BLACKWALL LIMITED — AGM Information 2016

Sep 25, 2016

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Notice'of'Annual'General'Meeting'and' Explanatory'Memorandum'

The!2016!Annual!General!Meeting!of!Shareholders!of!! BlackWall!Limited!ACN!146!935!131!will!be!held!at!

BlackWall!Limited! !50!Yeo!Street,!Neutral!Bay,!NSW!on! Wednesday,!26!October!2016!at!11:00am!(Sydney!time)!

In!the!interests!of!reducing!costs!to!the!Company!of!running!meetings!the!Company!requests! that!Shareholders!lodge!their!proxies!online!by!visiting:!

www.investorvote.com.au

This Notice and Explanatory Memorandum has been prepared to assist Shareholders to understand the business to be put to Shareholders at the forthcoming Annual General Meeting of Shareholders.

Notice'of'Meeting

Notice!is!given!that!an!Annual!General!Meeting!( Meeting ) of!Shareholders!of!BlackWall!Limited! ( BlackWall' or!the! Company )!will!be!held!at!11:00am!(Sydney!time)!on!Wednesday,!26!October! 2016!at!BlackWall!Limited,!50!Yeo!Street,!Neutral!Bay,!NSW.!

ORDINARY'BUSINESS'

Item'1'H'Financial'Statements'and'Reports

To!receive!and!consider!the!Financial!Report,!the!Directors’!Report!and!the!Auditor’s!Report! for!the!financial!year!ended!30!June!2016.!

Note: !This!item!of!business!is!for!discussion!and!is!not!a!resolution.!However,!pursuant! to! the! Corporations! Act,! Shareholders! will! be! given! a! reasonable! opportunity! at! the! Meeting! to! ask! questions! about,! to! make! comments! in! relation! to,! each! of! the! aforementioned!reports!during!the!consideration!of!these!items.

Resolution'1'H'Adoption'of'Remuneration'Report'

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!an! ordinary resolution :!

“That,'for'the'purposes'of'section'250R'of'the'Corporations'Act'and'for'all'other'purposes,'the' Remuneration' Report' as' set' out' in' the' Directors’' Report' for' the' financial' year' ended' 30' June' 2016,'be'adopted.”'

Note: !This!resolution!is!an!advisory!resolution!that!does!not!bind!the!Directors!or! the!Company.!

Voting'Exclusion: !A!voting!exclusion!applies!to!this!resolution!–!see!section!1!for! details.!

Resolution'2'H'ReHelection'of'Richard'Hill

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!an! ordinary resolution :!

“That' Richard' Hill,' who' retires' by' rotation' as' a' director' of' the' Company' in' accordance' with' Clause'6.1(f)(1)(A)'of'the'Company’s'Constitution'and,'being'eligible,'having'offered'himself'for' reKelection,'be'reKelected'a'director'of'the'Company'immediately'upon'the'close'of'the'Meeting.”'

SPECIAL'BUSINESS'

Resolution'3'H'Ratification'of'Share'Placement

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!an! ordinary resolution :!

“That'for'the'purposes'of'ASX'Listing'Rule'7.4'and'for'all'other'purposes,'the'previous'issue'of' 6,700,000' Placement' Shares' at' $0.60' each' on' the' terms' described' in' the' Explanatory' Memorandum'be'ratified'and'approved.”''

Voting' Exclusion: ! A! voting! exclusion! applies! to! this! resolution! –! see! section! 1! for! details.!

Resolution'4'H'Ratification'of'Prior'Issue'of'Employee'Options

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!an! ordinary resolution :!

“That'for'the'purposes'of'ASX'Listing'Rule'7.4'and'for'all'other'purposes,'the'previous'grant'of' 850,000'Employee'Options'to'employees'for'nil'consideration'each'of'which'may'be'exercised'into' one' fully' paid' ordinary' share' at' a' price' of' $0.60' on' the' terms' described' in' the' Explanatory' Memorandum'be'ratified'and'approved.”''

Voting' Exclusion: ! A! voting! exclusion! applies! to! this! resolution! –! see! section! 1! for! details.!

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Resolution'5'H'Issue'of'Employee'Options'to'Stuart'Brown'

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!an! ordinary resolution :!

“That' for' the' purposes' of' ASX' Listing' Rule' 10.14.1' and' for' all' other' purposes,' Shareholders' approve' the' grant' of' 500,000' Employee' Options' to' Stuart' Brown' (or' his' nominee)' for' nil' consideration'each'of'which'may'be'exercised'in'to'one'fully'paid'ordinary'share'at'a'price'of' $0.60'and'otherwise'on'the'terms'described'in'the'Explanatory'Memorandum.”'

