Boardwalk to Delist from the New York Stock Exchange CALGARY, Feb. 19 /PRNewswire-FirstCall/ -- Boardwalk Equities Inc. (BEI- TSX; NYSE) The previously announced voluntary de-listing of the Common Shares from the New York Stock Exchange is expectedto be effective prior to the opening of the market on February 23, 2004. It is therefore anticipated that trading in the Common Shares on the NYSE will cease at the close of the market on Friday, February 20, 2004. The common shares will continue to betraded on the Toronto Stock Exchange under the symbol "BEI". The Board of Directors of BEI, at a meeting held on January 8, 2004 resolved to apply to de-list the common shares from the New York Stock Exchange. Recent regulatory changes in the United States will significantly increase the cost of complying with US securities laws. Although the directors believe that benefits are derived from the Corporation's listing on the prestigious NYSE, the Board feels that these benefits are outweighed by the significantly increased compliance costs of such listing. It should also be noted that the majority of the trades in the Corporation's shares are completed through the facilities of the Toronto Stock Exchange and accordingly a liquid market for the shares of the Corporation will continue to exist. 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 concentrated in the provinces of Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is headquartered in Calgary and its shares are listed on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol BEI. The Company has a total market capitalization 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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