BLACKWALL LIMITED — Major Shareholding Notification 2017

May 23, 2017

IHOP Pty Limited ACN 006 367 577

PO Box 2022 Camberwell West VIC 3124

$24/5/2017$

Company Announcements ASX Exchange Centre 20 Bridge St SYDNEY NSW 2000

By Fascimile: 1300 135 638

Dear Sirs,

Form 604: Notice of interest of substantial holder

Please find attached a Form 604: Notice of change of interests of substantial holder in relation to BlackWall Property Funds Limited (BWF).

We ask that you release this notice as soon as possible.

Yours sincerely

$\left\langle \right\rangle$

Brett Gorman

Director/Secretary

$\overline{a}$

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

	------
To Company Name/Scheme	BlackWall Property Funds Limited
ACN/ARSN	146 935 131
1. Details of substantial holder(1)

Nome	IHOP Pty Limited ATF Keppel Investments Unit Trust
ACN/ARSN (If applicable)	006 367 577 -- --

There was a change in the interests of the substantial holder on	22/5/17
The previous notice was given to the company on	23/12/15
The previous notice was dated	$23 \, 121$

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) $\vert$ in when last required, and when

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voring power (5)	Person's votes!	Voting power (5)
Ordinary Shares	4.510,682	3.95%	14.474.064	7-57%
		---

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was lest required to give a substantial holding notice to the company or scheme are as follows:

$\Delta \Delta \omega$ and

Date of change	Person whose relevant Interest changed	Nature of change (6)	Consideration given in relation to change (7)	Cless and number of securities affected	Person's votas affected
	Refer Annexure "A"
					٠
	- -

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered holder of	lPerson entitled to	Nature of relevent	Class and number	l Persons
relevant Interest	securities	be registered as holder	linterest	lof securities	lVotes
lhop Pty Limited ATF Keppel Invesments Unit Trust	lhop Pty Limited ATF Keppel Invesments Unit Trust	lhop Pty Limited ATF Keppel Invesments Unit Trust	By Virtue of Corporations Act	lOrdinary Shares 2.814,175	2,814,175
l MPG Funds	MPG Funds	IMPG Funds	By Virtue of	Ordinary Shares	461,123
Management Ltd	Management Ltd	Management Ltd	Corporations Act	461,123
UMcMullin Nominees	lMcMullin Nominees	lMcMullin Nominees	lBv Virtue of	Ordinary Shares	732,590
Ptγ Ltd	Pty Ltd	Pty Ltd	Corporations Act	732,590
The Trustees	The Trustees	The Trustees	By Virtue of	Ordinary Shares	466,176
Gogorm Super Fund	Gogorm Super Fund	Gogorm Super Fund	Corporations Act	466,176

604 page 2/2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting Interests in the company or scheme are as follows:

Name and ia mma i . ---	--- Natur ---- --- .
N/A -------- ---	----
__	___

6. Addresses

The addresses of persons named in this form are as follows:

IName	l Addrass
IHOP Pty Umited	PO Box 2022, Camberwell West, Vic 3124
	McMullin Nominees Pty Ltd/MPGFM PO BOX 1307, CAMBSQWELL, VIC, 3124
Trustees of Gogorm Super Fund	PO Box 2022, Camberwell West, Vic 3124

Signature

	print name Brett Gorman		capacity		Director/Secretary
sign here	" Alma.	л.			date $24/5/2$ mm

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eq. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the mambership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $\Omega$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting sheres of a company constitute one class unless divided into separate classes.
• $(5)$ The parson's votes divided by the total votes in the body corporate or schema multiplied by 100.
• $\langle 6 \rangle$ Include details of:
• (d) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $\omega$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

$\eta$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, becom'e entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the parson from whom the relevant interest was acquired.

$(9)$ If the substandal holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

$\Theta$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

Annexure "A" of 1 page referred to In Form 604- Notification of change of interests of Substantial Holder

Signed h,

Brett Gorman-Director

$24/5$ / $2017$

3. Changes In relevant interest

Holder	Date of Acquisition	Consideration Cash		Consideration Othe No of Shares
IHOP Pty Ltd	21/01/2016 \$		10,814.00	N/A	25,150
ATF Keppel	22/02/2016 \$		2,460.00	N/A	6,000
Investments Unit	15/03/2016 \$		21,029.00	N/A	50,000
Trust	17/03/2016 \$		7,360.00	N/A	18,400
	$30/03/2016$ \$		12,656.00	N/A	30,000
	05/02/2016 \$		3,690.00	N/A	9,000
	$30/11/2016$ -S		30,090.00	N/A	45,000

-- - Trustees	13/07/2016 \$	5,819.00	N/A	10.000
Gogorm	05/05/2016 5	5,770.00	N/A	10,850
Superannuation	03/05/2016	4,567.00	N/A	8.500
Fund	13/04/2016 \$	3,282.00	N/A	7,500
	21/03/2016	1,951.00	N/A	4,600
	04/02/2016	1,278.00	N/A	3,070

McMullin Nominees	22/05/2017 - 5		__ ハココ ハイハ	N/A	l 73 481
IPty Ltd	.	——
		__			᠇

	$11/01/2016$ \$	144,421.00	N/A	334,800
MPG Fund	29/01/2016 \$	15,242.00	N/A	35,285
Management Ltd	$11/02/2016$ \$	28,805.00	N/A	66,800
	20/03/2017 - \$	12,060.00	N/A	12,250
	21/03/2017 -\$	5,905.00	N/A	6,000
	27/03/2017 - \$	16,282.00	N/A	15,900
	03/04/2017 - \$	71,967.00	N/A	76,500
	19/05/2017 - \$	9,430.00	N/A	10,000
	22/05/2017 - \$	9,430.00	N/A	10,000