Q CONFERENCE CALL February 21, (within Toronto) or Boardwalk Equities Inc.

Q Conference Call Certain statements in this call/ presentation may be considered forward-looking statements within the meaning of existing securities laws. Although Boardwalk believes that the expectations set forth in such statements are based on reasonable assumptions, Boardwalks future operations and its actual performance may differ materially from those in any forward – looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in the earnings press release and in other publicly filed documents, including Boardwalks annual report, Annual Information Form and quarterly reports.

Boardwalk Equities Inc.Q Conference Call Topics for Discussion Fiscal 2002 and Q4/02 Results - Overview Financial and Operations Review Portfolio Highlights Operations Review and Performance Stabilized Building Analysis Financial Overview and Summary Outlook and Guidance Q&A

Boardwalk Equities Inc.Q Conference Call Overview – Fiscal Highlights Rental revenues of $241.9MM – up 17.8% NOI of $163.1MM – up 19.1% Total FFO of $63.1MM - up 9.0% Per share $1.26 vs. $1.15 – up 9.6% FFO, excluding gains, of $62.1 million – up 24.5% Per share $1.24 from $0.99 – up 25.3% Internal Growth Same-property revenue up 5.5%; NOI up 7.5% for the year ended Dec 2002 External Growth 2002 entry into Montreal and Quebec City markets Significant contribution from Nuns Island acquisition Refinancing Successfully completed over $300MM of mortgage refinancings and renewals Operational and Market Commentary Outlook

Boardwalk Equities Inc.Q Conference Call Overview – 4 th Quarter Q4 Highlights Rental revenues of $63.9MM – up 19.4% NOI of $40.2MM – up 18.9% Total FFO of $13.5MM - up 12.5% Per share $0.27 vs. $0.24 – up 12.5% FFO, excluding gains, of $13.5 million – up 16.4% Per share $0.27 from $0.23 – up 17.4% Internal Growth Same-property revenue up 3.6%; NOI up 6.6% for the 3 months ended Dec 2002 External Growth Closed Quebec City acquisition – November 2002 Refinancing Completed $152.6MM Nuns Island mortgage refinancing

Boardwalk Equities Inc.Q Conference Call Portfolio – Unit Growth

Boardwalk Equities Inc.Q Conference Call BEI Market Expansion Rental Universe – in BEI major CMAs Source: CMHC 2001To date Montreal464,600 Quebec City75,700 Ottawa60,100 Gatineau (Hull)19, ,500 Edmonton64,200 65,100 Calgary44,600 43,200 London38,400 38,900 Kitchener25,800 26,200 Saskatoon15,900 15,500 Windsor15,300 15,200 Regina11,600 11, , ,500 Total215, ,000

Boardwalk Equities Inc.Q Conference Call BEI Market Expansion Markets as a % of Total CMAs in Canada 2001To Date

2003 Acquisitions Parc De La Montagne (42/44/46 Bedard Street), Gatineau (Hull), Quebec Units: 321 Date Acquired: Jan. 9, 2003 Purchase Price: $13.7 million Per unit: $42,700 Per sq. ft.: $67 (avg. 636 sq. ft.)

2003 Acquisitions Domaine dIberville Apartments (300/325 Joliette St., 385 Place de la Louisianne, 695 St. Charles St. W.), Montreal (Longueuil), Quebec Units: 720 Date Acquired: Feb. 4, 2003 Purchase Price: $34.5 million Per unit: $47,900 Per sq. ft.: $62 (avg. 779 sq. ft.)

2003 Acquisitions 600 Cote-Vertu Road, Montreal (St. Laurent), Quebec Units: 88 Date Acquired: Feb. 5, 2003 Purchase Price: $5.8 million Per unit: $65,900 Per sq. ft.: $86 (avg. 770 sq. ft.)

Acquisitions Quarterly Summary Q Boardwalk Equities Inc.Q Conference Call

Market Summary by Province Boardwalk Equities Inc.Q Conference Call

Boardwalk Equities Inc.Q Conference Call Major Market Summary Unit Breakdown

Boardwalk Equities Inc.Q Conference Call Revenue and Funds From Operations (in Millions of dollars)

Boardwalk Equities Inc.Q Conference Call Breakdown of Revenue (in Millions of dollars)

Boardwalk Equities Inc.Q Conference Call Breakdown of FFO Per Share (cents per share)

Boardwalk Equities Inc.Q Conference Call Net Operating Income (in Millions of dollars)

Boardwalk Equities Inc.Q Conference Call Operational Analysis Per Unit – 12 Months (Monthly Average)

Boardwalk Equities Inc.Q Conference Call Operational Analysis Per Unit – 3 Months (Monthly Average)

Boardwalk Equities Inc.Q Conference Call Monthly Rental Revenue Statistics (Per Unit)

Boardwalk Equities Inc.Q Conference Call Continued Strengthening of Rental Operations

Boardwalk Equities Inc.Q Conference Call Vacancy Rates

Boardwalk Equities Inc.Q Conference Call Administration Review (in 000s)

Boardwalk Equities Inc.Q Conference Call Stabilized Analysis

Boardwalk Equities Inc.Q Conference Call Stabilized Portfolio Review

Boardwalk Equities Inc.Q Conference Call Capital Investment – 12 Months

Boardwalk Equities Inc.Q Conference Call Mortgage Maturity Schedule Weighted Average Interest rate 5.88% Average maturity – 4.83 years

Boardwalk Equities Inc.Q Conference Call 2003 – FFO Confirmation of Market Guidance

Q CONFERENCE CALL February 21, (within Toronto) or Boardwalk Equities Inc.