Boardwalk's Board considers conversion to a Real Estate Investment Trust

Share Name	Share Symbol	Market	Type
Beiersdorf AG	TG:BEI	Tradegate	Ordinary Share

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-1.00	-0.81%	122.50	122.25	122.70	124.00	122.20	123.45	1,743	22:50:02

Beiersdorf (TG:BEI)
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From Jan 2020 to Jan 2025

Boardwalk's Board considers conversion to a Real Estate Investment Trust CALGARY, Nov. 6 /PRNewswire-FirstCall/ -- BOARDWALK EQUITIES INC. ("BEI") has recently engaged CIBC World Markets, Deloitte & Touche LLP, PricewaterhouseCoopers LLP and Stikeman Elliott LLP to advise the Corporation on the reorganization of the Corporation as a Real Estate Investment Trust. At a meeting held on November 5, 2003, the Board of Directors of BEI reviewed the proposal for the reorganization and concluded that the proposal had the potential to increase shareholder value. The Board of Directors determined to form a Special Committee of Independent Board members to ensure that the reorganization is fair to all shareholders. Management anticipates a further press release in the near future outlining the effects of the proposed reorganization once annual budgeting is completed and various technical aspects of the reorganization are reviewed. As previously disclosed, the Company will be holding it's normal third quarter financial results conference call on November 17th, 2003, and at this time an update on this process will be provided. Reasons for Consideration of Reorganization Some of the reasons offered for reorganizing Boardwalk's entire portfolio to a REIT are: a) Monthly cash distributions are anticipated to provide an attractive return to Unitholders without impairing Boardwalk's ability to finance capital expenditures and to repay external debt; b) The Company's diversified portfolio of multi-family rental properties provides a relatively stable cash flow which is well suited for a REIT structure; c) Boardwalk REIT involves a trust structure which will result in a higher level of cash distributions than would be available under the existing corporate structure of BEI; d) A significant portion of Boardwalk REIT's distribution to Unitholders will be tax deferred; e) It is anticipated that the reorganization will provide Boardwalk REIT with greater access to the public capital markets to fund growth initiatives than is or would be available to BEI under current market conditions; f) Boardwalk REIT would be the largest and most geographically diverse publicly traded multi-family trust in Canada. This reorganization is subject to shareholder and regulatory approval, as well as final approval by the Board of Directors of BEI. Various consents of the Corporation's lenders are also necessary. There is no certainty at this time that the reorganization will be implemented. In addition to continuing the normal course distribution of common shares during this process, Messrs. Sam and Van Kolias, prior to the conversion to a REIT, may divest a significant portion of their current holdings for tax and structural considerations. Messrs. Sam and Van Kolias will continue to hold a material interest in the proposed REIT. 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 $2.2 billion. 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. 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) 206-6808

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BEI Beiersdorf AG