Voting' Exclusion: ! A! voting! exclusion! applies! to! this! resolution! –! see! section! 1! for! details.!

Resolution'6'H'Issue'of'Employee'Options'to'Jessica'Glew'

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!an! ordinary resolution :!

“That' for' the' purposes' of' ASX' Listing' Rule' 10.14.2' and' for' all' other' purposes,' Shareholders' approve' the' grant' of' 325,000' Employee' Options' to' Jessica' Glew' (or' her' nominee)' for' nil' consideration' each' of' which' may' be' exercised' into' one' fully' paid' ordinary' share' at' a' price' of' $0.60'and'otherwise'on'the'terms'described'in'the'Explanatory'Memorandum.”'

Voting' Exclusion: ! A! voting! exclusion! applies! to! this! resolution! –! see! section! 1! for! details.!

Resolution'7'H'Issue'of'Employee'Options'to'Key'Management'Personnel

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!an! ordinary resolution :!

“That'for'the'purposes'of'ASX'Listing'Rule'7.1'and'for'all'other'purposes,'Shareholders'approve' the'grant'of'325,000'Employee'Options'to'Timothy'Brown'(or'his'nominee)'for'nil'consideration' each'of'which'may'be'exercised'into'one'fully'paid'ordinary'share'at'a'price'of'$0.60'each'and' otherwise'on'the'terms'described'in'the'Explanatory'Memorandum.”'

Voting' Exclusion: ! A! voting! exclusion! applies! to! this! resolution! –! see! section! 1! for! details.!

Resolution'8'H'Approval'of'Additional'10%'Placement'Capacity'

To!consider!and,!if!thought!fit,!pass!the!following!resolution!as!a! special resolution :!

“That'for'the'purposes'of'ASX'Listing'Rule'7.1A'and'for'all'other'purposes,'Shareholders'approve' the'issue'of'Shares'totalling'up'to'10%'of'the'issued'capital'of'the'Company'at'the'time'of'issue,' calculated'in'accordance'with'the'formula'prescribed'in'ASX'Listing'Rule'7.1A'and'on'the'terms' and'conditions'set'out'in'the'Explanatory'Memorandum.”'

Voting' Exclusion: ! A! voting! exclusion! applies! to! this! resolution! –! see! section! 1! for! details.!

1. Voting'Exclusions'

The!Company!will!exclude!votes!cast!on:!

Resolution	Personwhosevoteswillbedisregarded
Resolution1	(a) a member of the key management personnel, details of whose
	remunerationareincludedintheRemunerationReport:or
	(b) acloselyrelatedpartyofsuchamember.
	However,apersondescribedabovemaycastavoteonResolution1if:
	(a) Thepersondoessoasaproxyappointedbywritingthatspecifies
	howtheproxyistovoteontheproposedresolution;and
	(b) The vote is not cast on behalf of a person described in
	subparagraphs(a)or(b)above.
Resolution3	Any person that participated in the Share Placement and each of their
	Associates

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Resolution4	AnyemployeethatreceivedEmployeeOptionson14July2016andeachof
	theirAssociates
Resolution5	AnyDirectoroftheCompanyandeachoftheirAssociates
Resolution6	AnyDirectoroftheCompanyandeachoftheirAssociates
Resolution7	TimothyBrownandhisAssociates
Resolution8	Any person who may participate in the proposed issue and a person who
	mightobtainabenefit,exceptabenefitsolelyinthecapacityofaholderof
	ordinarysecurities,ifthisresolutionispassedandanyoftheirAssociates.

However,!Company!does!not!need!to!disregard!a!vote!if!it!is!cast!by!a!person!as!proxy!for!a!person! who! is! entitled! to! vote,! in! accordance! with! the! directions! on! the! Proxy! Form,! or! it! is! cast! by! the! Chairperson!as!proxy!for!a!person!who!is!entitled!to!vote,!in!accordance!with!a!direction!on!the!Proxy! Form!to!vote!as!the!proxy!decides.!

2. Entitlement'to'Vote'

Individual!Shareholders!may!vote!in!person!or!by!proxy.!A!corporate!Shareholder!may!vote!by!proxy! or!through!a!body!corporate!representative.!

If!you!hold!your!shares!jointly!with!another,!please!note!that!the!holder!appearing!first!in!the!share! register!is!entitled!to!attend!and!vote!the!shares!to!the!exclusion!of!the!other!holders.!

3. Eligibility

It! has! been! determined! that! under! the! Corporations! Regulations! 7.11.37,! for! the! purposes! of! the! meeting,!securities!will!be!taken!to!be!held!by!the!persons!who!are!the!registered!holders!at!7.00pm! (Sydney!time)!on!Monday,!24!October!2016.!Accordingly,!share!transfers!registered!after!that!time! will!be!disregarded!in!determining!entitlements!to!attend!and!vote!at!the!meeting.!

