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Extendicare Provides Update on Strategic Review

MARKHAM, ONTARIO -- (Marketwired) -- 12/27/13 -- Extendicare Inc. ("Extendicare" or the "Company") (TSX: EXE) today announced that the review of strategic alternatives by its board of directors (the "Board") will continue into the first quarter of 2014. An announcement of the outcome of the process will be made as soon as the Board approves a transaction or other alternative, or otherwise determines that disclosure is appropriate.

As previously announced in May 2013, the Board appointed a strategic committee of the Board (the "Strategic Committee") to review strategic alternatives relating to the separation of Extendicare's Canadian and U.S. businesses. With the assistance of CitiGroup Global Markets Inc. as a financial advisor, the Strategic Committee has been evaluating various alternatives relating to the realignment of Extendicare's businesses and has made considerable progress in its review. The Board will adopt the transaction or structure that it concludes would be in the best interests of the Company and its shareholders. No assurance can be given that the process will result in the completion of a transaction or other alternative or the timing or its terms.

ABOUT US

Extendicare is a leading North American provider of post-acute and long-term senior care services. Through our network of owned and operated health care centers, our qualified and experienced workforce of 35,500 individuals is dedicated to helping people live better through a commitment to quality service that includes skilled nursing care, rehabilitative therapies and home health care services. Our 245 senior care centers in North America have capacity to care for approximately 27,000 residents.

Forward-looking Statements

Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition. Forward-looking statements can be identified because they generally contain the words "expect", "intend", "anticipate", "believe", "estimate", "project", "plan" or "objective" or other similar expressions or the negative thereof. Forward-looking statements reflect management's beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare's forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare's website at www.extendicare.com.

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