Sienna Announces Completion of $175 Million Offering of 3.45% Series B Senior Unsecured Debentures and Closing of $100 Million Secured Term Credit Facility

Sienna Senior Living Inc. (“Sienna”) (TSX: SIA) announced today that it has completed its previously announced offering (the “Offering”) of $175 million aggregate principal amount of series B senior unsecured debentures (the “Debentures”). The Offering was led by BMO Capital Markets and TD Securities as joint lead bookrunners, and CIBC Capital Markets as additional joint lead. The Debentures carry a coupon rate of 3.45% per annum and will mature on February 27, 2026.

Contemporaneous with the closing of the Offering, Sienna entered into a $100 million secured term credit facility (the “Credit Facility”) with a Canadian chartered bank. The Credit Facility has an initial term of one year and may be extended for an additional one-year term, subject to certain conditions. The Credit Facility is secured by three retirement residences of Sienna.

Sienna will use the net proceeds from the Offering and the Credit Facility, together with other sources of liquidity, for general corporate purposes and to repay existing indebtedness, including the redemption of all of the outstanding 3.474% Series B Senior Secured Debentures due February 3, 2021 of Sienna’s wholly-owned subsidiary, Leisureworld Senior Care LP.

“The closings of a combined $275 million of debt demonstrate the strength of our balance sheet and the confidence placed in our company,” said Nitin Jain, President and Chief Executive Officer of Sienna Senior Living. “With this successful financing, we will proactively redeem an upcoming debt maturity, effectively improve our debt profile, and significantly reduce near-term debt maturities. Our strong financial position and significant liquidity will enable us to continue to support the needs of our residents during this pandemic.”

The Debentures were sold by way of a private placement in each of the provinces of Canada.

The Debentures have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Sienna Senior Living

Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors’ living options, including independent living, assisted living, long-term care, and specialized programs and services. Sienna’s approximately 13,000 employees are passionate about helping residents live fully every day. For more information, please visit www.siennaliving.ca.

Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of Sienna and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may” “estimate”, “pro-forma” and other similar expressions. These statements are based on Sienna’s expectations, estimates, forecasts and projections and include, without limitation, statements with respect to the intended use of proceeds from the Offering and the Credit Facility. The forward-looking statements in this news release are based on certain assumptions. Such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in Sienna’s most recent annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Sienna assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise.

For further information, please contact: Karen Hon Chief Financial Officer Senior Vice President (905) 489-0254 karen.hon@siennaliving.ca

Nancy Webb Senior Vice President, Public Affairs and Marketing (905) 415-7623 nancy.webb@siennaliving.ca