4. Requirements'for'Resolutions''

Resolutions!1!through!7!are!ordinary!resolutions!and!therefore!each!will!be!passed!if!more!than!50%! of!votes!cast!by!Shareholders!entitled!to!vote!on!the!resolution!are!cast!in!favour!of!the!resolution.!

Resolution!8!is!a!special!resolution!and!will!be!passed!if!at!least!75%!of!votes!cast!by!shareholders!(in! person!or!by!proxy)!entitled!to!vote!on!the!resolution,!vote!in!favour!of!the!resolution."

5. Voting'by'Proxy'

For! details! on! voting! by! proxy! please! see! the! instructions! set! out! on! the! personalised! proxy! form! accompanying!this!notice!of!meeting.!Proxy!forms!must!be!received!by!the!Company’s!share!registry! no!later!than!11:00am!on!Monday,!24!October!2016.!!

By'Order'of'the'Board'

Dated!26!September!2016!

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Richard'Hill' Chairman!

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Explanatory'Memorandum'

This! Explanatory! Memorandum! is! for! the! information! of! Shareholders! of! the! Company! in! connection!with!the!business!to!be!conducted!at!the!Annual!General!Meeting!of!BlackWall!Limited! to!be!held!at!BlackWall!Limited,!50!Yeo!Street,!Neutral!Bay,!NSW!on!Wednesday,!26!October!2016! at!11:00am!(Sydney!time).!!

The! Directors! recommend! that! Shareholders! read! this! Explanatory! Memorandum! in! full! before! making! any! decision! in! relation! to! the! Resolutions.! If! in! any! doubt! about! how! you! should! vote,! consult!your!financial!or!other!professional!adviser.!The!following!information!should!be!noted!in! respect!of!the!various!matters!contained!in!the!accompanying!Notice.!

Item'1'H'Financial'Statements'and'Reports'

The!Corporations!Act!requires!the!following!reports!in!respect!of!the!financial!year!ended!30!June! 2016!to!be!laid!before!the!Meeting:!

• Financial!Report!(which!includes!financial!statements!and!Directors’!declaration);!

• Directors’!Report!(which!includes!the!Remuneration!Report);!and!

• Auditor’s!Report.!

Shareholders! will! be! given! a! reasonable! opportunity! at! the! Meeting! to! ask! questions! and! make! comments!on!these!reports,!and!on!the!business,!operations!and!management!of!BlackWall.!

There! is! no! requirement! either! in! the! Corporations! Act! or! the! Constitution! for! Shareholders! to! approve!the!Financial!Report,!the!Directors’!Report!(other!than!the!Remuneration!Report)!or!the! Auditor’s!Report.!

Resolution'1'H'Remuneration'Report'(NonHBinding)

Section!250R(2)!of!the!Corporations!Act!requires!a!listed!company!to!put!to!its!shareholders!at! each!annual!general!meeting!a!resolution!that!the!remuneration!report!be!adopted.!The!report!on! the! remuneration! of! the! Company’s! key! management! personnel! is! included! in! the! Company’s! Annual!Report.!The!resolution!is!being!proposed!to!comply!with!this!requirement.!

A! reasonable! opportunity! will! be! provided! for! discussion! of! the! Remuneration! Report! at! the! Meeting.!

Section! 250R(3)! of! the! Corporations! Act! provides! that! the! vote! on! the! adoption! of! the! Remuneration!Report!is!advisory!only!and!does!not!bind!the!Directors!or!the!Company.!However,!if! a!company’s!remuneration!report!receives!an!‘against’!vote!of!25!per!cent!or!more!at!2!consecutive! annual!general!meetings,!a!resolution!must!be!put!at!the!later!annual!general!meeting!that!another! meeting!be!held!(within!90!days)!at!which!all!directors!(other!than!managing!directors)!who!were! in!office!at!the!date!of!that!resolution!must!stand!for!recelection.!So,!in!summary,!Shareholders!will! be!entitled!to!vote!in!favour!of!holding!a!general!meeting!to!recelect!the!Board!if!the!Remuneration! Report!receives!“2!strikes”.!

