Amica Mature Lifestyles Inc. Annual Information Form

Amica Mature Lifestyles Inc.
Annual Information Form
AUGUST 12, 2011
Annual Information Form 2011 1

TABLE OF CONTENTS
NOTES REGARDING THIS ANNUAL INFORMATION FORM ...................................................... 5
DATE OF ANNUAL INFORMATION FORM .............................................................................................................................. 5
NON-GAAP FINANCIAL MEASURES ...................................................................................................................................... 5
NOTE REGARDING FORWARD-LOOKING STATEMENTS ..................................................................................................... 5
CORPORATE STRUCTURE ................................................................................................................... 7
NAME, ADDRESS AND INCORPORATION ............................................................................................................................... 7
INTERCORPORATE RELATIONSHIPS ........................................................................................................................................ 8
CO-TENANCY SCHEDULE ........................................................................................................................................................ 8
GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................. 9
NEW COMMUNITIES OPENED ................................................................................................................................................. 9
EQUITY FINANCINGS.............................................................................................................................................................. 10
ACQUISITION OF ADDITIONAL OWNERSHIP INTERESTS IN CO-TENANCIES .................................................................. 10
Fiscal 2009 and Fiscal 2010 ............................................................................................................... 10
Fiscal 2011 ......................................................................................................................................... 10
Subsequent to May 31, 2011 ............................................................................................................... 12
NEW DEVELOPMENTS ............................................................................................................................................................ 12
FINANCING AND REFINANCINGS OF PROPERTIES .............................................................................................................. 12
DEMAND OPERATING LOAN ................................................................................................................................................ 13
SETTLEMENT OF BELLEVUE DISPUTE.................................................................................................................................. 13
AMICA AT KINGSTON INVESTMENT ..................................................................................................................................... 14
DIVIDENDS .............................................................................................................................................................................. 14
NORMAL COURSE ISSUER BID PROGRAM ............................................................................................................................ 14
BUSINESS OF AMICA ........................................................................................................................... 15
OVERVIEW ............................................................................................................................................................................... 15
OPERATING SEGMENTS ......................................................................................................................................................... 15
SHIFT IN STRATEGY ................................................................................................................................................................ 16
FISCAL 2012 STRATEGY .......................................................................................................................................................... 17
GROWTH STRATEGY ............................................................................................................................................................... 17
Internal Growth .................................................................................................................................. 17
Portfolio Growth ................................................................................................................................. 18
PRINCIPLES OF WELLNESS & VITALITY ........................................................................................................................... 19
BRANDING ............................................................................................................................................................................... 19
CUSTOMER FOCUS ................................................................................................................................................................... 19
AMICA COMMUNITIES ............................................................................................................................................................ 20
SALES AND MARKETING ........................................................................................................................................................ 20
MANAGEMENT TEAM AND EMPLOYEES .............................................................................................................................. 21
Community Staffing ............................................................................................................................. 21
Staff Education and Training .............................................................................................................. 22
FINANCING STRATEGY ........................................................................................................................................................... 22
Financing Environment ...................................................................................................................... 23
Managing Capital ............................................................................................................................... 23
Mortgages Payable: Consolidated Properties .................................................................................... 24
Mortgages Payable: Non-consolidated Properties ............................................................................. 25
OVERVIEW OF PROPERTY PORTFOLIO ........................................................................................ 26
OPERATING PROPERTIES ....................................................................................................................................................... 26
PROPERTIES UNDER DEVELOPMENT................................................................................................................................... 27
PROPERTIES IN PRE-DEVELOPMENT ................................................................................................................................... 27
CONDOMINIUMS...................................................................................................................................................................... 27
OCCUPANCY ............................................................................................................................................................................. 28
Historical Occupancy ......................................................................................................................... 29
THE SENIORS HOUSING MARKET IN CANADA .......................................................................... 30
Annual Information Form 2011 2

TYPES OF HOUSING AND SERVICE OPTIONS FOR SENIORS IN CANADA......................................................................... 30
Independent Living .............................................................................................................................. 30
Assisted Living .................................................................................................................................... 30
Intermediate/Long-Term Care ............................................................................................................ 30
DEMAND AND SUPPLY ........................................................................................................................................................... 30
Favourable Demographics ................................................................................................................. 30
Increasing Life Expectancy ................................................................................................................. 31
Increasing Seniors’ Affluence ............................................................................................................. 31
Changing Family Dynamics................................................................................................................ 32
Health and Lifestyle ............................................................................................................................ 32
COMPETITION ......................................................................................................................................................................... 32
RISK FACTORS ....................................................................................................................................... 34
General Business Risks ....................................................................................................................... 34
Real Property Ownership and Lack of Diversity ................................................................................ 34
Reliance on Ability of Capital Participants to Meet Their Obligations .............................................. 35
Market Risk ......................................................................................................................................... 35
Global Economic Financial Conditions .............................................................................................. 36
Credit Risk .......................................................................................................................................... 36
Liquidity Risk ...................................................................................................................................... 37
Development Risk................................................................................................................................ 39
Guarantee Risk ................................................................................................................................... 39
Continued Growth ............................................................................................................................... 40
Geographic Concentration ................................................................................................................. 40
Competition ......................................................................................................................................... 40
Reliance on Attracting Seniors with Sufficient Resources to Pay ....................................................... 41
Reliance on Rentals and Rental Increases .......................................................................................... 41
Reliance on Attracting Capital Participants ....................................................................................... 41
Operational Risks ............................................................................................................................... 41
Litigation and Other Disputes May Adversely Affect the Company’s Assets and Share Price ........... 42
Labour Relations ................................................................................................................................. 42
Personnel ............................................................................................................................................ 42
Liability and Insurance ....................................................................................................................... 42
Possible Environmental Liabilities ..................................................................................................... 42
Changes in the Regulatory Environment ............................................................................................ 43
RISKS RELATED TO THE STRUCTURE OF AMICA ................................................................................................................. 43
Change of Control............................................................................................................................... 43
Dilution ............................................................................................................................................... 43
Dividends ............................................................................................................................................ 44
Disclosure Controls and Internal Controls Over Financial Reporting .............................................. 44
Key Executives .................................................................................................................................... 44
Conflicts of Interest ............................................................................................................................. 44
DIVIDENDS AND DIVIDEND POLICY ............................................................................................. 45
DESCRIPTION OF CAPITAL STRUCTURE ...................................................................................... 46
DESCRIPTION OF SHARE CAPITAL ........................................................................................................................................ 46
Common Shares: ................................................................................................................................. 46
Preferred Shares: ................................................................................................................................ 46
MARKET FOR SECURITIES ................................................................................................................ 47
DIRECTORS, OFFICERS AND SENIOR MANAGEMENT ............................................................. 48
CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS ............................................................................ 52
CONFLICTS OF INTEREST ................................................................................................................ 53
PROMOTERS .......................................................................................................................................... 53
Annual Information Form 2011 3

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................. 53
LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................................... 53
LEGAL PROCEEDINGS ............................................................................................................................................................ 53
REGULATORY ACTIONS .......................................................................................................................................................... 54
TRANSFER AGENTS AND REGISTRARS ......................................................................................... 54
MATERIAL CONTRACTS ..................................................................................................................... 54
INTERESTS OF EXPERTS ................................................................................................................... 54
ADDITIONAL INFORMATION .......................................................................................................... 54
AUDIT COMMITTEE ............................................................................................................................ 55
AUDIT COMMITTEE CHARTER AND PRE-APPROVAL POLICIES AND PROCEDURES ...................................................... 55
AUDIT COMMITTEE COMPOSITION ...................................................................................................................................... 55
EXTERNAL AUDITOR SERVICE FEES .................................................................................................................................... 55
APPENDIX “A” ....................................................................................................................................... 57
AUDIT COMMITTEE TERMS OF REFERENCE ....................................................................................................................... 57
Annual Information Form 2011 4

NOTES REGARDING THIS ANNUAL INFORMATION FORM
DATE OF ANNUAL INFORMATION FORM
This Annual Information Form (“AIF”) is dated August 12, 2011. Except where otherwise
indicated, the information contained in this AIF is stated as of May 31, 2011, the end of Amica
Mature Lifestyles Inc.’s most recently completed financial year.
All references in this AIF to “Amica” or the “Company” means Amica Mature Lifestyles Inc.,
either alone or together with some or all of its subsidiaries, as the context requires.
All references to “dollars” or “$” are to Canadian dollars, unless otherwise indicated.
Some of the information provided under “THE SENIORS HOUSING MARKET IN CANADA”
was prepared by third parties including Statistics Canada. Although Amica has no reason to
believe that such information is inaccurate or incomplete, Amica cannot guarantee the accuracy
or completeness of such information.
NON-GAAP FINANCIAL MEASURES
This AIF makes reference to the following terms: “EBITDA” and “MARPAS” (collectively the
“Non-GAAP Measures”). These Non-GAAP Measures are not recognized under Canadian
generally accepted accounting principles (“GAAP”) and do not have standardized meanings
prescribed by GAAP. The Company considers these and other Non-GAAP Measures relevant in
evaluating the operating and financial performance of the Company, along with GAAP measures
such as net earnings (loss), comprehensive income (loss), basic and diluted income (loss) per
share and cash provided by (used in) operations. Please see “NON-GAAP FINANCIAL
MEASURES” in the Company’s management’s discussion and analysis for the year ended May
31, 2011 (“MD&A”), which has been filed on the System for Electronic Document Analysis and
Retrieval (“SEDAR”) at www.sedar.com under Amica’s profile, for a full description of these
Non-GAAP Measures.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This AIF contains "forward-looking information" within the meaning of applicable securities
laws ("forward-looking statements"). These forward-looking statements are made as of the date
of this AIF and the Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as otherwise required by law. Users of forward-looking
statements are cautioned that actual results may vary from forward-looking statements contained
herein.
Forward-looking statements include, but are not limited to, statements regarding: the Company’s
growth prospects; the number of new developments the Company will undertake; the opportunity
to acquire existing qualified residences and the Company making such acquisitions; the Company
increasing its ownership in existing Amica properties; commencing construction in Fiscal 2012
on one or more developments currently in pre-development; the number of suites/condominium
units that will be available for lease/sale; future occupancy rates; the Company’s business model
and strategy going forward; anticipated future revenues and financial results; estimates of
capitalization rates based on estimates of stabilized occupancy and net operating income; the
future of the seniors housing market in Canada; the success of the Company’s branding strategy;
the types of accommodation and future services that will be provided by the Company; the
Company’s acquisition, development and financing prospects and strategies; future growth and
value for shareholders; MARPAS and operating income; expected future financing opportunities,
Annual Information Form 2011 5

the ability of the Company to refinance or extend mortgages on favourable terms; the holders of
mortgages not meeting their debt service covenants not taking any action in respect of the
mortgages; the potential to increase debt on certain 100% owned communities to generate
additional financial resources; the Amica at Kingston co-tenancy’s intent to either assign its
interest in the purchase agreement for the lands or sell the land, and the company’s belief that it
will recover its deposit on the land; management of cash resources; the potential to earn future
marketing bonuses and design and marketing fees and potential to receive incentive fees based on
operating performance of the seniors residences; the Company’s ability to fund operating and
capital expenditures for at least 12 months; dividends; the timing for payment of contractual
obligations; the Company’s expectation that current litigation matters will not have any adverse
effect on the Company’s business or financial condition; and other similar statements concerning
anticipated future events, conditions or results that are not historical facts. In certain cases,
forward-looking statements can be identified by the use of words such as “plans”, “expects” or
“does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be
taken”, “occur” or “be achieved”. While the Company has based these forward-looking
statements on its expectations about future events as at the date that such statements were
prepared, the statements are not a guarantee of the Company’s future performance and are subject
to risks, uncertainties, assumptions and other factors which could cause actual results to differ
materially from future results expressed or implied by such forward-looking statements. Such
factors and assumptions include, amongst others, the effects of general economic and market
conditions; the future size, state and affluence of the seniors population in North America, actions
by government authorities, including the granting of zoning and other approvals and permits;
uncertainties associated with potential legal proceedings and negotiations, including negotiations
with respect to construction financing and debt refinancing; and misjudgements in the course of
preparing forward-looking statements. In addition, there are known and unknown risk factors
which could cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied
by the forward-looking statements. Known risk factors include, among others, risks related to
dependence on the ability of Amica’s co-tenancy participants to meet their obligations; interest
rate volatility in the marketplace; job actions including strikes and labour stoppages; possible
liability under environmental laws and regulations relating to removal or remediation of
hazardous or toxic substances on properties owned or operated by Amica; risks associated with
new developments, including cost overruns and start-up losses; the ability of seniors to pay for
Amica’s services; regulatory changes; risks inherent in the ownership of real property;
operational risks inherent in owning and operating residences; the risks associated with global
events such as infectious diseases, extreme weather conditions and natural disasters; the
availability of capital to finance growth or refinance debt as it comes due; Amica’s ability to
attract seniors with its services and keep pace with changing consumer preferences, as well as
those factors discussed in the “Risk Factors” section of this AIF. Although the Company has
attempted to identify important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements, or the material factors or assumptions used to develop
such forward looking statements, will prove to be accurate. Accordingly, readers should not place
undue reliance on forward-looking statements.
Annual Information Form 2011 6

NAME, ADDRESS AND INCORPORATION
CORPORATE STRUCTURE
The head office of Amica Mature Lifestyles Inc. is located at 10 th Floor, 1111 Melville Street,
Vancouver, British Columbia, Canada, V6E 3V6. The Company’s registered office is located at
2900 – 550 Burrard Street, Vancouver, British Columbia, Canada, V6C 0A3.
The common shares of the Company are listed on the Toronto Stock Exchange (“TSX”) under the
symbol ACC.
Amica was incorporated as 715298 Alberta Inc. by Certificate of Incorporation issued pursuant to
the provisions of the Business Corporations Act (Alberta) on November 5, 1996.
On January 13, 1997, the Company filed Articles of Amendment to change the Company's name
to Ishtar Investments Inc.
On March 5, 1997, the Company filed Articles of Amendment to remove certain private company
restrictions.
On December 1, 1998, the Company changed its name to Ishtar Seniors Communities Inc. and
adopted as the French version of its name, Residences Ishtar Pour Aînés Inc.
On December 7, 1998, the Company was continued under the Canada Business Corporations Act
(“CBCA”).
On June 1, 2000, the Company was amalgamated with four wholly owned subsidiary companies.
On August 16, 2000, the Company changed its name to Amica Mature Lifestyles Inc. and
adopted the French version of its name, Style de Vie Amica Inc.
On June 1, 2001, the Company was amalgamated with a wholly owned subsidiary company under
the CBCA.
Effective June 30, 2010, as part of restructuring retirement communities 100% beneficially
owned by the Company, the Amica Master Limited Partnership, the Arbutus Manor Seniors
Residence Limited Partnership, the Beechwood Village Seniors Residence Limited Partnership,
the Mayfair on the Green Seniors Residence Limited Partnership and the Terrace Gardens
Residence Limited Partnership, were all wound up with the assets and liabilities of these limited
partnerships transferred to the Company.
Annual Information Form 2011 7

INTERCORPORATE RELATIONSHIPS
The Company’s wholly owned properties are held directly by Amica or through bare trustee
corporations that are wholly-owned by Amica. For properties where Amica has less than a 100%
interest, the properties are held as co-tenancies and Amica’s proportionate share in each
co-tenancy is held either directly by Amica, through a bare trustee corporation, or through limited
partnerships which are wholly-owned by Amica.
CO-TENANCY SCHEDULE
The following is a summary of the Company’s ownership position in co-tenancies, held through
limited partnerships which are wholly-owned by Amica and ownership interests held directly by
the Company, as at August 12, 2011:
Co-Tenancy Limited Partnership (LP) (1)
Co-Tenancy %
Total
Co-Tenancy %
Co-Tenancy % held directly by Owned by
held by LP
Amica
Amica
Amica at Aspen Amica (Aspen Woods)
Woods
Limited Partnership 24.40% — 24.40%
Amica at Bayview Amica (Bayview) Limited
(Rentals)
Partnership 15.00% 51.50% 66.50%
Amica at Bayview Amica (Bayview) Limited
(Condominiums) Partnership 17.00% — 17.00%
Amica at Bayview Amica (Bayview Gardens)
34.00% 10.00% 44.00%
Gardens (Rentals) Limited Partnership
(2)
Annual Information Form 2011 8

Amica at Bayview
Gardens
(Condominiums)
Amica at Bearbrook
Amica at City Centre
(Rentals)
Amica at City Centre
(Condominiums)
Amica at Dundas
Amica at London
Amica at Newmarket
Amica at Oakville
Amica at Richmond
Hill (Rentals)
Amica at Richmond
Hill (Condominiums)
Amica at Thornhill
Amica at Westboro
Park
Amica at West
Vancouver
Amica at Whitby
Amica at Windsor
Amica (Bayview Gardens)
Limited Partnership 3.20% 6.40% 9.60% (3)
Amica (Bearbrook Court)
Limited Partnership
Amica (City Centre) Limited
10.00% — 10.00%
Partnership
Amica (City Centre) Limited
34.00% 59.39%
93.39%
Partnership
Amica (Dundas) Limited
34.00% — 34.00%
Partnership
Amica (London) Limited
17.00% — 17.00%
Partnership
Amica (Newmarket) Limited
32.63% — 32.63%
Partnership
Amica (Oakville South)
16.00% 40.00% 56.00%
Limited Partnership
Amica (Richmond Hill)
19.50% — 19.50%
Limited Partnership
Amica (Richmond Hill)
50.00% — 50.00%
Limited Partnership
Amica (Thornhill) Limited
50.00% — 50.00%
Partnership
Amica (Westboro Park)
22.00% — 22.00%
Limited Partnership
Amica (West Van) Limited
12.50% — 12.50%
Partnership
Amica (Whitby) Limited
12.68% 70.82% 83.50%
Partnership
Amica (Windsor) Limited
19.94% — 19.94%
Partnership 31.00% 17.50% 48.50%
(1) All limited partnerships are formed under the laws of the Province of British Columbia.
(2) Reflects an additional 7.50% ownership interest in Amica at Bayview Gardens (Rentals) acquired in June 2011, bringing
the Company’s ownership position to 44.00%.
(3) Reflects an additional 4.40% ownership interest in Amica at Bayview Gardens (Condominiums) acquired in June 2011,
bringing the Company’s ownership position to 9.60%.
GENERAL DEVELOPMENT OF THE BUSINESS
The following is a summary of the significant events that have influenced Amica’s business since
June 1, 2008:
NEW COMMUNITIES OPENED
Community Location Date Opened
Amica at Westboro Park Ottawa, Ontario September 2008
Amica at Thornhill Thornhill, Ontario November 2008
Amica at London London, Ontario March 2009
Amica at Whitby Whitby, Ontario November 2009
Amica at Bayview Gardens North York, Ontario June 2010
Amica at Windsor Windsor, Ontario July 2010
Annual Information Form 2011 9

