BLACKWALL LIMITED — Capital/Financing Update 2011

Oct 17, 2011

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Updated Pro Forma Balance Sheet - updated to include funds raised under Short Form Prospectus

	Pro Forma per
	Short Form		Updated Pro
Curent Assets	Prospectus	Capital Raised	Forma
Cash and Cash Equivalents	$675,000	$288,453	$963,453
Trade and Other Receivables	$804,000		$804,000
Other Current Assets	$6,000		$6,000
Current Assets	$1,485,000	$288,453	$1,773,453
Non Current Assets
Equity Accounted Investments	$105,000		$105,000
Non-Current Financial Assets	$11,475,000		$11,475,000
Property Plant and Equipment	$677,000		$677,000
Intangible Assets	$411,000		$411,000
Other Non Current Assets	$38,000		$38,000
Total Non Current Assets	$12,706,000		$12,706,000
Total Assets	$14,191,000	$288,453	$14,479,453
Current Liabilities
Trade and Other Payables	($994,000)		($994,000)
Current Tax Payable	($338,000)		($338,000)
Provisions	($148,000)		($148,000)
Total Current Liabilities	($1,480,000)		($1,480,000)
Non Current Liabilities
Tennant Deposits	($68,000)		($68,000)
Other Borrowings	($450,000)		($450,000)
Provisions	($8,000)		($8,000)
Total Non Current Liabilities	($526,000)		($526,000)
Total Liabilities	($2,006,000)	$0	($2,006,000)
NET ASSETS	$12,185,000	$288,453	$12,473,453