Resolution'2'H'ReHelection'of'Richard'Hill

Richard! Hill! has! extensive! investment! banking! experience! and! was! the! founding! partner! of! the! corporate!advisory!firm!Hill!Young!&!Associates.!Richard!has!invested!in!the!Group’s!projects!since! the!early!1990s.!Prior!to!forming!Hill!Young,!Richard!held!a!number!of!Senior!Executive!positions! in!Hong!Kong!and!New!York!with!HSBC.!He!was!admitted!as!an!attorney!in!New!York!State!and!was! registered!by!the!US!Securities!&!Exchange!Commission!and!the!Ontario!Securities!Commission.!He! is!the!Chairman!of!Sirtex!Medical!Limited!listed!on!the!ASX.!In!addition,!Richard!is!Chairman!of!the! Westmead!Millennium!Institute!for!Medical!Research.!!

Board&Recommendation: 'The'nonKretiring'Directors'recommend'that'Shareholders'vote'in' favour'of'Resolution'2.'

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Resolution'3'H'Ratification'of'Share'Placement'

For!the!purposes!of!ASX!Listing!Rule!7.4,!the!Company!is!seeking!to!ratify!the!issue!of!6,700,000! fully! paid! ordinary! shares! between! 19! September! 2016! and! 23! September! 2016! ( Placement' Shares ),! which! were! issued! within! the! Company’s! 15%! placement! capacity.! Approval! of! the! resolution!will!mean!that!the!Placement!Shares!will!not!be!included!in!calculating!the!Company’s! 15%!placement!capacity.!

The! Placement! Shares! were! issued! for! $0.60! each! in! cash! which! raised! $4,020,000! for! the! Company.! ! The! funds! raised! will! be! used! as! working! capital! to! grow! the! Company’s! WOTSO! WorkSpace!business.!!On!their!issue!the!Placement!Shares!were!not!entitled!to!participate!in!the! November! 2016! dividend,! however,! rank! equally! in! all! respects! with! fully! paid! ordinary! shares! from!the!dividend!excdate!on!20!October!2016.!!The!Placement!Shares!were!issued!to!sophisticated! and/or!professional!investors!that!did!not!require!a!prospectus!under!the!Corporations!Act.!

A!voting!exclusion!statement!applies!to!Resolution!3!and!is!set!out!in!the!Notice!of!Meeting.!!

Board& Recommendation: ' The' Directors' recommend' that' Shareholders' vote' in' favour' of' Resolution'3.'

Resolutions'4'–'7'H'Resolutions'relating'to'issue'of'Employee'Options'

The! Company! proposes! to! issue! a! total! of! 2,000,000! Employee! Options! under! the! terms! of! the! Employee! Share! Option! Plan! to! incentivise! staff! and! attract! and! retain! key! employees.! The! Employee!Options,!the!subject!of!Resolutions!4!–!7,!have!the!same!terms.!!The!Employee!Options! give! the! optionholder! the! right! to! convert! each! option! into! one! fully! paid! ordinary! share! at! an! exercise! price! of! $0.60! each! until! 14! July! 2019.! All! Employee! Options! were! granted,! or! will! be! granted,!for!nil!consideration.!Any!funds!raised!as!a!result!of!the!exercise!of!the!options!will!be! used!for!working!capital.!Upon!exercise,!the!underlying!shares!will!be!fully!paid!and!rank!equally! with!all!existing!ordinary!shares!on!issue.!It!is!intended!that!all!Employee!Options!proposed!to!be! granted!under!Resolutions!4!to!7!will!be!issued!before!26!November!2016.!

Resolution'4'–'Ratification'of'Prior'Issue'of'Employee'Options'

For!the!purposes!of!ASX!Listing!Rule!7.4,!the!Company!is!seeking!to!ratify!the!issue!of!850,000! Employee!Options!on!14!July!2016!within!the!Company’s!15%!placement!capacity.!!If!Resolution!4! is!approved,!those!options!will!not!be!included!in!the!calculation!of!the!Company’s!15%!placement! capacity.!!The!Employee!Options!were!issued!to!BlackWall!Limited!employees!who!are!not!related! parties!or!key!management!personnel.!A!voting!exclusion!statement!applies!to!this!Resolution!4! and!is!set!out!in!the!Notice!of!Meeting.!!

Resolution'5'K'Issue'of'Employee'Options'to'Stuart'Brown'

The!Company!proposes!to!issue!Employee!Options!to!Stuart!Brown!who!is!an!Executive!Director!of! the!Company.!The!following!information!is!provided!as!required!by!ASX!Listing!Rule!10.15:!

• (a) Stuart!Brown!will!receive!500,000!Employee!Options!which!are!exercisable!into!500,000!fully! paid!ordinary!shares!in!total.!

• (b) The!Employee!Options!will!be!granted!for!nil!consideration.!!The!exercise!price!for!each!option! is!$0.60.!!

