Capital Senior Living Corp (CSU): Value Investor Arbiter Partners Backing Up The Truck

This statement on this Amendment 2 to Schedule 13D is
being jointly filed by Arbiter Partners Capital Management, LLC. (“APCM”),
a Delaware limited liability company, and Paul J. Isaac (“Mr. Isaac”)
(collectively, the “Reporting Entities”). The execution and filing of this
Amendment 2 to Schedule 13D shall not be construed as an admission that
the Reporting Entities are a group, or have agreed to act as a
group.

The address of the principal business and principal
office of each of the Reporting Entities is 530 Fifth Avenue, 20th Floor,
New York, NY 10036

APCM is a registered investment adviser. The principal
business of APCM is to act as an investment adviser to various private
investment limited partnerships and securities reported on this Amendment
2 to Schedule 13D as being beneficially owned by APCM were purchased on
behalf of certain of such partnerships and individual accounts managed and
administered by APCM. Mr. Isaac is a United States citizen and is a
controlling person of APCM. As such, he may be deemed to have beneficial
ownership under Section 13 of the Securities Exchange Act of 1934 (the
Exchange Act), as amended, of the securities beneficially owned by APCM.
Pursuant to Exchange Act Rule 13d-4, APCM and Mr. Isaac declare that the
filing of this statement on this Amendment 2 to Schedule 13D shall not be
deemed an admission by either or both of them that they are, for the
purposes of Section 13 of the Securities Exchange Act of 1934, as amended,
the beneficial owner of any securities covered by this statement on this
Amendment 2 to Schedule 13D.

None of the Reporting Entities have been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors)
during the past five years.

None of the Reporting Entities have been a party to any
civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which such person was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws during
the last five years.

APCM is a Delaware Limited Liability Company, and Mr.
Isaac is a citizen of the United States of America