Affordable Residential Communities LP Commences Put Right Purchase Offer For 7½% Senior Exchangeable Notes Due 2025

Affordable Residential Communities LP (the “Company”), a wholly-owned subsidiary of Hilltop Holdings Inc., announced the commencement of a Put Right Purchase Offer for its 7½% Senior Exchangeable Notes due 2025 (the “Securities”). Each holder who validly tenders Securities on or prior to 5:00 pm, New York City time, on August 16, 2010 (the “Expiration Date”), and does not validly withdraw the tendered Securities at or prior to such time, will receive 100% of the principal amount of such Securities plus accrued and unpaid interest up to, but not including, the Expiration Date (the “Put Right Purchase Price”).

The principal purpose of the Put Right Purchase Offer is to comply with the terms and conditions set forth in the Indenture governing the Securities, which requires the Company to offer to purchase, for cash, Securities owned by holders thereof for the Put Right Purchase Price. Accordingly, at the option of each holder, the Company has offered to redeem Securities at the Put Right Purchase Price from each holder who validly exercises its put right, subject to satisfaction by or on behalf of such holder of the requirements set forth in Put Right Purchase Offer.

Neither the Company nor any other person is making any recommendation as to whether or not holders should tender Securities in response to the Put Right Purchase Offer. A holder has no obligation to exercise its put right in response to the Put Right Purchase Offer. Pursuant to the terms set forth in the Indenture, the Company is required to make similar put right purchase offers on August 15, 2015 and August 15, 2020. Holders of Securities must make their own decisions as to whether to tender their Securities, and if they so decide, the principal amount of the Securities to tender.

The Put Right Purchase Offer is being made only through and subject to the terms and conditions set forth in the Put Right Purchase Offer documents. Holders of Securities should carefully read the Put Right Purchase Offer documents before making any decision with respect to the Put Right Purchase Offer. Requests for assistance relating to the procedure for tendering Securities, and requests for copies of the Put Right Purchase Offer documents, may be directed to the Company at [phone]. Holders may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance regarding the Put Right Purchase Offer.

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