BLACKWALL LIMITED — Capital/Financing Update 2014

Dec 18, 2014

19 December 2014

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**ASX Release BWF BlackWall

Completes $80 million Debt Acquisition**

BlackWall announces that it has completed an $80 million debt acquisition with National Australia Bank (NAB). The Pyrmont Bridge Trust now controls an office/media and technology hub on the Sydney CBD’s Western fringe known as 55 Pyrmont Bridge Road, Pyrmont.

To assist with the acquisition BlackWall has completed a $15.5 million wholesale and sophisticated investor capital raising in the Pyrmont Bridge Trust. BlackWall has invested $500,000 in the Trust.

Leasing of the building’s vacant space has progressed with the lease for a new 2,000 sqm childcare centre now executed.

We are close to signing up an office/data centre for an international broadcast service provider, which will upgrade and reuse the substantial technical plant and equipment installed by previous tenants. A further 125 sqm has been committed for a small office/data centre on Level 3.

The building has over 14,000 sqm of net lettable area. About 8,000 sqm is already leased to tenants including Verizon, Fairfax Media and Data Processors. Once the above leasing deals are complete, BlackWall will have just over 3,000 sqm of vacant hi-­‐tech office/media space. This space includes some of the former Fox Sports broadcast premises. When Fox Sports vacated the building, BlackWall negotiated with Fox Sports to retain most of its technical fit-­‐out which is now available for lease to new tenants.

Please contact (02) 9033 8611 for any leasing enquiries.

Stuart Brown Chief Executive Officer

Lucy Partridge Head of Funds Management

BLACKWALL PROPERTY FUNDS LIMITED ABN 37 146 935 131

Level 1, 50 Yeo Street, Neutral Bay, Sydney NSW 2089 Australia | PO Box 612, Neutral Bay, Sydney NSW 2089 Australia | Tel +61 2 9033 8611 | Fax +61 2 9033 8600 | www.blackwallfunds.com.au