EQUITY FINANCINGS
On February 18, 2010, the Company completed a bought deal public offering of 2,655,000
common shares at a price of $5.65 per common share for gross proceeds of approximately
$15 million. Transaction costs included underwriters’ commission of $0.6 million and legal fees
and professional fees of $0.3 million. Net proceeds were approximately $14.1 million (before
future tax benefit of $0.3 million).
On March 3, 2011, the Company completed a bought deal equity financing of 3,000,000 common
shares at $7.85 per common share. On March 25, 2011, a further 260,000 common shares were
issued at $7.85 per common share pursuant to the partial exercise of an over-allotment option
granted to the underwriters. Total gross proceeds from the financing, including the exercise of the
over-allotment option, were $25.6 million. Total expenses of the offering included an
underwriters’ fee of $0.9 million and legal and other professional fees of $0.3 million. Net
proceeds were approximately $24.4 million (before future tax benefit of $0.3 million).
ACQUISITION OF ADDITIONAL OWNERSHIP INTERESTS IN CO-TENANCIES
Fiscal 2009 and Fiscal 2010
For the period June 1, 2008 – May 31, 2010, the Company increased its ownership position in the
following Amica co-tenancies:
Amica Increased Its Ownership Position
Community From To
Amica at Bayview Gardens (Rentals) Nil 34.00%
Amica at Bayview Gardens (Condominiums) Nil 3.20%
Amica at London 18.00% 32.63%
Amica at Thornhill 10.00% 22.00%
Amica at Oakville 17.00% 19.50%
Amica at Windsor 19.00% 31.00%
Amica at Westboro Park 6.00% 12.50%
Amica at Whitby 18.00% 19.94%
Amica at West Vancouver (1) 12.68% 45.19%
(1) In March 2010, the Company received an additional 32.51% interest in Amica at West Vancouver as part of a settlement
related to a land deposit paid by the Company in respect of a property in Bellevue, Washington (see “SETTLEMENT OF
BELLEVUE DISPUTE” below), increasing its ownership interest to 45.19% from 12.68%.
Fiscal 2011
Business Combinations
During Fiscal 2011, pursuant to the Company’s strategy to increase its ownership in certain
mature Amica communities, the Company acquired control ownership positions in four Amica
properties resulting in consolidation of these properties by Amica, as follows:
• 35.16% acquired in Amica at West Vancouver, increasing the Company’s ownership
position to 80.35% from 45.19%. As a result of the increase in the Company’s ownership
position, the method of accounting for the Company’s investment in Amica at West
Vancouver changed from equity accounting to consolidation as of August 1, 2010.
Additionally, on December 31, 2010 the Company acquired an additional 3.15% in
Amica at West Vancouver, increasing the Company’s ownership position to 83.5% (see
“Non-Controlling Interests Acquired” below);
Annual Information Form 2011 10

• 34% acquired in Amica at City Centre, increasing the Company’s ownership position to
68% from 34%. As a result of the increase in the Company’s ownership position, the
method of accounting for the Company’s investment in Amica at City Centre changed
from equity accounting to consolidation as of August 17, 2010. Additionally, on April 29,
2011 the Company acquired an additional 25.39% in Amica at City Centre, increasing the
Company’s ownership position to 93.39% (see “Non-Controlling Interests Acquired”
below);
• 40% acquired in Amica at Newmarket, bringing the Company’s ownership position to
56% from 16%. As a result of the increase in the Company’s ownership position, the
method of accounting for the Company’s investment in Amica at Newmarket changed
from cost accounting to consolidation as of January 1, 2011; and
• 51.5% acquired in Amica at Bayview, bringing the Company’s ownership position to
66.5% from 15%. As a result of the increase in the Company’s ownership position, the
method of accounting for the Company’s investment in Amica at Bayview changed from
cost accounting to consolidation as of April 1, 2011.
The aggregate contractual purchase price for these acquisitions was $56.3 million (Amica at West
Vancouver $14.8 million; Amica at City Centre $9.9 million; Amica at Newmarket $11.4 million;
and Amica at Bayview $20.2 million), comprising: aggregate cash consideration of $13.3 million;
and the assumption of the vendors’ share of mortgages payable on the properties of $42.1 million
(Amica at West Vancouver $12.7 million; Amica at City Centre $7.8 million; Amica at
Newmarket $9.2 million; and Amica at Bayview $12.4 million) and $0.8 million in other net
liabilities. Based on estimated stabilized net operating income at approximately 95% occupancy
the Company estimates that the capitalization rate paid was 7.25% on the Amica at West
Vancouver acquisition (excluding the condominium units), 8.25% on the Amica at City Centre
acquisition, 7.6% on the Amica at Newmarket acquisition, and 8.0% on Amica at Bayview.
Non-Controlling Interests Acquired
During Fiscal 2011, also pursuant to the Company’s strategy to increase its ownership in certain
mature Amica communities, the Company acquired non-controlling ownership positions in three
Amica properties, as follows:
• on December 31, 2010, the Company completed the acquisition of an additional 37.5% of
Amica at Villa Da Vinci, bringing the Company’s ownership position to 100% from
62.5%. The Company continues to consolidate the assets, liabilities, operating results and
cash flows of Amica at Villa Da Vinci in its financial statements, however there is no
longer any non-controlling ownership interests with respect to this investment;
• on December 31, 2010, the Company completed the acquisition of an additional 3.15% of
Amica at West Vancouver, bringing the Company’s ownership position to 83.5% from
80.35%. The Company continues to consolidate the assets, liabilities, operating results
and cash flows of Amica at West Vancouver in its financial statements; however the noncontrolling
interest relating to this community was reduced to 16.5% from 19.65%; and
• on April 29, 2011, the Company completed the acquisition of an additional 25.39% of
Amica at City Centre, bringing the Company’s ownership position to 93.39% from 68%.
The Company continues to consolidate the assets, liabilities, operating results and cash
Annual Information Form 2011 11

flows of Amica at City Centre in its financial statements; however the non-controlling
interest relating to this community was reduced to 6.61% from 32%.
The aggregate purchase price for the Amica at Villa Da Vinci, Amica at West Vancouver, and
Amica at City Centre acquisitions was approximately $14.6 million (Amica at Villa Da Vinci
$6.2 million; Amica at West Vancouver $1.3 million; and Amica at City Centre $7.1 million),
including: cash consideration on closing of $1.7 million; $1.05 million (before discount) in noninterest
bearing promissory notes payable in three annual installments on December 31, 2011,
December 31, 2012 and December 31, 2013; $1.1 million for the repayment of an outstanding
loan due from the vendors to Amica; the assumption of the vendors’ share of mortgages and loans
payable on the properties of $10.6 million (Amica at Villa Da Vinci $3.8 million; Amica at West
Vancouver $1.1 million; and Amica at City Centre $5.7 million) and $0.3 million in other net
liabilities. Based on estimated net operating income at stabilized occupancy of approximately
92% and 95%, the Company estimates that the capitalization rates paid on Amica at Villa Da
Vinci and Amica at City Centre were 7.3% and 7.5%, respectively.
Co-tenancy Investments
In July 2010, August 2010 and March 2011, the Company completed the acquisitions of an
aggregate additional 2.5% in Amica at Bayview Gardens – Rentals and 2.0% in Amica at
Bayview Gardens – Condominiums for aggregate cash consideration of $0.4 million, increasing
the Company’s ownership positions to 36.5% and 5.2%, respectively.
In April 2011, the Company acquired an additional 17.50% interest in Amica at Windsor for cash
consideration of $2.45 million, increasing its ownership position to 48.5%.
Subsequent to May 31, 2011
In June 2011, the Company acquired an additional 7.5% interest and 4.4% interest in Amica at
Bayview Gardens – Rentals and Amica at Bayview Gardens – Condominiums for aggregate cash
consideration of $1.2 million, increasing its ownership positions to 44% and 9.6%, respectively.
NEW DEVELOPMENTS
During Fiscal 2009, the Company formed a co-tenancy for the development of one new Amica
Wellness & Vitality Residence: Amica at Aspen Woods (Calgary, Alberta). As at May 31,
2011, the Company has a 24.4% ownership interest and has committed to provide mezzanine
financing of $1.2 million to this co-tenancy. Amica was awarded a 99 year management contract
for Amica at Aspen Woods, with a base management fee of 6% of gross revenues and profit
participation fees once certain thresholds have been met. The Company will also earn design and
marketing fees during the construction and development phase of the project. This project is
currently under development with construction having commenced in July 2011. The Company
anticipates providing the $1.2 million in mezzanine financing in calendar 2011.
FINANCING AND REFINANCINGS OF PROPERTIES
The following table summarizes the financing of Amica’s consolidated (50% or greater
ownership position) properties since June 1, 2008:
Annual Information Form 2011 12

Fixed or
Variable
Interest
Weighted
Average
Interest Rate
(%) Term (yrs)
Financings Mortgage
Amount
Year Ended Rank/Type Properties
(1)
($ millions) Rate
May 31, 2009 First CMHC 4 Ontario, 2 BC 85.0 Fixed (2) 4.45 5
May 31, 2009 Second CMHC 2 BC 11.8 Fixed (2) 4.26 5
May 31, 2009 First non-CMHC 1 BC (5 condos) 4.7 Fixed 6.4 2 (3)
May 31, 2010 First CMHC 1 Ontario 24.8 Fixed 3.39 5
May 31, 2010 Second non-CMHC 1 BC 0.5 Variable (4) 25.3
4.15 4
May 31, 2011 First CMHC 1 Ontario 6 Fixed 3.46 5
May 31, 2011 First non-CMHC 1 Ontario 8.2 Variable (5) 14.2
3.75 1.5
(1)
Amount reflects 100% of mortgages on consolidated properties and 50% of mortgages on proportionately consolidated
properties.
(2)
Includes a mortgage with interest rate swap in place to fix interest rate.
(3)
This loan was initially for a two year term and has been renewed twice for additional one year terms with no changes in the
terms.
(4)
Variable rate bankers acceptances plus 3.75%.
(5)
Variable rate prime plus 0.75%.
DEMAND OPERATING LOAN
In August 2010, the Company obtained a $20 million demand operating loan facility secured by
the Amica at Somerset House property, a 100% Company owned community. In March 2010, the
Company had used $13.8 million of its cash and cash equivalents to pay out the maturing
mortgage on Amica at Somerset House. In the second quarter of Fiscal 2011, the Company used
the operating loan to repay the previous Amica at The Balmoral Club $6.8 million mortgage
which matured in November 2010 and during Fiscal 2011 the largest balance the operating loan
reached was $11.6 million. As at May 31, 2011 and the date of this AIF, the balance drawn on the
loan is $nil.
SETTLEMENT OF BELLEVUE DISPUTE
In March 2007 the Company, entered into a contract with Bel-Green Developments (Bellevue)
Limited Partnership (“Bel-Green LP”) to purchase a potential development site for a retirement
community in Bellevue, Washington. The Company made deposits totaling US$5.6 million (the
“Bellevue Deposit”) towards the purchase of the site. By virtue of Bel-Green LP’s failure to
satisfy a condition precedent to the purchase prior to the closing date of March 31, 2009, the
purchase did not complete. The Company then made demand of Bel-Green LP for repayment of
the Bellevue Deposit. Following its receipt of the demand, Bel-Green LP delivered a Notice to
Arbitrate a dispute pursuant to an arbitration clause in the contract (the “Arbitration”) and subject
to the terms of the British Columbia Commercial Arbitration Act. An arbitration panel was
appointed and the matter was scheduled to go to arbitration in May 2010. If the Company was
unsuccessful in defending its position in the Arbitration, it may have been obligated to provide a
further US$6.9 million to complete the purchase of the development site under the terms of the
contract, or some unspecified amount for damages.
In April, 2009, the Company commenced an action in the Supreme Court of British Columbia
against three guarantors of the obligations of Bel-Green LP for repayment of the Bellevue
Deposit, relying on the guarantee given by each of them of Bel-Green LP’s obligations, including
its obligation to repay the Bellevue Deposit (the “Guarantee Action”).
Effective March 31, 2010, the Company settled the Arbitration and the Guarantee Action
described above for total agreed consideration of $1.45 million. Pursuant to the settlement, the
Annual Information Form 2011 13
101.5

Company received $0.65 million in cash and an aggregate 32.51% interest in the Amica at West
Vancouver co-tenancy which has been recorded at its estimated fair value of $0.8 million. During
the year ended May 31, 2010, the Company wrote down the Bellevue Deposit by $4.47 million.
AMICA AT KINGSTON INVESTMENT
During the year ended May 31, 2008, the Amica at Kingston co-tenancy decided not to proceed
with development of a property which it has an agreement to purchase. In November 2008, the
co-tenancy returned 75% of the initial cash contributions made by each co-tenancy investor,
except for Amica. The Company has agreed that it will not recover any of its investment until the
balance of original cash contributions made by the other investors of $0.8 million have been
returned. During the year ended May 31, 2009, the Company recorded a write-down of $1.3
million in its investment in Amica at Kingston, and recognized the impairment in earnings. The
Company’s ownership interest in Amica at Kingston increased to 26.50% from 19.143%, at no
incremental cost to the Company, as the result of the redistribution of co-tenancy interests not
earned by other co-tenancy investors. The Company began equity accounting for this co-tenancy
investment for the year ending May 31, 2010. As at May 31, 2011 the carrying value of the
Company’s investment in Amica at Kingston was less than $0.1 million, after the write-down of
the investment during the year ended May 31, 2009 and recording the Company’s share of the
co-tenancy’s losses. Additionally, the Company has deposits totaling $0.5 million made pursuant
to the agreement to purchase land for the Amica at Kingston co-tenancy. The Amica at Kingston
co-tenancy intends to either assign its interest in the agreement for purchase of the land or sell the
land following its acquisition. The Kingston Deposit is refundable in the event the vendor is
unable to complete its obligations under the agreement for purchase and the deposit is secured by
a mortgage on the land. The Company believes it will recover the Kingston Deposit.
DIVIDENDS
The Company has paid a quarterly dividend since fiscal 2007 (see “DIVIDENDS AND
DIVIDEND POLICY”).
NORMAL COURSE ISSUER BID PROGRAM
In January 2008, the Company received approval from the TSX for its notice of intention to
acquire up to 880,663 of its common shares, representing 5% of the Company’s issued and
outstanding shares, by way of a normal course issuer bid (the “First Bid”) through the facilities of
the TSX. The First Bid commenced on January 15, 2008, and expired on January 14, 2009.
In January 2009, the Company filed a notice of intention to conduct a second normal course
issuer bid (the “Second Bid”), which received approval from the TSX on January 12, 2009. The
Second Bid allowed Amica to purchase and cancel up to 1,179,626 of its common shares,
representing 10% of the public float at December 31, 2008. The Second Bid commenced on
January 15, 2009 and expired on January 14, 2010.
Aggregating purchases under the First and Second Bids, Amica purchased and cancelled
1,311,200 shares at a total purchase cost including commissions of approximately $5.7 million or
an average of $4.34 per share, excluding commissions.
Annual Information Form 2011 14

