Capital Senior Living Corporation Appoints Paul J. Isaac and Ross B. Levin as New Independent Directors

DALLAS–(BUSINESS WIRE)–Capital Senior Living Corporation (the “Company”) (NYSE:CSU), one of the
nation’s largest operators of senior housing communities, announced
today the appointment of Paul J. Isaac and Ross B. Levin of Arbiter
Partners Capital Management, LLC (“Arbiter”) to its Board of Directors,
effective March 7, 2017. The appointments of Messrs. Isaac and Levin
fill the vacant Board seat following the passing of Board member Keith
Johannessen in December 2016, and expand the Board to 10 directors, nine
of whom are independent. Arbiter and related parties currently own
approximately 4.49 million shares of Capital Senior Living, representing
approximately 14.95% of the total shares outstanding, making the Arbiter
group the Company’s largest shareholder.

Paul Isaac is the founder and CEO of Arbiter and has a broad range of
investment experience. He currently serves as a director of Irex
Corporation (North Lime Holdings). Ross Levin is the Director of
Research for Arbiter, currently serves as a director of Mood Media
Corporation, and is a former director of American Community Properties
Trust and Presidential Life Corporation.

Lawrence A. Cohen, Chief Executive Officer and Vice Chairman of Capital
Senior Living, stated, “We welcome Paul and Ross to the Board. Both are
accomplished investors who complement the extensive expertise and talent
of our existing board members, and who bring with them the important
perspective of a large shareholder. We look forward to leveraging Paul
and Ross’ insights as we continue to execute on our long-term, real
estate strategy and enhance value for all shareholders.”

“Ross and I are honored to join the Board at this opportune time in the
Company’s history,” said Mr. Isaac. “Capital Senior Living is executing
a differentiated real estate strategy to drive growth and shareholder
value. We believe the Company is uniquely positioned for continued
success in a fragmented market. We look forward to working closely with
our colleagues on the Board to achieve our mutual goal of generating
additional value for Capital Senior Living shareholders.”

The Board appointments are pursuant to a Support Agreement (the
“Agreement”) entered into between Capital Senior Living Corporation and
Arbiter. The Agreement will remain in effect for a one year term, and
includes customary standstill and voting commitments. The full Agreement
will be included as an exhibit to a Current Report on Form 8-K and filed
by the Company with the Securities Exchange Commission.

About the Company

Capital Senior Living Corporation is one of the nation’s largest
operators of residential communities for senior adults. The Company’s
operating strategy is to provide value to residents by providing quality
senior housing services at reasonable prices. The Company’s communities
emphasize a continuum of care, which integrates independent living,
assisted living, and home care services, to provide residents the
opportunity to age in place. The Company operates 129 senior housing
communities in geographically concentrated regions with an aggregate
capacity of approximately 16,500 residents.

Safe Harbor

The forward-looking statements in this release are subject to certain
risks and uncertainties that could cause results to differ materially,
including, but not without limitation to, the Company’s ability to find
suitable acquisition properties at favorable terms, financing,
refinancing, community sales, licensing, business conditions, risks of
downturns in economic conditions generally, satisfaction of closing
conditions such as those pertaining to licensure, availability of
insurance at commercially reasonable rates, and changes in accounting
principles and interpretations among others, and other risks and factors
identified from time to time in our reports filed with the Securities
and Exchange Commission.

For information about Capital Senior Living, visit


Capital Senior Living Corporation
Carey Hendrickson, 972-770-5600
Financial Officer