BLACKWALL LIMITED — Interim / Quarterly Report 2015

Feb 24, 2016

BWF Financial Results

Revenue $5.2 million Up 18% December 2015

Fully Franked Interim Dividend 1.7 cps up 31%

$5.7 million in cash

2015 Total Return 45%

BlackWall’s activities generate growing and recurring property based income streams. Periodically we earn one-off but material performance fees and revaluation gains on our investments.

BWF Profit and Loss

	Dec-15	Dec-14	Dec-13	Dec-12
Recurring	$3,500,000	$2,800,000	$2,500,000	$2,500,000
One-off	$1,700,000	$1,600,000	$5,400,000	$600,000
Total Income	$5,200,000	$4,400,000	$7,900,000	$3,100,000
Expenses	($3,200,000)	($2,600,000)	($2,700,000)	($2,200,000)
Profit before tax	$2,000,000	$1,800,000	$5,200,000	$900,000
Tax Expense	($600,000)	($500,000)	($1,500,000)	$0
After Tax Profit	$1,400,000	$1,300,000	$3,700,000	$900,000

WOTSO’s gross revenue has grown 75% to $1.4 million ($800k in

2014).

Annualised gross revenue of $3.8 million.

• 6,700 sqm in operation, and 2,400 sqm in development.

Over 500 users.

Locations • - Sydney Pyrmont, Neutral Bay, North Strathfield

• Gold Coast

• Canberra

• Adelaide (opening mid 2016)

• BWF’s balance sheet is debt free and used to secure opportunistic property positions and co-invest in our funds.

• Also we can secure real estate which is suitable for WOTSO operations. Recently we have agreed to purchase a property in Adelaide for WOTSO.

• Our capital can be recycled by syndicating property positions or selling them to our funds once they are mature.

BWF Assets Cash $5.7 million BlackWall Property Trust (BWR) $9.8 million Other Assets $3.2 million

Stuart Brown - CEO sbrown@blackwallfunds.com.au (61) 413 921 570

Tim Brown - CFO tbrown@blackwallfunds.com.au (61) 416 925 376 www.blackwallfunds.com.au www.wotsoworkspace.com.au

Design by www.agendagroup.net

a WOTSO tenant