New Brand Reflects Expansions in "Choice Based" Lifestyle Services to Augment Continued Delivery of Exceptional Residential Experience

Common Shares Will be Listed on the Nasdaq Under the New Ticker "ALR" Beginning on January 27th

Strengthens Management Team with Appointment of Lauren C. Cody as Chief Customer Officer and Michael S. Lopez as Chief People Officer

Five Star Senior Living Inc. (NASDAQ:FVE) today announced its rebranding as "AlerisLife Inc.," effective immediately. The Company's common shares will trade on the Nasdaq stock market under the new ticker symbol "ALR" beginning as of the opening of trading on the Nasdaq on January 27, 2022. The Company's new website, alerislife.com, will also go live today.

"Aleris" is a Latin word meaning "to foster, nourish and develop," signifying the Company's intent to continue fostering, developing and expanding its lifestyle services. The name change reflects the Company's significant organizational restructuring over the past two years and its strategic decision to continue delivering an exceptional and enhanced resident experience to senior living and active adults, while also offering lifestyle services to younger "choice-based" consumers. AlerisLife expects to continue to announce new strategic relationships to further enrich its customer experience and position the Company as a provider of a wide range of lifestyle services.

"With the name change to AlerisLife, we mark our expansion from primarily a senior living owner and operator to a more diversified and comprehensive partner, able to offer each of our customers choice-based services regardless of their residential location or age," said Katie Potter, Chief Executive Officer of Five Star Senior Living. "We continue to believe that the senior living industry is positioned for growth due to strong demand tailwinds in the 75 and older population, expected modest near-term residential supply growth and increasing industry optimism around a return to stabilized occupancy. Years before the pandemic, we began evolving our offerings and expanding our services to attract older adults seeking choice-based lifestyle services. We have already made great progress and look forward to further diversifying the Company's revenue streams, driving a shorter sales cycle, maximizing our share of customer spending, increasing pre-senior living touch points with customers and reducing turnover costs."

Most recently, the Company has advanced this strategic transition by growing its Ageility rehabilitation and fitness products, entering into a dining services collaboration with Compass Group and partnering with Dispatch Health to bring acute care to residents who want it. The Company expects to continue these initiatives and offer other, new, choice-based services to the active adult population.

Separately, the Company also announced today the appointment of Lauren C. Cody as Chief Customer Officer and Michael S. Lopez as Chief People Officer.

"I am excited to welcome Lauren and Michael to newly created positions within our leadership team," said Potter. "As we expand our services and customer base, their decades of experience at large, successful, brand name organizations will be invaluable to us. We look forward to leveraging their knowledge and expertise for the benefit of our customers and employees."

Ms. Cody brings more than 20 years of leadership experience in customer insight, customer experience and general management at multi-billion-dollar retail restaurant companies. Most recently she served as Senior Vice President, Chief of Staff & Chief Customer Officer at Panera Bread Company, which operates 2,200 cafes across the U.S. Previously, for more than a decade, Ms. Cody held executive positions focused on consumers and business strategy at McDonalds Corporation. Earlier in her career she held leadership positions with Burger King, Phelps Dodge and Zenith Electronics Corporation.

Mr. Lopez has more than 20 years of experience leading people and talent strategies for large, multi-unit hospitality, retail and food service brands. He most recently served as Vice President of Human Resources for Royal Caribbean International where he was responsible for a global workforce of 75,000 servicing more than seven million international guests annually. Previously, Mr. Lopez held senior human resources positions with Gap Inc., Starbucks Coffee Company and Starwood Hotels & Resorts.

The "Five Star Senior Living" and "Ageility" brands will continue to be used for AlerisLife's repositioned senior living management services, and rehabilitation and fitness services, respectively. New consumer-facing brands will be established in conjunction with the development of active adult management services, and home care and concierge services.

More details regarding the Company's strategy and rebranding will be available in an investor presentation that will be posted to the company's website.

About AlerisLife Inc. (NASDAQ:ALR)

AlerisLife enriches and inspires the lives of its older adult customers across the United States by delivering an exceptional and enhanced resident experience to senior living and active adult residents, while also offering lifestyle services to the younger "choice-based" consumer. The Company is headquartered in Newton, Massachusetts. For more information, visit www.alerislife.com.

WARNING REGARDING FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever FVE uses words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "will," "may" and negatives or derivatives of these or similar expressions, FVE is making forward-looking statements. These forward-looking statements are based upon FVE's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by FVE's forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond FVE's control. For example:

This press release includes statements regarding the Company's intent to continue developing and expanding its lifestyle services and its expectations that it will announce new strategic relationships. However, the Company may not identify attractive new opportunities or enter into strategic relationship and the Company may not realize the anticipated benefits of any such new ventures or strategic relationships.
Ms. Potter states that the Company believes the senior living industry is positioned for growth. However, it is possible that the senior living industry will not grow as anticipated or that the Company will not realize benefits from such growth.
Ms. Potter states that Company anticipates diversifying its revenue streams, achieving a shorter sales cycle, maximizing its share of customer spending, increasing pre-senior living touch points with customers and reducing turnover costs. However, the Company may not achieve these targets, which would have an adverse effect on the Company's financial performance and operations.

The information contained in FVE's filings with the Securities and Exchange Commission, or SEC, including under "Risk Factors" in FVE's periodic reports, or incorporated therein, identifies other important factors that could cause FVE's actual results to differ materially from those stated in or implied by FVE's forward-looking statements. FVE's filings with the SEC are available on the SEC's website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, FVE does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

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Five Star Senior Living Rebranding as AlerisLife