Boardwalk Announces Stock Split.

CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 14, 1997--Boardwalk Equities I(TSE:BEI.) (Alberta Stock Exchange:BEI.) Boardwalk Equities Inc. ("BEI" - TSE, ASE) is pleased to announce a stock split by way of a stock dividend. The Board of Directors of Boardwalk has declared a 100 percent stock dividend which will be paid on December 1, 1997 to shareholders of record as of that date. This stock dividend has the effect of a two-for-one stock split, and the number of outstanding shares will double.

"Boardwalk's success has driven up its share price," said Boardwalk President Sam Kolias. "The recent rapid rise in the share price has made it more difficult for retail investors to purchase our stock. The stock split will enhance shareholder value and make Boardwalk shares more accessible to smaller investors. It reflects management's confidence in Boardwalk's continued growth and success." Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition, management and ownership conversion of multi-family residential projects throughout Western Canada. Boardwalk currently owns over 12,000 residential units in major cities of Alberta and Saskatchewan. Fax back information service is also available at [phone]. Information can also be found on the Internet at http://www.bwalk.com -0- The Toronto Stock Exchange and The Alberta Stock Exchange have neither approved nor disapproved the information contained herein.

CONTACT: Boardwalk Equities Inc.

Sam Kolias, 403/531-9123

403/531-9321 (FAX)

http://www.bwalk.com

or

Boardwalk Equities Inc.

George Reti, 403/ 531-9123

or

Boardwalk Equities Inc.

Massimo Geremia, 403/ 531-9123