• (c) No!options!have!been!issued!to!Directors!or!their!associates!under!the!Employee!Share!Option! Plan! since! the! last! approval! under! ASX! Listing! Rule! 10.14.! ! It!is! noted! however,! that! Stuart! Brown!has!2,000,000!B!Class!Options!that!were!approved!at!the!2013!Annual!General!Meeting! which!remain!outstanding.!!The!B!Options!expire!on!30!June!2018!and!have!a!strike!price!of! $0.35!each.!!

• (d) The! Board! determines! which! employees! are! entitled! to! participate! in! the! Employee! Share! Option!Plan.!!For!the!purposes!of!ASX!Listing!Rule!10.15,!Stuart!Brown!(Director)!and!Jessica! Glew!(Daughter!of!Director,!Seph!Glew)!are!entitled!to!participate!in!the!scheme.!

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• (e) A!voting!exclusion!statement!applies!in!relation!to!Resolution!5!–!please!refer!to!section!1!of! the!Notice!of!Meeting!for!details.!

• (f) There!is!no!loan!in!relation!to!the!grant!of!the!Employee!Options!to!Stuart!Brown.!

• (g) It!is!intended!that!the!Employee!Options!will!be!issued!on!or!before!26!November!2016!and!in! any!event!no!later!than!12!months!after!the!meeting.!

Resolution'6'K'Issue'of'Employee'Options'to'Jessica'Glew'

The!Company!proposes!to!issue!325,000!Employee!Options!to!Jessica!Glew,!(Daughter!of!Director! Seph!Glew)!and!therefore!considered!an!associate!of!a!director!for!the!purposes!of!ASX!Listing!Rule! 10.14.2.!The!following!information!is!provided!as!required!by!ASX!Listing!Rule!10.15A:!

• (a) Jessica!Glew!will!receive!325,000!Employee!Options!which!are!exercisable!into!325,000!fully! paid!ordinary!shares!in!total.!

• (b) The!Employee!Options!will!be!granted!for!nil!consideration.!!The!exercise!price!for!each!option! is!$0.60.!!

• (c) No!options!have!been!issued!to!Directors!or!their!associates!under!the!Employee!Share!Option! Plan!since!the!last!approval!under!ASX!Listing!Rule!10.14.!!

• (d) The! Board! determines! which! employees! are! entitled! to! participate! in! the! Employee! Share! Option!Plan.!!For!the!purposes!of!ASX!Listing!Rule!10.15,!Stuart!Brown!(Director)!and!Jessica! Glew!(Daughter!of!Director,!Seph!Glew)!are!entitled!to!participate!in!the!scheme.!

• (e) A!voting!exclusion!statement!applies!in!relation!to!Resolution!5!–!please!refer!to!section!1!of! the!Notice!of!Meeting!for!details.!

• (f) There!is!no!loan!in!relation!to!the!grant!of!the!Employee!Options!to!Jessica!Glew.!

• (g) It!is!intended!that!the!Employee!Options!will!be!issued!on!or!before!26!November!2016!and!in! any!event!no!later!than!12!months!after!the!meeting.!

Resolution'7'K'Issue'of'Employee'Options'to'Key'Management'Personnel'

The!Company!proposes!to!issue!325,000!Employee!Options!to!Timothy!Brown!who!is!part!of!the! Company’s!Key!Management!Personnel.!The!resolution!is!seeking!approval!for!the!issue!of!these! Employee! Options! so! that! they! are! not! included! in! calculating! the! Company’s! 15%! placement! capacity.!A!voting!exclusion!statement!applies!to!this!Resolution!7!and!is!set!out!in!the!Notice!of! Meeting.!!The!following!information!is!provided!pursuant!to!ASX!Listing!Rule!7.3:!

• (a) !The!maximum!number!of!Employee!Options!to!be!issued!is!325,000!which!may!be!exercised! into!325,000!fully!paid!ordinary!shares!until!14!July!2019.!

• (b) It!is!intended!that!the!Employee!Options!will!be!issued!by!26!November!2016!but!in!any!event! within!3!months!after!the!date!of!the!meeting.!

• (c) The!Employee!Options!will!be!granted!for!nil!consideration!and!may!be!exercised!at!a!price!of! $0.60!each.!

• (d) The!terms!of!the!Employee!Options!are!as!follows:!!

• a. Each!Employee!Option!may!be!exercised!into!1!fully!paid!ordinary!share!which!will! rank!equally!with!all!other!fully!paid!ordinary!shares!on!issue;!

• b. The!Employee!Options!may!be!exercised!at!any!time!until!14!July!2019.!

• c. The!exercise!price!is!$0.60!each.!

• (e) While!no!funds!will!be!raised!on!the!grant!of!the!Employee!Options,!if!the!Employee!Options! are!exercised!the!funds!raised!will!be!used!for!working!capital!purposes.!

