Amica Mature Lifestyles, Inc. (Amica or the Compan

Amica Mature Lifestyles, Inc. (Amica or the Company) provides accommodation and services to seniors. Amica engages in the design, marketing, and management of luxury housing and services for mature lifestyles. As of May 31, 2003, the company manages 17 seniors residences, including two under development, in four provinces across Canada. These 17 Amica Wellness & Vitality Residences comprise a total of 2,372 suites, including 250 suites under development, 287 condominium units under development and 106 condominium units sold to individual purchasers. The Company’s operations are comprised of two distinct operating segments: management operations and ownership operations. Under its management operations segment, the Company generally supervises all aspects of operations of the seniors residences on behalf of third party owners and those properties owned by the Company, including marketing, accounting, purchasing, budgeting, design and implementation of resident programs and the hiring, training and supervising of staff. As well, the Company earns design and marketing fees and sales bonuses on the development and sale of condominium units. Under its ownership operations segment, the Company owns 100% of 11 seniors residences; owns a 50% interest in three seniors residences; and has an interest ranging from 13% to 34% in three seniors residence, two of which are currently under construction. Amica only develops condominium units for sale where the condominium units are connected or adjacent to a rental seniors residence. The project would then earn service fees from these condominium units by providing access to the amenities located in the rental residence. Amica's Residences There are three distinct lifestyle orientations in the seniors’ population: independent, semi-independent and dependent. The Company’s primary focus is on the independent sector through the luxury accommodation and services offered at Amica Wellness & Vitality Residences. The Company initially had acquired residences that fell into three distinct divisions: Seniors Independent Living Apartments (SILAs), Retirement Communities (RCs) and Skilled Nursing Residences (SNRs). There is currently one remaining SILA residence and two SNRs. Wellness & Vitality™ The Principles are embodied in everything the Company does for its valued residents through the Wellness & Vitality Program. “Wellness” relates to the services the Company provides to nurture the physical body and spans every aspect from diet, to strength training and physical exercise and even encompasses the elements of life safety and security systems in the buildings. Similarly, “Vitality” is the term the Company uses to capture the essence of a resident’s “joie de vivre” or happiness. “Vitality” therefore is achieved through participation in recreation and social activities that are particular to each resident’s choice. Market The Company’s focus is on providing luxury accommodation and services to primarily independent seniors in Canada. History Amica Mature Lifestyles, Inc. was founded in 1996.