DENVER-April 2, 2003(BUSINESS WIRE) - Aspen Retirement Corporation, an affiliate of The Broe Companies, Inc., has completed a series of transactions resulting in a new relationship with Fidelity Investments and GE Healthcare Financial Services that will help enable their future growth.

GE Healthcare Financial Services provided $67 million in first-mortgage financing on six properties in its first lending relationship with Aspen. Curt Schaller, vice president of GE Healthcare Financial Services said, "We are very pleased to establish our lending relationship with Aspen on six of its communities. Aspen has a great management team, outstanding on-site people and quality real estate. It's a great combination." Schaller continued, "We've been a consistent source of capital to the senior-housing sector through all its ups and downs. GE Healthcare Financial Services' commitment to the business, coupled with the quality of our team, gave Aspen the certainty of execution that they needed."

Bob Jacobs, COO of The Broe Companies, Inc., commented, "We were very impressed with GE Healthcare Financial Services' ability to complete a multiple-property transaction in a short period of time. They were very flexible and worked hard to accommodate the needs of all the parties involved. We are also pleased to have an investor with a worldwide reputation and scope such as Fidelity Investments. We are looking forward to a long-term relationship with Fidelity in these and other future assets."

"We are excited to be part of this transaction with Aspen," said Tom Lavin, Managing Director of Fidelity Real Estate Group. "Aspen's management capabilities and philosophies combined with their track record were important to us. We are looking forward to being involved with Aspen on future acquisitions and being part of their growth."

Macquarie Capital Partners advised Aspen Retirement in this transaction.

About Aspen Retirement

Aspen Retirement's portfolio consists of nearly 1,300 units in seven cities. Aspen communities are located in Cleveland, Cincinnati, Jacksonville, Ft. Lauderdale, Venice, Richmond and Denver. Aspen's management team has managed single communities, regional divisions of 5-10 communities, and the corporate oversight of 200-plus communities; consisting of independent and assisted living, Alzheimer's, and skilled nursing homes and serving well over 5,000 seniors. Aspen Retirement Corporation is an affiliate of The Broe Companies, Inc., www.broe.com. Aspen is actively seeking new acquisition and management opportunities. For more information, please visit us at: www.aspenretirement.com.

About GE Healthcare Financial Services

GE Healthcare Financial Services is the premier provider of capital, financial solutions and related services for the global healthcare market. With $9 billion in assets, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working-capital lending. With a dedicated focus and a deep knowledge of the healthcare industry, GE Healthcare Financial Services collaborates with customers to create tailored financial solutions that help them improve their productivity and profitability. GE Healthcare Financial Services' website is www.gehealthcarefinance.com .

Contacts

Tom Henley
Aspen Retirement Corp.
Fax 303/398-0342 303/393-6515
thenley@broe.com

Sheila O'Malley
GE Healthcare Financial Services
Fax 312/441-6169 312/441-7770
sheila.omalley@ge.com