Ann: Change of Director's Interest Notice, page-12

BWF owns shares in WOT. All that $22million is around 15million WOT shares (can't remember exaxt number) which you can see on blackwall balance sheet.

BWF is the management business so it profits based on a fee arrangement (around 0.8% fee on gross assets, can't remember exactly, you can find it in the recent stapling documents etc). And also a revenue fee based on the WOTSO short term leasing business. And also the standard transaction (buy/sell) and leasing fees that a commercial real estate manager would have.

Reason for splitting it up? Well sure you could have the management business stapled in with WOTSO. However, they also manage and do other deals for different groups (sophisticated investors, other parties etc). So I think it makes sense to have them split up as they really are different businesses.

If you invest in BWF, you are betting on management capabilities and their ability to generate revenues / profits in the future.

If you invest in WOT, you are betting on more of the real world real estate assets (with low leverage) and WOTSO style flexible leasing business.

I believe the management is good, so am happy to own BWF over WOT which is more just basic RE assets / flexi leasing model. I believe both will return similarly from these prices (maybe BWF more, but with higher risk).

I don't believe the split has been unfair between them, simply BWF was too unreasonably cheap up until this point (consider that it was paying over 12% franked up dividend before this latest runup, way too cheap for a well run RE management business that has grown steadily over the last decade).