Five Star Senior Living Inc. Joins Russell 2000® Index

Five Star Senior Living Inc. (Nasdaq: FVE) today announced that it has been added to the broad market Russell 2000® Index effective June 26, 2020 as part of Russell Investments' annual reconstitution of its comprehensive set of U.S. and global equity indexes. The Russell 2000 Index also serves as the U.S. component to the Russell Global Index. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies.

Katie Potter, President and Chief Executive Officer, made the following statement regarding FVE’s inclusion into the Russell 2000® Index:

“We are very pleased to be added to the Russell indexes, which is the result of the significant increase in our market capitalization following the completion of our transformative restructuring transaction with Diversified Healthcare Trust, stability in our balance sheet, steady growth in our earnings power and enhancements to the value of our franchise. The Russell indexes are widely followed within the investment community, and we believe our inclusion will positively impact the liquidity in our stock and lead to more awareness of Five Star as an attractive investment.”

FVE is a senior living and rehabilitation and wellness services company. As of March 31, 2020, FVE operated 268 senior living communities (31,272 living units) located in 32 states, including 244 communities (28,960 living units) that it managed and 24 communities (2,312 living units) that it owned or leased. FVE operates communities that include independent living, assisted living, continuing care retirement and skilled nursing communities. Additionally, our rehabilitation and wellness services segment includes Ageility Physical Therapy Solutions™, or Ageility, a division of FVE, which provides rehabilitation and wellness services within FVE communities as well as to external customers. As of March 31, 2020, Ageility operated 203 outpatient rehabilitation clinics and 41 inpatient rehabilitation clinics. FVE is headquartered in Newton, Massachusetts.

Warning Concerning 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 Five Star uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, "will", “may” and negatives or derivatives of these or similar expressions, Five Star is making forward-looking statements. These forward-looking statements are based upon Five Star’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 Five Star’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Five Star’s control. For example:

• Ms. Potter’s statement in this press release regarding the belief that inclusion in the Russell 2000® Index will positively impact the liquidity of Five Star’s stock and lead to more awareness of Five Star as an attractive investment may imply that trading volume for and the price of Five Star’s stock will increase; however, the trading and price of Five Star’s stock remains subject to various risks, some of which are beyond Five Star’s control, including macro economic conditions and the market conditions of the senior living and rehabilitation and wellness industries. As a result, the liquidity and price of Five Star’s stock may not improve.

The information contained in Five Star’s filings with the SEC, including under “Risk Factors” in Five Star’s periodic reports, or incorporated therein, identifies other important factors that could cause Five Star’s actual results to differ materially from those stated in or implied by Five Star’s forward-looking statements. Five Star’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, Five Star 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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