• (f) A!voting!exclusion!statement!applies!to!this!resolution!–!please!refer!to!section!1!of!the!Notice! of!Meeting!for!details.!

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Resolution'8H'Approval'of'Additional'10%'Placement'capacity'

ASX! Listing! Rule! 7.1A! enables! an! eligible! entity! to! seek! the! approval! of! holders! of! its! ordinary! securities!by!special!resolution!at!its!annual!general!meeting!to!issue!ordinary!securities!up!to!10%! of! its! issued! capital! through! placements! over! a! 12! month! period! after! the! date! of! the! annual! general!meeting!( 10%'Placement'Capacity ).!The!10%!Placement!Capacity!is!in!addition!to!the! entity’s!15%!placement!capacity!without!member!approval!under!ASX!Listing!Rule!7.1.!!

An!“eligible!entity”!for!the!purposes!of!ASX!Listing!Rule!7.1A!is!an!entity!that!is!not!included!in!the! S&P/ASX!300!Index!and!has!a!market!capitalisation!of!$300!million!or!less.!As!at!the!date!of!this! Notice!of!Meeting,!BlackWall!Limited!is!an!eligible!entity.!

• (i) Minimum'price :!The!minimum!price!at!which!the!Shares!may!be!issued!is!75%!of!the! volume!weighted!average!price!of!Shares,!calculated!over!the!15!ASX!trading!days!on! which!trades!in!that!class!were!recorded!immediately!before:!

• the!date!on!which!the!price!of!the!shares!are!to!be!issued!is!agreed;!or!

• if!the!shares!are!not!issued!within!5!ASX!trading!days!of!that!date,!the!date!on!which! the!shares!are!issued.!

• (ii) Risk'of'dilution:' Economic!and!voting!dilution!risk!to!existing!shareholders!may!result! from!an!issue!of!securities!under!the!10%!Placement!Capacity!including!the!risk!that:!

• the!market!price!for!equity!securities!in!that!class!may!be!significantly!lower!on!the! issue!date!than!on!the!date!of!the!approval!under!ASX!Listing!Rule!7.1A;!and!

• the!equity!securities!may!be!issued!at!a!price!that!is!at!a!discount!to!the!market!price! for!those!equity!securities!on!the!issue!date.!

The!table!below!illustrates!the!impact!of!dilution!in!various!scenarios.!!

		Dilution
Numberof sharesonissue (variable‘A’in formula)	Dilution Variable	$0.32 (50%decrease inmarket price) $0.64 (Marketprice on16/9/16) $1.28 (100%increase inmarket price)
59,040,445 (Current)	Additional 10%shares issued	5,904,045 5,904,045 5,904,045
	Funds raised	$1,889,294.40 $3,778,588.80 $7,557,177.60
88,560,668 (50%increase)	Additional 10%shares issued	8,856,067 8,856,067 8,856,067
	Funds raised	$2,833,941.44 $5,667,882.88 $11,335,765.76
118,080,890 (100% increase)	Additional 10%shares issued	11,808,089 11,808,089 11,808,089
	Funds raised	$3,778,588.48 $7,557,176.96 $15,114,353.92

*!The!number!of!Shares!on!issue!(variable!‘A’!in!the!formula)!could!increase!as!a!result!of!the!issue!of! Shares!that!does!not!require!Shareholder!approval!(such!as!under!a!pro!rata!entitlement!issue)!or!an! issue!of!Shares!with!Shareholder!approval!under!ASX!Listing!Rule!7.1.!

The!table!above!uses!the!following!assumptions:!

• The!current!number!of!shares!on!issue!is!the!Shares!on!issue!as!at!23!September!2016.!

• The!current!issue!price!is!the!closing!price!of!the!Shares!on!the!ASX!on!16!September!2016.!

• The!Company!issues!the!maximum!possible!number!of!Shares!under!the!10%!Placement!Capacity.!

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• The!table!shows!only!the!effect!of!issues!of!Shares!under!ASX!Listing!Rule!7.1A,!not!under!the!15%! placement!capacity!under!ASX!Listing!Rule!7.1!or!under!an!exception!under!ASX!Listing!Rule!7.2.!!

• The!calculations!above!do!not!show!the!dilution!that!any!one!particular!Shareholder!will!be!subject! to.!All!Shareholders!should!consider!the!dilution!caused!to!their!own!Shareholding!depending!on! their!specific!circumstances.!

• This!table!does!not!set!out!any!dilution!pursuant!to!approvals!under!ASX!Listing!Rule!7.1.!!

