You need the most recent version of Lightroom (that's version 5.7) and/or the current version of ACR (version 8.7) which won't work with your CS5.
You could download the free Adobe DNG converter and convert the RAWs from 7D Mark II to DNG, in which case those can be used in LR 4.4 or CS5.
The new camera requires Lightroom 5.7 and Camera Raw 8.7. If you want to continue to use the same software you have now then you will have to use DNG converter 8.7 to create DNG copies of your raw files. Other options include:
Purchase Photoshop CS6
Upgrade to Lightroom 5.7
Join the creative cloud photography package.
Just shoot JPEG (I know, not an option)
Thank you for your advise.
So, if I upgrade to Lightroom 5.7, I wouldn't have to use the dng converter 8.7?? Because 8.7 won't work with CS5. Is that correct?
Yes, that is correct. Lightroom 5.7 will allow you to do all of your raw processing. Then Lightroom will create a PSD or TIF file that includes all of your Lightroom adjustments, and will send that file to Photoshop. That's the way a lot of users are working with older versions of Photoshop.