Notes: 1/22/2008 -- As the result of the sale of their real estate assets by the company which means the company is no longer a REIT, HTH & HTH-A are now eligible for the 15% tax rate on dividends per a telephone call from Darren Parker of HTH on 1/17/2008. ____________ July 31, 2007--Affordable Residential Communities Inc. (NYSE: ARC) today announced that the Company has closed the sale of certain of its assets, including the operating assets used in the Company's manufactured home communities business and its manufactured home retail sales and financing businesses to American Residential Communities LLC, an affiliate of Farallon Capital Management, L.L.C., Helix Funds LLC and GEM Realty Capital, Inc.. The Company has received gross proceeds of approximately $890 million in cash, which represents the amount of the excess of $1.794 billion less the indebtedness assumed by American Residential Communities LLC. After giving effect to expenses and taxes and after giving effect to the Company's continued outstanding preferred stock and senior subordinated notes, the Company's net cash balance will be approximately $550 million. The Company expects to use a portion of the proceeds for general working capital, liquidation of OP units and to repay outstanding obligations. In addition, management anticipates seeking to make opportunistic acquisitions with certain of the proceeds. In conjunction with this sale, the Company transferred the rights to the "Affordable Residential Communities" name and has changed its name to Hilltop Holdings Inc. In connection with the name change, the Company's New York Stock Exchange trading symbols will change to "HTH" for its common stock and "HTHPRA" for its preferred stock, effective as of August 1, 2007.