Press Release

For Immediate Release
Contact: Brian McLemore
Executive Vice President
541-857-7215

Saratoga Retirement Community
Closes Bonds, Begins Construction

January 14, 2003 - (Saratoga, CA) - Saratoga Retirement Community (SRC) is proud to announce that $80 million in bonds have been issued for the second phase of development at Saratoga Retirement Community. The proceeds from the bond issue will allow construction on the continuing care retirement community to begin this winter.

The new retirement community plans on breaking ground in February 2003. The $80 million will be used to remodel the existing 1911 historic building and expand the community with the addition of 143 apartments and cottages. Construction is expected to take approximately 18 months to complete.

Once completed, Saratoga Retirement Community will offer several levels of care. From a variety of independent apartment and cottage options, to Assisted Living apartments, a Special Care Center for residents with memory-impairing illnesses, and a Skilled Nursing Facility, this proposed continuum of care enables residents to stay on campus, even if their health care needs should change over time. The new state-of-the-art retirement community plans include amenities such as: a computer center; a fully equipped exercise facility including an indoor swimming pool; a library; an elegant dining room; and a private wine tasting room.

Saratoga Retirement Community is owned by the Independent Order of Odd Fellows and Rebekahs and is managed by Retirement Services, LLC (RSLLC), a subsidiary of Pacific Retirement Services, Inc. (PRS). PRS and RSLLC provide living options for seniors throughout California, Oregon, and Texas. The retirement community family includes five affiliated continuing care retirement communities, two managed retirement communities, and 21 affordable housing communities. For more information about PRS or RSLLC, call 1-888-724-6424. To learn more about Saratoga Retirement Community, call 1-800-996-3467 or visit their website at www.saratogaretirement.org.

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