Boardwalk calls Special Meeting of Shareholders Shareholders to consider proposal to reorganize Boardwalk into a Real Estate Investment Trust (REIT) CALGARY, March 12 /PRNewswire-FirstCall/ -- Boardwalk Equities Inc. ("Boardwalk")(TSX: BEI) announced today that its Board of Directors has called a Special Meeting of the Shareholders and Optionholders of the Corporation to be held on April 28, 2004. The Special Meeting will be held at 3:00 pm (MST) at the Calgary Petroleum Club, 319 - 5th Ave SW, Calgary, Alberta. The record date for the determination of Shareholders and Optionholders entitled to receive notice of, and vote upon matters considered at the Special Meeting will be March 25, 2004. At the Special Meeting, Shareholders and Optionholders will vote on the previously announced proposal to reorganize Boardwalk into a REIT. The Notice of Special Meeting of Shareholders and Optionholders and the Management Proxy Circular on the proposed reorganization will be sent to Boardwalk's shareholders on or about March 29, 2004. Following this date, these materials will also be available on the Internet at http://www.sedar.com/, as we'll as on the Corporation's web site at http://www.bwalk.com/. Corporate Profile Boardwalk Equities Inc. is Canada's largest owner/operator of multi- family rental communities. Boardwalk currently owns and operates in excess of 250 properties with over 31,400 units totaling approximately 26 million net rentable square feet. The Company's portfolio is concentratedin the provinces of Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is headquartered in Calgary and its shares are listed on the Toronto Stock Exchange under the symbol BEI. The Company has a total enterprise value of approximately $2.3 billion. DATASOURCE: Boardwalk Equities Inc. CONTACT: Boardwalk Equities Inc.; Sam Kolias, President and CEO, (403) 531-9255; Roberto Geremia, Senior Vice President, Finance and Chief Financial Officer, (403) 531-9255; Mike Hough, Senior Vice President, (416) 364-0849; Paul Moon, Director of Corporate Communications, (403) 531-9255

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