BLACKWALL LIMITED — Director's Dealing 2012

Apr 16, 2012

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity: BlackWall Property Funds Limited

ABN: 37 146 935 131

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director JR(Seph)Glew

Date of last notice 14[th] March 2012

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

	Direct or indirect interest	Indirect	Indirect
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	JagarPropertyConsultantsPtyLimited‐(Director has relevant interestpursuant to shareholding). 842,741shares sold off market.Sao Investments Pty Limited ‐(Directorhas relevant interest pursuant toshareholding). 842,741 shares boughtoff market.
	Date of change	12/04/2012
	No. of securities held prior to change	6,328,929
	Class	Ordinary Shares
	Number acquired	842,741
	Number disposed
		842,741
	Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$113,177.03

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

	No. of securities held after change	No. of securities held after change	No. of securities held after change	No. of securities held after change	6328929	6328929	6328929	6328929	6328929	6328929	6328929	6328929	6328929	6328929
					,	,
	Nat	ure of chane
	Examsecuri	gple: on-market trade, off-market trade,ties under dividend reinvestment plan, p	exercise of optionsarticipation in buy-	, issue ofback	Off	arket Tra	de

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Not Applicable Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed No above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade to proceed during this period? If prior written clearance was provided, on what date was this provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3