Wall Financial Corporation - News Release

    VANCOUVER, Sept. 12 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the
six months ended July 31, 2008. The Company recorded net earnings of
$6,019,260 or $0.19 per share (July 2007 - $19,916,699 or $0.62 per share).
    At July 31, 2008, the Company recorded earnings before interest, income
tax, and depreciation and amortization (EBITDA), and non-controlling interest
of $13,497,637 (July 2007 - $50,171,269).
    Revenue and gross margins decreased from the prior year first half
primarily due to the reduced number of condominium sales in the first half of
fiscal 2009. Revenue and gross margins from the hotel operations continue to
improve and rental apartment revenue, on a comparative basis, is also higher
than in fiscal 2008.

                                               July 31, 2008   July 31, 2007
                                               -------------   -------------

    Revenue and other income                   $  48,797,916   $ 155,452,688
    Net earnings                                   6,019,260      19,916,699
    Net earnings per share                              0.19            0.62

    Total assets                               $ 427,230,554   $ 388,845,449

    The above financial information is expressed in Canadian dollars and is
prepared in accordance with Canadian generally accepted accounting principles,
using the same accounting policies and methods of application as described in
note 2 of the Company's audited consolidated financial statements for the
years ended January 31, 2008 and 2007.

    Wall Financial Corporation is a B.C. 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.

    %SEDAR: 00002080E

For further information:

For further information: Bruno Wall, President, WALL FINANCIAL
CORPORATION, (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British
Columbia, V6Z 2R9, (604) 893-7131

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