BLACKWALL LIMITED — Director's Dealing 2015

Apr 19, 2015

20!April!2015!

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ASX'Release'

BWF'

Securities'Tradin 'Poli Updated g cy

In! accordance! with! ASX! Listing! Rule! 12.10,! BlackWall! attaches! its! updated! Securities! Trading!Policy.!!

Caroline'Raw' Company'Secretary'

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

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SECURITIES(TRADING(POLICY(

1 Policy(Overview(

This%policy%aims%to%promote%transparency%and%market%confidence%in%BlackWall%Property%Funds% Limited%and%each%of%its%listed%funds%( BlackWall )%by:%

• (a) ensuring% that% key% management% personnel% and% employees% of% BlackWall% know% their% responsibilities%when%dealing%in%BlackWall’s%securities;%

• (b) specifying%closed%periods%when%BlackWall’s%key%management%personnel%and%employees% are%prohibited%from%dealing%in%its%securities;%

• (c) defining% any% exceptional% circumstances% in% which% key% management% personnel% and% employees%may%be%permitted%to%deal%in%BlackWall’s%securities%during%a%prohibited%period% with%prior%written%clearance;%

• (d) describing%the%procedures%for%obtaining%prior%written%clearance%required%for%1(c);%and%

• (e) identifying%any%dealings%which%are%not%subject%to%this%policy.%

This%policy%applies%to%all%Relevant%Persons.%

The%following%summarises%the%law%relating%to%insider%trading%and%sets%out%BlackWall’s%policy%on% Relevant%Persons%dealing%in%its%securities.%%If%you%have%any%queries%regarding%this%policy%please% contact%the%Company%Secretary%or%Chief%Executive%Officer%(see%details%below).%

2 Key(Terms(

2.1 Relevant(Persons(

For%the%purpose%of%this%policy,%Relevant%Persons%include:%

• (a) BlackWall%Directors;%

• (b) BlackWall%employees;%

• (c) BlackWall%contractors;%%

• (d) immediate%family%members%of%(a)%and%(b);;%and%

• (e) trusts,%partnerships%and%companies%controlled%by%a%person%described%in%(a)%to%(d)%above.%

2.2 Dealing(in(securities(

This%is%a%broad%concept%embracing%more%than%simply%buying%or%selling%securities.%It%extends%to% applying%for%securities,%exercising%options%over%securities%and%entering%into%agreements%to%buy% or%sell%securities.%%“Securities”%include:%

• ordinary%shares%and%units;%

• preference%shares%and%units;%

• options%over%shares%and%units;%

• debentures;%and%

• convertible%notes.%

It% also% extends% to% other% financial% instruments% relating% to% securities% which% may% be% issued% or% created%over%or%in%respect%of%BlackWall’s%securities%by%BlackWall%or%any%third%parties,%such%as% warrants%and%other%derivative%products.%

Securities)Trading)Policy)

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2.3 Closed(periods(

The% fixed% periods% specified% in% this% policy% when% BlackWall’s% key% management% personnel% and% employees%are%prohibited%from%dealing%in%Securities.%

2.4 Prohibited(periods(

Relevant%Persons%are%prohibited%from%dealing%in%Securities%during%closed%periods%or%additional% periods,%which%are%imposed%by%BlackWall%from%time%to%time.%An%instance%may%be%in%the%limited% circumstances%when%Relevant%Persons%are%considering%matters%where%market%disclosure%is%not% required% (ASX% Listing% Rule% 3.1A)% but% where% participants% nevertheless% possess% “inside% information”.%%Dealing%in%Securities%under%these%situations%will%be%in%breach%of%insider%trading% provisions.%%

3 Absolute(Prohibition(–(Insider(Trading((

Notwithstanding%any%provision%in%this%policy,%Relevant%Persons%must%not:%

• subscribe%for,%buy%or%sell;%or%

• enter%into%an%agreement%to%subscribe%for,%buy%or%sell,%

Securities%where%they%possess%price%sensitive%or%“inside”%information%–%that%is,%information%that% is%not%generally%available%and%which,%if%it%was%made%generally%available,%a%reasonable%person% would%expect%it%to%have%a%material%effect%on%the%price%or%value%of%BlackWall%securities.%

Relevant%Persons%in%possession%of%such%price%sensitive%information%are%also%prohibited%from:%

• advising,% procuring,% enticing,% encouraging% or% persuading% any% other% person% including% family%members%to%deal%in%those%Securities;%or%

• directly% or% indirectly% communicating% the% information% to% another% person% who% they% believe%is%likely%to%deal%in,%or%procure%another%to%deal%in,%those%Securities.%

Where%Relevant%Persons%are%privy%to%price%sensitive%information,%they%should%ensure%they%do% not%deal%in%BlackWall’s%securities.%

In% general,% Relevant% Persons% will% be% free% to% deal% in% BlackWall’s% securities% (outside% closed% periods)%unless%otherwise%notified%by%BlackWall.%However,%no%dealing%can%occur%if%it%involves%the% use%of%inside%information.%

More%information%about%insider%trading%is%set%out%in%section%6%below.%%

4 Policies(for(Dealing(in(Securities(

4.1 Closed(periods(

Relevant%Persons%may%not%deal%in%BlackWall’s%securities:%

• (a) during%the%two%week%period%prior%to,%and%inclusive%of,%the%day%BlackWall’s%halfZyearly% financial%results%are%released;%and%

• (b) during% the% two% week% period% prior% to,% and% inclusive% of,% the% day% BlackWall’s% annual% financial%results%are%released;%

• (c) when%the%Relevant%Person%is%in%possession%of%BlackWall’s%annual%or%half%yearly%financial% accounts%that%have%not%been%released;%%

