UPDATE: Arden Group Says to Explore Possible Strategic Alternatives Including Sale of Co.

Arden Group, Inc. ARDNA (“Arden Group” or the “Company”) announced today that its Board of Directors has initiated a process to explore and evaluate strategic alternatives, which may include a possible sale of the Company. The Company has retained Moelis & Company as its exclusive financial advisor to assist the Company in connection with the strategic review process. The Company has not made a decision to pursue any specific strategic transaction or any other strategic alternative, and there is no defined timeline for this strategic review. There can be no assurance that the review of strategic alternatives will result in the consummation of any transaction. Arden Group does not intend to comment further regarding the evaluation of strategic alternatives until such time as the Company's Board of Directors has determined that further disclosure is appropriate or required.