BUSINESS OF AMICA
OVERVIEW
Amica is involved in the design, development, marketing, management and ownership of luxury
housing and services for mature lifestyles. The Company owns varying percentage interests in
and manages twenty-five seniors rental residences (including two that opened in June and July
2010, one under development and two in pre-development), predominantly in Ontario and
British Columbia. These twenty-five Amica Wellness & Vitality residences when all
completed are anticipated to comprise a total of 3,360 suites (May 31, 2011 – 3,362), of which an
estimated 557 suites (May 31, 2011 – 557) are under development or in pre-development. All of
the Amica Wellness & Vitality residences provide luxury independent living to seniors, and
twenty of the twenty-five residences either currently include or will include an assisted living
floor. Typically, a new Amica community will have approximately 20% of its suites dedicated to
Vitalis assisted living suites while the balance, approximately 80%, are dedicated to
independent living. Only one of the Company’s residences is licensed to provide residential care.
The Company’s long term vision is to become a world leader in the luxury independent living
retirement sector and to this end, has defined its vision – “To be the best in the world at
delivering superior Wellness & Vitality within exceptional independent living retirement
communities.” The Company’s current focus is on owning, managing, acquiring and developing
Amica Wellness & Vitality residences in Canada. The Company’s portfolio of managed and
owned residences has been shaped to focus on its core business of providing luxury
accommodations and services primarily to independent seniors.
The rental residences in which the Company has less than a 100% interest are each subject to a
co-tenancy agreement among the various owners. These seventeen agreements comprise 2,487
suites, including approximately 557 suites under development or in pre-development. The
Company manages the residences on behalf of all owners, pursuant to long term management
contracts for terms up to 99 years.
OPERATING SEGMENTS
The Company’s operations are comprised of two distinct operating segments – Management
Operations and Ownership and Corporate Operations (see below for explanations of
“Management Operations” and “Ownership and Corporate Operations”). The table below sets out
the amounts that each segment contributed to total earnings before interest, taxes, depreciation
and amortization (“EBITDA”) (1) for the past two fiscal years:
Financial Years Ended May 31
2011 2010
(expressed in thousands of Canadian dollars) $ $
Management Operations 1,175 1,100
Ownership and Corporate Operations 11,127 7,646
(1) Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is equal to net earnings/loss and comprehensive
income/loss before the following items: (i) interest expense; (ii) income tax expense/recovery; (iii) depreciation and
amortization; (iv) interest and other income; (v) fees credited to investments; (vi) unrealized interest rate swap and foreign
exchange gains/losses; (vii) write-down of deposits/investments; (viii) gain on early repayment of mortgage payable; (ix)
gains/losses on fair value adjustment of investments in business combinations; and (x) bargain purchase gains in business
combinations. EBITDA is the same as earnings/loss before other operating items as disclosed in the consolidated financial
statements. EBITDA should not be considered as an alternative to net earnings/loss and comprehensive income/loss or any
other measure of performance prescribed by Canadian GAAP. The Company’s EBITDA may not be comparable to
EBITDA used by other companies, which may be calculated differently. EBITDA is included because the Company’s
Annual Information Form 2011 15

management believes it can be used to measure the Company’s ability to service debt, fund capital expenditures and
expand its business. For a reconciliation of net earnings/loss and comprehensive income/loss to EBITDA, see
“RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - 3. Reconciliation of EBITDA” in the Company’s
management’s discussion and analysis for the year ended May 31, 2011.
Under its Management Operations segment, the Company generally supervises all aspects of
operations of the seniors rental residences, including: marketing, accounting, purchasing,
budgeting, design and implementation of resident programs and the hiring, training and
supervising of staff. For providing these services, the Company receives a base management fee
calculated as a percentage of gross revenues of the seniors residences, and monthly accounting
fees as well as nominal licensing fees for the use of the Amica trade name, marketing and
management processes. In addition, the Company may receive incentive fees based on the
operating performance of the seniors residences. This segment also includes design fees, preleasing
fees and marketing bonuses earned during the development and lease-up of newly built
and renovated seniors rental residences. As well, Management Operations includes design fees,
marketing fees and sales bonuses on the development and sale of condominium units. The owners
of the seniors residences (including the Company) are responsible for their proportionate share of
all capital expenditures and working capital of the seniors rental residences, including all
employment and operating costs.
Under its Ownership and Corporate Operations segment, the Company reports the operating
results of the seniors residences in which it has a 50% to 100% interest, and the equity results of
the seniors residences in which it owns greater than a 20% and under a 50% interest. Income is
derived from seniors residences that are wholly or proportionately owned and the income or
distributions from seniors residences the Company accounts for under the equity and cost
methods, respectively. Corporate and ownership expenses include the operating expenses of the
seniors residences in which it has a 50% to 100% interest, expenses that are not directly
attributable to the Company’s Management Operations or are allocations between the two
segments, and fees paid to and reported as income in Management Operations.
SHIFT IN STRATEGY
Since inception, the Company has evolved from an owner/operator whereby it owned 100% of all
its retirement residences to a manager/operator with a focus towards growth in the number of
Amica communities in operation (Management Operations) but in which the Company did not
have a significant ownership interest (Ownership and Corporate Operations). While Amica will
maintain its objective to grow the number of Amica branded communities under management, it
will simultaneously focus on increasing its ownership position in some of its existing mature
communities. Where this ownership interest reaches beyond 50%, Amica will consolidate these
communities in its financial statements thereby increasing its total assets and related liabilities on
the balance sheet and including the revenues, operating results, and cash flow generated by such
communities in its financial statements. During Fiscal 2011, the Company completed the
acquisition of increased ownership positions in four Amica communities resulting in ownership
increasing to over 50% and consolidation of the properties. Additionally, the Company will
evaluate opportunities to acquire ownership positions in, and management contracts for, qualified
seniors residences not currently owned or managed by Amica. The Company believes current
market conditions will result in opportunities surfacing that could either immediately or through
repositioning be branded as an Amica Wellness & Vitality Residence. The Company is actively
evaluating and seeking acquisitions of existing non-Amica retirement residences.
Management Operations remains a key and essential part of the business. Future growth in
Management Operations will come from: (1) improving occupancy, MARPAS and net operating
Annual Information Form 2011 16

income at each Amica community; and (2) the addition of new Amica communities under
management.
The Company believes that shareholder value can be created through both increased Ownership
and Corporate Operations and Management Operations, thereby improving earnings and cash
flow.
FISCAL 2012 STRATEGY
The Company’s Fiscal 2012 goals and objectives have been established based on the overall
theme of “SMART Growth”. In addition to reflecting its natural meaning of growing
intelligently, SMART represents an acronym that stands for the following key attributes
associated with Amica’s vision going forward: sustainable, managed, action, right and tangible.
Sustainable relates to the commitment to ensure all decisions are sustainable in the long term.
Managed represents the discipline with which the Company intends to manage its growth and all
implications associated with growth opportunities it chooses to pursue. Action translates into the
Company’s commitment to ensure it executes effectively on all fronts including its corporate
operations and those within each of its communities. Right is the Company’s resolve to doing the
right thing when it comes to all decisions and actions. Finally, tangible represents the Company’s
responsibility to ensure that growth translates into strong shareholder value creation.
Based on the theme “SMART Growth”, the following corporate strategies have been established:
MARPAS, occupancy and net operating income (“NOI”) growth
Portfolio growth through acquisitions and new developments
Internal consolidations through increasing the Company’s ownership position in its
mature communities
Dividends and capital markets growth
Risk management
Each of these strategies has been defined and conveyed to Amica’s managers and department
heads at the corporate offices and at each of its communities.
GROWTH STRATEGY
The Company's strategy for growth in its Management Operations segment has been to design,
market and manage newly developed or third party owned luxury seniors residences branded as
Amica Wellness & Vitality Residences, and in doing so, increase long term and recurring cash
flows.
The Company’s strategy for growth in its Ownership and Corporate Operations segment is based
on two key components: internal growth through increasing its ownership position in some of its
mature Amica Wellness & Vitality residences and by advancing the development of some of its
existing pre-development properties; and external growth by way of acquiring or developing
additional luxury retirement residences that will be added to the Amica portfolio.
Internal Growth
As noted in the above section “Shift in Strategy”, Amica’s strategy now includes a growth plan
that will include increasing its ownership position in some of its mature communities. Where this
results in Amica’s ownership position reaching over 50% in any community, this community will
then be consolidated on the Company’s balance sheet and will also have its revenues and
expenses consolidated on the statements of operations and cash flows.
Annual Information Form 2011 17

This will not only bring better balance to Amica’s current risk/reward profile, it will also
substantially enhance the Company’s consolidated asset base and the corresponding revenues,
operating results, and cash flow generated from these communities. Over time, the Company
hopes that this will enable it to increase its dividend and create value for shareholders.
Portfolio Growth
As of August 12, 2011, the Amica portfolio consists of 25 communities, of which 22 are
operational, one is under development, two are in pre-development and includes a presence in
many key Canadian markets. Additionally, some of the Amica communities have additional land
available for future expansion. Management believes that the Company has achieved its goal of
establishing Amica as the premier brand in the luxury independent living retirement market in
Canada. The Company believes the current environment may result in acquisition opportunities
for higher end retirement residences that have not been otherwise available over the past several
years. Through prudent evaluation of such opportunities Amica aims to grow its strong base of
existing luxury retirement residences through acquisitions. Amica will also continue to evaluate
new development opportunities but intends to minimize ownership in such opportunities during
the development and lease-up phase.
The Company will seek to develop luxury seniors residences where the following criteria are
generally met:
Evidence of local demand for luxury seniors housing as a result of market
analysis and demographic research;
Existing properties available for sale by vendors do not meet the necessary
criteria to qualify for the Amica brand;
A suitable location within close proximity to ancillary services and recreational
amenities;
An acceptable rate of return;
The availability and commitment of sufficient equity capital and the participation
of an experienced, financially strong developer; and
Focus on large metropolitan areas, which allow for the clustering of Amica
residences.
The Company conducts on-going demographic and supply side analysis of the major Canadian
seniors housing markets. These reports form the basis for investment decisions made by the
Company and include analysis on parameters such as population growth by age group and income
level, rental housing analysis, and seniors housing supply. Prior to the acquisition or development
of a property, the Company undertakes a comprehensive due diligence program, which includes
the completion of an appraisal, an environmental review, a building inspection report and pro
forma financial model that reflects an acceptable return on investment.
Construction commenced on the Company’s Amica at Aspen Woods project in July 2011 and
construction is estimated to be complete in approximately two years. The Company is evaluating
the opportunity to commence construction in Fiscal 2012 for one or more of the developments
currently in pre-development. The Company’s business and growth strategy contemplates the
development of further luxury senior residence properties. This relates to the Company’s overall
objective to generate stronger revenues in its Ownership Operations and Management Operations,
which collectively contribute to the overall earnings and cash flow. The Company’s current
policy is to have committed construction financing in place before commencing construction of
Annual Information Form 2011 18

new luxury seniors residences. The amount of construction financing required will be dependent
on the property or properties that are ultimately selected to advance into development. The
Company estimates that construction financing for each new rental property in pre-development
will range from $28 million to $35 million. There can be no guarantee that such financing will be
available or available on terms that are acceptable to the Company.
PRINCIPLES OF WELLNESS & VITALITY
Amica’s trademarked principles of Wellness & Vitality are based on a six-dimension wellness
model: physical, social, emotional, spiritual, cognitive and vocational. Together these dimensions
comprise the whole person and respect mature adults’ abilities to make independent choices
based on their personal interests, capacities and related needs. Amica designs programs and
initiatives in these six dimensions to ensure that community members have multiple opportunities
to continue to thrive and flourish in their daily lives. The cultivation of meaningful relationships
in conjunction with experiences that foster a renewed passion for life are the hallmark of Amica’s
Wellness & Vitality philosophy.
BRANDING
The Amica brand represents six key pillars: people, Wellness & Vitality, marketing, fine
dining, physical buildings and operating standards. The Amica brand name continues to gain
prominence in the seniors housing landscape in Canada, particularly in the Greater Toronto Area
(“GTA”) where the majority of the Company’s expansion has been focused.
The retirement industry in Canada has had no clear brand name in luxury seniors housing for
mature lifestyles. The Company is changing that paradigm with each new Amica residence it
opens. A listing of all of the Company’s seniors residences can be found on pages 26 to 28 of this
AIF. The Company believes that its branding strategy establishes a benchmark of excellence and
size that provides discerning customers with clarity when choosing a retirement residence.
The Company is actively developing and implementing new programs and standards such that
each retirement residence bearing the Amica name delivers the same high quality with a local
community flavour. The Company is established predominantly in Ontario and British Columbia
and is in a position to drive significant competitive benefits and value added benefits due to
leveraging economies of scale and operational strength. It is these benefits that make the
Company an attractive brand to existing owners of seniors residences, developers and investors.
In the 2011 fiscal year, the Company has seen its branding strategy continue to grow and
strengthen, resulting in wider brand recognition synonymous with quality service, program
selection and luxury amenities and accommodation. As the Company grows and brands more
residences, it expects to reap even greater rewards from its branding strategy.
CUSTOMER FOCUS
Amica has developed a lifestyle philosophy that revolves around each resident, attending to the
details that add to residents’ comfort, safety, security and enjoyment of retirement living.
Amica’s rental retirement residences are designed with a Wellness & Vitality philosophy that
encourages and supports all aspects of a healthy retirement lifestyle, convenient on-site amenities
and off-site excursions, giving residents plenty of time to join in a myriad of daily activities to
improve their quality of life and overall health. The residents' physical, mental and spiritual
well-being is of paramount importance to Amica, and activities are planned to offer a variety of
Annual Information Form 2011 19

opportunities for learning, socializing and fun; with physical and mental stimulation being a
natural component of the daily events.
Amica's staff strive to maximize each resident’s full enjoyment of retirement living.
Housekeeping, weekly laundry, gourmet meals, emergency response monitoring, around the
clock security, planned excursions and social activities are all part of the lifestyle at Amica’s
retirement communities.
The Company continues to raise the benchmark in Canada for its fine dining services. The
Company constantly works toward achieving higher levels of professionalism with dining room
service and quality of food preparation. Amica enhances Wellness & Vitality by creating
healthy, delicious cuisine while responding to residents’ personal requests and dietary
requirements.
The Company undertakes quality assurance initiatives to understand the needs and expectations
of its customers and to effectively improve upon the products and services it delivers. Through
resident surveys, regular on-site community visits, meetings with resident councils and simply
“listening” to what residents tell staff, the Company continues in the evolution of its physical
communities and its operating programs and services.
AMICA COMMUNITIES
Amica’s rental retirement residences are designed in the style of a luxury hotel, while allowing
residents to maintain their privacy and independence. Each Amica community features common
amenity areas that are for all residents and their guests to enjoy. Lounges, libraries, games rooms,
craft rooms, exercise rooms and more offer the flexibility to socialize and participate in activities
or find a quiet place to relax and spend time with friends. In addition, residents have access to 24hour
concierge service, Life-Line monitoring, registered care staff, superior housekeeping,
dining services, and Wellness & Vitality staff. Residents have their choice of private suites that
range from spacious self-contained studios to one or two bedroom models, all offering bright
living spaces, kitchenettes and private bathrooms. Some of the newer residences offer suites with
condominium finishes and specifications such as full kitchens with granite countertops as well as
washer and dryer units.
The Amica experience is marked by particular attention to details, which is intended to make a
difference in the lives of Amica’s residents. Amica’s professional staff acknowledges each
resident by name and serves each resident based on his/her personal requests and requirements.
Every detail from the music in the lobbies, décor and furnishings, cuisine, and activities has been
selected with the residents’ comfort and well-being in mind. Amica’s residents are encouraged to
provide on-going feedback to staff to assist in developing menus, list of activities, and therefore
becoming actively involved in tailoring their living environment.
SALES AND MARKETING
Amica’s sales and marketing strategy is intended to create awareness of, and a preference for, its
unique product and service offering. Sales and marketing is important to ensure that upon
turnover of residents, suites are leased to new residents, at market rates, and the time to achieve
lease-up of new communities is reduced. To date, the Company’s comprehensive sales and
marketing strategy has lead to inquiries and visits from potential residents and their families to
Amica’s communities. Word-of-mouth is a primary element of Amica’s sales and marketing
success. Effective marketing in local communities and building positive relationships with key
community influencers and health professionals helps to ensure referrals of new residents. With
Annual Information Form 2011 20

the increase in competition in some of the areas in which Amica currently operates and the wide
range of retirement living options, programs and services offered, educating potential residents
and their families is key. Education includes dispelling the stereotypes that still surround
retirement living.
Each Amica community has at least one dedicated marketing personnel responsible for
community-specific sales and marketing efforts. The community marketing personnel are
supported by a regional marketing manager who is responsible for coaching, development and
performance management of community marketing staff as well as supporting the development of
each local community marketing strategy.
MANAGEMENT TEAM AND EMPLOYEES
The executive officers of Amica consist of Samir Manji, Chairman, President and Chief
Executive Officer; Arthur Ayres, Chief Financial Officer and Corporate Secretary; and Colin
Halliwell, Chief Operating Officer. These individuals have a combined over 80 years experience
in business.
The Company’s senior management team consist of the Company’s executive officers named
above and four vice presidents: Brenda Allen, Vice President, Human Resources; Erica Falconer,
Vice President, Controller; Andrea Peckham, Vice President, Marketing and Communications;
and Claudia Salgado, Vice President, Design and Construction. Please see table on pages 48 and
49 of this AIF for the current offices held with Amica and the principal occupation and
occupation history of each of the members of Amica’s senior management team.
Together, the Company’s senior management team are responsible for the strategic planning and
overall operations of the Company. The Company’s senior management team are supported by
general managers and corporate managers, who, collectively, are responsible for the day-to-day
operations of the Company.
Community Staffing
Each Amica community is staffed with carefully screened and trained professionals. A typical
Amica retirement residence has the following management team: general manager, assistant
general manager, community relations manager, director of care, dining room manager, chef de
cuisine, maintenance coordinator, housekeeping supervisor and a Wellness & Vitality
coordinator. A typical Amica retirement residence would also have full and part-time registered
practical nurses, personal support workers, sous chef, cooks, servers, housekeepers, concierges,
marketing assistants, maintenance assistants and Wellness & Vitality assistants. The
management team at each of Amica’s residences is responsible for the day-to-day operations of
the community, including quality of care, resident services, sales and marketing, monitoring
staffing, managing staff performance, financial performance, implementing policies and
procedures, overseeing inspections and reporting on the community’s performance. The staff at
each community is employed by a corporate entity specific to that community:
At May 31, 2011, the approximate number of full-time and part-time employees of Amica and the
communities which it manages and has an ownership position in, is as follows:
Full Time Part-Time Casual
Amica Communities 490 394 253
Amica Corporate Offices 53 1 1
Annual Information Form 2011 21