• (d) when% the% Relevant% Person% is% in% possession% of% inside% information% in% respect% of% BlackWall;%and%

Securities)Trading)Policy)

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(e) during%any%other%periods%as%determined%by%the%Board.%%

4.2 Dealing(during(closed(and(prohibited(periods(

This%will%only%be%permitted%in%exceptional%circumstances%which%will%not%extend%beyond:%

• (a) genuine%and%severe%financial%hardship;%or%

• (b) a%court%order%or%similar%requirement.%

Applications%to%deal%in%Securities%during%a%closed%or%prohibited%period%must%be%made%in%writing% and%may%only%be%permitted%with%prior%written%approval%of%the%Chairman,%or%in%the%case%of%the% Chairman,%with%written%approval%of%the%Board.%Where%such%approval%is%obtained,%the%relevant% trade%must%take%place%within%seven%days.%

Exemptions%to%deal%in%Securities%during%closed%or%prohibited%periods%will%not%be%granted%if%it%is% considered%by%the%Chairman,%or%the%Board,%that%the%applicant%possesses%inside%information.%

Strict% compliance% with% BlackWall’s% Securities% Trading% Policy% is% a% condition% of% employment.% Breaches% of% this% policy% will% be% regarded% as% serious% misconduct% subject% to% disciplinary% action% which%may%include%termination%of%employment.%

5 Excluded(Dealings(

Subject%to%the%prohibition%on%insider%trading%set%out%in%section%3%above,%this%policy%does%not% apply%to%the%following%dealings%in%BlackWall%securities:%%

• trading% under% an% offer% or% invitation% made% to% all% or% most% BlackWall% security% holders,% including%but%not%limited%to,%participation%in:%

• a%rights%issue;%%

• a%security%purchase%plan;%%

• a%dividend%or%distribution%reinvestment%plan;%or%%

• an%equal%access%buyZback;%

• participating%in%an%employee%share%and%option%plan%under%the%terms%of%that%plan%(but% not%the%subsequent%sale%of%the%BlackWall%securities%so%acquired);%%

• an%inZspecie%distribution%of%BlackWall%securities%by%another%entity;%

• dealings%that%do%not%effectively%change%the%beneficial%owner%(e.g.%transfer%to%a%family% trust%or%personal%superannuation%fund);%or%

• undertakings%to%accept,%or%the%acceptance%of,%a%takeover%offer.%%

6 Insider(Trading(

The% Corporations Act 2001 % (Cth)% prohibits% any% person% (an% insider)% from% dealing% in% securities% where%the%insider%possesses%price%sensitive%information.%“Dealing”%includes%applying%for,%buying% or%selling%or%entering%into%an%agreement%to%do%any%of%these%things.%

6.1 What(is(price(sensitive(information?(

PriceZsensitive%information%is%information%which:%

• is%not%generally%available;%and%

• if%the%information%was%generally%available,%a%reasonable%person%would%expect%it%to%have%a% material%effect%on%the%price%or%value%of%the%security.%

Securities)Trading)Policy)

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Information%is%“generally%available”%if:%

• it%is%readily%observable%to%the%public;%

• it%has%been%brought%to%the%attention%of%investors%and%a%reasonable%period%has%elapsed% since%doing%so;%or%

• it%is%derived%from%either%or%both%of%the%information%described%above.%

Examples%of%price%sensitive%information%might%include:%

• a%change%in%the%entity’s%forecast%or%expectation;%

• a%material%acquisition%or%sale;%

• a%proposed%or%actual%takeover;%

• a%proposal%or%agreement%for%a%merger;%

• a%proposed%dividend%or%distribution%or%change%in%dividend%or%distribution%policy;%

• the%development%of%a%new%product%or%service;%

• an%expansion%or%contraction%of%business%operations;%

• senior%management%changes%or%developments.%

This%list%is%indicative%only.%

6.2 Insider(Trading:(Other(Entities(

Relevant% Persons% may,% during% the% course% of% their% employment,% obtain% price% sensitive% information% concerning% non% BlackWall% entities.% If% a% person% has% price% sensitive% information% relating%to%a%non%BlackWall%entity%(for%example%a%listed%entity%that%is%a%takeover%target,%involved% in% a% transaction% with% BlackWall% or% is% a% customer% of% or% supplier% to% BlackWall)% and% that% information%is%not%generally%available%the%same%restrictions%on%insider%trading%apply%in%relation% to%the%securities%of%that%entity.%%Apart%from%restrictions%on%insider%trading,%Relevant%Persons% have%a%duty%of%confidentiality%in%relation%to%information%obtained%during%their%employment.%

7 Consequences(of(Breach(

Breach%of%the%insider%trading%prohibition%could%expose%a%Relevant%Person%to%criminal%and%civil% liability.%%Breach%of%this%policy%will%also%be%regarded%by%BlackWall%as%serious%misconduct%which% may%lead%to%disciplinary%action%and/or%dismissal.%

8 Review(of(this(Policy(

This%policy%is%subject%to%regular%review%by%the%Board%and%will%be%amended%(as%appropriate).%

9 Additional(Information(

If%you%have%any%questions%arising%from%the%Securities%Trading%Policy%contact%one%of%the%following% people:%

Caroline%Raw% Stuart%Brown% Company%Secretary% Chief%Executive%Officer% BlackWall%Property%Funds%Limited% BlackWall%Property%Funds%Limited% craw@blackwallfunds.com.au sbrown@blackwallfunds.com.au

Approved(by(the(Board(of(Directors(on(17(April(2015.(

Securities)Trading)Policy)

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