Boardwalk files information circular on proposed transaction Boardwalk Equities Inc. (BEI - TSX; NYSE) CALGARY, Jan. 13 /PRNewswire-FirstCall/ -- Further to the press release issued on January 9, 2004, Boardwalk Equities Inc. has now executed the Acquisition and Arrangement Agreement in connection with the previously announced proposal to reorganize BEI into a real estate investment trust to be called Boardwalk REIT. An information circular has been prepared in connection with the proposed transaction and filed with the United States Securities and Exchange Commission via EDGAR. A copy of the information circular has also been made available on SEDAR although readers are cautioned that information contained therein may change as a result of SEC review. 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 31,200 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 and trade 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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