In total, Amica employs approximately 1,192 employees. Approximately 29% of the Company’s
employees are represented by four major labour unions.
Staff Education and Training
Amica has attracted and continues to seek highly dedicated, experienced employees. Amica has
developed formal training programs which focus on providing every employee with the
appropriate skills that are required to ensure the highest quality of care and service to its
residents.
Amica encourages and supports the career development and advancement of its employees
through coaching, professional development and promotional opportunities as well as tuition
reimbursement. The Company believes in providing support and opportunities to help its
employees reach their career potential.
Amica provides learning and development opportunities for its entire staff. Every new employee
is introduced to the Company through its corporate orientation sessions and Amica does onsite
“New Hire” training within each of its communities and at both of its corporate offices. Education
programs, job aids and other learning tools and resources are made available to every staff
member.
In addition, the Company hosts workshops and conferences that offer its management team
leadership skills training as well as ongoing frontline skills training for its staff. Amica continues
to develop its management on-boarding training programs.
FINANCING STRATEGY
Amica has financed its operating and investing activities to date primarily through debt
financings on its real estate investments, co-tenancy investor participation in its real estate
investments, operating cash flows and equity financings.
In August 2010, the Company obtained a $20 million demand operating loan facility secured by
the Amica at Somerset House property, a 100% Company owned community. In the second
quarter of Fiscal 2011 the Company used the operating loan to repay the Amica at The Balmoral
Club maturing mortgage and during Fiscal 2011 the largest balance the operating loan reached
was $11.6 million. As at May 31, 2011, the balance drawn on the loan is $nil.
Amica believes that its funds on hand as at May 31, 2011, combined with funds from: operations;
its co-tenancy investments; the $20 million loan facility as described above; and existing debt
financing arrangements are sufficient to fund its operating and capital expenditures for at least the
next 12 months. To support its operations and growth objectives, Amica may raise additional
funds in the future from co-tenancy investors for new projects and to support existing
co-tenancies as required, debt re-financings for maturing debts, debt financings utilizing the
equity available in the Company’s wholly-owned real estate assets, sales of property and/or
equity financings.
As at May 31, 2011, the Company’s total consolidated liabilities (excludes liabilities of less than
50% owned co-tenancies) was approximately $223.4 million (May 31, 2010 – $116.0 million)
including mortgages payable of $201.3 million (May 31, 2010 – $103.7 million). The ratio of the
Company’s total debt to equity at May 31, 2011 is approximately 2.0 to 1 (May 31, 2010 – 1.7 to
1). Based on the current availability of funds in the capital market (either through conventional
financing or CMHC-insured financing), the equity in the properties and the operating results of
Annual Information Form 2011 22

the properties, the Company does not anticipate problems in extending or refinancing mortgages
as they become due.
The Company has funded certain cash shortfalls in operating co-tenancies and co-tenancy
investments under development. The Company charges interest on these advances and is
indemnified by the other capital participants or co-tenancy investors. As at May 31, 2011,
advances to co-tenancies totaled $23.2 million compared to $25.0 million at May 31, 2010. The
Company also has provided guarantees on certain co-tenancy debt that are accounted for on a cost
or equity basis which are not included in the consolidated financial statements. The Company’s
proportionate share of the underlying mortgages on these specific properties totaled $63.0 million
at May 31, 2011, compared to $81.0 million at May 31, 2010. Guarantees provided by the
Company in excess of its proportionate share of such mortgages totalled $33.8 million at May 31,
2011 and $80.8 million at May 31, 2010. These mortgages include term loans on properties in
pre-development and lease-up which are payable on demand under certain circumstances and the
Company’s past experience has been that these loans have been available for their term. The
Company is indemnified by the other investors and the underlying properties are available to
satisfy any claims under these guarantees and to reimburse the Company for any advances made
to the co-tenancies. Although the Company enters into financial guarantees in order to facilitate
the construction of the co-tenancy properties, the Company’s strategy is to reduce financial
guarantees on co-tenancy properties on take-out financing.
Funds advanced by the Company are as per terms outlined in the co-tenancy agreements or
approved by the co-tenancy management committees. In some cases where mezzanine funding
has not occurred, the Company may advance short-term funds.
Financing Environment
The market for construction financing appears to have changed with many of the Company’s
historical lenders expressing interest in financing new developments but on overall terms that are
not as attractive when compared with historical transactions. The long term financing market is
where significant changes have occurred. The commercial mortgage backed securities market has
been reduced to limited players whose terms have changed to lower ratios and higher spreads
over comparable period bond rates. This combined with historical low interest rates has led to a
higher likelihood of pursuing CMHC financing for existing mortgages that mature and for takeout
mortgages on those properties which have achieved lease-up. CMHC financing will generally
result in a lower ratio of overall financing given CMHC underwriting parameters; however, it will
likely also produce lower borrowing costs. The overall impact to Amica and its investor pool to
date has been an inability to repatriate the original equity invested in and loans made to recent
developments thereby reducing the capital available for future developments and acquisition
opportunities.
Managing Capital
The Company’s policy is to maintain an appropriate capital base so as to maintain investor,
creditor and market confidence and to sustain future development of the business. The Company
monitors the expected returns on debt, equity capital and capital raised from co-tenants/investors
and the level of dividends to shareholders. The Company seeks to maintain a balance between the
higher returns that might be possible with higher levels of borrowings and the advantages and
security afforded by a sound capital position.
Annual Information Form 2011 23

Mortgages Payable: Consolidated Properties
The following table describes mortgages payable on Amica’s consolidated properties (Company
had a 50% or greater ownership position) at May 31, 2011:
Mortgage
Rank/Type
Number of
Mortgages
Fixed or Variable
Interest Rate
Weighted Average
Interest Rate (%) (1)
Maturity
(calendar year)
Amount (2)
($ millions)
British Columbia
First CMHC 1 Fixed 4.83 2012 5.1
First CMHC 2 Fixed 4.43 2013 23.9
First CMHC 2 Fixed (3) 4.70 2012 6.1
Second CMHC 1 Fixed 3.41 2014 3.9
First non-CMHC 1 Fixed 6.40 2012 4.7
First non-CMHC 1 Variable (4) 4.50 2013/on demand 3.3
First non-CMHC 2 Fixed 5.64 2016 46.4
Second non-CMHC 1 Fixed (3) 5.95 2014 7.4
Second non-CMHC 1 Variable (5) 4.15 2014 0.5
5.19 101.3
Ontario
First CMHC 4 Fixed 4.41 2013 62.0
First CMHC 1 Fixed 3.39 2015 24.0
First CMHC 1 Fixed 3.46 2016 6.0
First non-CMHC 1 Variable (6) 5.50 2011/on demand 2.0
First non-CMHC 1 Variable (7) 3.75 2012/on demand 8.2
4.08 102.2
4.63 203.5
(1)
Interest rates based on contractual interest rate and does not reflect other costs of the mortgage.
(2)
Amount reflects 100% of mortgages on consolidated properties and 50% of mortgages on proportionately consolidated
properties.
(3)
Includes a mortgage with interest rate swap in place to fix interest rate.
(4)
Variable prime plus 1.5%.
(5)
Variable rate bankers’ acceptance plus 3.75%.
(6)
Variable rate prime plus 2.5%.
(7)
Variable rate prime plus 0.75%.
Annual Information Form 2011 24

Mortgages Payable: Non-consolidated Properties
The following table describes Amica’s proportionate share of mortgages payable (excluding loans
by Amica) on non-consolidated properties (Company had less than a 50% ownership position) at
May 31, 2011:
Mortgage
Rank/Type
Number of
Mortgages
Fixed or Variable
Interest Rate Interest Rate (%) (1)
Maturity
(calendar year)
Amica’s
Proportionate
Share of
Mortgages at
May 31,
2011 (9)
($ millions)
Ontario
First CMHC 1 Fixed 3.22 2014 0.4
First CMHC 1 Variable (2) 4.00 2011/on demand 10.4
First non-CMHC 1 Variable (3) 4.00 2011/on demand 3.8
First non-CMHC 1 Fixed (4) 4.55 2015 3.6
First non-CMHC 3 Variable (5) 5.00 on demand 21.5
First non-CMHC 1 Variable (5) 5.00 2012/on demand 12.7
Second non-CMHC 1 Variable (6) 6.00 2011/on demand 0.4
Second non-CMHC 1 Variable (7) 6.50 on demand 1.0
Second non-CMHC 1 Variable (8) 9.00 on demand 0.3
Second non-CMHC 1 Fixed 9.00 2013 4.9
Second non-CMHC 1 Fixed 12.00 2011 0.9
Third non-CMHC 1 Fixed 12.00 N/A 2.3
Third non-CMHC 1 Fixed 15.00 N/A 0.5
62.7
(1) Interest rates based on contractual interest rate and does not reflect other costs of the mortgage.
(2) Variable rate prime plus 1%.
(3) Variable rate prime plus 1% (bankers acceptances plus 2%).
(4) Interest rate swap in place to fix interest rate.
(5) Variable rate prime plus 2.0% (bankers acceptances plus 3.5%).
(6) Variable rate prime plus 3.0%.
(7) Variable rate prime plus 3.5%.
(8) Variable rate prime plus 6.0% (bankers acceptances plus 7.5%).
(9) See “RISK FACTORS – Risks Related to Amica and the Industry – Guarantee Risk” for discussion of the mortgages and
Amica’s guarantees in excess of its proportionate share and mortgages not meeting their covenants at May 31, 2011.
Annual Information Form 2011 25

OVERVIEW OF PROPERTY PORTFOLIO
OPERATING PROPERTIES
The following table provides information on the Amica’s operating properties at May 31, 2011:
MATURE COMMUNITIES (1)
Seniors Residences Location Province
Number of
Suites (2)
Ownership
Interest (%)
Date
Opened/
Acquired
Amica at Arbutus Manor Vancouver British Columbia 114 100.00 Jun-97
Amica at The Balmoral Club Toronto Ontario 63 100.00 Sep-95
Amica at Bayview North York Ontario 140 66.50 Jul-03
Amica at Bearbrook Ottawa Ontario 101 10.00 May-05
Amica at Beechwood Village Sidney British Columbia 106 100.00 Jan-98
Amica at City Centre Mississauga Ontario 136 93.39 Nov-05
Amica at Douglas House Victoria British Columbia 103 100.00 Dec-97
Amica at Dundas Dundas Ontario 134 17.00 Mar-08
Amica at Erin Mills Mississauga Ontario 133 50.00 Oct-01
Amica at Mayfair Port Coquitlam British Columbia 85 100.00 Sep-00
Amica at Newmarket Newmarket Ontario 137 56.00 Mar-06
Amica at Rideau Manor Burnaby British Columbia 142 100.00 Jun-97
Amica at Somerset House Victoria British Columbia 136 100.00 Nov-94
Amica at Swan Lake Markham Ontario 116 50.00 May-01
Amica at Villa Da Vinci Vaughan Ontario 124
100.00 Jul-01
Amica at West Vancouver West Vancouver British Columbia 121 83.50 Apr-05
Total 1,891
NON-MATURE COMMUNITIES (1)
Amica at Bayview Gardens North York Ontario 148 36.50 (3)
Jun-10
Amica at London London Ontario 162 32.63 Mar-09
Amica at Thornhill Thornhill Ontario 147 22.00 Nov-08
Amica at Westboro Park Ottawa Ontario 137 12.50 Sep-08
Amica at Whitby Whitby Ontario 139 19.94 Nov-09
Amica at Windsor Windsor Ontario 181
Total 914
47.50 Jul-10
TOTAL 2,805
(1)
Effective June 1, 2009, mature same communities was defined by the Company to be mature communities that are
classified as income-producing properties for thirteen months after the earlier of reaching 95% occupancy or 24 months of
operation.
(2)
The number of suites may change periodically due to renovations, flexible configurations, use of condominium units as
rental suites and other factors.
Annual Information Form 2011 26

(3) On June 1, 2011, the Company acquired an additional 7.5% interest in Amica at Bayview Gardens – Rentals, increasing its
ownership position to 44% (see “ACQUISITION OF ADDITIONAL OWNERSHIP INTERESTS IN CO-TENANCIES –
Fiscal 2011 – Co-Tenancy Investments – Subsequent to May 31, 2011”).
PROPERTIES UNDER DEVELOPMENT
The following property, in which a long term management contract with Amica is in place, is
under development:
Seniors Residences Location Province
Approximate
Number of Suites (1)
Ownership
Interest (%)
Amica at Aspen Woods Calgary Alberta 147 (2)
24.40
Total 147
(1)
The number of suites is estimated based on preliminary project plans, the actual number of suites could change.
(2)
In addition to the planned rental suites there is additional land available for potential condominium units, additional rental
units and/or other uses; this figure does not include potential additional units phase II land.
PROPERTIES IN PRE-DEVELOPMENT
The following table provides a summary of properties in pre-development for which long term
management contracts with Amica are in place:
Seniors Residences Location Province
Approximate
Number of Suites (1)
Ownership
Interest (%)
Amica at Oakville Oakville Ontario 139 19.50
Amica at Richmond Hill Richmond Hill Ontario 156 50.00
Amica at Swan Lake (expansion) Markham Ontario 115 50.00
Total 410
(1)
The number of suites is estimated based on preliminary project plans, the actual number of suites could change.
CONDOMINIUMS
The following table provides a summary of historical condominium development and sales:
Seniors Residences Location Province
Number of Suites Developed
and Sold
City Centre Mississauga Ontario 145
Claridges, Amica at Bayview North York Ontario 111
Erin Mills Mississauga Ontario 67
Mayfair Port Coquitlam British Columbia 33
The Watermark, Amica at West
Vancouver West Vancouver British Columbia 13 (1)
Total 369
(1)
Includes 9 units sold to the Amica at West Vancouver (Rentals) Co-Tenancy. One of these units is currently
for sale or may be leased, and the other eight are operated as part of the rental operations.
Annual Information Form 2011 27

The following table provides a summary of recently completed condominium units now in the
marketing and sales phase, as well as condominium units currently in pre-development:
Seniors Residences Location Province
Approximate
Number of Suites
Ownership
Interest (%)
The Bayview, Amica at Bayview
Gardens North York Ontario 101 5.20 (1)
Approximate
Number of
Units Sold
Richmond Hill Richmond Hill Ontario 130 (3) 0.00 N/A (3)
Total 231
84
(1)
On June 1, 2011, the Company acquired an additional 4.4% interest in Amica at Bayview Gardens – Condominiums,
increasing its ownership position to 9.6% (see “ACQUISITION OF ADDITIONAL OWNERSHIP INTERESTS IN
CO-TENANCIES – Fiscal 2011 – Co-Tenancy Investments – Subsequent to May 31, 2011”).
(2)
Condominium units sold and sales closed at May 31, 2011.
(3)
Property is currently in pre-development, units not built. Number of suites is estimated based on preliminary project
plans and the actual number of suites could change.
OCCUPANCY
During Fiscal 2009, the domestic and global economic climate became a source of significant
uncertainty. This environment of uncertainty affected many businesses and consumers, including
seniors who contemplated moving to an Amica retirement residence. During Fiscal 2010, Amica
saw this trend continue in many of its retirement communities whereby some prospective
residents are taking longer to make a decision to move to an Amica community, while others are
forced to wait longer due to the time it is taking to sell their homes. During Fiscal 2011, Amica
began to see an improvement in occupancy, particularly in its British Columbia communities. The
British Columbia communities’ return to historic occupancy levels in the mid 90’s can be
primarily attributed to a strong real estate market in the Lower Mainland and Victoria, plus a
marketplace that is not burdened with an oversupply of new product, as is the case in some
markets in Ontario. The Company is also seeing good traction with the communities in lease-up
and they will remain the focus and attention of Amica’s operations and marketing teams to ensure
the momentum is maintained.
Overall occupancy in the Company’s mature communities at May 31, 2011 was 92.1%, an
increase of 0.8% from 91.3% at May 31, 2010 and an increase of 0.2% from 91.9% at February
28, 2011. Overall occupancy at May 31, 2011 in the Company’s mature communities in British
Columbia was 96.1% and in Ontario was 89.1%. The demand for Amica’s high-quality
residences continues and the overall occupancy levels in Amica’s mature communities have been
slowly improving, although the rate of move-outs generally due to residents moving to receive
long-term care has remained unchanged. In order to counter the external economic factors and an
oversupply in the Ontario market, Amica continues to focus on its marketing and operating
initiatives and has introduced a number of incentives and new programs aimed at prospective
residents.
Mature same community MARPAS increased by 3.3% for the year ended May 31, 2011
compared to the year ended May 31, 2010. The Company has experienced monthly year-overyear
MARPAS increases in its mature same communities for 17 consecutive months and
quarterly occupancy levels stabilizing above 90%.
Part of the success on the occupancy and MARPAS fronts has been the spotlight on short term
and respite stays, and the recently launched Vitalis reNEW convalescent program. These
programs allow prospects to see what retirement living is all about.
Annual Information Form 2011 28
84 (2)

The Company has the following communities in lease-up: Amica at Westboro Park, Amica at
Thornhill, Amica at London, Amica at Whitby, Amica at Bayview Gardens and Amica at
Windsor. Overall occupancy in the Company’s communities in lease-up at May 31, 2011 was
46.2%. Overall occupancy in the Company’s communities in lease-up at August 8, 2011 was
49.8%, which is anticipated to increase to 56.1% following an additional 57 net pending moveins.
Net pending move-ins reflects suites that have been reserved with a deposit made for the
reservation, less suites for which notice of termination has been received.
Historical Occupancy
Occupancy in the Company’s mature communities for the past three fiscal years is show in the
chart below:
95%
94%
93%
92%
91%
90%
89%
88%
87%
86%
85%
94.5%
93.5%
92.3%
92.5%
91.3% 91.5% 91.9%
92.1%
90.8%
90.7% 90.7%
89.2%
Q1/F09 Q2/F09 Q3/F09 Q4/F09 Q1/F10 Q2/F10 Q3/F10 Q4/F10 Q1/F11 Q2/F11 Q3/F11 Q4/F11
Annual Information Form 2011 29