• (iii) Date' of' issue:' The! Shares! may! be! issued! under! the! 10%! Placement! Capacity! commencing! on! the! date! of! this! Meeting! and! expiring! on! the! first! to! occur! of! the! following:!

  • the!date!that!is!12!months!after!the!date!of!this!Meeting;!and!

  • the!date!of!approval!by!Shareholders!of!any!transaction!under!ASX!Listing!Rule! 11.1.2!(a!significant!change!to!the!nature!or!scale!of!the!Company’s!activities)!or! 11.2! (disposal! of! the! Company’s! main! undertaking)! or! such! longer! period! if! allowed!by!ASX.!

• (iv) Purpose'of'issue'under'10%'Placement'Capacity:' The!Company!may!issue!Shares! under!the!10%!Placement!Capacity!for!various!purposes,!including!the!following:!

  • to!raise!cash!as!consideration!for!the!acquisition!of!or!investment!in!additional! assets!(including!associated!expenses),!continued!expenditure!on!the!Company’s! current!assets!and!general!working!capital!particularly!for!the!growth!of!WOTSO! WorkSpace.!!WOTSO!WorkSpace!is!the!Company’s!rapidly!growing!serviced!office! and!shared!work!space!business;!and!

  • as!nonccash!consideration!for!the!acquisition!new!assets!and!investments,!and!in! such! circumstances! the! Company! will! provide! a! valuation! of! the! nonccash! consideration!as!required!by!ASX!Listing!Rule!7.1A.3.!

• (v) Allocation'under'the'10%'Placement'Capacity:' The!allottees!of!the!Shares!to!be! issued!under!the!10%!Placement!Capacity!have!not!yet!been!determined.!However,! the!allottees!of!the!Shares!could!consist!of!current!Shareholders!or!new!investors!(or! both).!The!Company!will!determine!the!allottees!at!the!time!of!the!issue!under!the! 10%!Placement!Capacity,!having!regard!to!the!following!factors:!

  • the!purpose!of!the!issue;!

  • alternative! methods! for! raising! funds! available! to! the! Company! at! that! time,! including,!but!not!limited!to,!an!entitlement!issue!or!other!offer!where!existing! Shareholders!may!participate;!

  • the!effect!of!the!issue!of!the!Shares!on!the!control!of!the!Company;!

  • the! circumstances! of! the! Company,! including,! but! not! limited! to,! the! financial! position!of!the!Company;!

  • prevailing!market!conditions;!and!

  • advice!from!corporate,!financial!and!broking!advisers!(if!applicable).!

• (vi) Previous'approval'under'Listing'Rule'7.1A:' BlackWall!Limited!has!not!previously! obtained!Shareholder!approval!under!ASX!Listing!Rule!7.1A.!

• (vii) Voting'exclusion:' A!voting!exclusion!statement!applies!to!this!Resolution!7!and!is!set! out!in!the!Notice!of!Meeting.!At!the!date!of!this!Notice!of!Meeting,!the!Company!has! not!invited!any!existing!Shareholder!to!participate!in!the!issue!of!Shares!under!ASX! Listing!Rule!7.1A.!!Therefore,!no!existing!Shareholder’s!vote!will!be!excluded!under! the!voting!exclusion!in!the!Notice!of!Meeting.!

Board& Recommendation: ' The' Directors' recommend' that' Shareholders' vote' in' favour' of' Resolution'8.'

***!

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Lodge your vote:

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Online:

www.investorvote.com.au

BlackWall Limited

ABN 37 146 935 131

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By Mail:

Computershare Investor Services Pty Limited GPO Box 242 Melbourne Victoria 3001 Australia

BWF

MR SAM SAMPLE FLAT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

Alternatively you can fax your form to (within Australia) 1800 783 447 (outside Australia) +61 3 9473 2555

For Intermediary Online subscribers only (custodians) www.intermediaryonline.com

For all enquiries call:

(within Australia) 1300 850 505 (outside Australia) +61 3 9415 4000

Proxy Form

XX

Vote and view the annual report online

�

• Go to www.investorvote.com.au or scan the QR Code with your mobile device.

• • Follow the instructions on the secure website to vote.

Your access information that you will need to vote:

Control Number: 999999 SRN/HIN: I 9999999999 PIN: 99999 PLEASE NOTE: For security reasons it is important that you keep your SRN/HIN confidential.

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• For your vote to be effective it must be received by 11:00am (Sydney time) on Monday, 24 October 2016

How to Vote on Items of Business

All your securities will be voted in accordance with your directions.

Appointment of Proxy

Voting 100% of your holding: Direct your proxy how to vote by marking one of the boxes opposite each item of business. If you do not mark a box your proxy may vote or abstain as they choose (to the extent permitted by law). If you mark more than one box on an item your vote will be invalid on that item.

