PRINCETON, NEW JERSEY

Presbyterian Homes & Services, Inc. (“PHS”) was founded in 1916 and is the largest provider of retirement services in New Jersey. As of approximately 2004, fourteen communities and 1,500 employees served over 4,000 residents throughout the state. To address its dynamic marketplace, PHS has developed and improved numerous facilities between 1998 and 2004, including an approximately $8 million expansion of the Meadow Lakes facility in Mercer County and another $12 million for a new community in Wall Township, Monmouth County.