THE SENIORS HOUSING MARKET IN CANADA
TYPES OF HOUSING AND SERVICE OPTIONS FOR SENIORS IN CANADA
There are a range of housing and service options available for seniors in Canada. For purposes of
this AIF, the types of seniors housing options available to seniors living outside of the family
home can generally be grouped into three categories described below:
Independent Living
Independent Living is designed to meet the needs of seniors who are able to live independently
and want the freedom and privacy of their own separate suite, along with the security, comfort
and social activities of a seniors community. Independent Living allows seniors to be surrounded
by their peers and receive services such as housekeeping, meals, recreational opportunities and
other activities. Generally, other than regulations applicable to rental housing facilities and public
health, Independent Living is unregulated and unlicensed.
Assisted Living
Assisted Living is designed to meet the needs of seniors who seek housing with supportive care
and services including assistance with daily activities (such as eating, bathing, dressing, laundry,
housekeeping, and assistance with medications). Generally, assisted living is offered in a separate
wing, separate floor or separate building of a retirement residence. Assisted Living facilities are
licensed and regulated in most jurisdictions but are typically less regulated than
Intermediate/Long-Term care facilities. Assisted Living facilities typically have professional
nursing and healthcare services available on call or at regularly scheduled times on a fee-forservice
basis.
Intermediate/Long-Term Care
Intermediate/Long-Term Care is designed for seniors who may require 24-hour per day nursing
care and supervision within a secure setting. Generally, Intermediate/Long-Term Care facilities
are licensed or authorized as government-regulated and/or funded, have controlled admission
policies and programs, and must meet government design standards.
DEMAND AND SUPPLY
Amica’s focus is on providing luxury accommodations and services primarily to independent
seniors. All recent statistics highlight the ever-increasing seniors population and the substantial
wealth accumulated by this segment of the population. The Company believes that there is
significant demand for luxury seniors residences and services and that the Company is well
positioned to capture a significant portion of this market. The following factors are having a
positive impact on the independent living retirement community sector:
Favourable Demographics
The aging population is a leading driver of demand for retirement residences. According to
statistics Canada, seniors constitute the fastest growing population group in Canada. Low fertility
rates, longer life expectancy and the effects of the baby boom generation are among the factors
contributing to the increasing seniors population. In 2006, seniors comprised 13% of Canada’s
total population compared to 10% in 1981 and 5% in 1921. By 2056, the share of the population
aged 65 and older may reach 27%. In 2006, 3.6% of the population was aged 80 and older and
this figure could reach 10% by 2056.
Annual Information Form 2011 30

The following graph presents the evolution of three age groups in the population between 1921
and 2006 as a percentage of the Canadian population: 65+ age cohort, 75+ age cohort, and 85+
age cohort. The population projections are also presented for the years 2011 to 2056.
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Data Source: Statistics Canada (website: http://www.statcan.gc.ca/start-debut-eng.html)
The primary demographic group living in Amica’s residences are seniors who are greater than 75
years of age. Between 2009 and 2029, the 75+ age cohort is projected to increase by 77.7%;
currently the 75+ age portion of the total population is estimated to be 6.4% and by 2019 this is
expected to comprise 7.7% of the total population, increasing to 9.5% in 2029.
Increasing Life Expectancy
Primarily as a result of advances in medicine, technology and healthcare, Canadians are living
longer. The average life expectancy for Canadians increased to 80.4 years in 2005 from 77.8
years in 1991, according to Statistics Canada. Additionally, the population of the Provinces of
British Columbia, Ontario, Alberta and Quebec have the highest life expectancies in Canada. The
segment of the population 65 years and older is estimated to double in size by 2031.
Increasing Seniors’ Affluence
Seniors as % of Canadian Population
1921
1931
1941
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001
2006
2011
2016
2021
2026
2031
2036
2041
2046
2051
2056
The growing affluence of seniors has increased the demand for luxurious, wellness and vitality
style environments and lifestyles. According to Statistics Canada, the financial situation of
seniors in Canada improved significantly over the last 25 years. Between 1980 and 2003, the
average total before-tax income received by senior couples increased from $39,800 to $49,300, an
increase of 24%. Their average total after-tax income increased by 18%, rising from $36,300 to
$42,800. Considering senior couples at the mid-point of the income distribution, median after-tax
income increased from $27,900 to $36,500, an increase of $8,600 or 31%.
Annual Information Form 2011 31
65+
75+
85+

The same upward trends were evident among seniors who did not reside with other family
members. Between 1980 and 2003, the median after-tax income of unattached senior men
increased by 43%, from $14,100 to $20,200 while that of unattached senior women increased by
42%, from $12,800 to $18,200.
The incomes of seniors not only increased in absolute terms, but have also increased relative to
the incomes of individuals of younger age groups. For every $1.00 received by a senior in 1980,
and individual aged 35 to 44 received $1.57. By 2003, this differential had decreased to $1.29.
Source: Statistics Canada, A Portrait of Seniors in Canada (2006)
In addition, a substantial majority of seniors own their home debt free. In 2001, 83% of senior
households who owned their home were without a mortgage. Indeed, seniors households are, by
far, the most likely group to be mortgage-free homeowners.
Changing Family Dynamics
As seniors age, the amount of assistance required to live independently increases. The increase in
the number of women (the traditional caregivers for seniors) working outside the home, the
decrease in family size and other changes in family dynamics, coupled with the increasing
number and age of seniors, is straining the ability of families to care for aging seniors in a home
setting. The Company believes that societal changes will continue to erode traditional support
networks for seniors living independently in the community. The majority of seniors living
independently obtain help with household work and other personal chores. These societal changes
will continue to increase the demand for assistance with daily living, security and companionship
offered by seniors housing alternatives.
Health and Lifestyle
Today’s seniors are more active and involved in their communities and expect to live longer and
healthier lives than previous generations. Today’s senior and their offspring are increasingly wellinformed
about the aging process and the housing and care options that are available.
Increasingly, the healthier, more affluent senior is looking for a model of living that offers an
independent lifestyle (with some care and support available) with an emphasis on service and
hospitality.
COMPETITION
Amica faces competition from other managers and operators of seniors retirement residences in
Canada. Individual retirement communities generally compete with other retirement communities
that offer independent living, assisted living, intermediate/long-term care or a combination
thereof, within a five to ten kilometre radius. Most of Amica’s competition in the mid to upperend
of the retirement residence sector comes from national competitors and also from regional
operators that may only have a small number of residences under management. These regional
operators tend to be developers or builders who have focused on multi-family housing and have
chosen to extend their product reach in retirement housing in a limited way.
With respect to national competitors, Amica faces competition from Chartwell Seniors Housing
Real Estate Investment Trust, Revera Inc. (formerly Retirement Residences Real Estate
Investment Trust), Diversicare Canada Management Services Inc., Holiday Retirement
Corporation and Sunrise Senior Living Inc.
Annual Information Form 2011 32

Chartwell Seniors Housing Real Estate Investment Trust, Revera Inc. and Diversicare Canada
Management Services Inc. have large and varied portfolios containing assets ranging from newer
upscale communities to older, smaller nursing homes. Until recently, Sunrise Seniors Living Inc.
has focused more on the assisted living and memory care market and as such has been more
complimentary than competitive. It now has one property next to an Amica residence in
Thornhill, Ontario that offers an independent living model in addition to its traditional services.
The geographic extent of competition depends on the community. Generally speaking, the larger
the populated area the higher number of competitors.
Management believes that the following operators represent some of the leading industry
participants in Canada:
OPERATOR
NUMBER OF
SUITES/BEDS (1)
NUMBER OF
PROPERTIES (1)
Chartwell Seniors Housing REIT 14,245 117
Revera Inc. 10,872 96
Diversicare Canada Management
Services Inc.
3,961 29
Holiday Retirement Corporation 3,856 34
Amica Mature Lifestyles Inc. 2,803 (2) 22 (2)
Sunrise Senior Living Inc. 1,370 15
(1) Estimates are based on publicly available information for Canadian portfolio for IL and AL only.
(2) Total Number of Suites/Beds and Number of Properties for Amica Mature Lifestyles Inc. at August 12, 2011, excluding properties under development and in predevelopment.
Annual Information Form 2011 33

RISK FACTORS
As previously stated, this AIF contains forward-looking statements, and any assumptions upon
which they are based are made in good faith and reflect Amica’s current judgment regarding the
direction of its business. Actual results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future performance suggested in this
AIF. Except as required by applicable law, Amica does not intend to update any of the forwardlooking
statements to conform these statements to actual results.
An investment in the Company’s common shares involves a number of very significant risks.
Investors should carefully consider the following risks and uncertainties in addition to other
information in this AIF in evaluating the Company and its business before purchasing common
shares of the Company. Amica’s business, operating results and financial condition could be
seriously harmed due to any of the following risks. The risks described below are not the only
ones facing Amica. Additional risks not presently known to the Company may also impair its
business operations. Investors could lose all or part of their investments due to any of these risks.
RISK RELATED TO AMICA AND THE INDUSTRY
General Business Risks
The Company is subject to general business risks and to risks inherent in the seniors housing
industry and the ownership of real property. These risks arise from a wide range of factors
including changes in general and local economic conditions, varying levels of demand for
retirement living and related services, fluctuations in the price of equipment and supplies,
changes in the cost of construction, changes in the availability of and cost of labour, possible
future changes in labour relations, competition from other owners, developers and operators,
which may impact the supply and demand for seniors housing accommodations, the recurring
need for renovation, refurbishment and improvement of properties, changes in trends, technology
and service requirements in the seniors housing industry, changes in cash flow, liquidity and
interest rates, the availability of financing for development, changes in the availability and cost of
money for long-term financing which may render refinancing of mortgages difficult or
unattractive, operating or capital needs, increases in real estate and other taxes and other
operating expenses and the ability of the Company to secure management contracts. In addition,
the potential for reduced revenue growth exists in the event that the Company is unable to
maintain its managed properties at a level that meets the expectation of its residents thus affecting
the corresponding occupancy levels within these properties.
Real Property Ownership and Lack of Diversity
Real property investments are subject to a degree of risk. They are affected by various factors
including changes in general economic conditions (such as the availability of mortgage funds)
and in local conditions (such as an oversupply of space or a reduction in demand for real estate in
the area), the attractiveness of the properties to residents, competition from other available space
and various other factors. In addition, fluctuations in interest rates may affect the Company. By
specializing in one segment of the real estate industry, the Company is exposed to adverse effects
on the industry and does not benefit from the diversification of its portfolio by type of property. If
properties do not generate revenues sufficient to meet operating expenses, debt service and capital
expenditures, the Company’s results from operations and ability to make distributions to
shareholders could be adversely affected. The performance of the economy in each of the areas in
which the properties are located affects occupancy, market rental rates and expenses. These
factors consequently can have an impact on revenues from the properties and their underlying
Annual Information Form 2011 34

values. The financial results and labour decisions of major local employers may also have an
impact on the revenues from and value of certain properties.
Certain significant expenditures involved in real property investments, such as real estate taxes,
insurance costs, maintenance costs and mortgage payments, represent liabilities which must be
met regardless of whether the property is producing any income. Some of the expenditures are
variable, and beyond the control of the Company. There is a real possibility that the Company
may experience inadequate or negative cash flow on a property as a result of escalating operating
costs or declining revenue.
Reliance on Ability of Capital Participants to Meet Their Obligations
The Company provides advances, mezzanine financing, completion loans and guarantees on the
indebtedness of certain co-tenancies in excess of the Company’s proportionate interest in such
co-tenancies. Generally, the equity available in the co-tenancy is in excess of the advances and
indebtedness guaranteed although not during development. This is particularly the case as equity
in new developments is generally around 20% of the pro forma cost of development. Until leaseup,
the Company faces risks that are significantly higher than its pro rata ownership share. If the
Company’s guarantee is called upon, or the mezzanine and/or completion loan debt cannot be
repaid through refinancing and there is insufficient equity in the property, and the capital
participants are unable to fund their proportionate share of the indebtedness, the Company may be
unable to recover the amount paid in excess of its proportionate interest. The Company may
remedy such an event by acquiring such defaulting co-owners’ interests at below cost, however
the Company would have to fund such co-owners’ share of the mezzanine debt, completion loan
and/or guarantee. The Company may also be exposed to adverse developments, including a
possible change in control, in the business and affairs of its co-tenancy partners, which could
have a significant impact on the Company’s interests in the co-tenancies or affect the value of its
interests, cause the Company to incur additional costs, impact upon the Company’s ability to
dispose of its interests in the co-tenancies, or compel the Company to purchase the balance of the
co-tenancies.
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
and equity prices, will affect the Company’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters while optimizing the return on risk.
The Company is not materially exposed to equity price risk or foreign exchange rate risk but does
have exposure to interest rate risk.
To mitigate interest rate risk, the Company’s consolidated mortgages payable consist primarily of
fixed-rate debt with staggered maturity dates with the exception of five mortgages payable which
are carried at variable rates. Additionally, the Company is exposed to interest rate risk on its
demand operating loan which has an interest rate of prime plus 1.25% or bankers’ acceptances
plus 2.75%. The variable rate mortgages are summarized as follows:
• Land loan for the Amica at Richmond Hill property in which the Company has a 50%
ownership interest. The mortgage has a principal balance outstanding of $4.0 million of
which $2.0 million is the Company’s 50% share at May 31, 2011, and the mortgage has
an interest rate of prime plus 2.5%.
Annual Information Form 2011 35

• Amica at Swan Lake mortgage, in which the Company has a 50% ownership interest. The
mortgage has a principal balance of $16.5 million of which $8.25 million is the
Company’s 50% share at May 31, 2011, and the mortgage bears interest at prime plus
0.75%.
• Loan on 4 condominiums for Amica at West Vancouver in which the Company has an
83.5% ownership interest. The mortgage has a principal balance of $3.3 million payable
on demand and otherwise matures February 13, 2013. The mortgage bears interest at
prime plus 1.5%.
• The Company has entered into interest rate swaps to reduce the Company’s exposure to
interest rate changes on $13.5 million of two variable rate mortgages in the amount of
$14.0 million for the Amica at Beechwood property, bearing interest at bankers’
acceptance plus 2.5% and bankers’ acceptance plus 3.75%.
The Company is also subject to the risk that it may not be able to refinance its existing mortgage
debt as it matures, or declines in appraised values of properties and changes in other market
conditions including declines in loan to appraised value ratios may result in reductions in the
amounts available for refinancings. Additionally, construction financing may be unavailable for
new developments. To mitigate these risks, the Company has endeavoured wherever possible to
negotiate and lock in fixed mortgage terms of between 5 and 10 years, and effective calendar
2008 the Company’s policy is not to commence construction on a new development until
committed financing is in place at acceptable terms.
The Company’s outstanding mortgages payable are summarized in “FINANCING STRATEGY –
Mortgages Payable: Consolidated Properties” above. Although the majority of mortgages payable
are at fixed rates there can be no assurance that as debt matures, renewal interest rates will not
significantly impact future net income and cash flow. For mortgages payable that bear interest at
fixed rates, no material interest rate risk currently exists. For mortgages payable and the
Company’s demand operating loan that bear interest at variable rates, the Company’s interest
costs will change to the extent the prime rate or bankers’ acceptances rate changes. At May 31,
2011, there are no material sensitivities to interest rates on variable rate mortgages and the
demand operating loan at changes of 50 to 250 basis points.
All mortgages and loans receivable are at fixed rates and are not subject to variable interest rate
risk.
Global Economic Financial Conditions
Adverse changes to the economic and financial conditions in Canada and globally could impact
Amica’s ability to execute upon its operating, growth and financing strategies, which in turn
could have a material adverse impact on Amica’s business, profitability and financial position.
Global financial conditions may negatively impact access to public financing and may impact the
Company’s ability to obtain future financing on favourable terms. If such increased levels of
volatility and market turmoil return, the Company’s operations could be adversely impacted and
the trading price of Amica’s common shares could be affected.
Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Company is exposed to credit risk as a
Annual Information Form 2011 36

esult of its cash and cash equivalents, accounts receivable, deposits on land and other,
management fees receivable and mortgages and loans receivable.
Cash and cash equivalents primarily consist of funds on deposit at two Canadian chartered banks.
Management considers the risk of non-performance related to cash and cash equivalents to be
minimal.
Deposits on land and other consist primarily of deposits to buy land and/or retirement
communities. These deposits are pursuant to the purchase agreements and are either secured by
mortgages on the applicable property or held in trust by legal counsel.
The majority of accounts receivable is interest receivable due from mortgages and loan advances
to co-tenancies and joint ventures. The Company has guarantees from the investors that are
established within the terms of the co-tenancy agreements, however such guarantees may not be
sufficient or effective in securing payment of the mortgages and loan advances to the co-tenancies
and joint ventures.
Accounts receivable also includes unpaid amounts for rental and services rendered to the
Company’s residents at the retirement properties. Under the terms of residents’ leases, collection
occurs at the first of every month in the form of cheque or pre-authorized debit. It is the
Company’s policy to review trade receivables on a monthly basis and follow-up for collection.
Accounts receivable also includes management fees receivable due from properties under
management, as well as design and marketing fees and miscellaneous fees earned in accordance
with terms stipulated in the co-tenancy agreements for each property. Certain construction
financing precludes the Company from collecting receivables until specified construction
financing milestones are achieved. The timing of the collection of these receivables can be
delayed significantly beyond what would normally be expected for trade accounts receivable due
to its nature. The Company has guarantees from the investors that are established within the terms
of the co-tenancy agreements, however such guarantees may not be sufficient or effective in
securing payment of the fees receivable from the co-tenancies and joint ventures.
The following represents the status of the Company’s accounts receivable as at May 31, 2011:
(Expressed in thousands of
Total as at
Canadian dollars) Current 61-120 days Over 120 days May 31, 2011
$ $ $ $
Accounts Receivable 1,608 154 1,134 2,896
The Company’s mortgages and loans receivable consist of fixed-rate debt from co-tenancies and
joint ventures in which the Company has management contracts. While there is credit risk from
these receivables in the event of inadequacy of cash flow generated by the co-tenancy or joint
venture or from scheduled financing draws, the Company has guarantees from the investors that
are established within the terms of the co-tenancy agreements. Recovery from co-owners of
amounts guaranteed beyond the realization value of their respective co-tenancy interests is
uncertain.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as
they fall due. Real property investments are inherently relatively illiquid and cannot be quickly
Annual Information Form 2011 37

