections, as well as your portfolio details including tax statements, payments and transactions. You can also generate a Holding Statement as at any date.

If you have any further questions or require further assistance, please email us at enquiries@arrowfunds.com.au

Q7. How are properties valued?

A. All properties owned by the Fund are required to be revalued and held at market value at each 6 monthly reporting period (June and December). Directors utilise independent directors to assist them with each revaluation and are required to gain a formal independent valuation of each property at least every three years. Arrow has a policy of rotating independent valuers so that no valuer undertales more than three formal valuations of any property in a row.

Property valuations are currently undertaken by the following firms: Colliers, CBRE, Herron Todd White and JLL.

Q8. How is water valued?

A. All water owned by the Fund is leased to our respective tenant as part of the property lease.

Each property is valued by an independent valuer on a "subject to lease basis" using the DCF method.

The valuer therefore includes the water licence in the overall value of the property which is encumbered by a long term lease.

As we are required by ASIC to disclose water at historical cost in our Balance Sheet, we deduct that from the overall value determined by the valuer.

We are then required to split out "Agricultural Assets" (i.e. trees/vines) and disclose those separately on the Balance Sheet.

The balance of the valuation is then disclosed seperately as "Investment Property" on the Balance Sheet, which is effectively the land, improvements, irrigation P&E, dams, etc.

Therefore, although water is formally shown at historical cost it is effectively reflected in the Fund's NAV at the (long term) market value it adds to the lease.

Q9. Why does the Fund hold interest rate derivatives?

A. Fluctuations in future interest rates can impact the future earning capacity i.e. profitability of the Fund. In order to mitigate against this risk Arrow has taken out several fixed interest rate swap agreements with its banker, which are shown as derivatitives in the Fund's Financial Statements. The benefit of taking out these derivatives is that it locks in a fixed interest rate for a portion of the Fund's drawn debt facility for a number of years into the future. Arrow directors believe this is prudent, given that future rental income is locked in at fixed rates under the Fund's long-term leases with its tenants.

Q10. What management fees are charged ?

A. Arrow charges only one fee for manaaging the Fund - a management fee of 1.0% per annum of Assets Under Management.

No Performance Fees, Acquisition Fees or Disposal Fees are charged to the Fund.

All of Arrow's directors and shareholders own units in the Fund, ensuring that the interests of Arrow and its investors are very much aligned.

Q11. What is the WALE?

A. The Fund's Weighted Average Lease Expiry (WALE) represents the average number of years remaining on the Fund's leases, taking into account the actual rent currently being paid. Each lease held by the Fund is currently in its initial term and each lease has options to extend the lease by two further periods. Only the current term of the lease is taken into account when determing the WALE, unless the Fund holds the option to extend.

Q12. What are the requirements for notifying of an Estate?

A. All noticifations of change of ownership are handled by our Registry, BoardRoom Limited, who have the following requirements for dealing with an Estate:

• The Certificate of Probate/Letters of Administrationand all Identity Documents will need to be originals or certified copies of the original.

• If Probate/Letters of Administration were granted in a State or Territory other than Victoria (where the Fund's securities are registered) you will need to complete a Section 1071B Form; or if the Probate was granted in the state of South Australia, BoardRoom will require the original or certified copy of the original South Australian Section 12A Certificate.

• Original certified copy of current photo ID (i.e. licence or passport) of the Executor(trix) of the Estate to verify the signature.

• If it is not intended to apply for probate and the value of the holding is $15,000.00 AUD or less as at the date of death, BoardRoom will require a Certified Copy of both the original Death Certificate and Last Will & Testament, as well as completion of the Small Estates Indemnity Form.

• Completion of a Standard Transfer form, signed by both Executor/ix as the Transferor and Beneficiary/ies as the Transferee will be required if you wish to transfer the units directly into the name/s of the beneficiary/ies of the estate.

• If you wish to transfer the units held by the Estate into the name/s of the Executor of the estate (i.e. not the beneficiaries) you will need to complete the enclosed Transmission Form.

In addition to these requirements, the Federal Government's AML/CTF Act requires all responsible entities / fund managers, other than listed funds, to obtain appropriate verification for all new investors. BoardRoom's Identity Verification Form outlines the documents required to enable them to process a transfer to a new investor.

All of the above Forms can be found in the following Estate Pack. Q13. What is the Market Price of Units in the Fund? As Units in the Fund are not listed on any exchange there is no established "market price". As with all unlisted securities, the latest Net Asset Value per unit (NAV) is the recognised "value" of units at any point in time. The NAV is determined as at 30-Jun, 30-Sep, 31-Dec and 31-Mar each year after the distribution for the respective Quarter has been accrued. The NAV is calculated and released prior to the end of the following month.

Investors in our Fund receive a distribution based on the number of days they have owned their units during the Quarter.

As stated on our Distribution Statements “Your distribution has been calculated using a ‘unit days’ formula. This means that, in respect of any units you may have held for only part of the distribution period, you will receive a pro rata (or part) distribution.

For example; a Buyer of Arrow Fund units on say 10 July will therefore receive 90.22% (83 days/92 days) of the September Quarter’s distribution payable on those units and the Seller of those units will receive 9.78% (9 days/92 days).

There is therefore no such concept of a cum-distribution price (or an ex-distribution price) for the Fund's Units.