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Q3 2002 CONFERENCE CALL November 15, 2002 416-640-4127 (within Toronto) or 1-888-881-4892

Boardwalk Equities Inc. Q3 2002 CONFERENCE CALL November 15, 2002 416-640-4127 (within Toronto) or 1-888-881-4892. Q3 2002 Conference Call. Q3 2002 Conference Call. Boardwalk Equities Inc.

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Q3 2002 CONFERENCE CALL November 15, 2002 416-640-4127 (within Toronto) or 1-888-881-4892

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  1. Boardwalk Equities Inc. Q3 2002 CONFERENCE CALL November 15, 2002 416-640-4127 (within Toronto) or 1-888-881-4892

  2. Q3 2002 Conference Call Q3 2002 Conference Call Boardwalk Equities Inc. 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, Boardwalk’s 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 Boardwalk’s annual report, Annual Information Form and quarterly reports.

  3. Topics for Discussion Q3 2002 Conference Call Boardwalk Equities Inc. • Q3 Results - Overview • Financial and Operations Review • Portfolio Highlights • Operations Review and Performance • Stabilized Building Analysis • Financial Overview and Summary • Outlook and Guidance • Q&A

  4. Overview Q3 2002 Conference Call Boardwalk Equities Inc. • Q3 Highlights • Rental revenues of $63.6MM – up 23.6% • NOI of $44.1MM – up 21.5% • Total FFO of $17.3MM - up 16.3% • Per share $0.34 vs. $0.30 – up 13.3% • FFO, excluding gains, of $17.3 million – up 17.1% • Per share $0.34 from $0.29 – up 17.2% • Internal Growth • Same-property revenue up 4.2%; NOI up 3.8% • Operational and Market Commentary • External Growth • 2002 entry into Montreal and Quebec City markets • Significant contribution from Nun’s Island acquisition • Outlook

  5. Portfolio – Unit Growth Q3 2002 Conference Call Boardwalk Equities Inc.

  6. BEI Market ExpansionRental Universe – in BEI major CMA’s 2001 2002 Montreal 460,600 Quebec City 73,300 533,900 Edmonton 64,400 64,400 Calgary 45,700 45,700 London 37,900 37,900 Kitchener 25,600 25,600 Saskatoon 16,200 16,200 Windsor 15,300 15,300 Regina 12,000 12,000 217,100 217,100 Total 217,100 751,000 Q3 2002 Conference Call Boardwalk Equities Inc.

  7. BEI Market ExpansionMarkets as a % of Total CMA’s in Canada Q3 2002 Conference Call Boardwalk Equities Inc. 2001 2002

  8. Recent TransactionLes Jardins de Merici Les Jardins de Merici (5-8 Place de Merici), Quebec City, Quebec Units: 341 Date Acquired: Nov. 1, 2002 Purchase Price: $27.1 million Per unit: $79,400 Per sq.ft.: $90 (avg. 880 sq.ft.)

  9. Major Market SummaryUnit Breakdown Q3 2002 Conference Call Boardwalk Equities Inc.

  10. Revenue and Funds From Operations(in Millions of dollars) Q3 2002 Conference Call Boardwalk Equities Inc.

  11. Breakdown of Revenue(in Millions of dollars) Q3 2002 Conference Call Boardwalk Equities Inc.

  12. Breakdown of FFO Per Share(cents per share) Q3 2002 Conference Call Boardwalk Equities Inc.

  13. Net Operating Income(in Millions of dollars) Q3 2002 Conference Call Boardwalk Equities Inc.

  14. Operational Analysis Per Unit – 9 Months(Monthly Average) Q3 2002 Conference Call Boardwalk Equities Inc.

  15. Operational Analysis Per Unit – 3 Months(Monthly Average) Q3 2002 Conference Call Boardwalk Equities Inc.

  16. Monthly Rental Revenue Statistics(Per Unit) Q3 2002 Conference Call Boardwalk Equities Inc.

  17. Continued Strengthening of Rental Operations Q3 2002 Conference Call Boardwalk Equities Inc.

  18. Vacancy Rates Q3 2002 Conference Call Boardwalk Equities Inc.

  19. Administration Review(in 000’s) Q3 2002 Conference Call Boardwalk Equities Inc.

  20. Stabilized Analysis Q3 2002 Conference Call Boardwalk Equities Inc.

  21. Stabilized Portfolio Review Q3 2002 Conference Call Boardwalk Equities Inc.

  22. Capital Investment – 9 Months Q3 2002 Conference Call Boardwalk Equities Inc.

  23. Mortgage Maturity Schedule Q3 2002 Conference Call Boardwalk Equities Inc. Weighted Average Interest rate 5.91% Average maturity – 4.98 years

  24. 2002 – FFO Market Guidance Rental Property Sales Total Reconfirmed 2002 Low $ 1.23 $ 0.02 $ 1.25 Guidance High $ 1.25 $ 0.02 $ 1.27 Low $ 1.40 $ 1.40 $ - 2003 Guidance - Draft High $ 1.44 $ - $ 1.44 Q3 2002 Conference Call Boardwalk Equities Inc.

  25. Boardwalk Equities Inc. Q3 2002 CONFERENCE CALL November 15, 2002 416-640-4127 (within Toronto) or 1-888-881-4892

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