converted to cash. Liquidity is even more constrained where the Company’s interest takes the
form of an interest in a joint venture, co-ownership or development project.
The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have
sufficient liquidity to meet its liabilities when due.
The Company manages its operating cash flow and its cash resources to ensure sufficient cash is
on hand to meet its obligations and growth objectives including capital expenditure commitments.
The Company has a $20 million demand operating loan secured by a first mortgage on a 100%
company owned community. The Company may in the future be able to increase its debt on
certain of its 100% owned communities to generate additional financial resources.
The Company has $13.5 million in mortgages payable which are due on demand. The Company’s
expectation is that the due on demand mortgages payable will be available for their term and will
not be called. This expectation is based on the current status of the mortgages, and the Company’s
past experience with these and similar mortgages and loans.
As discussed in “Market Risk” above, the Company is exposed to the risk that it may not be able
refinance its existing mortgage debt as it matures; or declines in appraised values of properties
and changes in other market conditions including lending terms may result in reductions in the
amounts available at maturity for refinancing. These factors could adversely affect the
Company’s liquidity. To mitigate these risks, the Company has endeavored wherever possible to
negotiate and lock in fixed mortgage terms of between 5 to 10 years and to spread the maturities
over different years.
The following table summarizes the contractual obligations of the Company’s consolidated
financial liabilities at May 31, 2011, and payments thereof in each of the next five fiscal years
ending May 31 and in the aggregate thereafter, assuming that the Company’s mortgages payable
due on demand of $13.5 million are classified as repayable in Fiscal 2012:
(Expressed in thousands of
Canadian dollars)
Contractual
Obligations
Fiscal
2012
Fiscal
2013
Fiscal
2014
Fiscal
2015
Fiscal
2016
Thereafter
$ $ $ $ $ $ $
Accounts payable and accrued
liabilities (1) 10,014 7,124 706 683 683 684 134
Dividends payable 1,917 1,917 - - - - -
Notes payable (2) Mortgages payable – principal
1,050 250 400 400 - - -
payments (3)(4) Mortgages payable – maturing
15,706 4,835 4,686 2,873 1,814 1,227 271
debt or payable on
demand (3)(4) 187,830 18,220 16,811 81,349 25,017 5,163 41,270
216,516 32,346 22,603 85,305 27,514 7,074 41,675
(1) The cash flows related to security deposits payable are estimated based on historical tenant activity.
(2) Notes payable are shown at the contractual amounts payable rather than present value as recorded in the Company’s financial
statements.
(3) $13,962,000 of mortgages payable which did not meet their debt service requirements at May 31, 2011 are presented in this
table on the basis that the mortgages will mature in the year ending May 31, 2014. Based on communications with the mortgage
holder, the Company does not anticipate the mortgage holder will take any action on these mortgages.
(4) The contractual obligations for mortgages payable exclude deferred financing costs and other differences between their
contractual obligations and their carrying values as reflected in their carrying value in the Company’s financial statements.
Annual Information Form 2011 38

Development Risk
The Company will continue to seek and advance new developments with experienced developers
and capital participants; however, new developments increase the risk that projected financial
returns may not be achieved and that cost overruns or start-up losses may require further equity
injections. In addition, any adverse impact from new developments will reduce the availability of
capital from affected investors in co-tenancies for future developments. The Company evaluates
each development separately including an extensive supply and demand analysis and establishing
capital participants, to ensure certain criteria have been met. The Company attempts to reduce its
development risk by entering into co-tenancy agreements with experienced developers and other
investors, and the Company attempts to reduce future investments by relying upon its co-tenancy
participants to provide the majority of capital required to acquire or develop Amica Wellness &
Vitality Residences. However, in such instances the ability of co-owners to fund their share of
existing debt (including mezzanine debt and completion loans) and guarantees, and/or fund
additional capital requirements adds to the Company’s risk (see “Reliance on Ability of Capital
Participants to Meet Their Obligations” and “Guarantee Risk”). The Company is also subject to
growth restrictions if it is unable to attract equity investors to enter into new co-tenancy
agreements when new opportunities are identified.
Guarantee Risk
Amica has provided guarantees in excess of its proportionate share on the mortgages of certain
co-tenancies, whose properties and mortgages payable are not included in the consolidated
financial statements because they are accounted for on a cost or equity basis. These mortgages
include term loans on properties in pre-development and lease-up which are payable on demand
under certain circumstances and the Company’s past experience has been that these loans have
been available for their term. In the next 12 months, loans totaling $184.0 million on properties
owned by non-consolidated co-tenancies will reach the end of their term. The Company
anticipates that it will be able to complete take-out financings and/or extend the terms of these
loans.
Amica’s proportionate share of mortgages payable on non-consolidated properties totalled $63.0
million at May 31, 2011, compared to $81.0 million at May 31, 2010. Guarantees provided by
Amica in excess of the proportionate share of such mortgages totaled $33.8 million at May 31,
2011 compared to $80.8 million at May 31, 2010. Amica is indemnified by the other investors
and the underlying properties are available to satisfy any claims under these guarantees and to
reimburse Amica for any advances made to the co-tenancies. Recovery from co-owners of any
amounts guaranteed beyond the realization values of their respective co-tenancy interests is
uncertain (see also “Reliance on Ability of Capital Participants to Meet Their Obligations”).
One co-tenancy for which the Company has provided guarantees in respect of a mortgage on the
underlying property, did not meet the debt service covenant requirement of the mortgage at May
31, 2011. Based on past experience and communications with the mortgage holder, the Company
does not anticipate the mortgage holder will take any action on this mortgage. At May 31, 2011,
the guarantee provided by the Company on this mortgage was $4.0 million and exceeded the
Company’s proportionate share of the mortgage by $3.6 million. The Company is indemnified by
the other investors in the co-tenancy for the guarantee provided in excess of the Company’s
proportionate share of the mortgage payable and the underlying property is available to satisfy
any claim under this guarantee and to reimburse the Company for any advances made to the cotenancy.
This mortgage matured in May 2011 and is in the process of being renewed.
Annual Information Form 2011 39

Additionally, two co-tenancies with properties currently in lease-up did not meet the debt service
covenant requirements of their construction loans at May 31, 2011. Based on past experience and
communications with the construction lender the Company does not anticipate the lender will
take any action on these loans. The Company has provided a guarantee in respect of one of these
construction loans and at May 31, 2011, the guarantee provided by the Company on this loan was
$3.1 million and exceeded the Company’s proportionate share of the loan by $2.1 million. The
Company is indemnified by the other investors in the co-tenancy for the guarantee provided in
excess of the Company’s proportionate share of the loan payable and the underlying property is
available to satisfy any claims under this guarantee and to reimburse the Company for any
advances made to the co-tenancy. Both of these loans are in the process of being renewed.
The Company also remains as a guarantor on two mortgages in the amount of $8.5 million on an
Income-producing property it sold for $16.2 million. The purchasers have indemnified the
Company for this guarantee. In the opinion of management, the property has a value in excess of
the amount guaranteed.
Continued Growth
The Company’s growth in recent years prior to Fiscal 2011 had been primarily from the
development of new seniors rental residences in which it holds partial interests (i.e. 50% or less).
Since the Fall of 2008, due to the economic environment, the Company did not anticipate
significant growth and was focused on solidifying its business including completing construction
of the new residences that were already in progress. In addition to improving occupancy,
MARPAS and net operating income at existing Amica communities, commencing in Fiscal 2011,
the Company has worked to grow its business in several ways, including: increasing its
ownership interest in certain existing Amica residences where Amica owns less than a 100%
interest; advancing the development of properties currently in development and pre-development;
acquiring seniors rental residences currently owned and operated by others; and acquiring new
development sites.
In addition to the general economic environment, the Company’s growth prospects are essentially
dependent on its ability to: successfully acquire additional ownership interests in targeted existing
Amica residences; obtain approvals and construction financing for properties currently in
pre-development and to successfully complete the construction and lease-up of the development;
to find acquisition opportunities or new development opportunities in locations that meet Amica’s
stringent criteria; and improve the financial performance of Amica’s existing communities. There
is a risk that even should economic conditions remain the same or improve, the Company may
not be able to achieve growth.
Geographic Concentration
A substantial portion of the business and operations of Amica is conducted in Ontario where
fifteen out of twenty-two Amica retirement rental residences in operation are situated and where
there currently are three properties in pre-development (Amica at Swan Lake expansion, Amica at
Oakville and Amica at Richmond Hill). The market value of these properties and the income
generated from them could be negatively affected by changes in local and regional economic
conditions.
Competition
Many other developers, managers and owners of seniors housing facilities compete with Amica in
seeking residents. Competition for residents is based primarily on convenience of location,
quality of the residence, reputation of the operator/brand, rental rates and the range and quality of
Annual Information Form 2011 40

food, and the services and amenities offered. Competition for residents and prospective residents
for Amica’s residences could adversely affect occupancies and Amica’s ability to attract residents
and the rents which may be charged could affect Amica’s revenues and, consequently, its ability
to meet its debt obligations.
Amica competes with various health care service providers and the hospitality operators in
attracting and retaining skilled and qualified personnel to manage and operate the Company’s
communities. A shortage of trained and qualified personnel may require the Company to enhance
wage and benefits packages in order to compete. No assurance can be given that labour costs will
not increase, or that if they do increase, they can be matched by corresponding increases in rental
and management revenue.
Many other entities have resources in excess of those of the Company and its partners for
investment in real estate. An increased availability of investment funds in real estate would tend
to increase competition for real property investments and may increase purchase prices, reducing
the yields on such investments or making it more difficult for the Company and its partners to
locate and purchase suitable properties.
Reliance on Attracting Seniors with Sufficient Resources to Pay
The Company currently, and for the foreseeable future, expects to rely primarily on its residents’
ability to pay rents and purchase services from their own or familial financial resources.
Generally, only seniors with income or assets meeting or exceeding the comparable median in the
region where the Company’s properties are located can afford the Company’s services. Inflation
or other circumstances that adversely affect the ability of seniors to pay for the Company’s
services could have an adverse effect on the Company. If the Company encounters difficulty in
attracting seniors with adequate resources to pay for its services, its business, operating results
and financial condition could be adversely affected. It is important to note that revenues in the
seniors housing industry are not immune from economic factors (notably interest rates on
retirees’ savings, the ability of seniors to sell their existing residences and the value they will
realize from such sales, and concerns about the funding of pension plans).
Reliance on Rentals and Rental Increases
Upon the move-out of any resident, there can be no assurance that the resident will be replaced or
that a new resident will pay the same or greater rent. The failure to achieve rentals and maintain
or increase rents may have an adverse effect on the financial condition of the Company.
Reliance on Attracting Capital Participants
The Company currently and in the future relies upon its co-tenancy participants to provide the
majority of the equity capital required to acquire or develop Amica Wellness & Vitality
Residences. These co-tenancy participants enter into long term management contracts with the
Company for the management of the property that will be developed. There is no guarantee that
the Company will be able to attract co-tenancy participants to provide the majority of the equity
capital required for future acquisitions or developments. As well, there is no guarantee that the
Company will be able to continue to obtain additional long term management contracts.
Operational Risks
The Company is exposed to all of the operational risks inherent in managing and owning
independent living and assisted living rental retirement properties for seniors. There is no
assurance that the Company’s policies and procedures to address these operational risks will be
Annual Information Form 2011 41

adequate or effective. The Company maintains insurance to cover some of these risks. See
“Liability and Insurance”.
Litigation and Other Disputes May Adversely Affect the Company’s Assets and Share Price
The Company is involved in disputes with third parties and may in the future become involved in
other disputes, litigation or arbitration proceedings. The results of these proceedings cannot be
predicted with certainty. If the Company is unable to resolve these disputes favourably, it may
have an adverse impact on the Company’s financial position, results of operations and the price of
Amica’s common shares.
Labour Relations
As of August 12, 2011, the Company and its co-tenancies employed approximately 1,198
employees at its residences and corporate offices. Approximately 28% of the Company’s
employees are represented by four labour unions. Labour relations with these unions are governed
by eight certifications. There can be no assurance that the Company will not experience job action
including strikes and/or labour stoppages, or any other type of conflict with unions or employees,
which could have a material adverse effect on the Company’s business, operating results and
financial condition.
Non-unionized residences may become unionized in the event they are targeted for certification
by a trade union. There can be no assurance that the Amica residences that are not currently
unionized will not in the future be subject to unionization efforts or that any such efforts will not
result in the unionization of such residences.
Personnel
The Company’s success depends in large part on its ability to attract and retain key management,
and operating personnel. As Amica expands its portfolio of retirement residences, it will require
more skilled, qualified personnel. Recruiting personnel for the retirement industry is highly
competitive. Amica’s failure to attract or retain qualified personnel could have a material adverse
effect on its business.
Liability and Insurance
The Company’s business entails an inherent risk of liability. Management expects that from time
to time the Company may be subject to lawsuits as a result of the nature of its business. The
Company maintains general and professional liability, business interruption and property
insurance policies in amounts and with such coverage and deductibles as deemed appropriate,
based on the nature and risks of the business, historical experience and industry standards.
However, certain types of losses are either uninsurable or not economically insurable. There can
be no assurance that claims in excess of the Company’s insurance coverage or claims not covered
by its insurance will not arise. A successful claim against the Company not covered by, or in
excess of, our insurance could have a material adverse effect on the Company’s business,
operating results and financial condition. Claims against the Company, regardless of their merit
or eventual outcome, also may have a material adverse effect on the Company’s ability to attract
residents or expand its business, and will require management to devote attention and resources to
addressing such claims.
Possible Environmental Liabilities
Under various federal and provincial environmental laws and regulations, a current or previous
owner or operator of real property may be held liable for the costs of removal or remediation of
Annual Information Form 2011 42

certain hazardous or toxic substances, including without limitation, asbestos containing materials
that could be located on, in or under such property. Such laws and regulations often impose
liability whether or not the owner or operator knew of, or was responsible for, the presence of the
hazardous or toxic substances. The costs of any required remediation or removal of these
substances could be substantial and the liability of an owner or operator to any property is
generally not limited under such laws and regulations, and could exceed the property’s value and
the aggregate assets of the owner or operator. The presence of these substances or failure to
remediate such substances properly may also adversely affect the owner’s ability to sell or rent
the property, or to borrow using the property as collateral. In connection with the ownership or
operation of its properties, the Company could be liable for these costs, as well as certain other
costs, including government fines and injuries to persons or properties. As a result, the presence,
with or without the Company’s knowledge, of hazardous or toxic substances at any property held
or operated by the Company could have an adverse effect on the Company’s business, operating
results and financial condition.
The Company conducts Phase I environmental assessments and, where required, Phase II
environmental assessments on each property prior to acquiring it. The results of those
assessments have disclosed no material remediation or other expenditure requirements on
properties owned by the Company. The assessments did disclose the presence of asbestos in
specified contained areas at three properties acquired by the Company. The reports concluded that
no remedial action would be required unless renovations were undertaken that would disturb the
asbestos. The Company periodically renovates its properties and may need to undertake
maintenance activities which require such remedial actions to be taken. The Company has a
comprehensive Asbestos Abatement policy outlining standard procedures and practices, and
contracts consultants and contractors who are qualified to perform the required work.
Changes in the Regulatory Environment
Laws periodically change and regulatory bodies may impose licensing requirements for certain
facilities, health standards or services, change the terms of licences or impose more stringent
environmental. Inspections may identify deficiencies in the Company’s operations. Changes in
the law and regulations and inspections could have an adverse effect on the Company’s
operations and financial condition.
RISKS RELATED TO THE STRUCTURE OF AMICA
Change of Control
Samir A. Manji, Chairman, President and CEO of Amica, beneficially owns or controls directly
or indirectly approximately 15% of the common shares of Amica. Such concentration of
ownership and control could have the effect of delaying, deterring or preventing a change of
control of Amica that might otherwise be beneficial to its shareholders and may discourage
acquisition bids for Amica or limit the amount certain investors may be willing to pay for the
common shares of Amica.
Dilution
The authorized number of common shares of Amica is unlimited. Amica may issue additional
common shares from time to time, and the interests of the holders of common shares may be
diluted thereby.
Annual Information Form 2011 43