Voting a portion of your holding: Indicate a portion of your voting rights by inserting the percentage or number of securities you wish to vote in the For, Against or Abstain box or boxes. The sum of the votes cast must not exceed your voting entitlement or 100%.

Appointing a second proxy: You are entitled to appoint up to two proxies to attend the meeting and vote on a poll. If you appoint two proxies you must specify the percentage of votes or number of securities for each proxy, otherwise each proxy may exercise half of the votes. When appointing a second proxy write both names and the percentage of votes or number of securities for each in Step 1 overleaf.

A proxy need not be a securityholder of the Company.

Signing Instructions for Postal Forms

Individual: Where the holding is in one name, the securityholder must sign.

Joint Holding: Where the holding is in more than one name, all of the securityholders should sign.

Power of Attorney: If you have not already lodged the Power of Attorney with the registry, please attach a certified photocopy of the Power of Attorney to this form when you return it.

Companies: Where the company has a Sole Director who is also the Sole Company Secretary, this form must be signed by that person. If the company (pursuant to section 204A of the Corporations Act 2001) does not have a Company Secretary, a Sole Director can also sign alone. Otherwise this form must be signed by a Director jointly with either another Director or a Company Secretary. Please sign in the appropriate place to indicate the office held. Delete titles as applicable.

Attending the Meeting

Bring this form to assist registration. If a representative of a corporate securityholder or proxy is to attend the meeting you will need to provide the appropriate “Certificate of Appointment of Corporate Representative” prior to admission. A form of the certificate may be obtained from Computershare or online at www.investorcentre.com under the help tab, "Printable Forms".

Comments & Questions: If you have any comments or questions for the company, please write them on a separate sheet of paper and return with this form.

GO ONLINE TO VOTE, � or turn over to complete the form

Samples/000001/000001/i12

MR SAM SAMPLE FLAT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

I ND

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Change of address. If incorrect, mark this box and make the correction in the space to the left. Securityholders sponsored by a broker (reference number commences with ’ X ’) should advise your broker of any changes.

I 9999999999

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Proxy Form

Please mark

to indicate your directions

Appoint a Proxy to Vote on Your Behalf

XX

I/We being a member/s of BlackWall Limited hereby appoint

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the Chairman of the Meeting

OR

� PLEASE NOTE: Leave this box blank if you have selected the Chairman of the Meeting. Do not insert your own name(s).

or failing the individual or body corporate named, or if no individual or body corporate is named, the Chairman of the Meeting, as my/our proxy to act generally at the Meeting on my/our behalf and to vote in accordance with the following directions (or if no directions have been given, and to the extent permitted by law, as the proxy sees fit) at the Annual General Meeting of BlackWall Limited to be held at BlackWall Limited, 50 Yeo Street, Neutral Bay NSW on Wednesday, 26 October 2016 at 11:00am (Sydney time) and at any adjournment or postponement of that Meeting.

Chairman authorised to exercise undirected proxies on remuneration related resolutions : Where I/we have appointed the Chairman of the Meeting as my/our proxy (or the Chairman becomes my/our proxy by default), I/we expressly authorise the Chairman to exercise my/our proxy on item 1 (except where I/we have indicated a different voting intention below) even though item 1 is connected directly or indirectly with the remuneration of a member of key management personnel, which includes the Chairman.

Important Note: If the Chairman of the Meeting is (or becomes) your proxy you can direct the Chairman to vote for or against or abstain from voting on item 1 by marking the appropriate box in step 2 below.

Items of Business � PLEASE NOTE: If you mark the Abstain box for an item, you are directing your proxy not to vote on your behalf on a show of hands or a poll and your votes will not be counted in computing the required majority.

		For	Again	st Abstain
1.	To Adopt Remuneration Report
2.	Re-election of Richard Hill as a Director
3.	Ratification of Share Placement
4.	Ratification of Prior Issue of Employee Options
5.	Issue of Employee Options to Stuart Brown
6.	Issue of Employee Options to Jessica Glew
7.	Issue of Employee Options to Timothy Brown
8.	Approval of Additional 10% Placement Capacity

The Chairman of the Meeting intends to vote undirected proxies in favour of each item of business. In exceptional circumstances, the Chairman of the Meeting may change his/her voting intention on any resolution, in which case an ASX announcement will be made.

SIGN Signature of Securityholder(s) This section must be completed.

Individual or Securityholder 1 Securityholder 2 Securityholder 3 Sole Director and Sole Company Secretary Director Director/Company Secretary Contact Contact Daytime / / Name Telephone Date

2 1 6 4 1 5 A

BW F