BLACKWALL LIMITED — Capital/Financing Update 2015

Dec 21, 2015

22 December 2015

==> picture [123 x 43] intentionally omitted <==

==> picture [40 x 37] intentionally omitted <==

**ASX

Release**

**BlackWall

Property Funds Limited (ASX: BWF) BlackWall Increases Balance Sheet Liquidity**

BlackWall Property Funds Limited holds an investment known as Bakehouse Bonds. The bonds are subordinated debt notes secured against the Bakehouse Quarter, a mixed-­‐use development in North Strathfield, Sydney. The bonds paid a coupon of 5.5% per annum and were indexed annually bringing their face value to $5.4 million.

The Bakehouse Bonds were redeemable at any time after 5 years. The issuer of the bonds has resolved to redeem the bonds by the payment of $5.4 million in cash.

This capital will, in part, be applied to growing WOTSO WorkSpace. WOTSO provides short-­‐ term flexible workspace to small enterprises, start-­‐ups and corporate users. WOTSO has three sites in Sydney, two in the ACT and one on the Gold Coast across roughly 5,000 sqm. In addition, WOTSO has secured a further 6,000 sqm which is expected to be rolled out over the coming 12 months.

BWF’s debt free balance sheet is also used to secure deep value property opportunities and underwrite real estate funds management positions.

Please contact Stuart Brown or Tim Brown for further information.

Stuart Brown Chief Executive Officer BlackWall Property Funds Limited

BLACKWALL PROPERTY FUNDS LIMITED (ASX Code: BWF) 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