Dividends
The amount of dividends paid by Amica will depend on numerous factors, including profitability,
debt covenants and obligations, the availability and cost of acquisitions, fluctuations in working
capital, the timing and amount of capital expenditures, applicable law and many factors beyond
the control of Amica. Dividends are not guaranteed and will fluctuate with the Company’s
performance. Nor can there be any assurance as to the amounts of dividends, if any, to be paid by
Amica. The market value of Amica’s common shares may deteriorate if Amica is unable to pay
dividends in accordance with its dividend policy in the future, and such deterioration may be
material.
Disclosure Controls and Internal Controls Over Financial Reporting
Amica’s business could be adversely impacted if there are deficiencies in disclosure controls and
procedures or internal controls over financial reporting.
The design and effectiveness of Amica’s disclosure controls and procedures and internal controls
over financial reporting may not prevent all errors, misstatements or misrepresentations. While
management continues to review the effectiveness of the Company’s disclosure controls and
procedures and internal controls over financial reporting, it cannot assure that Amica’s disclosure
controls and procedures or internal control over financial reporting will be effective in
accomplishing all control objectives all of the time. Deficiencies, particularly material
weaknesses, in internal control over financial reporting which may occur in the future could result
in misstatements of the Company’s results of operations, restatements of Amica’s financial
statements, a decline in share price, or otherwise materially adversely affect Amica’s business,
reputation, results of operation, financial condition or liquidity.
Key Executives
Amica is dependent on the services of key executives, including the Chairman, President and
CEO and a small number of other highly skilled and experienced executives and personnel. The
loss of technical knowledge, management expertise, and knowledge of operations of one or more
members of the Company’s management could result in a diversion of management resources as
the remaining members of management would need to cover the duties of any member of
management who leaves the Company and would need to spend time to search for, hire and orient
new members of the management team. The loss of some or all of the Company’s executives
could negatively affect the Company’s ability to develop and execute its business strategy which
could adversely affect the Company’s business and financial results. Additionally, Amica’s
inability to attract and retain additional highly skilled employees may adversely affect its business
and future operations.
The Company maintains a keyman life insurance policy of $10 million on Mr. Samir A. Manji,
Chairman, President and CEO of Amica.
Conflicts of Interest
Certain of the directors and officers of the Company are also directors, officers and/or
shareholders of other real estate companies (none in independent or assisted living for seniors
business). Such associations may give rise to conflicts of interest from time to time. The directors
of the Company are required by law to act honestly and in good faith with a view to uphold the
best interests of the Company and to disclose any interest that they may have in any project or
opportunity of the Company. If a conflict of interest arises at a meeting of the Board, any director
in a conflict must disclose his interest and abstain from voting on such matter. In determining
Annual Information Form 2011 44

whether or not the Company will participate in any project or opportunity, the directors will
primarily consider the degree of risk to which the Company may be exposed and its financial
position at the time.
DIVIDENDS AND DIVIDEND POLICY
The declaration and payment of dividends on the Company’s common shares are at the discretion
of the Board. The Company commenced payment of regular quarterly dividends in August 2006.
The initial dividend of $0.05 per issued and outstanding common share was payable to
shareholders in September 2006 to shareholders of record on August 31, 2006.
The quarterly dividend was $0.05 per common share during Fiscal 2007, was increased to $0.06
per common share starting in Fiscal 2008, increased to $0.07 per common share starting in the
second quarter of Fiscal 2011 and further increased to $0.085 per common share in the third
quarter of Fiscal 2011.
The dividends per common share declared with respect to each quarter by Amica, during the
three-year period ended May 31, 2011, are shown below:
______________________________________________________________________________
Amount Per Share Record Date Payment Date
$0.06 August 29, 2008 September 15, 2008
$0.06 November 28, 2008 December 15, 2008
$0.06 February 27, 2009 March 15, 2009
$0.06 May 29, 2009 June 15, 2009
$0.06 August 31, 2009 September 15, 2009
$0.06 November 30, 2009 December 15, 2009
$0.06 February 26, 2010 March 15, 2010
$0.06 May 31, 2010 June 15, 2010
$0.06 August 31, 2010 September 15, 2010
$0.07 November 30, 2010 December 15, 2010
$0.085 February 28, 2011 March 15, 2011
$0.085 May 31, 2011 June 15, 2011
______________________________________________________________________________
On August 12, 2011, the Company’s board of directors approved a quarterly dividend of $0.095
per common share on all issued and outstanding common shares to be paid on September 15,
2011, to shareholders of record on August 31, 2011.
Payment of dividends is subject to the provisions of the CBCA, which prohibit a corporation from
declaring or paying a dividend if there are reasonable grounds for believing that: (a) the
corporation is, or would after the payment be, unable to pay its liabilities as they become due; or
(b) the realizable value of the corporation’s assets would thereby be less than the aggregate of its
liabilities and stated capital of all classes.
Annual Information Form 2011 45

DESCRIPTION OF CAPITAL STRUCTURE
DESCRIPTION OF SHARE CAPITAL
The authorized share capital of the Company consists of an unlimited number of common shares
and an unlimited number of preferred shares, issuable in series. There are currently no preferred
shares outstanding.
Common Shares:
The rights, privileges, restrictions and conditions attached to the common shares are as follows:
1. The holders of common shares shall be entitled to receive notice of and to attend and vote at
all meetings of shareholders of the Company except meetings of the holders of another class
of shares. Each common share shall entitle the holder thereof to one vote.
2. Subject to the preferences accorded to the holders of the preferred shares, the holders of
common shares shall be entitled to receive such dividends as may be declared thereon by the
Board from time to time.
3. In the event of the liquidation, dissolution or winding up of the Company whether voluntary
or involuntary, the holders of common shares shall be entitled to receive pro rata all the assets
remaining for distribution after the payment to the holders of the preferred shares, in
accordance with the preference on liquidation, dissolution or winding up accorded to the
holders of the preferred shares.
Preferred Shares:
The preferred shares, as a class, have the following rights, privileges, restrictions and conditions:
1. The Board may at any time and from time to time issue the preferred shares in one or more
series, each series to consist of such number of shares as may, before the issuance thereof, be
determined by the Board.
2. The Board may (subject to as hereinafter provided) from time to time fix, before issuance, the
designation, rights, privileges, restrictions and conditions attaching to each series of preferred
shares including, without limiting the generality of the foregoing, the amount if any, specified
as being payable preferentially to such series on a distribution of capital of the Company; the
extent, if any, of further participation in a distribution of capital; voting rights, if any; and
dividend rights (including whether such dividends be preferential, or cumulative or noncumulative),
if any.
3. In the event of the liquidation, dissolution or winding up of the Company, whether voluntary
or involuntary, the holders of each series of preferred shares shall be entitled, in priority to
the holders of common shares and any other shares of the Company ranking junior to the
preferred shares on a distribution of capital, to be paid rateably with the holders of each other
series of preferred shares the amount, if any, specified as being payable preferentially to the
holders of such series on a distribution of capital of the Company.
4. The holders of each series of preferred shares shall be entitled, in priority to the holders of
common shares and any other shares of the Company ranking junior to the preferred shares
with respect to the payment of cumulative dividends, to be paid rateably with the holder of
each other series of preferred shares, the amount of cumulative dividends, if any, specified as
being payable preferentially to the holders of such series.
Annual Information Form 2011 46

MARKET FOR SECURITIES
The common shares are listed for trading on the TSX under the symbol ACC.
The following table sets forth the reported high and low trading prices and volumes for the
Company’s common shares for the Fiscal year ended May 31, 2011.
Common Shares Trading Prices and Volumes
June 2010 – May 2011
Month
Price Range
High ($) Low ($) Volume
June 2010
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
5.70
5.25
5.90
6.01
7.35
7.75
7.20
8.50
9.00
7.93
8.14
8.50
5.14
4.80
5.31
5.50
5.80
6.85
6.63
6.91
7.75
7.51
7.50
7.95
57,887
52,706
46,144
329,404
276,680
258,286
155,509
348,797
480,513
461,147
332,197
508,203
Annual Information Form 2011 47

DIRECTORS, OFFICERS AND SENIOR MANAGEMENT
The names, municipalities of residence and principal occupation of each of the directors,
executive officers and senior management of Amica are set out below. The present term of office
of each director of the Company will expire immediately prior to the election of directors at the
annual meeting.
Name, Position and Municipality
of Residence
SAMIR A. MANJI
Chairman, President & CEO
West Vancouver, British Columbia, Canada
ARTHUR J. AYRES
Chief Financial Officer & Corporate Secretary
Maple Ridge, British Columbia, Canada
COLIN R. HALLIWELL
Chief Operating Officer
Richmond, British Columbia, Canada
ANDREA C. PECKHAM
Vice President, Marketing and Communications
Whitby, Ontario, Canada
Principal Occupation and Five-Year Occupation
History
Chairman, President and Chief Executive Officer of
Amica Mature Lifestyles Inc. since November 2003.
President and Chief Executive Officer of Amica since
December 1996. Mr. Manji obtained his Bachelor of Arts
and Masters Degree (Accounting) from the University of
Waterloo in 1992 and is a Chartered Accountant.
Chief Financial Officer and Corporate Secretary of Amica
since December 2009. Prior to joining Amica, Mr. Ayres
held the position of Senior Vice President Finance, Chief
Financial Officer and Corporate Secretary for MIGENIX
Inc., a Canadian public biotech company. Mr. Ayres holds
a Bachelor of Arts (Honors, Commerce and Computer
Science) Degree from Simon Fraser University and is a
Chartered Accountant.
Chief Operating Officer of Amica since January 2000. Mr.
Halliwell studied business at Kirkby College in the United
Kingdom.
Vice President, Marketing and Communications of Amica
since May 2010. Prior to joining Amica, Ms. Peckham
held the position of Senior Manager, Brand Marketing
with Aviva Canada from January 2009 to May 2010. Ms.
Peckham worked as a Marketing Consultant from March
2007 to December 2008. From January 2006 to March
2007, Ms. Peckham held the position of Vice President,
Marketing with Telmetrics Inc. and Director, Marketing
for Telmetrics Inc. from January 2005 to December 2005.
Ms. Peckham holds a MBA Degree from Queens
University.
Continued on the next page >
Annual Information Form 2011 48

CLAUDIA L. SALGADO
Vice President, Design and Construction
Mississauga, Ontario, Canada
BRENDA A. ALLEN
Vice President, Human Resources
Vancouver, British Columbia, Canada
ERICA FALCONER
Vice President, Controller
Vancouver, British Columbia, Canada
LEONARD W. BARKIN
Director
Toronto, Ontario, Canada
(1) (2)
Vice President, Design and Construction of Amica since
August 2006. Ms. Salgado joined Amica as Manager,
New Developments and Special Projects in April 2005.
Prior to joining Amica, Ms. Salgado held the position
Senior Architectural Designer, with Arsenault Architect
Inc. from 2004 to 2005. Ms. Salgado has a Bachelor of
Architecture Professional Degree from Lawrence Institute
of Technology and holds a post-graduate degree in design.
As a Licensed Architect, Ms. Salgado is a member of the
Ontario Association of Architects, a member of the Royal
Architectural Institute of Canada and is a LEED
Accredited Professional.
Vice President, Human Resources of Amica since August
2010. Prior to joining Amica, Ms. Allen held the position
Manager, Training Department, with the British Columbia
Maritime Employers Association. Ms. Allen held the
position Director, Human Resources with Neucel
Specialty Cellulose (Pulp Mill Operation) from 2006 to
2008. Ms. Allen held the position Human Resources
Manager with Island Timberlands (formerly
Weyerhaeuser) from 1999 to 2006. Ms. Allen holds a
Masters of Arts in Leadership and Training from Royal
Roads University, is a certified Executive Coach, holds a
diploma in Adult Education from Vancouver Community
College and is a Certified Human Resources Professional.
Vice President, Controller of Amica since December
2009. Ms. Falconer joined Amica in October 2007 as
Manager, Operational Accounting. Prior to joining Amica,
Ms. Falconer held the position Payroll Supervisor,
Projects and Process with the Vancouver School Board
from 2006 to 2007. Ms. Falconer held the position
Controller with Elrus Aggregate Systems from 2000-2006.
Ms. Falconer is a Certified Management Accountant.
President of NEXXT Development Corporation, a private
residential and commercial real estate company, a position
he has held since 1998. Mr. Barkin is a former Senior
Partner of Deloitte & Touche Chartered Accountants,
Toronto, Ontario, until he retired in 1998, and is a Fellow
of The Institute of Chartered Accountants of Ontario. Mr.
Barkin is, or has been, the president of a number of private
companies and has sat on the boards of a number of notfor-profit
organizations. As a member of the board of
these organizations, Mr. Barkin has been on their
executive committees and has served as treasurer and/or
president.
Continued on the next page >
Annual Information Form 2011 49

TERRY M. HOLLAND (1)
Director
Vancouver, British Columbia, Canada
(2) (3)
SALIM A. MANJI
Director
Toronto, Ontario, Canada
(2) (3) (4)
ANDREW L. OPPENHEIM, Q.C.
Director
Calgary, Alberta, Canada
President and Chief Executive Officer of Vancouver based
Krystal Financial Corp., which provides ongoing strategic
and financial consulting services and capital to public and
private businesses. Prior to Krystal Financial, Mr. Holland
served as President and Chief Executive Officer of Trimin
Capital Corp. (formerly Trimin Enterprises Inc.), a TSXlisted
management company that held equity investments
in a number of operating businesses; Vice President of
Finance with the Equity Group of Companies which
financed public companies involved in mining exploration
in Canada; and Vice President, Finance of the Granisle
Group of Companies which were involved in the
acquisition, development, syndication, and management of
commercial and multi-unit residential real estate. Mr.
Holland is a Fellow of the Institute of Chartered
Accountants of British Columbia and has a bachelor of
commerce degree from the University of British
Columbia. Mr. Holland also serves as a director of a
number of private and public companies in a variety of
industries.
President of Barney River Investments Limited, a
privately owned real estate investment and management
company in Toronto, Ontario since 1997. Mr. Manji
received his Bachelor of Commerce Degree from McGill
University, and his Law Degree from the University of
British Columbia and was admitted to the Law Society of
Upper Canada in 1994. Mr. Manji oversees investments
in real estate, including apartment buildings, hotels and
condominium developments. Mr. Manji is the brother of
Samir Manji, the Chairman, President & CEO of the
Company.
Partner in Gowling Lafleur Henderson LLP, Barristers and
Solicitors. Mr. Oppenheim is a senior member of the
firm’s Business Law group, managing partner of the
firm’s London office, and a member of the firm’s Board.
He served as the Calgary office managing partner from
January 2002 to December 2006 and a senator of the
University of Calgary until May 2010. Mr. Oppenheim
received his Bachelor of Commerce from the University
of Witwatersrand, Johannesburg, South Africa in 1974
and an LLB from the University of Calgary in 1981. He is
a graduate of the Institute of Corporate Directors,
Directors Education Program, and is an Institute Certified
Director, ICD-D (2008).
Continued on the next page >
Annual Information Form 2011 50

(1) (5)
MIKE SHAIKH
Director
Calgary, Alberta, Canada
CHARLES W. VAN DER LEE (3)
Director
White Rock, British Columbia, Canada
Notes:
Mr. Shaikh is an independent businessman with extensive
experience in finance, oil and gas operations and mergers
and acquisitions. Mr. Shaikh is a Fellow of the Canadian
Institute of Chartered Accountants. Mr. Shaikh graduated
from the University of Calgary (Faculty of Management)
in 1977. Mr. Shaikh is currently the Vice Chair of
Education Matters, a Calgary Public School Board
Trustee, a Board member of the Canadian Association of
Police Boards, the Chartered Accountants' Education
Foundation, the Canadian Air Transport Security
Authority and is also Honorary Investment Counsellor for
the Government of Pakistan. Mr. Shaikh is the Chair of
the Calgary Police Commission and currently also serves
as a member of the board of Provident Energy Ltd., Pace
Oil and Gas Ltd., Charger Energy Corp. and Hawk
Exploration Ltd.
Owner and President & CEO of Ananda Holdings Ltd., a
private company with the Master Franchise Rights for
Papa Murphy’s Take ‘N Bake Pizza in Canada. Ananda
currently has 18 stores in operation.
From May 1990 to September 2009, Mr. van der Lee
served as President & CEO of Rogers Retail, Richmond,
British Columbia. During Mr. van der Lee’s tenure with
Rogers he was responsible for expanding the company’s
network of company stores from 33 to over 400 locations.
Mr. van der Lee has been in multi-unit retailing in Canada
for the past 36 years and has extensive experience in store
operations, real estate and store development, marketing
and strategic planning. Mr. van der Lee graduated with a
Bachelor of Commerce Degree in Business
Administration from the University of Alberta in 1975.
(1) Member of the Audit Committee. Mr. Holland chairs the Audit Committee. For further details on the Audit Committee,
please refer to the section entitled “Audit Committee”.
(2) Member of the Investment Committee. Mr. Barkin chairs the Investment Committee.
(3) Member of the Compensation and Corporate Governance Committee. Mr. van der Lee chairs the Compensation and
Corporate Governance Committee.
(4) Lead Director of the Board, Mr. Andrew L. Oppenheim is a director of Psinaptic Inc. (“Psinaptic”), a company that is listed
on the TSX Venture Exchange. On February 3, 2010, while Mr. Oppenheim was a director of Psinaptic, the Alberta
Securities Commission issued a cease trade order against Psinaptic for failure to file financial statements. The cease trade
order remains in effect.
(5) Mr. Shaikh was a director of Mystique Energy Inc. ("Mystique") from November 11, 2004 until his resignation on April 24,
2007. On April 25, 2007 the Court of Queen's Bench of Alberta (the "Court") granted an initial order to Mystique for
creditor protection under the Companies' Creditors Arrangement Act ("CCAA"). The initial order grants CCAA protection
for an initial period of 30 days, expiring May 24, 2007, to be extended thereafter as the Court deems appropriate. The
CCAA proceedings have been completed and Mystique has settled with its creditors.
Messrs. Samir A. Manji and Andrew L. Oppenheim have been directors of the Company since its
incorporation in 1996. Mr. Leonard W. Barkin was appointed a director in June 1998. Mr. Salim
A. Manji was appointed a director in November 2003. Mr. Charles W. van der Lee was appointed
Annual Information Form 2011 51

a director in November 2004. Mr. Holland was appointed a director in December 2010. Mr.
Shaikh was appointed a director in July 2011. Each director holds office until the next annual
meeting of the shareholders of the Company, or until his successor is duly elected or appointed.
As of the date hereof, the directors and officers of Amica, as a group, beneficially owned or
controlled or directed, directly or indirectly 5,296,581 common shares constituting approximately
23.48% of the issued and outstanding common shares of Amica.
CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS
To the best of the knowledge of management of Amica, except as otherwise disclosed in this AIF,
no person who is a director or executive officer of Amica:
a. is, as at the date of the AIF, or has been, within 10 years before the date of this AIF, a
director, chief executive officer or chief financial officer of any company (including
Amica) that,
i. was subject to an order (as defined below) that was issued while that person was
acting in the capacity as director, chief executive officer or chief financial
officer; or
ii. was subject to an order that was issued after that person eased to be a director,
chief executive officer or chief financial officer and which resulted from an event
that occurred while that person was acting in the capacity as director, chief
executive officer or chief financial officer; or
b. is, as at the date of this AIF, or has been within 10 years before the date of this AIF, a
director or executive officer of any company (including Amica) that, while that person
was acting in that capacity, or within a year of that person ceasing to act in that capacity,
became bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangements or compromise
with creditors or had a receiver, receiver manager or trustee appointed to hold its assets;
or
c. has, within the 10 years before the date of their AIF, become bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency, or become subject to or
instituted any proceedings, arrangement or compromise with creditors, or has a receiver,
receiver manager or trustee appointed to hold the assets of that person.
For the purposes of (a) above, “order” means”
a. a cease trade order;
b. an order similar to a cease trade order; or
c. an order that denied the relevant company access to any exemption under securities
legislation,
that was in effect for a period of more than 30 consecutive days.
Annual Information Form 2011 52

