GRAND COURT LIFESTYLES

Grand Court Lifestyles is a fully integrated provider of adult living accommodations and services which acquires, develops and manages adult living communities. Although, the Company's revenues have been and are expected to continue to be, primarily derived from Syndications, to the extent the Company implements its new development program, it anticipates that the revenues derived therefrom will increase. The Company manages adult living communities which have been acquired utilizing Syndications.