On January 22, 2016, Extendicare Inc announced that it has reached an agreement with Oxford Park Group that is in the best interests of all of Extendicare's shareholders and other stakeholders, which enables the Company to avoid what could have been an expensive and distracting proxy contest. Pursuant to the terms of the agreement, among other items: 1) Alan Hibben, Gail Paech and Frederic Waks will be appointed to Extendicare's Board of Directors; 2) Frederic Waks will be appointed as Vice-Chairman of the Board; 3) Ben Hutzel will continue in his role as Chairman of the Board until the 2017 annual general meeting, at which point the Board will select a new Chair; 4) Governor Howard Dean and John Angus will retire from the Board of Directors in order to maintain the Board at its long-standing size of 9 directors; 5) Oxford Park has withdrawn its requisition for a special meeting of Extendicare shareholders and will vote in support of management's nominees at the annual general meetings to be held in 2016 and 2017; and 6) Extendicare agrees to receive input from Oxford Park with respect to Extendicare's ongoing review of strategies to enhance shareholder value.