THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

12 October 2021

WALLS & FUTURES REIT PLC

 ("Walls & Futures" or the "Company")

Trading Update

Walls & Futures REIT plc ("WAFR") the Ethical Housing Investor and Developer, provides the following update on its trading. A copy of this update is also being emailed to shareholders today and has been published on the Company's website, www.wallsandfutures.com.

Dear Shareholders,

With the distraction of the takeover offer firmly behind us, we are firmly focused on executing our strategy as outlined in our response document. Below is a brief update as we work to finalise things before we make formal announcements during Q4 of this year.

Growing our shareholder base

There are approximately 10% of our shareholder base who are not long-term holders and while they remain, we do not believe there will be a substantial improvement in our share price relative to our net asset value (NAV).

As such, we are actively working to engage with new individual and institutional investors. We believe our genuinely ethical and impactful approach to investment as highlighted in our ethical investment policy and commitment to Net Zero Carbon assets makes us an attractive proposition for investors.

New investments

We are continually cultivating our pipeline of new investments with our partners providing Specialist Supported Housing for adults and children. We were hoping to announce the completion of a new development in Newcastle, which would have been a specialist children's home, however due to unforeseen circumstances it is not progressing as the seller of the property withdrew from the sale. We hope to provide further updates on new investments in the coming months.

Autism friendly housing solution

We have now completed the design stage of our Autism friendly housing solution. Working with a RIBA architectural practice who specialise in the design of residential housing, schools and respite centres for people with Autistic Spectrum Disorder (ASD) together with input from care providers with decades of experience our home provides a peaceful, calm and safe environment which supports the need of individuals across the autism spectrum.

The solution is designed from the ground up to be built off-site using modern methods which will enable us to offer a higher quality home, faster delivery and help us meet our Net Zero carbon commitment.

It is scheduled for launch at the beginning of November.

Security & Fire Excellence Awards 2021

We are delighted to announce that our Specialist Supported Housing development in Oxfordshire has been shortlisted for "Active Fire Project of the Year" at the Security & Fire Excellence Awards 2021.

We are committed to ensuring our homes are the safest and will continue to use intelligent fire suppression like the Automist Smartscan system, which can detect fire easier and activate faster, providing better protection for our residents and homes.

We will provide detailed updates on specific projects over the coming months.

Your sincerely

Joe McTaggart

CEO

Walls & Futures REIT plc

For further information, contact:

Walls & Futures REIT PLC                                                 0333 700 7171     

Joe McTaggart, Chief Executive

Website www.wallsandfutures.com

Allenby Capital Limited (Corporate Adviser)                               

Nick Harriss/James Reeve     020 3328 5656