Capital Senior Living Shareholders Approve Amended Investment Agreement with Conversant Capital

Capital Senior Living Corporation (“Capital Senior Living” or the “Company”) (NYSE: CSU), a leading owner-operator of senior living communities across the United States, today announced that, based on preliminary vote estimates provided by its proxy solicitor, the Company received the requisite votes to approve all proposals, including the plan to raise up to $154.8 million through a series of financing transactions with Conversant Capital (“Conversant”) (collectively, the “Amended Transactions”), at the Special Meeting of Stockholders (the “Special Meeting”) held on October 22, 2021.

“We are very pleased with the outcome of today’s Special Meeting and want to thank our shareholders for their continued support, engagement and feedback throughout this process,” said Capital Senior Living Chief Executive Officer and Director Kimberly S. Lody. “We strongly believe that the Amended Transactions represent the best path forward by providing the capital to address our immediate liquidity needs and Going Concern issues, while stabilizing and positioning the Company for future growth. We look forward to continued engagement with all of our shareholders and to working towards long-term financial success and delivering enhanced value.”

The expiration date for the Company’s pending rights offering is 5:00 p.m., New York City time, on October 27, 2021, unless extended by the Company. Pursuant to the rights offering, existing stockholders have the right to purchase 1.1 shares of common stock for each share of common stock they held as of the record date of September 10, 2021, at $30 per share.

The results announced today are considered preliminary until tabulated and certified by the independent Inspector of Election. Final results will be reported on a Form 8-K that will be filed with the U.S. Securities and Exchange Commission, at which time they will become available on https://www.sec.gov/.

No Offer or Solicitation / Additional Information and Where to Find It

This letter does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The amended rights offering is being made pursuant to the Company’s shelf registration statement on Form S-3, which became effective on May 6, 2020, a prospectus supplement containing the detailed terms of the rights offering filed with the SEC on September 10, 2021, and an amendment to the prospectus supplement filed with the SEC on October 4, 2021. Any offer will be made only by means of a prospectus and prospectus supplement forming part of the registration statement. Investors should read the prospectus and prospectus supplement and consider the investment objective, risks, fees and expenses of the Company carefully before investing. Copies of the prospectus and prospectus supplement may be obtained at the website maintained by the SEC at www.sec.gov.