Boardwalk Announces Board Appointment and New Chairman; Jon E. Love Joins Boardwalk's Board of Directors; Paul J. Hill Becomes Chairman of the Board.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Feb. 28, 2002

Boardwalk Equities Inc. (NYSE:BEI) (TSE:BEI) today announced the appointment of Mr. Jon E. Love to the Company's Board of Directors, and the appointment of Paul J. Hill as Chairman of the Company's Board of Directors.

Jon Love joins the Board with more than 20 years of real estate experience. He is the former President and Chief Executive Officer of Oxford Properties Group, which was one of Canada's largest publicly traded real estate companies. Jon became President of Oxford in 1989 and was CEO from 1992 until November 2001. Under Jon's leadership, Oxford grew to become Canada's leading owner and manager of Class A urban office complexes. In conjunction with its partners, Oxford completed over $6 billion of acquisitions, including the billion dollar acquisitions of the Marathon and Royal Bank portfolios to become a $3.5 billion company managing a portfolio in excess of 60 million square feet.

To maximize shareholder value, Jon led the negotiations for the $3.8 billion sale of Oxford to OMERS, a leading Canadian Pension Plan which closed in October 2001. Starting in 1996 with $50 million of market capitalization, Oxford had significant growth over the ensuing 5 years. Oxford's assets grew from $400 million to $3.5 billion, revenue grew from $150 million to over $600 million, Operating Cash Flow grew from $15 million to over $165 million and Oxford's common shares grew in value from $2.25 per share to the OMERS sale price of $23.75 creating $900 million of shareholder value.

Jon has served on the Board of Directors of the Canadian Institute of Public Real Estate Companies, is a member of the Young Presidents' Organization "YPO" Ontario Chapter and was a founding Director of the US based Office Technology Consortium LLP. He holds an Honors Business Degree from the Ivey Business School at the University of Western Ontario and is also an active member of Ivey's Advisory Board.

"We are thrilled and excited that Jon has agreed to join our Board as a Director. With his wealth of experience and expertise in the real estate sector and the extensive relationships that he has built up over the years, Jon is a valuable addition to our Board," commented Sam Kolias, Boardwalk's President and CEO. "Jon's operating philosophy at Oxford was very similar to ours - which is to focus on providing superior customer value, enhancing our portfolio value and building sustainable long-term value for our shareholders. We look forward to his contribution in helping direct our future growth."

Paul J. Hill has been appointed Chairman of the Company's Board of Directors and replaces Sam Kolias, who remains President and CEO and a board member. Paul Hill is President of The Hill Companies and Harvard Developments Inc. He is an Ivey School of Business MBA and has over 26 years of experience in the real estate industry as well as 7 years in the investment banking industry. He serves as Chairman of Crown Life and Chairman and director of several other Canadian and U.S. private and public companies. He also serves on the board of the Investment Dealers' Association, the Fraser Institute, the C.D. Howe Institute, the Conference Board of Canada, the Canadian Council for Aboriginal Business, the Ivey School of Business, the Georgetown University School of Business (Washington, D.C.), the Athol Murray College of Notre Dame, the Saskatchewan Roughrider Football Club and the Canadian Olympic Foundation (Governor). In addition, he is an active member of the Chief Executive Organization, the World Presidents Organization, and the Canadian Council of Chief Executives.

"I am extremely pleased that Paul has accepted the position of Chairman," stated Sam Kolias. "Paul has provided the Company with strong stewardship and guidance and he has made a strong contribution during the seven years he has served on our Board as an independent director. With his extensive business experience and knowledge of our Company, we believe he will continue to serve us extremely well in his capacity of Chairman going forward."

"The appointment of Jon Love to our Board and Paul Hill as Chairman are among the moves we are making to further strengthen the overall level of corporate governance of our Company," concluded Sam Kolias.

Corporate Profile

Boardwalk Equities Inc. is Canada's largest owner/operator of multi-family rental properties. Boardwalk currently owns and operates in excess of 200 properties with over 25,900 units totaling over 21 million net rentable square feet. The company's portfolio is concentrated in the provinces of Alberta, Saskatchewan and Ontario. 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 $1.7 billion.

Additional information is available at Boardwalk's web site at www.bwalk.com. Recent investor information can be found on the Internet at http://investor.bwalk.com/.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements are statements that involve risks and uncertainties, including, but not limited to, changes in the demand for apartment and town home rentals, the effects of economic conditions, the impact of competition and competitive pricing, the effects of the Company's accounting policies and other matters detailed in the Company's filings with Canadian and United States securities regulators available on SEDAR in Canada and by request through the Securities and Exchange Commission in the United States, including matters set forth in the Company's Annual Report to Shareholders under the heading "Management's Discussion and Analysis." Because of these risks and uncertainties, the results, expectations, achievements, or performance described in this release may be different from those currently anticipated by the Company.