Affordable Residential Communities Inc.'s Initial Public Offering Priced at $19.00 Per Share DENVER, Feb. 12 /PRNewswire-FirstCall/ -- Affordable Residential Communities Inc. today announced the pricing of its initial public offering of common stock at $19.00 per share and the pricing of its initial public offering of 8.25% Series A Cumulative Redeemable Preferred Stock at $25.00 per share. Of the shares sold in the common stock offering, 22,250,000 are being offered by the Company and 2,258,617are being offered by selling stockholders. The Company will not receive any of the proceeds from the shares sold by the selling stockholders. ARC's common stock is expected to begin trading today, February 12, on the New York Stock Exchange under thesymbol "ARC," and ARC's Series A preferred stock is expected to begin trading on the New York Stock Exchange under the symbol "ARC Pr A" within 30 days. ARC has granted the underwriters in the offerings options to purchase up to an additional 3,676,292shares of common stock and 750,000 shares of Series A preferred stock to cover over-allotments. For the common stock offering, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are the joint book-running managers, with Credit Suisse First Boston, Morgan Stanley, UBS Investment Bank, Wachovia Securities, Legg Mason Wood Walker, Incorporated, McDonald Investments Inc. and Keefe Bruyette & Woods acting as co-managers. For the Series A preferred stock offering, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are the joint book-running managers, with Legg Mason Wood Walker, Incorporated, McDonald Investments Inc., Bear Stearns & Co. Inc., RBC Capital Markets and Keefe Bruyette & Woods acting as co-managers. Both offerings are expected to close on February 18, 2004. Copies of the prospectuses relating to the offerings may be obtained by contacting Citigroup Global Markets Inc. at 388 Greenwich Street, New York, NY 10013 or Merrill Lynch, Pierce, Fenner & Smith Incorporated at 250 Vesey Street, New York, NY 10080. ARC provided the NYSE with additional information upon which the NYSE relied in listing the company. Such information was included in ARC's listing application and is available to the public upon request. Affordable Residential Communities Inc. will be the largest owner and operator of manufactured homes and communities in the U.S. after the completion of its pending acquisition of 90 communities with approximately 26,000 homesites from Hometown America, L.L.C., to be completed in conjunction with the closing of ARC's initial public offering. ARC also rents and sells manufactured homes, finances sales of manufactured homes, and acts as an agent in the sale of homeowners' insurance and other related insurance products, all exclusively to residents of its communities. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. DATASOURCE: Affordable Residential Communities Inc. CONTACT: John G. Sprengle, Executive Vice President and Chief Financial Officer, +1-303-383-7509, for Affordable Residential CommunitiesInc.

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