Company Press Release

April 4, 2012 – OLNEY, MD – Arrow Investment Advisors, LLC, the advisor to Arrow Funds and ArrowShares, is pleased to announce that Joseph Cunningham—financial industry veteran and exchange traded product expert—has been named to the newly created role of Director of Capital Markets. Mr. Cunningham brings more than 30 years of industry experience to the role, having begun his career on the options floor of the Philadelphia Stock Exchange in the late 1970s. Prior to joining Arrow, he most recently served as Director of Institutional ETF Order Flow for ProShares Advisors.

“Joe’s understanding of the intricacies surrounding exchange traded products is unparalleled,” says Joseph Barrato, CEO, Arrow Investment Advisors. “His experience and deep roots within the market making community will be a tremendous asset as we prepare to introduce our first ArrowShares exchange traded fund this spring.”

During his career, Mr. Cunningham has amassed considerable institutional trading experience—both on and off the floor. While at ProShares, he played a significant role in providing the necessary expertise in ETF liquidity and creation of options for more than 130 exchange traded products. Prior to that, he served as Vice President with Louis Capital Markets, an international quantitative trade execution firm, where he was head of the algorithmic trading desk. He was also a Senior Vice President at McNamara Trading Company where he served as co-head of the program trading desk and a Vice President at LaBranche Financial Services where he was instrumental in developing the firm’s algorithmic trading platform. He has spoken at numerous industry events over the years on the topics of ETF liquidity and advanced trading tactics.

“Having spent a great deal of my career focused on the exchange traded product marketplace, I am very excited to help launch, and contribute to the success of, ArrowShares,” says Cunningham. “Arrow Funds has built a strong reputation for providing innovative tactical and alternative solutions to meet advisors’ challenges. My goal is to use the momentum that Arrow has developed on the mutual fund side, combined with my years of tenure in the ETF arena, to help develop a highly successful exchange traded business line.”

About Arrow Investment Advisors

Arrow Investment Advisors, LLC, the advisor to Arrow Funds and ArrowShares, is an asset management firm specializing in tactical and alternative investments. Arrow is dedicated to helping advisors and clients achieve their goals through research, education and portfolio solutions designed for ever-changing markets. To learn more about Arrow’s mutual funds, visit www.ArrowFunds.com , or for exchange traded products, visit www.ArrowShares.com .

An investor should consider the fund’s investment objective, risks, charges and expenses carefully before investing or sending money. This and other information about Arrow Funds is contained in the funds’ prospectus, which can be obtained by calling 1-877-277-6933. Please read the prospectus carefully before investing. Arrow Investment Advisors serves as investment advisor to Arrow Funds, distributed through Northern Lights Distributors, LLC (member FINRA). Northern Lights Distributors, LLC and Arrow Investment Advisors are not affiliated entities. 0461-NLD-4/3/2012