Mr. Bruno Wall reports

WALL FINANCIAL CORPORATION ANNOUNCES F'19 Q3 OPERATING RESULTS AND FINANCIAL STATEMENTS

Wall Financial Corp. has released its operating results and financial statements for the nine months ended Oct. 31, 2018. The company recorded net earnings attributable to shareholders of the company for the nine months ended Oct. 31, 2018, of $17,866,991 or 53 cents per share compared with net earnings of $13,905,818 or 41 cents per share for the same period in the prior year.

For the nine months ended Oct. 31, 2018, earnings before interest, income tax, and depreciation and amortization (EBITDA) (1), and net earnings attributable to non-controlling interest were $56,613,035 (Oct. 31, 2017: $41,438,341).

Continued growth in average daily rates at the hotels resulted in increased revenue from hotel operations of $68,635,173 for the nine months ended Oct. 31, 2018, compared with revenue of $61,908 365 for the same period in the prior year. Revenues from the company's rental properties for the nine months ended Oct. 31, 2018, were $24,697,740 compared with $15,169,614 for the same period in the prior year due to higher rerental rates from the company's renovated units and the lease-up of the company's two recently constructed rental properties consisting of 313 rental units in aggregate. Revenue from development operations for the nine months ended Oct. 31, 2018, of $221,582,038 was higher than the nine months ended Oct. 31, 2017, of $197,930,892 due to more closings of condominium units.

                                        REVENUE AND EARNINGS
                                                            Three months ended Oct. 31,     Nine months ended Oct. 31,
                                                                   2018           2017            2018           2017

Total revenue and other income                              $37,807,334    $28,499,206    $315,854,167   $275,176,592
Net earnings attributable to shareholders of the company      5,970,960      4,619,734      17,866,991     13,905,818
Earnings per share (diluted and non-diluted)                       0.18           0.14            0.53           0.41

The unaudited financial information herein, including comparative information, is expressed in dollars and has been prepared in accordance with international financial reporting standards, using the same accounting policies and methods of application as described in notes 2 and 3 of the company's audited consolidated financial statements for the years ended Jan. 31, 2018, and 2017.

Wall Financial is a British Columbia-based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties.

(1) EBITDA is a widely accepted supplemental measure of financial performance but is not prescribed by Canadian generally accepted accounting principles. This non-GAAP financial measure does not have any standardized meaning and therefore, may not be comparable with similar measures presented by other companies.