CONFLICTS OF INTEREST
Certain of the directors and officers of the Company are also directors and/or officers and/or
shareholders of other real estate companies and directly or indirectly as co-tenancy investors own
interests in certain Amica properties. Such associations may give rise to conflicts of interest from
time to time. The directors of the Company are required by law to act honestly and in good faith
with a view to uphold the best interests of the Company and to disclose any interest that they may
have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of
the Board, any director in a conflict must disclose his interest and abstain from voting on such
matter. In determining whether or not the Company will participate in any project or opportunity,
the directors will primarily consider the degree of risk to which the Company may be exposed
and its financial position at the time.
PROMOTERS
No person or company has been, within the two most recently completed financial years, or
during the current fiscal year, a promoter of the Company.
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
Other than described below, there were no material interests, direct or indirect, of directors or
executive officers of Amica, any holder of common shares who beneficially owns, or controls or
directs, directly or indirectly, more than 10% of the outstanding common shares, or any known
associate or affiliate of such persons, in any transaction within the three most recently completed
financial years or during the current financial year which has materially affected or is reasonably
expected to materially affect Amica.
A material change report was filed on April 8, 2011 with respect to the completion of the
Corporation acquiring an additional 51.5% ownership interest in Amica at Bayview. A company
controlled by two of the Corporation’s directors received $1,800,000 cash proceeds for selling its
12% interest in Amica at Bayview to the Corporation with such sale being on the same terms as
the other co-tenants selling their Amica at Bayview interests to the Corporation.
Information regarding related party transactions may be found in the Corporation’s annual
management’s discussion and analysis for the years ended May 31, 2011, May 31, 2010 and May
31, 2009, which may be obtained, without charge, on SEDAR at www.sedar.com, on the
Corporation’s website at www.amica.ca, or upon written request to Arthur Ayres, Secretary of the
Corporation, at Amica Mature Lifestyles Inc., 10 th Floor, 1111 Melville Street, Vancouver, B.C.,
V6E 3V6, Facsimile: (604) 608-6717 or Email: mail@amica.ca.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS AND REGULATORY ACTIONS
The Company is subject to routine litigation incidental to its business, the outcome of which it
does not anticipate will have a material adverse effect on its business or financial condition. The
Company is not aware of any material legal proceedings to which it is a party or to which its
properties are subject, nor is it aware of any such proceedings are contemplated. See “Risk
Factors – Risks Related to Amica and the Industry – Litigation and Other Disputes May
Adversely Affect the Company’s Assets and Share Price” in this AIF.
Annual Information Form 2011 53

REGULATORY ACTIONS
During the financial year ended May 31, 2011, (a) no penalties or sanctions were imposed against
the Company by a court or regulatory body, and (b) no settlement agreements were entered into
by the Company before a court relating to securities legislation or with a securities regulatory
authority.
TRANSFER AGENTS AND REGISTRARS
The registrar and transfer agent for the Company’s common shares and preferred shares is
Computershare Investor Services Inc., 3 rd Floor, 510 Burrard Street, Vancouver, British
Columbia, V6C 3B9.
MATERIAL CONTRACTS
Amica entered into an underwriting agreement in February 2011 with respect to a bought deal
equity financing. The underwriting agreement was filed on SEDAR on February 18, 2011.
The Company has not entered into any other material contracts not in the ordinary course of
business within the three most recently completed financial years, or during the current fiscal
year.
INTERESTS OF EXPERTS
KPMG LLP, Chartered Accountants (“KPMG”), the auditors of Amica, are named as having
prepared or certified a statement, report, or valuation described or included in a filing made by
Amica under National Instrument 51-102 during, or relating to, Amica’s most recently completed
financial year. KPMG is independent of the Company in accordance with the auditor’s rules of
professional conduct in Canada.
ADDITIONAL INFORMATION
Additional financial information is provided in the Company's financial statements and MD&A
for the year ended May 31, 2011, which have been filed on SEDAR and are available for viewing
at www.sedar.com or on the Company’s website at www.amica.ca.
The Company's Management Information Circular (the "Circular") for its annual general meeting
being held on September 27, 2011 containing information on directors’ and officers’
remuneration and indebtedness, principal holders of Amica's securities, and securities authorized
for issuance under Amica’s equity compensation plans, and the Company’s 2011 annual report
will also be available on SEDAR and the Company’s website when completed.
All of the above-referenced may be obtained upon request from the Secretary of the Company.
Additional information may also be found at www.sedar.com.
Annual Information Form 2011 54

AUDIT COMMITTEE
AUDIT COMMITTEE CHARTER AND PRE-APPROVAL POLICIES AND PROCEDURES
A copy of the charter of the Audit Committee is attached as Appendix “A” to this AIF.
In 2004, the Audit Committee established certain pre-approval policies and procedures (the
"Policies") that prohibit the Corporation from engaging the Corporation's auditor, KPMG, from
carrying out certain non-audit services that are deemed inconsistent with an auditor's
independence. The Policies also list certain audit, audit related, tax and other non-audit services
that are recurring or otherwise reasonably expected to be provided, which the Audit Committee
has already pre-approved. The pre-approval policies and procedures were further amended on
September 17, 2009. Any additional services which are not prohibited and not included on the list
must be specifically considered and pre-approved by: the Chief Financial Officer if the aggregate
fees are estimated to be no more than $10,000, the chair of the Audit Committee if the aggregate
fees are estimated to be no more than $25,000, or by the full Audit Committee if the aggregate
fees are estimated to be greater than $25,000, before KPMG can be engaged to perform the
services.
AUDIT COMMITTEE COMPOSITION
The current members of the Audit Committee are Terry M. Holland (Chair), Leonard W. Barkin,
and Mike Shaikh. Each member of the Audit Committee is independent and financially literate
within the meaning of National Instrument 52-110 – “Audit Committees”. The following lists the
relevant education and experience of the members of Amica’s Audit Committee that is relevant to
his role on the committee.
Mr. Terry Holland chairs the Audit Committee. He is a Fellow of the Institute of Chartered
Accountants of British Columbia and has a Bachelor of Commerce from the University of British
Columbia. Mr. Holland has been a member of the Audit Committee since December 2010.
Mr. Leonard W. Barkin has a Bachelor of Commerce from the University of Toronto and is a
Fellow of the Institute of Chartered Accountants of Ontario. Leonard W. Barkin has been a
member of the Audit Committee since 1998.
Mr. Mike Shaikh has a Bachelor of Commerce from the University of Calgary and is a Fellow of
the Institute of Chartered Accountants of Alberta. Mr. Shaikh has been a member of the Audit
Committee since July 2011.
EXTERNAL AUDITOR SERVICE FEES
The fees paid by the Corporation to KMPG, the Company’s auditors, during each of the last two
(2) fiscal years for audit, audit-related, tax and non-audit services were as follows:
Annual Information Form 2011 55

Financial Years Ended May 31 2011 2010
$ $
Audit Fees 213,200 167,250
Audit Related Fees (1) 40,772 -
Total Audit and Audit Related Fees 253,972 167,250
Tax Fees (2) 137,074 106,700
All Other Fees (3)
70,750 59,500
Total Fees (4) 461,796 333,450
(1) “Audit Related Fees” are for audit work related to the Company’s opening IFRS balance sheet.
(2) “Tax Fees” are for tax compliance including federal, capital, provincial and future income tax, and the wind-up of a trust and
limited partnerships.
(3) “All Other Fees” are for work related to the Company’s bought deal financings and assistance and review related to the
Company’s implementation of International Financial Reporting Standards.
(4) Excludes work and fees charged to less than 50% owned co-tenancies.
In addition, KPMG provides audit and tax services to co-tenancies which are managed by the
Company, all of which are non-public and in which Amica has ownership interests.
Annual Information Form 2011 56

APPENDIX “A”
AUDIT COMMITTEE TERMS OF REFERENCE
(Adopted by the Board of Directors on September 22, 2004, revised by the Board of Directors on
August 5, 2009; revised by the Board of Directors on August 10, 2010; revised by the Board of
Directors on August 12, 2011)
A. Purpose:
The overall purpose of the Audit Committee (the "Committee") of Amica Mature Lifestyles Inc.
(the "Corporation") is to ensure that the Corporation's management has designed and
implemented an effective system of internal financial controls, to review and report on the
integrity of the consolidated financial statements of the Corporation, to review the Corporation's
compliance with regulatory and statutory requirements as they relate to financial statements and
taxation matters, and to review the Corporation's insurance coverage and financial risk
management controls procedures.
B. Composition, Procedures and Organization:
1. The Committee shall consist of not less than three members of the Board of Directors
(the "Board"), all of whom shall be independent (as such term is defined in National
Instrument 52-110 – Audit Committees (“NI 52-110”)), financially literate (as such term
is defined in NI 52-110) and unrelated. An unrelated director is a director who is
independent of management and is free from any interest, any business or other
relationship which, in the view of the Board, could, or could reasonably be perceived, to
materially interfere with the director’s ability to act with a view to the best interest of the
Corporation. At least 50% of the members must be resident Canadians.
2. The Board, at its organizational meeting held in conjunction with each annual general
meeting of the shareholders, shall appoint the members of the Committee and its chair for
the ensuing year. The Board may at any time remove or replace any member of the
Committee and may fill any vacancy in the Committee.
3. If the chair of the Committee is not present at any meeting of the Committee, an acting
chair for the meeting shall be chosen by majority vote of the Committee from among the
members present.
4. The chair of the Committee shall appoint a secretary of the Committee, unless otherwise
determined by majority vote of the Committee. In the absence of the secretary, any other
person designated by the chair of the Committee shall serve as acting secretary for the
meeting. The secretary of the Committee shall compile minutes of each meeting of the
Committee.
5. The quorum for meetings shall be a majority of the members of the Committee, present in
person or by telephone or other communication device that permits all persons
participating in the meeting to speak and to hear each other.
6. The Committee shall have access to such officers and employees of the Corporation and
to the Corporation's external auditors, and to such information respecting the Corporation
as it considers to be necessary or advisable in order to perform its duties and
responsibilities.
Annual Information Form 2011 57

7. To the extent permitted by applicable laws, the Committee may form and delegate
authority to subcommittees when appropriate.
8. Except as otherwise provided in the Corporation’s by-laws, this Charter or by the Board,
the Committee shall regulate its own procedure at meetings.
9. Meetings of the Committee shall be conducted as follows:
(a) the Committee shall meet at least four times annually at such times and at such
locations as may be requested by the chair of the Committee. The Committee
shall deal with financial risk management on at least one of such meetings each
year. The external auditors or any member of the Committee may request a
meeting of the Committee;
(b) the external auditors shall receive notice of and have the right to attend all
meetings of the Committee; and
(c) the following management representatives shall be invited to attend all meetings,
except executive sessions and private sessions with the external auditors:
Chief Financial Officer, Chief Executive Officer; and
Other management representatives as necessary.
10. The external auditors shall have a direct line of communication to the Committee through
its chair. The external auditors shall report directly to the Committee. The Committee,
through its chair, may contact directly any employee in the Corporation as it deems
necessary, and any employee may bring before the Committee any matter involving
questionable, illegal or improper financial practices or transactions.
11. The Committee shall have the authority to:
(a) inspect any and all of the books and records of the Corporation, its subsidiaries and
affiliates;
(b) discuss with management of the Corporation, its subsidiaries and affiliates, senior
staff of the Corporation, any affected party and the external auditors, such
accounts, records and other matters as any member of the Committee considers
necessary and appropriate;
(c) engage independent counsel and other advisors as it determines necessary to
carry out its duties; and
(d) set and pay the compensation for any advisors employed by the Committee.
12. The Committee shall conduct an annual review and assessment of its performance,
including compliance with this Charter and its role, duties and responsibilities, and
submit such report to Board for consideration and recommendations.
C. Roles and Responsibilities:
1. The overall duties and responsibilities of the Committee shall be as follows:
Annual Information Form 2011 58

(a) to assist the Board in the discharge of its responsibilities relating to the
Corporation's accounting principles, reporting practices and internal controls and
its approval of the Corporation's annual and quarterly financial statements;
(b) to establish and maintain a direct line of communication with the Corporation's
external auditors and assess their performance;
(c) to ensure that the management of the Corporation has designed, implemented and
is maintaining an effective system of internal controls;
(d) to ensure that the management of the Corporation has designed, implemented and
is maintaining an effective system of financial risk management; and
(e) to report regularly to the Board on the fulfilment of its duties and responsibilities.
2. The duties and responsibilities of the Committee as they relate to the external auditors
shall be as follows:
(a) to recommend to the Board a firm of external auditors to be engaged by the
Corporation;
(b) to review and approve the fee, scope and timing of the audit and other related
services rendered by the external auditors;
(c) to review and pre-approve fees and scope of all non-audit related services to be
rendered by the external auditors;
(d) review the audit plan of the external auditors prior to the commencement of the
audit;
(e) to review with the external auditors, upon completion of their audit:
i) contents of their report;
ii) scope and quality of the audit work performed;
iii) adequacy of the Corporation's financial and auditing personnel;
iv) co-operation received from the Corporation's personnel during the audit;
v) internal resources used;
vi) significant transactions outside of the normal business of the
Corporation;
vii) significant proposed adjustments and recommendations for improving
internal accounting controls, accounting principles or management
systems; and
viii) the non-audit services provided by the external auditors.
3. The duties and responsibilities of the Committee as they relate to the internal control
procedures and risk management of the Corporation are to:
(a) review the appropriateness and effectiveness of the Corporation's policies and
business practices which impact on the financial integrity of the Corporation,
including those relating to internal auditing, insurance, accounting, information
Annual Information Form 2011 59

services and systems and financial controls, management reporting and financial
risk management;
(b) review compliance under the Corporation's business conduct policy and to
periodically review this policy and recommend to the Board changes which the
Committee may deem appropriate;
(c) review any unresolved issues between management and the external auditors that
could affect the financial reporting or internal controls of the Corporation; and
(d) periodically review the Corporation's financial and auditing procedures and the
extent to which recommendations made by staff or by the external auditors have
been implemented.
4. The Committee is also charged with the responsibility to:
(a) review the Corporation's quarterly statements of earnings, including the impact of
unusual items and changes in accounting principles and estimates and report to
the Board with respect thereto;
(b) review and approve the financial sections of:
i) the annual report to shareholders;
ii) management’s discussion and analysis;
iii) the annual information form;
iv) management information circular;
v) news releases;
vi) prospectuses; and
vii) other public reports requiring approval by the Board,
and report to the Board with respect thereto;
(c) review regulatory filings and decisions as they relate to the Corporation's
consolidated financial statements;
(d) review the appropriateness of the policies and procedures used in the preparation
of the Corporation's consolidated financial statements and other required
disclosure documents, and consider recommendations for any material change to
such policies;
(e) review the minutes of any audit committee meeting of subsidiary companies;
(f) review with management, the external auditors and if necessary with legal
counsel, any litigation, claim or other contingency, including tax assessments that
could have a material affect upon the financial position or operating results of the
Corporation and the manner in which such matters have been disclosed in the
consolidated financial statements;
(g) develop a calendar of activities to be undertaken by the Committee for each
ensuing year and to submit the calendar in the appropriate format to the Board
following each annual general meeting of shareholders;
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(h) establish and maintain procedures for:
i) the receipt, retention and treatment of complaints received by the
Corporation regarding accounting controls, or auditing matters; and
ii) the confidential, anonymous submission by employees of the
Corporation on concerns regarding questionable accounting or auditing
matters.
(i) review and approve the Corporation’s hiring policies regarding employees and
former employees of the present and former external auditors or auditing matters;
(j) in contributing to the Committee’s discharging of its duties under this Charter,
each member shall be entitled to rely in good faith upon:
i) accounting information of the Corporation represented to him or her by
an officer of the Corporation or in a written report of the auditors; and
ii) any report of a lawyer, accountant, engineer, appraiser or other person
whose profession lends credibility to a statement made by any such
person;
(k) in contributing to the Committee’s discharging of its duties under this Charter,
each member shall be obliged only to exercise the care, diligence and skill that a
reasonably prudent person would exercise in comparable circumstance. Nothing
in this Charter is intended, or may be construed, to impose on any member a
standard of care or diligence that is in any way more onerous or extensive than
the standard to which all Board members are subject. The essence of the
Committee’s duties is to gain reasonable assurance (but not to ensure) that the
Corporation’s business activities are being conducted effectively and that the
financial reporting objectives are being met and to enable the Committee to
report thereon to the Board.
D. Annual Review and Assessment
The Committee shall conduct an annual review and assessment of its performance, including
compliance with this Charter and its roles, duties and responsibilities, and submit such report to
the Compensation and Corporate Governance Committee for consideration and
recommendations.
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